CareTrust REIT Inc 2025年度报告

2025 Annual Report CEO Letter Dear Fellow Shareholders, “WHY ME. WHY US?” When Greg Stapley asked me to join him in launching CareTrustabout twelve years ago, I was puzzled. At the time, I was anoperator, not a financier. I had run skilled nursing and assistedliving facilities firsthand. I had hired and helped train nearly 100facility CEOs. Why me? The answer, we came to understand, was the entire point. Insenior housing and care, the value of real estate is inseparablefrom the quality of the group operating it. A building is four wallsand a roof. The care happening inside those walls is whatdetermines whether that building has lasting value, and that value is not only financial, it’s also clinical and human above all else. To invest in this sector without deeply understanding operations isto miss the most important part. This is especially true for us as a triple-net landlord. The operator,our tenant, is the licensed healthcare provider and has complete control and responsibility for howthey run their business. These insights became the founding logic of CareTrust. And more than a decade later, it remains thelens through which we evaluate every opportunity that comes across our desk. “The value of this real estate is directly connected tothe quality of the tenant operating the property.” What CareTrust accomplished in 2025 was built upon a firm foundation, a set of values andbeliefs that guide how we approach every investment. These haven’t changed. They've been testedand refined, but the core convictions are the same ones we carried into CareTrust's first year. Wecall them our Articles of Faith. Operator First.The long-term value of senior care and housing real estate has less to do withclassical real estate factors than almost any other asset class. Location matters. Vintage matters.But what matters most is who is operating the property. Our process starts and ends with thatquestion. A quality operator is one who is driven by a mission, focuses their resources first onbecoming an employer of choice and, through that, becomes the quality provider of choice inevery market they serve. Only after achieving excellent care outcomes can a provider, and the realestate they operate, achieve sustainable financial stability. We believe the formula for long-term success for our tenants, and indirectly for us, is axiomatic: amission-driven culture creates a labor advantage which creates a high level of quality care &hospitality, which creates demand best represented by strong occupancy, ultimately resulting inthe financial health of the operator, ensuring their ability to re-invest in their business and meettheir financing obligations, including our rent. We have seen this math prove out for over 25years. A “CareTrust Operator” is one who harmonizes mission-driven culture with the clinical andfinancial sophistication to adapt to an ever-changing environment. Long-Term Thinking.We invest for the long term. The price we pay and the operator wechoose are intended to result in long-term quality care and, as a result, enduring value creation.This orientation shapes how we underwrite, how we structure leases, and how we assess theoverall health and stability of our tenants. Growth in Value.From Day 1, we chose growth not for growth’s sake but to producesustainable, compounding value. Investing in these sectors demands a disciplined approach. Eachinvestment should be accretive in year one or very soon thereafter and result in a low double-digitunlevered IRR. We have never deviated from this. The result is a track record of execution that hasconsistently delivered both growth in enterprise value and value per share. Fortress Balance Sheet.We believe in keeping leverage low which helps protect against anuncertain macro environment while supporting decisive moves when windows of opportunityopen. With that world view,2025 starts to come into focus and make sense because it was, by anymeasure, a transformational year for CareTrust. 2025: A TRANSFORMATIONAL YEAR We invested $1.8 billion — surpassing our prior record and supporting 17.3% growth innormalized FFO per share(1). We grew our market capitalization by 64% to $8.3 billion. For theten years since our public market debut, total shareholder returns stand at approximately 493% atyear-end. The real story of 2025 is that we made the strategic investments required to build acompany that can continue growing in a disciplined, sustainable way for the next decade — notjust the next quarter. We began the year as a team of 21. By year end, we had doubled our professional headcount —adding investment, asset management, tax, data science, and operational capabilities that acompany of our growing scale genuinely needs. We built, and continue to build, the infrastructurethat allows us to deploy more capital with the same standards of diligence and care that havedefined our portfolio from the beginning. We acquired Care REIT, entering the United Kingdom care home market