CareTrust REIT, Inc. (NYSE:CTRE) Q1 2023 Earnings Conference Call May 11, 2023 1:00 PM ET Company Participants Lauren Beale - Investor Relations Dave Sedgwick - President and Chief Executive Officer Bill Wagner - Chief Financial Officer James Callister - Chief Investment Officer Conference Call Participants Steven Valiquette - Barclays Jonathan Hughes - Raymond James Austin Wurschmidt - KeyBanc Michael Carroll - RBC Capital Markets Tayo Okusanya - Credit Suisse Operator Good day. My name is Emma and I will ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36181 CareTrust REIT, Inc. (949) 542-3130 (Registrant's telephone number, including area code) Securities reg ...

CareTrust REIT, Inc. (NYSE:CTRE) Q4 2022 Earnings Conference Call February 10, 2023 1:00 PM ET Company Participants Lauren Beale - Senior Vice President and Controller Dave Sedgwick - President and Chief Executive Officer Bill Wagner - Chief Financial Officer James Callister - Chief Investment Officer Conference Call Participants Jonathan Hughes - Raymond James Austin Wurschmidt - KeyBanc Capital Markets Steven Valiquette - Barclays Michael Carroll - RBC Capital Markets Juan Sanabria - BMO Capital Markets A ...

Exhibit 99.2 Fourth Quarter 2022 Financial Supplement Disclaimers This supplement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the following: future financial and financing plans; strategies related to the Company's business and its portfolio, including acquisition opportunities and disposition plans; growth prospects, operat ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number 001-36181 CareTrust REIT, Inc. (Exact name of registrant as specified in its charter) (State or other juris ...

Exhibit 99.2 Financial Supplement Third Quarter 2022 Disclaimers This supplement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding our intent, belief or expectations, including, but not limited to, statements regarding future financial and financing plans, business and acquisition strategies, growth prospects, operating and financ ...

CareTrust REIT, Inc. (NYSE:CTRE) Q3 2022 Earnings Conference Call November 9, 2022 1:00 PM ET Company Participants Lauren Beale - Senior Vice President and Controller Dave Sedgwick - President and Chief Executive Officer Mark Lamb - Chief Investment Officer James Callister - Executive Vice President Conference Call Participants Jonathan Hughes - Raymond James Juan Sanabria - BMO Capital Markets Dave Rodgers - Baird Michael Carroll - RBC Capital Markets Steven Valiquette - Barclays Austin Wurschmidt - KeyBan ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36181 CareTrust REIT, Inc. (Exact name of registrant as specified in its charter) Maryland 46-3999490 (St ...

Financial Data and Key Metrics Changes - Normalized FFO slightly decreased by 0.7% over the prior quarter to $35.6 million, while normalized FAD decreased by 1.7% to $37.5 million [25] - Rental income for the quarter was $46.8 million, an increase from $46 million in Q1, attributed to a decrease in cash rents offset by new investments and CPI bumps [26] - Cash collections for the quarter were 93.9% of contractual rent, which included the application of $900,000 in security deposits; without these deposits, collections were 92.1% [27][28] Business Line Data and Key Metrics Changes - Average quarterly occupancy for skilled nursing operators grew by 1.4% (98 basis points) over Q1, while occupancy for seniors housing grew by 2.8% (215 basis points) [13] - The company reported 94% of rent collected in the quarter with cash deposits, and 94% exclusive of cash deposits for July [13] Market Data and Key Metrics Changes - The regulatory environment showed improvement with a final market basket adjustment from CMS at 2.7% and a recalibration of PDPM over two years instead of all at once [14] - The acquisition disposition market for skilled nursing and seniors housing facilities has been changing, with lenders tightening or pulling back on lending due to recession concerns [15] Company Strategy and Development Direction - The company is focused on derisking its portfolio through dispositions and re-tenanting, aiming to close most of this work by Q4 [10][17] - The investment strategy is adapting to a changing market, with expectations that pricing will moderate and sellers will prefer buyers like CareTrust that offer certainty [11][20] Management's Comments on Operating Environment and Future Outlook - Management noted that the current macro environment presents both challenges and opportunities, with skilled nursing historically benefiting during recessionary periods [12] - The company is optimistic about the future, expecting to complete most of its disposition work by year-end and seeing evidence of improved operator performance [32][36] Other Important Information - The company closed on a $75 million C piece loan secured by skilled nursing facilities at a rate of 8.4% and a term of five years, along with a $25 million mezzanine loan at 11% for 10 years [19] - Liquidity remains strong with approximately $16 million in cash and $385 million available under the revolver, with a net debt to normalized EBITDA ratio of 4.3 times [28] Q&A Session Summary Question: Clarification on re-tenanting and asset sales - Management indicated that the decision to re-tenant or sell assets is fluid, with some operators showing improved performance, making re-tenanting more attractive [31] Question: Impact of dilution on long-term decisions - Management emphasized a preference for dispositions over re-tenanting to ensure long-term financial strength, despite potential short-term dilution [36] Question: Cap rates and coverage levels in the transaction market - Management noted that cap rates are not moving quickly due to tightening lending standards, but there is a shift towards valuing transactional acumen [39] Question: Originating more loans versus acquisitions - Management stated that traditional acquisitions remain a priority, but lending has been a valuable avenue for investment in the absence of traditional opportunities [46] Question: Wage growth in the seniors housing and SNF space - Management observed that while wages peaked earlier in the year, there are signs of moderation, with increased job applications and decreased agency usage [53] Question: Revenue impact from sales and re-tenanting - Management indicated that more clarity on revenue impacts will be provided in the next call, as the restructuring process is still ongoing [56]

PART I—FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for CareTrust REIT, Inc. as of June 30, 2022, including balance sheets, statements of operations, equity, and cash flows [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of June 30, 2022, shows total assets increased to $1.686 billion, while total liabilities rose to $847.5 million, and total equity decreased to $838.3 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$1,685,772** | **$1,640,848** | | Real estate investments, net | $1,390,286 | $1,589,971 | | Assets held for sale, net | $141,767 | $4,835 | | Cash and cash equivalents | $30,267 | $19,895 | | **Total Liabilities** | **$847,504** | **$725,091** | | Unsecured revolving credit facility | $205,000 | $80,000 | | **Total Equity** | **$838,268** | **$915,757** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the six months ended June 30, 2022, the company reported a net loss of $22.6 million, primarily due to a $61.4 million impairment charge on real estate investments Key Operating Results (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $47,553 | $48,258 | $94,029 | $94,009 | | Impairment of real estate investments | $1,701 | $— | $61,384 | $— | | **Net Income (Loss)** | **$20,669** | **$21,317** | **$(22,595)** | **$41,803** | | Diluted EPS | $0.21 | $0.22 | $(0.24) | $0.43 | [Condensed Consolidated Statements of Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) Total equity decreased to $838.3 million as of June 30, 2022, driven by a net loss of $22.6 million and $53.3 million in common dividends paid - The primary drivers for the decrease in total equity during the first six months of 2022 were the net loss of **$22.6 million** and common dividend payments totaling **$53.3 million** across both quarters[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2022, net cash provided by operating activities was $68.3 million, while investing activities used $125.6 million, and financing activities provided $67.7 million Six-Month Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $68,302 | $70,557 | | Net cash used in investing activities | $(125,644) | $(145,043) | | Net cash provided by financing activities | $67,714 | $366,525 | | **Net increase in cash** | **$10,372** | **$292,039** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, the real estate portfolio, significant impairment charges, loan portfolio expansion, debt structure, equity programs, and major tenant and geographic concentrations - As of June 30, 2022, the company's portfolio consisted of **228 facilities** with **23,876 operational beds and units** across 29 states, alongside other real estate investments (loans) with a carrying value of **$115.2 million**[25](index=25&type=chunk) - During the first quarter of 2022, the company decided to sell 27 properties and repurpose 3 properties, leading to an aggregate impairment charge of **$59.7 million** related to 20 of these properties, with an additional **$1.7 million** impairment recognized in the second quarter[40](index=40&type=chunk)[42](index=42&type=chunk) - The company's two largest operators, Ensign and Priority Management Group, accounted for **35% and 16% of total revenue**, respectively, for the six months ended June 30, 2022, with California and Texas representing **26% and 22% of total revenue** geographically[84](index=84&type=chunk)[85](index=85&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results of operations, highlighting the impacts of the COVID-19 pandemic, macroeconomic pressures, impairment charges, and portfolio adjustments [Recent Developments](index=26&type=section&id=Recent%20Developments) Tenants continue to face COVID-19 and inflation challenges, with 94.4% rent collection in the first six months of 2022, alongside a strategic decision to sell or repurpose 30 properties resulting in a $59.7 million impairment charge Contractual Rent Collection Rates | Period | Collection Rate (incl. deposits) | Collection Rate (excl. deposits) | | :--- | :--- | :--- | | Q2 2022 | 93.9% | 92.1% | | 6M 2022 | 94.4% | 92.0% | | July 2022 | 102.1% | 94.1% | - In Q1 2022, the company decided to sell 27 properties and repurpose 3, representing about **9% of contractual cash rent**, which led to a **$59.7 million impairment charge** on 20 properties held for sale[105](index=105&type=chunk) - In June 2022, the company extended a **$75.0 million senior secured term loan** and a **$25.0 million mezzanine loan** related to an 18-facility skilled nursing portfolio in the Mid-Atlantic region[112](index=112&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) For the six months ended June 30, 2022, rental income was flat year-over-year, but a significant $61.4 million impairment charge resulted in a net loss compared to net income in the prior year Comparison of Three Months Ended June 30, 2022 and March 31, 2022 (in thousands) | Account | June 30, 2022 | March 31, 2022 | Increase (Decrease) | | :--- | :--- | :--- | :--- | | Rental income | $46,806 | $46,007 | $799 | | Impairment of real estate investments | $1,701 | $59,683 | $(57,982) | | Provision for loan losses, net | $— | $3,844 | $(3,844) | Comparison of Six Months Ended June 30, 2022 and 2021 (in thousands) | Account | 2022 | 2021 | Increase (Decrease) | | :--- | :--- | :--- | :--- | | Rental income | $92,813 | $92,990 | $(177) | | Impairment of real estate investments | $61,384 | $— | $61,384 | | Provision for loan losses, net | $3,844 | $— | $3,844 | | General and administrative | $10,193 | $10,940 | $(747) | [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains sufficient liquidity with a $30.3 million cash balance and $395.0 million available under its revolving credit facility to meet short-term needs, while long-term needs will be met through cash flows and financing arrangements - As of June 30, 2022, the company had a cash balance of **$30.3 million**, **$395.0 million** available under its Revolving Facility, and **$476.5 million** available under its ATM Program[143](index=143&type=chunk) - The company has a **$150.0 million share repurchase program** authorized through March 31, 2023, but has not repurchased any shares as of June 30, 2022[143](index=143&type=chunk) - Material cash requirements include debt service on **$400 million of senior notes** and borrowings under the credit facility, capital expenditure commitments of **$7.2 million**, and quarterly dividend payments[151](index=151&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk from its $405.0 million variable-rate debt, where a 100 basis point increase would raise interest expense by approximately $2.0 million for the first six months of 2022 - As of June 30, 2022, the company had **$405.0 million in variable-rate debt** outstanding ($200.0 million Term Loan and $205.0 million Revolver)[163](index=163&type=chunk) - A **100 basis point (1%) increase** in interest rates on variable-rate debt would have increased interest expense by approximately **$2.0 million** for the six months ended June 30, 2022[165](index=165&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2022[168](index=168&type=chunk) - No changes occurred during the quarter ended June 30, 2022, that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[169](index=169&type=chunk) PART II—OTHER INFORMATION [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company states that neither it nor its subsidiaries are party to any material legal proceedings, with tenants typically responsible for indemnifying the company against claims - The company is not subject to any material legal proceedings[172](index=172&type=chunk) [Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2021 - No material changes from the risk factors disclosed in the 2021 Annual Report on Form 10-K have occurred[173](index=173&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2022, the company acquired 100,220 shares from employees for tax withholding on vested restricted stock, while its $150.0 million share repurchase program remains fully available with no shares repurchased - In Q2 2022, **100,220 shares** were acquired from employees for tax withholding purposes upon vesting of restricted stock[175](index=175&type=chunk)[176](index=176&type=chunk) - As of June 30, 2022, no shares have been repurchased under the **$150.0 million share repurchase program**, which expires March 31, 2023[176](index=176&type=chunk) [Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO and Inline XBRL data files