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CareTrust REIT, Inc. supplies healthcare operators with property and capital, including buying facilities and leasing them back to the operators. It owns skilled nursing facilities, senior housing and other healthcare properties in the United States and the United Kingdom. Rent provides most of its revenue, with skilled nursing properties contributing the largest share of property income. Most leases are long-term, and tenants generally pay property taxes, insurance and upkeep as well as rent—an arrangement called a triple-net lease.
CareTrust also lends to healthcare property owners and operators and earns income from loans and preferred equity investments. Its small senior housing operating portfolio, called SHOP, works differently: residents pay fees, third-party managers run the communities for a management fee, and CareTrust bears operating costs and shares directly in the operating results rather than simply collecting rent.
The business depends on operators attracting patients and residents and generating enough income to pay rent and repay loans. Government and other third-party healthcare reimbursements support many of those operators. Ensign supplies a substantial share of CareTrust’s rental income. Operators must maintain required licenses and healthcare-program eligibility to keep facilities operating and receiving reimbursement. CareTrust must also satisfy REIT income and asset rules and distribute most of its taxable income, limiting the cash it can retain for investment.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
CareTrust depends on rent from The Ensign Group: its guaranteed master leases represented 23% of CareTrust’s annualized contractual rental income at December 31, 2025. Ensign runs skilled nursing facilities paid by government programs, insurers and patients, so watch its skilled nursing results for signs of its ability to keep paying that rent.
Omega Healthcare Investors competes with CareTrust to fund skilled nursing and senior housing operators in the United States and United Kingdom. Both own properties that operators rent while generally paying the property expenses themselves—the triple-net lease model.
Sabra Healthcare REIT competes with CareTrust to lease properties and provide financing to skilled nursing and senior housing operators, collecting rent from those tenants. Watch Sabra’s acquisition news: it says competition makes suitable property purchases harder to find, a useful reference for CareTrust’s own deal opportunities.
LTC Properties competes with CareTrust to supply healthcare operators with leased properties and financing; both also earn fees from senior housing residents and share in operating results. Watch LTC’s senior housing operating results as a reference for the business CareTrust entered in December 2025, where it bears operating costs rather than simply collecting rent.
National Health Investors competes with CareTrust to fund skilled nursing and senior housing operators through property leases and loans, earning rent and interest from them. Its rental income is the clearest comparison with CareTrust’s core business; leases generated 72.3% of National Health Investors’ total revenue in 2025.
American Healthcare REIT invests in the same skilled nursing and senior housing property types as CareTrust, but its results depend more directly on running those facilities than on collecting tenant rent. Watch its integrated senior health campuses, which charge residents market rents and expose the company to both improvements and declines in operating performance.
Welltower competes with CareTrust to provide property capital to senior housing and post-acute care operators, including those running U.K. care properties, and earns rent from these properties. Its U.K. care-home investment news is worth watching alongside CareTrust’s growing U.K. property business.
Ventas and CareTrust both invest in senior housing, but Ventas depends much more on community operating performance while CareTrust primarily collects rent from operators. Watch the income left after property operating expenses in Ventas’s senior housing operating portfolio as a reference for CareTrust’s new business of earning directly from residents.
Welltower Inc. earningsWELL
Welltower’s report will show demand and rent performance in U.K. care properties, a read-through on the market where CareTrust REIT leases properties.
Look at occupancy and rent performance in Welltower’s U.K. care properties. If both hold up, operators are still attracting residents and supporting property rent, a constructive sign for the market where CareTrust REIT leases in the U.K. If they weaken, U.K. operators and properties may face more pressure, though that does not establish how CareTrust’s own tenants are doing.
Ventas, Inc. earningsVTR
Ventas’s senior-housing operations show what remains after property costs, a reference for CareTrust REIT’s newer operating business.
Compare Ventas’s senior-housing operating income with property operating costs. If income grows faster than costs, resident revenue is covering expenses and leaving more operating income, a favorable reference for CareTrust REIT’s cost-bearing operating business. If costs rise faster or income weakens, the model may leave CareTrust less cash after expenses.
Fed Interest Rate Decision
CareTrust earns interest from real-estate loans and investments while paying interest on $900 million of debt, so Fed rate decisions can change what it earns on investments and pays to borrow or refinance.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher rates could raise interest costs on debt that reprices and make refinancing more expensive, while adding to income only where CareTrust’s investments earn more as rates rise.
If it comes in below expectations
Lower rates could ease interest costs on debt that reprices and make refinancing cheaper, while reducing income where CareTrust’s investments earn less as rates fall.
The Ensign Group, Inc. earningsENSG
The Ensign Group runs skilled-nursing facilities and pays rent to CareTrust REIT; its facility revenue and costs show whether this major tenant’s operations can support those payments.
Compare The Ensign Group’s skilled-nursing revenue with labor and other operating costs, and watch performance in its nursing business. Revenue covering costs and improving operations would indicate more capacity to pay rent; pressured revenue, rising costs, or weaker operations would raise concern about that rent stream. Ensign-leased properties represented 23% of CareTrust’s annualized contractual rent, but operating figures alone do not show whether rent was paid.
Omega Healthcare Investors Inc. earningsOHI
Omega Healthcare Investors leases nursing and senior-housing properties to operators, and its report will show whether their operations support rent in a market shared with CareTrust REIT.
Watch Omega Healthcare Investors’ rent collection and tenant operations alongside rental-income performance. If collections hold and tenants’ businesses support them, nursing and senior-housing operators broadly appear able to carry property rent. If collections or tenant operations weaken, landlords competing for similar operators may face more pressure; CareTrust should watch that market, but this does not establish that its tenants are in trouble.
Sabra Healthcare REIT, Inc. earningsSBRA
Sabra Healthcare REIT competes with CareTrust REIT for healthcare properties and operator financing, and its acquisition activity will show how hard it may be to find suitable deals.
Look at Sabra’s disclosed acquisition volume, property types, and deal terms. If it can still buy suitable properties on acceptable terms, investable opportunities remain despite competition; if deals slow or terms worsen, CareTrust may have less room to grow through acquisitions.
CareTrust REIT, Inc earningsThis company
CareTrust REIT earns mainly from healthcare-property rent and investment interest, and this report will show whether existing tenants and borrowers are contributing alongside portfolio growth.
Compare contractual cash rent from existing tenants and investment interest with income added by acquisitions; then check rent collection and operating income from the new senior-housing business. If existing tenants and borrowers also contribute growth, collections hold up, and operating costs do not overwhelm the new business, growth is not just coming from buying assets. If acquisitions supply most of the increase while collections or operations weaken, growth depends more on continued dealmaking.
