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CTRE · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is CareTrust REIT, Inc. (CTRE) stock moving?
CareTrust reported Q3 2026 Normalized FFO of $0.54 per share, up 20% year over year and above the $0.52 consensus, with revenue of $176.36M versus a $144.12M estimate. Management narrowed FY2026 FFO guidance to $2.08-$2.09 from $2.06-$2.09, a modest raise at the low end. The company closed $739.5M of investments at an 8.3% blended stabilized yield, and about $2.9B has been invested year to date. The Oct 30 credit agreement added a $2.0B unsecured revolver and a $700M term loan maturing in 2032, with $1.6B available and leverage at 1.4x. The LNT deal for 45 UK care homes (about $1.1B) gives a pipeline toward a SHOP platform, with a stated mid-to-high 7% all-in yield in the SHOP phase. Offsetting points are equity funding through a forward offering and ATM sales totaling about $859M, a payout ratio near 74% of Normalized FAD, and UK development and regulatory timing risk. The price has risen from about $36.6 in late October to $38.84 on Nov 10, with volume above the roughly 2.2M typical level on Nov 4, Nov 6 and Nov 9 (3.3-3.8M), which points to real buying interest after the results.
News behind the analysis
- CareTrust REIT Announces Third Quarter 2026 Operating Results and Updates 2026 GuidanceQ3 Normalized FFO was $0.54 per share, up 20% year over year, and the company closed $739.5M of investments at an 8.3% blended stabilized yield. Management reported net debt to annualized run-rate EBITDA of 1.4x.
- CareTrust REIT Raises FY2026 FFO Guidance from $2.06-$2.09 to $2.08-$2.09The company narrowed its 2026 FFO guidance, lifting the low end while keeping the top end at $2.09. The change follows the Q3 results.
- CareTrust REIT Q3 FFO $0.54 Beats $0.52 Estimate, Sales $176.360M Beat $144.123M EstimateQ3 FFO of $0.54 per share beat the $0.52 consensus estimate, and revenue of $176.36M beat the $144.12M estimate.
- CareTrust REIT Q3 2026 Earnings Call TranscriptThe transcript of the Q3 2026 earnings call, held Friday Nov 6, covers results, investment activity and outlook. It is a primary source for management commentary.
- CareTrust Secures $3.2 Billion Credit FacilityCareTrust entered an amended and restated credit agreement providing a $3.2B unsecured credit facility to support its capital needs. The 8-K filed Oct 30 describes a $2.0B unsecured revolver and related terms.
About CareTrust REIT, Inc
CareTrust REIT is a real estate investment trust based in Dana Point, California. It owns skilled nursing facilities, senior housing and care homes across the US and, more and more, the UK. The company was spun off from The Ensign Group in 2014 and has grown quickly through acquisitions. In 2026 it added senior housing operating partnerships (SHOP) and made a roughly £1.1 billion deal with LNT to buy 45 UK care homes.
How it makes money
Most of its revenue is rent from long-term triple-net leases, where the operators who run the facilities also cover property costs such as taxes, insurance and upkeep. Ensign is still its largest tenant, at roughly 15% of revenue in mid-2026. A smaller but growing share comes from resident fees at senior housing properties it owns together with operators (SHOP), where CareTrust takes on more of the operating results. It also earns some interest from real estate loans. Total revenue was about $161 million in Q2 2026. As a REIT, it pays out most of its earnings as dividends, recently $0.39 per share each quarter.
What usually moves CTRE
- Pace and yields of acquisitions
- Tenant health and Medicare/Medicaid reimbursement rates
- Interest rates and the cost of raising equity
- Senior care occupancy and growth in the aging population
- Growth in normalized FFO per share