分组1 - CareTrust REIT reported quarterly funds from operations (FFO) of $0.42 per share, missing the Zacks Consensus Estimate of $0.43 per share, but showing an increase from $0.35 per share a year ago [1] - The company posted revenues of $96.62 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 0.24%, compared to $63.07 million in the same quarter last year [2] - CareTrust REIT shares have increased by approximately 8.2% since the beginning of the year, contrasting with a decline of 5.3% in the S&P 500 [3] 分组2 - The current consensus FFO estimate for the upcoming quarter is $0.44 on revenues of $99.85 million, and for the current fiscal year, it is $1.75 on revenues of $374.08 million [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 35% of over 250 Zacks industries, suggesting potential challenges for performance [8] - The estimate revisions trend for CareTrust REIT is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6]

Exhibit 99.2 Financial Supplement First Quarter 2025 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, operati ...

Company Overview - As of March 31, 2025, CareTrust REIT owned 255 skilled nursing facilities and related properties with a total of 27,672 operational beds and units across 32 states[138]. - The company announced a planned acquisition of Care REIT plc for approximately $856 million, which includes a cash offer of 108 pence per share and the assumption of net debt[140]. - The acquisition of Care REIT plc is expected to be completed in May 2025, subject to customary conditions[142]. Financial Performance - During the three months ended March 31, 2025, CareTrust REIT collected 99.2% of contractual rents and interest due from operators and borrowers[144]. - Rental income increased by approximately $9.4 million, reaching $71,646, a 15% increase compared to the previous quarter[162]. - Interest income from financing receivable rose by $1.8 million, totaling $2,807, reflecting a 178% increase[162]. - The company recorded a net gain on the sale of real estate of $3,876 during the three months ended March 31, 2025[162]. - Total contractual rent increased by $9.5 million, driven by a $9.1 million increase in rental income from real estate investments made after September 30, 2024[162]. - Total contractual rent increased by $17.8 million, driven by an $18.4 million increase in rental income from real estate investments made after December 31, 2023[176]. - Interest income from financing receivable recorded $2.8 million during the three months ended March 31, 2025[177]. - Interest and other income increased by $12.6 million, primarily due to a $13.2 million increase from the origination of loans receivable after December 31, 2023[178]. Expenses and Charges - Depreciation and amortization expenses increased by $2.3 million, or 15%, primarily due to acquisitions and capital improvements[165]. - Interest expense rose by approximately $1.5 million, totaling $6,669, a 30% increase compared to the previous quarter[166]. - The company recognized $888,000 in transaction costs related to unsuccessful acquisition pursuits during the three months ended March 31, 2025[168]. - No impairment charges were recognized during the three months ended March 31, 2025, compared to an impairment charge of $2.7 million in the same period of 2024[158]. - General and administrative expenses decreased by $263,000, totaling $9,023[171]. - The net loss attributable to noncontrolling interests increased by $429,000, reaching a total of $609, reflecting a 238% increase[162]. - Depreciation and amortization increased by $4.4 million, or 33%, primarily due to acquisitions and capital improvements made after December 31, 2023[179]. - Interest expense decreased by $1.6 million, with total decreases due to prepayment of Term Loan amounting to $3.6 million[180]. - General and administrative expenses increased by $2.2 million, with share-based compensation rising by $1.8 million[184]. Cash Flow and Financing - Net cash provided by operating activities increased by $22.6 million to $71.4 million for the three months ended March 31, 2025, compared to $48.8 million for the same period in 2024[195]. - Cash used in investing activities decreased significantly from $123.2 million in 2024 to $35.9 million in 2025[196]. - Cash flows from financing activities included $425.0 million in borrowings under the Third Amended Revolving Facility for the three months ended March 31, 2025[197]. - The company plans to pay approximately $597 million in cash for the acquisition of Care REIT plc, with $606 million deposited in escrow[188]. - The company entered into a Third Amended Credit Agreement providing for an unsecured revolving credit facility with an aggregate principal amount of $1.2 billion[201]. - As of March 31, 2025, the company had borrowings outstanding of $425.0 million under the Third Amended Revolving Facility[203]. - Future borrowings under the Third Amended Revolving Facility will be used for working capital, capital expenditures, acquisitions, and general corporate purposes[201]. - The interest rates applicable to loans under the Third Amended Revolving Facility range from 0.05% to 0.55% per annum for base rate loans and from 1.05% to 1.55% per annum for SOFR-based loans[204]. - An increase of 100 basis points in interest rates would have increased interest expense by approximately $1.1 million for the three months ended March 31, 2025[212]. - The company has committed to fund expansions and capital improvements totaling $7.2 million, with $6.3 million subject to rent increase at the time of funding[206]. - The company is required to pay dividends to maintain its REIT status, with quarterly payments expected to be no less than 90% of annual REIT taxable income[207]. - As of March 31, 2025, the company was in compliance with all applicable financial covenants under the Third Amended Credit Agreement[205]. - The company has non-real estate secured loan commitments of $12.2 million as of March 31, 2025[206]. - The company may seek to increase the aggregate principal amount of revolving commitments and/or establish new tranches of term loans not exceeding $800.0 million under the Third Amended Credit Facility[202]. Market Conditions - The Centers for Medicare and Medicaid Services proposed a 2.8% increase in Medicare Part A payments to skilled nursing facilities for fiscal 2026, following a 4.2% increase in fiscal 2025[145]. - Recent macroeconomic conditions, including inflation and elevated interest rates, have negatively impacted tenants' ability to meet financial obligations[143].

Core Insights - Four companies, including JPMorgan Chase, Williams-Sonoma, Tencent Music Entertainment, and CareTrust REIT, have announced dividend increases of 10% or more, indicating financial strength and commitment to shareholder returns [1] Group 1: JPMorgan Chase - JPMorgan Chase announced a 12% increase in its quarterly dividend, raising it to $1.40 per share, payable on April 30 to shareholders of record as of April 4 [2] - The company has a dividend yield of 2.26% and a 15-year track record of increasing dividends, with an annualized 3-year dividend growth rate of 8.10% [2][3] - If the dividend remains stable, the indicated yield will be 2.3%, which is significantly higher than the S&P 500's yield of 1.2% [4] Group 2: Williams-Sonoma - Williams-Sonoma is increasing its dividend by 16%, resulting in a payment of $0.66 per share, payable on May 24 to shareholders of record as of April 17 [6] - The company has a strong dividend growth history, with a 20-year track record and a 3-year annualized dividend growth rate of 20.51% [6][7] - The indicated yield is now 1.55%, which is below its average trailing 12-month yield of 1.9% [8] Group 3: Tencent Music Entertainment - Tencent Music Entertainment is raising its dividend by 31% to $0.18 per American depository share (ADS) for 2025, with payment expected on or around April 24 [9][10] - The company also announced a $1 billion share buyback program, representing 4.5% of its market capitalization of just over $22 billion [11] - The current dividend yield is just under 1.3% based on the March 21 closing price [10] Group 4: CareTrust REIT - CareTrust REIT is increasing its quarterly dividend by over 15%, resulting in a payment of just under $0.34, payable on or about April 15 to shareholders of record as of March 31 [12] - The REIT has an indicated dividend yield of 4.62% and a 3-year annualized dividend growth rate of 3.42% [12][13] - The company's dividend payout ratio is 169.62%, which is high but typical for REITs, as the average payout ratio for healthcare REITs was 82% in Q3 2024 [14]

Core Insights - CareTrust REIT, Inc. (NYSE: CTRE) has demonstrated strong and growing fundamentals along with a solid balance sheet, indicating a positive outlook for the company [2]. Group 1: Company Overview - CareTrust REIT focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1]. - The company has a beneficial long position in its shares, indicating confidence in its future performance [3]. Group 2: Investment Strategy - The investment approach emphasizes defensive stocks with a medium- to long-term horizon, aligning with the current market conditions [2].

Financial Data and Key Metrics Changes - Normalized FFO increased by 68.1% year-over-year to $72.9 million, while normalized FAD rose by 63.7% to $74.3 million [26] - On a per-share basis, normalized FFO increased by 11.1% to $0.40, and normalized FAD also increased by 10.8% to $0.41 [26][28] - The company initiated guidance for normalized FFO per share of $1.68 to $1.72 and for normalized FAD per share of $1.72 to $1.76 for the year [28] Business Line Data and Key Metrics Changes - The company completed new investments totaling just over $1.5 billion in 2024, with an estimated stabilized yield of 9.7% [19] - During the fourth quarter, the company added 81 triple net facilities to the portfolio along with several new operators [20] Market Data and Key Metrics Changes - The investment pipeline is robust, currently sitting at approximately $325 million, primarily consisting of skilled nursing facilities and some senior housing [22][24] - Cap rates for skilled nursing remain stable between 12.5% to 13.5%, while there is slight compression in senior housing cap rates [45] Company Strategy and Development Direction - The company remains focused on long-term FFO per share growth, emphasizing the importance of matching the right operators with the right opportunities [12] - The management is optimistic about external growth opportunities, expecting significant deal flow similar to the previous year [17][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of the operating environment, with most parts of the portfolio at or ahead of pre-pandemic occupancy levels [14] - There is optimism regarding Medicaid and Medicare policies, with expectations that the minimum staffing rule will be reversed and that Medicaid will remain a cornerstone of healthcare [15][54] Other Important Information - The company has $180 million in cash and $1.2 billion available under a new revolver, maintaining strong liquidity [32][33] - The net debt normalized EBITDA ratio stands at 0.5 times, with a fixed charge coverage ratio of 17 times [33] Q&A Session Summary Question: Future investment activity and pipeline expansion - Management indicated that the pipeline is expected to broaden, with potential for both existing and new operators [38] Question: Bad debt concerns related to PACS - Management confirmed there is no bad debt included in guidance and does not expect any from PACS or other operators [42] Question: Cap rate shifts and compression - Cap rates for skilled nursing remain stable, while slight compression is noted in senior housing [45] Question: Cost of debt and equity considerations - Management discussed the balance between using equity and the revolver based on the investment pipeline and market conditions [50][61] Question: Medicaid reimbursement expectations - Management does not expect negative surprises in Medicaid reimbursement and noted optimism for potential increases in Texas [106] Question: PACS investment appetite - Management is in a holding pattern regarding PACS until they release earnings, indicating caution [90] Question: Senior housing deal flow and appetite - Management expressed ongoing interest in senior housing, contingent on finding the right entry points [84] Question: Future coverage ratios for new operators - Management indicated that stabilization for new operators may take longer, with specific timelines varying by operator [77]

Exhibit 99.2 Financial Supplement Fourth Quarter 2024 the same or better terms in the event of nonrenewal or in the event we replace an existing tenant, as well as any obligations, including indemnification obligations, we may incur in connection with the replacement of an existing tenant; (vi) the availability of and the ability to identify (a) tenants who meet our credit and operating standards, and (b) suitable acquisition opportunities, and the ability to acquire and lease the respective properties to s ...

分组1 - CareTrust REIT reported quarterly funds from operations (FFO) of $0.40 per share, matching the Zacks Consensus Estimate and showing an increase from $0.36 per share a year ago [1] - The company posted revenues of $86.94 million for the quarter ended December 2024, exceeding the Zacks Consensus Estimate by 3.42% and up from $59.73 million year-over-year [2] - CareTrust REIT has consistently topped consensus revenue estimates over the last four quarters [2] 分组2 - The stock has underperformed, losing about 4.8% since the beginning of the year, while the S&P 500 gained 3.2% [3] - The future performance of CareTrust REIT's stock will depend on management's commentary during the earnings call and the outlook for FFO [3][4] - The current consensus FFO estimate for the upcoming quarter is $0.43 on revenues of $95.9 million, and for the current fiscal year, it is $1.77 on revenues of $365.34 million [7] 分组3 - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is in the bottom 33% of over 250 Zacks industries, which may impact stock performance [8] - The estimate revisions trend for CareTrust REIT is currently favorable, resulting in a Zacks Rank 2 (Buy), suggesting expected outperformance in the near future [6]

Financial Performance - CareTrust reported a net income of $52.1 million for Q4 2024, translating to $0.29 per diluted share, and a full-year net income of $125.1 million, or $0.80 per diluted share[2]. - The company achieved normalized FFO of $72.9 million for Q4 2024, or $0.40 per diluted share, and $232.9 million for the full year, equating to $1.50 per diluted share[2]. - CareTrust's normalized FAD for Q4 2024 was $74.3 million, or $0.41 per diluted share, with a full-year total of $238.8 million, or $1.54 per diluted share[2]. - Net income attributable to CareTrust REIT, Inc. for Q4 2024 was $52,135,000, a 98.5% increase from $26,296,000 in Q4 2023[16]. - EBITDA attributable to CareTrust REIT, Inc. for Q4 2024 was $73,041,000, up 47.4% from $49,547,000 in Q4 2023[16]. - Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. increased to $360,796,000 in 2024 from $213,876,000 in 2023, representing a 68.7% growth[20]. - Funds from Operations (FFO) attributable to CareTrust REIT, Inc. for Q4 2024 was $72,112,000, a 63.8% increase from $44,033,000 in Q4 2023[21]. - Normalized FFO per share for Q4 2024 was $0.40, up from $0.36 in Q4 2023, reflecting an 11.1% increase[24]. - Total revenues for Q4 2024 reached $86,944,000, compared to $59,734,000 in Q4 2023, marking a 45.5% increase[26]. - The company reported a normalized FAD of $74,286,000 for Q4 2024, up from $45,384,000 in Q4 2023, representing a 63.8% increase[24]. - Net income for the twelve months ended December 31, 2024, was $124,399,000, a significant increase from $53,722,000 in 2023, representing a growth of 131.1%[34]. - Net cash provided by operating activities increased to $244,251,000 in 2024 from $154,767,000 in 2023, reflecting a rise of 57.8%[34]. Debt and Liquidity - CareTrust's net debt-to-annualized normalized run rate EBITDA stood at 0.5x, significantly below the target leverage range of 4.0x to 5.0x[3]. - The company has approximately $205 million in cash on hand and no borrowings on its $1.2 billion revolving credit line[3]. - The company’s total debt as of December 31, 2024, was $400,000,000, with a fixed interest rate of 3.875%[36]. - Cash and cash equivalents decreased to $213,822,000 as of December 31, 2024, from $294,448,000 as of December 31, 2023[32]. - The company reported a net cash decrease of $80,626,000 for the period, contrasting with an increase of $281,270,000 in the previous year[34]. Investment and Growth - CareTrust has an investment pipeline of approximately $325 million and recently sold 15.9 million shares for gross proceeds of $507.8 million[4]. - Real estate investments increased to $2,226,740,000 as of December 31, 2024, from $1,567,119,000 as of December 31, 2023[32]. - Total assets reached $3,437,016,000 as of December 31, 2024, up from $2,084,838,000 a year earlier[32]. - Total liabilities decreased to $507,633,000 as of December 31, 2024, from $666,121,000 as of December 31, 2023[32]. - Proceeds from the issuance of common stock reached $1,552,894,000 in 2024, up from $634,446,000 in 2023, marking an increase of 144.5%[34]. Future Projections - For 2025, CareTrust projects net income of approximately $1.35 to $1.39 per diluted share and normalized FFO of approximately $1.68 to $1.72 per diluted share[5]. - The company provided guidance for 2025, estimating Funds from Operations (FFO) attributable to CareTrust REIT, Inc. to be between $1.66 and $1.70 per share[39]. - Funds Available for Distribution (FAD) attributable to CareTrust REIT, Inc. is projected to be between $1.72 and $1.76 per share for 2025[39]. Operational Metrics - The company maintained a quarterly dividend of $0.29 per share, resulting in a payout ratio of approximately 71% based on normalized FAD[5]. - The company reported 98.8% of contractual rent and interest collected during the quarter[4]. - Property operating expenses for Q4 2024 were $1,665,000, compared to $714,000 in Q4 2023, indicating a significant increase in operational costs[21]. - Impairment of real estate investments for the twelve months ended December 31, 2024, was $42,225,000, up from $36,301,000 in 2023, showing a 16.4% increase[21]. - The company experienced an impairment of real estate investments amounting to $42,225,000 in 2024, compared to $36,301,000 in 2023, reflecting an increase of 16.4%[34]. Financial Metrics and Analysis - The Company considers net income attributable to CareTrust REIT, Inc. as the most appropriate earnings measure according to GAAP[48]. - EBITDA and Normalized EBITDA are deemed useful for understanding operating results independent of capital structure and indebtedness[48]. - FFO, Normalized FFO, FAD, and Normalized FAD are important for reviewing comparative operating and financial performance by excluding certain non-operational charges[48]. - The disclosure of Net Debt to Annualized Normalized Run Rate EBITDA is considered a useful measure for evaluating the Company's credit strength[48]. - The Company believes that these measures allow for more meaningful comparisons of operating performance between periods and against other REITs[48]. - The exclusion of gains or losses from real estate dispositions and impairment charges helps in assessing ongoing performance[48]. - Noncash income and expenses are excluded from FAD and Normalized FAD to provide a clearer picture of operational performance[48]. - The Company aims to improve understanding of operating results among investors through these financial metrics[48]. - The measures help in comparing the Company's credit strength to prior reporting periods and other companies[48]. - The Company emphasizes the importance of these metrics in evaluating its ability to service debt obligations[48].

Industry Trends - The skilled nursing industry is experiencing a supply/demand imbalance, with approximately 14,800 facilities as of July 2024, down from over 15,600 in July 2016, indicating a trend favoring skilled nursing and assisted living providers[36] - The U.S. Census estimates over 59 million individuals aged 65 and older in 2023, projected to nearly double by 2060, driving increased demand for skilled nursing services[36] - Nursing home care expenditures are projected to grow from approximately $209.3 billion in 2023 to about $337.4 billion by 2032, reflecting a significant market opportunity[36] Portfolio Overview - As of December 31, 2024, the portfolio includes 313 skilled nursing facilities (SNFs), with 189 owned facilities and 31 held in consolidated joint ventures[37] - The portfolio is geographically diverse, with significant concentrations in California and Texas based on rental income[39] - The company operates a geographically diverse portfolio across 34 states, with no single state accounting for more than 22% of annualized revenue[60] Rental Income and Growth - Total rental income for the year ended December 31, 2024, was $228,261,000, an increase from $198,599,000 in 2023, representing a growth of approximately 14.9%[49][50] - Skilled Nursing Facilities (SNFs) generated rental income of $169,414,000 in 2024, accounting for 74% of total rental income, with an occupancy rate of 79%[49] - Multi-Service Campuses contributed $43,372,000 in rental income, representing 19% of total income, with an occupancy rate of 79%[49] - Assisted Living Facilities (ALFs) and Independent Living Facilities (ILFs) generated $15,475,000 in rental income, making up 7% of total income, with a 74% occupancy rate[49] Financial Performance - Annualized contractual rental income from Ensign Master Leases was $68.2 million, representing 26% of total annualized contractual rental income as of December 31, 2024[40] - The PACS Master Lease generated annualized contractual rental income of $20.0 million, accounting for 8% of total annualized contractual rental income as of December 31, 2024[42] - The PMG Master Lease contributed $31.9 million in annualized contractual rental income, representing 12% of total annualized contractual rental income as of December 31, 2024[43] Investment and Financing - The company invested in 46 properties through a sale and leaseback transaction, with a gross investment of $97,053,000 and an effective interest rate of 12.0%[52][53] - The financing receivable from the sale and leaseback transaction generated interest income of $1,009,000 for the year ended December 31, 2024[52] - The company’s mortgage loans had a principal balance of $658,400,000 as of December 31, 2024, with total interest income of $35,972,000[54] Tenant and Operator Relationships - The company monitors tenant creditworthiness through lease coverage ratios, evaluating EBITDAR and EBITDARM against rent coverage[44] - The management team emphasizes identifying talented operators to enhance facility performance and tenant relationships[65] - Ensign, the primary tenant, represented 28% of total annualized contractual rental income as of December 31, 2024[62] Regulatory and Compliance Risks - The False Claims Act imposes civil penalties ranging from $5,500 to $11,000 per false claim, plus three times the damages sustained by the government[105] - The Stark Law prohibits billing Medicare or Medicaid for designated health services if referred by a physician with a financial relationship, with penalties up to $15,000 per self-referred service[106] - Increased government oversight mandates immediate reporting of suspected crimes in federally funded long-term care facilities, with penalties up to $300,000 for non-compliance[112] Employee and ESG Initiatives - The company employed 21 full-time employees as of December 31, 2024, with a 100% response rate in the employee satisfaction survey[95][98] - The overall employee satisfaction rate was 84%, with 78% of employees agreeing that the benefits package is competitive[95] - The company reported a 10% increase in leases with ESG requirements from September 2023[86] Debt and Capital Structure - As of December 31, 2024, the company had approximately $400.0 million of indebtedness, represented by 3.875% Senior Notes due 2028[204] - The company must distribute at least 90% of its REIT taxable income annually to avoid U.S. federal corporate income tax[197] - High levels of indebtedness could reduce cash flow available for working capital, dividends, and acquisitions[204] Market and Economic Risks - The company faces risks related to the financial health of its tenants, including potential bankruptcies that could impact rental income[141] - Unstable market conditions and geopolitical events may adversely affect the company's business and financial condition[139] - The company is exposed to potential reductions in reimbursement rates from government payors, which could impact tenants' revenues and their ability to meet obligations[140] Future Strategies - Future investment strategies may include expanding into behavioral health facilities and medical office buildings[58] - The company plans to pursue strategic development opportunities, including renovations and new developments with attractive risk-adjusted returns[79]