Think of it as the Public Storage for nursing homes and assisted living facilities.

It's like Simon Property Group, but instead of malls, they own and lease senior care facilities.

Essentially, it's the Prologis for healthcare properties like skilled nursing and assisted living facilities.

• Skilled Nursing Facility (SNF) Leasing: Provides real estate to operators of facilities offering continuous medical and rehabilitative care.
• Assisted Living Facility (ALF) Leasing: Offers real estate to operators of residential communities that assist seniors with daily living activities.
• Independent Living Facility (ILF) Leasing: Supplies real estate to operators of apartment-style communities designed for active, self-sufficient seniors.

CareTrust REIT (CTRE) sells primarily to other companies, specifically healthcare operators that lease and operate its skilled nursing and senior housing facilities. The company has a diversified tenant base, but some operators contribute a larger portion of its contractual rent.

Based on the company's Q4 2023 investor presentation, its major customers (operators) by annualized contractual rent include:

• The Ensign Group, Inc. (Symbol: ENSG) - A leading provider of skilled nursing and and assisted living services.
• Genesis Healthcare, Inc. (Symbol: GENH on OTCQX) - A provider of healthcare services, primarily through skilled nursing facilities and assisted living communities.
• Priority Management Group - A privately-held operator of skilled nursing facilities.
• The Pennant Group, Inc. (Symbol: PNTG) - A healthcare services company providing home health, hospice, and senior living services (a spin-off from The Ensign Group).

KPMG LLP

David M. Sedgwick, President & Chief Executive Officer

Mr. Sedgwick has served as President and Chief Executive Officer of CareTrust REIT since January 1, 2022, and as a Director since June 2022. He has been with the company since its inception in 2014, previously holding roles as Chief Operating Officer from August 2018 to 2021 and Vice President-Operations from 2014 to August 2018. Prior to joining CareTrust, Mr. Sedgwick held several key leadership positions at The Ensign Group, Inc., CareTrust's predecessor, from 2001 to 2014. During his time at Ensign, he operated three skilled nursing facilities from 2002 to 2007 and served as President of Ensign's Maryland-based urgent care venture, Doctors Express, in 2012. He was also Ensign's President of Facility Services & Chief Human Capital Officer from 2007 to 2012. Mr. Sedgwick has been a licensed nursing home administrator since 2001.

William M. Wagner, Chief Financial Officer & Treasurer

Mr. Wagner serves as the Chief Financial Officer and Treasurer of CareTrust REIT. He possesses over 31 years of experience in accounting and finance, with a significant focus on real estate, including more than two decades working extensively for REITs. He previously worked for Nationwide Health Properties. Mr. Wagner is scheduled to retire in early 2026.

James B. Callister, Executive Vice President, Chief Investment Officer & Secretary

Mr. Callister was appointed Chief Investment Officer effective December 31, 2022, succeeding Mark Lamb. He joined CareTrust REIT in 2021 as General Counsel and has been instrumental in the company's legal and corporate functions, asset and portfolio management, and tenant relationships. Before joining CareTrust, Mr. Callister worked for nearly 20 years in private practice as a real estate attorney, including as a partner at Sherry Meyerhoff Hanson & Crance LLP and O'Melveny & Myers LLP. His legal expertise was primarily focused on representing publicly-traded REITs in the acquisition, disposition, leasing, and financing of healthcare-related properties. Since 2008, he has exclusively worked on healthcare REIT transactions, facilitating acquisitions or financings for over 300 skilled nursing, seniors housing, and independent living facilities, involving investments exceeding $2.5 billion across 35 states. He has assisted in structuring, negotiating, and closing all of CareTrust's acquisitions since its formation.

Lauren Beale, Senior Vice President & Chief Accounting Officer

Ms. Beale holds the position of Senior Vice President and Chief Accounting Officer at CareTrust REIT. She is expected to take on expanded responsibilities during the upcoming CFO transition in early 2026.

Derek J. Bunker, Senior Vice President of Strategy & Investor Relations

Mr. Bunker serves as the Senior Vice President of Strategy and Investor Relations for CareTrust REIT. He is slated to succeed William M. Wagner as Chief Financial Officer on January 1, 2026. He is recognized for his extensive expertise in both the healthcare and real estate sectors.

Key Business Risks for CareTrust REIT (CTRE)

1. Tenant Concentration Risk: CareTrust REIT faces significant exposure to its largest tenants. Specifically, The Ensign Group represents a substantial portion of its total rent, and the top five and ten tenants account for a large majority of overall rent. A default or operational challenges experienced by these key tenants could lead to a material decrease in rental income for CareTrust REIT.
2. Compliance with REIT Requirements: As a Real Estate Investment Trust (REIT), CareTrust REIT is required to distribute at least 90% of its taxable income annually to shareholders. This requirement can restrict the company's flexibility in managing its capital, limit its ability to effectively hedge against risks, and may compel it to borrow funds on unfavorable terms or dispose of assets at disadvantageous prices to meet distribution obligations.
3. Integration Challenges from Rapid Expansion and Acquisitions: CareTrust REIT has been actively expanding its portfolio through significant acquisitions, including recent ventures into the UK and new senior housing operations. Such rapid growth introduces risks related to the efficient integration of newly acquired properties, potential operational complexities, and the challenge of realizing anticipated synergies without negatively impacting profit margins or earnings.

Persistent and intensifying healthcare staffing shortages, particularly for nurses and certified nursing assistants. This directly impacts the ability of skilled nursing facility operators (CTRE's tenants) to fully staff facilities, admit patients, and operate profitably, leading to reduced occupancy and financial distress. This trend is worsening, not abating, and poses a direct threat to the financial stability of CTRE's underlying assets and tenant base.

The accelerating shift towards home-based and community-based care models, including "Hospital at Home" initiatives, enabled by advancements in telehealth and remote monitoring technologies. This diverts patients who would traditionally utilize skilled nursing facilities for post-acute or long-term care to less institutional settings, thereby reducing overall demand for SNF beds and impacting occupancy rates and revenue for CTRE's tenants.

CareTrust REIT (CTRE) operates primarily in the United States, focusing on the ownership, acquisition, financing, development, and leasing of healthcare-related properties. Its main products and services are centered around three key segments: skilled nursing facilities, seniors housing, and medical office buildings.

The addressable markets for CareTrust REIT's main products and services in the U.S. and North America are sized as follows:

• Skilled Nursing Facilities (U.S.): The U.S. skilled nursing facility market was estimated at approximately USD 199.72 billion in 2024 and is projected to grow to about USD 290.02 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 4.39% from 2025 to 2033. Another estimate places the market at USD 202.4 billion in 2025, reaching USD 279.9 billion by 2035 with a CAGR of 3.3% from 2025 to 2035.
• Seniors Housing (U.S.): The U.S. senior living market was estimated at USD 907.59 billion in 2024 and is expected to reach USD 1.33 trillion by 2033, growing at a CAGR of 4.42% from 2025 to 2033. This segment includes independent living, assisted living, and memory care facilities.
• Medical Office Buildings (North America): The Medical Office Buildings (MOB) market size for North America is projected to reach USD 44.69 billion in 2025 and is predicted to grow to USD 79.16 billion by 2034, reflecting a CAGR of over 6.5% during the forecast period from 2025 to 2034. The United States accounts for the largest share within the North American market.

1. Accretive Acquisitions in Skilled Nursing and Senior Housing: CareTrust REIT has consistently pursued a strategy of high growth through accretive acquisitions of skilled nursing and senior housing facilities. The company deployed approximately $1.5 billion in 2024 and over $1.6 billion year-to-date in 2025 across these sectors. Management continues to highlight a robust investment pipeline, with approximately $600 million in deals for both skilled nursing and senior housing properties, indicating ongoing expansion in its core markets.

2. Rent Escalators in Long-Term Leases: A significant portion of CTRE's revenue growth is underpinned by its long-term triple-net leases, which include contractual rent escalators. These typically feature 2.5% CPI-based rent escalators, providing a stable and inflation-protected increase in rental income over time.

3. Expansion into the UK Care Home Market: CareTrust REIT has strategically diversified its portfolio through its entry into the United Kingdom care home market, highlighted by the acquisition of Care REIT plc in May 2025. This international expansion provides a new geographical market for growth and contributes to portfolio diversification.

4. Growth of the Seniors Housing Operating Portfolio (SHOP): CTRE is actively expanding its Seniors Housing Operating Portfolio (SHOP) investments, which is considered a key "third engine of growth" for the company. The company plans to close its first SHOP deal by the end of 2025, aiming for low double-digit internal rates of return (IRRs) and stabilized occupancy in the low 90% range, which is expected to drive future revenue.

5. Favorable Demographic Trends: The aging demographics in both the United States and the United Kingdom are a fundamental driver for increased demand in skilled nursing, post-acute care, and senior housing facilities. This demographic shift is expected to lead to higher occupancy rates and improved EBITDARM coverage for operators, thereby enhancing the overall quality and reliability of CareTrust REIT's tenant base and future cash flows.

Share Repurchases

• CareTrust REIT authorized a share repurchase program of up to $150 million on March 20, 2020, to be active until March 31, 2023.

Share Issuance

• In the third quarter of 2024, CareTrust REIT issued $500 million of equity through its At-The-Market (ATM) program.
• During the fourth quarter of 2024, the company sold 15.9 million shares in a public offering, generating gross proceeds of $507.8 million.
• In the third quarter of 2025, a follow-on equity offering raised $736 million, and additional at-the-market offerings generated $369.9 million.

Outbound Investments

• In the third quarter of 2024, CareTrust REIT made record-setting investments of approximately $917 million at an average stabilized yield of 9.4%.
• The company announced pending acquisitions of approximately $500 million in skilled nursing facilities in Q3 2024, expected to close in the last two months of the year, involving 31 facilities.
• CareTrust REIT deployed more than $1.5 billion across the skilled nursing and senior housing sectors in 2024, and had an annual investment total of approximately $1.6 billion for the year. Year-to-date in 2025, total investments reached $4.81 billion, with $1.63 billion deployed.

Capital Expenditures

• Capital expenditures were reported as $8.05 million in 2020, $10.98 million in 2021, $7.29 million in 2022, and $6.01 million in 2023.