CareTrust agrees £1.1 billion deal for 45 UK homes, lifts forecast

CareTrust is a real estate investment trust, or REIT. It owns nursing homes and senior housing in the U.S. and UK and leases them to operators. Second-quarter revenue was $161.3 million, about $645.4 million a year at that pace, and net income was $89.0 million. [C17][C17] Press releaseCareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, senior housing and other healthcare-related properties.CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm [C40][C40] Form 10-Q, statement of incomeTotal revenues 161,348 112,469 304,131 209,090CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm [C69][C69] Financial supplement, revenueTotal 628 $ 161,348 $ 142,783 $ 112,469 43 % $ 645,392 100 %CareTrust second-quarter 2026 financial supplement, Exhibit 99.2 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/exhibit992-ctreq22026fin.htm [C41][C41] Form 10-Q, statement of incomeNet income attributable to CareTrust REIT, Inc. $ 88,996 $ 68,545 $ 169,206 $ 134,347CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm Normalized FFO is profit before depreciation and some other items. It was 51 cents a share in the quarter and 99 cents in the first half. The dividend is 39 cents a share each quarter, about 76% of its cash profit measure. [C53][C53] Results releaseFor the second quarter, CareTrust reported net income of $89.0 million, or $0.38 per diluted weighted-average common share, Normalized FFO of $119.7 million, or $0.51 per diluted weighted-average common shareCareTrust second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/ex991-ctreq22026er.htm [C66][C66] Results release, per shareNormalized FFO per share attributable to CareTrust REIT, Inc. $ 0.51 $ 0.43 $ 0.99 $ 0.85CareTrust second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/ex991-ctreq22026er.htm [C51][C51] Results releaseA quarterly dividend of $0.39 per share, representing a payout ratio of approximately 76% of Normalized FAD.CareTrust second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/ex991-ctreq22026er.htm It runs only a small operating business of its own today: four senior housing communities with 372 units. [C77][C77] Form 10-Q, note 1the properties and operations of four senior housing communities consisting of 372 units in Texas and ArizonaCareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm

Its debt is low. At June 30 it owed $1.21 billion and had $47.6 million of cash. EBITDA is profit before interest, taxes, depreciation and amortization. [C42][C42] Form 10-Q, note on debtTotal Debt $ 310,000 $ 500,000 $ 400,000 $ 1,210,000CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm [C43][C43] Form 10-Q, balance sheetCash and cash equivalents 47,591 198,042CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm Its own leverage figure, 1.01 times a year of EBITDA, subtracts stock it had sold but not yet delivered. Without that, net debt was about $1.16 billion, or twice its $579.3 million yearly EBITDA. [C52][C52] Results release, reconciliationNet Debt to Annualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc. 1.01x 2.0x [1] Assumes the net proceeds from the future expected settlement of shares sold under forward equity offering and forward equity contracts through the Company's ATM program reduces outstanding debtCareTrust second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/ex991-ctreq22026er.htm [C42][C42] Form 10-Q, note on debtTotal Debt $ 310,000 $ 500,000 $ 400,000 $ 1,210,000CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm [C43][C43] Form 10-Q, balance sheetCash and cash equivalents 47,591 198,042CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm [C68][C68] Financial supplement, credit metricsAnnualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.(1) $ 579,308 $ 499,700 $ 436,948CareTrust second-quarter 2026 financial supplement, Exhibit 99.2 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/exhibit992-ctreq22026fin.htm Its earnings covered fixed charges 10.71 times, and its first big debt maturity is $400.0 million of notes due in 2028. [C67][C67] Financial supplement, credit metricsFixed charge coverage ratio 10.71x 10.29x 11.38xCareTrust second-quarter 2026 financial supplement, Exhibit 99.2 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/exhibit992-ctreq22026fin.htm [C75][C75] Form 10-Q, note on debtcompleted a private offering of $ 400.0 million aggregate principal amount of 3.875 % Senior Notes due 2028CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm Its loan tests allow leverage up to 60% and require fixed-charge coverage of at least 1.50 times; it was at 16% and 10.71 times. All its debt is unsecured and is paid before shareholders, and it has no preferred stock. [C88][C88] Financial supplement, credit facility complianceConsolidated Leverage Ratio 60 % 16 % In Compliance Fixed Charge Coverage Ratio 1.50x 10.71x In ComplianceCareTrust second-quarter 2026 financial supplement, Exhibit 99.2 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/exhibit992-ctreq22026fin.htm [C90][C90] Financial supplement, debt summaryYear Revolving Line of Credit(2) Senior Unsecured Notes Senior Unsecured Term Loan(3) Total DebtCareTrust second-quarter 2026 financial supplement, Exhibit 99.2 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/exhibit992-ctreq22026fin.htm [C91][C91] Form 10-Q, balance sheetPreferred stock, $ 0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm In May it said its target leverage range is 4.0 to 5.0 times a year of EBITDA, far above where it stood. [C93][C93] CareTrust first-quarter 2026 results releasewhich is below the Company's target leverage range of 4.0x to 5.0xBusiness Wire, via FT.com · Read October 3, 2026Open source ↗https://markets.ft.com/data/announce/full?dockey=600-202605071620BIZWIRE_USPRX____20260506_BW247155-1

On August 6 it had $605 million free on its $1.2 billion credit line and $90 million of cash. It also had $671 million of stock sold for later delivery. That was before this deal and about $488 million of other recent deals. [C65][C65] Results release, liquidity$605 million available under its $1.2 billion unsecured revolving credit facility as of August 6, 2026; • $90 million of cash on hand as of August 5, 2026; and • $671 million in gross proceeds outstanding under equity forward contracts.CareTrust second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/ex991-ctreq22026er.htm [C85][C85] Press releaseCareTrust announced that it has closed on approximately $488 million of other investments since its second quarter 2026 earnings reportCareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm In the first half its operations brought in $225.1 million and it paid $163.3 million of dividends. So a purchase this size has to be paid mostly with new stock or debt. [C71][C71] Form 10-Q, cash flow statementNet cash provided by operating activities 225,114 172,157CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm [C72][C72] Form 10-Q, cash flow statementDividends paid on common stock ( 163,257 ) ( 117,440 )CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm It also had about $785.8 million of room left in its program for selling new shares. Rent on the first 24 homes, £1.4 million each, is about £33.6 million or $44.6 million a year. That is about 7% of its $645.4 million yearly revenue pace and about 7.7% of its $579.3 million yearly EBITDA. [C89][C89] Results release, liquidityapproximately $785.8 million available for future issuances under the ATM ProgramCareTrust second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/ex991-ctreq22026er.htm [C20][C20] Investor presentation, overview20–21-year NNN lease, guaranteed by LNT ⚫ £1.4mm ($1.9mm(2)) initial annual rent plus 3% annual escalators ⚫ Conversion to SHOP once homes are stabilized within 24-48 monthsCareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm [C1][C1] Form 8-K, Item 2.01The purchase price for each of the Acquired Properties is £24,000,000, for an initial aggregate purchase price of approximately £576 million (or approximately $764 million) for the 24 Completed Properties and approximately £504 million (or approximately $669 million) for the In-Development Properties, exclusive of transaction costs.CareTrust REIT Form 8-K on the LNT care home acquisition, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctre-20260930.htm [C69][C69] Financial supplement, revenueTotal 628 $ 161,348 $ 142,783 $ 112,469 43 % $ 645,392 100 %CareTrust second-quarter 2026 financial supplement, Exhibit 99.2 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/exhibit992-ctreq22026fin.htm [C68][C68] Financial supplement, credit metricsAnnualized Normalized Run Rate EBITDA attributable to CareTrust REIT, Inc.(1) $ 579,308 $ 499,700 $ 436,948CareTrust second-quarter 2026 financial supplement, Exhibit 99.2 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/exhibit992-ctreq22026fin.htm

LNT is a UK developer that says it builds close to 30 homes a year. It also runs homes through Crystal Care, which will be the tenant. [C16][C16] Press releaseLNT today delivers at a pace approaching 30 homes per year, a rate no other developer in the market sustains.CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm [C2][C2] Form 8-K, Item 2.01are, or will be upon each applicable closing, leased to subsidiaries of Crystal Care Homes Holdco Limited, a company incorporated under the laws of England and Wales (“Crystal Care Holdco”), LNT’s care home operating portfolio company, under triple-net leases that provide for fixed annual escalators and renewal options. Crystal Care Holdco’s payment obligations under such leases are, or will be upon each applicable closing, guaranteed by LNT.CareTrust REIT Form 8-K on the LNT care home acquisition, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctre-20260930.htm The UK market is old: CareTrust's deck says 79% of care homes are over 20 years old and 70% of beds lack private wet rooms. Private payers are about 45% of the roughly 390,000 UK residents. [C81][C81] Investor presentation, market79% of care homes are over 20 years old, and 70% of beds lack en-suite wet room facilitiesCareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm [C92][C92] Investor presentation, marketUK private-pay care home market represents approximately 45% of ~390,000 total residentsCareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm

Each of the 45 homes costs £24 million. Twenty-three homes closed on October 1. The last of the 24 is already open and closes once a regulator approves it, which the company expects in October. [C18][C18] Press releaseto acquire 45 new care homes for approximately £1.1 billion in a strategic transactionCareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm [C1][C1] Form 8-K, Item 2.01The purchase price for each of the Acquired Properties is £24,000,000, for an initial aggregate purchase price of approximately £576 million (or approximately $764 million) for the 24 Completed Properties and approximately £504 million (or approximately $669 million) for the In-Development Properties, exclusive of transaction costs.CareTrust REIT Form 8-K on the LNT care home acquisition, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctre-20260930.htm [C4][C4] Form 8-K, Item 2.01On October 1, 2026, CareTrust REIT, Inc. (the “Company”), through its subsidiary, CareTrust UK Limited, a company registered in England and Wales (the “Purchaser”), completed the acquisition of the entire issued share capital of care home property companies holding an aggregate of 23 completed care homes and one additional care home remaining subject to regulatory approval anticipated in October 2026CareTrust REIT Form 8-K on the LNT care home acquisition, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctre-20260930.htm CareTrust has agreed to buy up to 21 more homes still being built, each for £24 million. Each closes once it is finished and approved, through the end of 2027, a deadline the two sides can extend. [C1][C1] Form 8-K, Item 2.01The purchase price for each of the Acquired Properties is £24,000,000, for an initial aggregate purchase price of approximately £576 million (or approximately $764 million) for the 24 Completed Properties and approximately £504 million (or approximately $669 million) for the In-Development Properties, exclusive of transaction costs.CareTrust REIT Form 8-K on the LNT care home acquisition, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctre-20260930.htm [C10][C10] Press releaseThe investment was funded using a combination of proceeds from the settlement of outstanding forward equity agreements and a draw on the Company’s revolving credit facility. The remaining 21 homes are currently under development, which CareTrust will acquire for approximately £504 million upon completion and receipt of regulatory approvals anticipated to occur on a rolling basis throughout 2027.CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm [C30][C30] Share Purchase Deed, definitionsmeans 31 December 2027 (or such other date as the Parties may agree in writing);Share Purchase Deed among CareTrust UK, LNT and CTR Partnership, Exhibit 2.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/projectclarets-spa.htm It paid for the first group with stock it had sold earlier for future delivery and a draw on its credit line. [C10][C10] Press releaseThe investment was funded using a combination of proceeds from the settlement of outstanding forward equity agreements and a draw on the Company’s revolving credit facility. The remaining 21 homes are currently under development, which CareTrust will acquire for approximately £504 million upon completion and receipt of regulatory approvals anticipated to occur on a rolling basis throughout 2027.CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm

At first, the homes are leased to Crystal Care for 20 to 21 years. Rent starts at £1.4 million a home and rises 3% a year, and LNT guarantees it. [C20][C20] Investor presentation, overview20–21-year NNN lease, guaranteed by LNT ⚫ £1.4mm ($1.9mm(2)) initial annual rent plus 3% annual escalators ⚫ Conversion to SHOP once homes are stabilized within 24-48 monthsCareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm [C2][C2] Form 8-K, Item 2.01are, or will be upon each applicable closing, leased to subsidiaries of Crystal Care Homes Holdco Limited, a company incorporated under the laws of England and Wales (“Crystal Care Holdco”), LNT’s care home operating portfolio company, under triple-net leases that provide for fixed annual escalators and renewal options. Crystal Care Holdco’s payment obligations under such leases are, or will be upon each applicable closing, guaranteed by LNT.CareTrust REIT Form 8-K on the LNT care home acquisition, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctre-20260930.htm Later, once a home fills up, CareTrust plans to buy the operating business for a multiple of its earnings, about £3.5 million a home. It would then own the profits directly, a model it calls SHOP. [C3][C3] Form 8-K, Item 2.01The purchase price for the entire issued share capital of each Opco will be a specified multiple of such Opco’s implied annualized mature EBITDA, subject to certain adjustments.CareTrust REIT Form 8-K on the LNT care home acquisition, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctre-20260930.htm [C23][C23] Investor presentation, structureBased on estimated stabilized NOI of £2.0 – £2.2mm and a total purchase price of £27.5mm (consisting of £24mm initial purchase price per care home and approximately £3.5mm to acquire operating subsidiary and convert to SHOP).CareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm [C12][C12] Press releaseThe SHOP Phase is expected to begin between years two and four following each home’s completion with the first transition anticipated to occur by the fourth quarter of 2027.CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm On that full £27.5 million cost, it expects a yield in the mid- to high-7% range before tax in the first year of SHOP. [C23][C23] Investor presentation, structureBased on estimated stabilized NOI of £2.0 – £2.2mm and a total purchase price of £27.5mm (consisting of £24mm initial purchase price per care home and approximately £3.5mm to acquire operating subsidiary and convert to SHOP).CareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm [C11][C11] Press releaseThe transaction is expected to be accretive to normalized funds from operations per share during the Lease-up Phase, inclusive of straight-line rent adjustments, and to generate an all-in yield in the mid- to high-7% range on a pre-tax basis in year one of the SHOP Phase.CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm

Here is what each side gives and gets. LNT gets about £1.08 billion for homes it built and a long lease for its own operator. It can also sell each operating business to CareTrust later for a multiple of its earnings. [C1][C1] Form 8-K, Item 2.01The purchase price for each of the Acquired Properties is £24,000,000, for an initial aggregate purchase price of approximately £576 million (or approximately $764 million) for the 24 Completed Properties and approximately £504 million (or approximately $669 million) for the In-Development Properties, exclusive of transaction costs.CareTrust REIT Form 8-K on the LNT care home acquisition, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctre-20260930.htm [C20][C20] Investor presentation, overview20–21-year NNN lease, guaranteed by LNT ⚫ £1.4mm ($1.9mm(2)) initial annual rent plus 3% annual escalators ⚫ Conversion to SHOP once homes are stabilized within 24-48 monthsCareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm [C3][C3] Form 8-K, Item 2.01The purchase price for the entire issued share capital of each Opco will be a specified multiple of such Opco’s implied annualized mature EBITDA, subject to certain adjustments.CareTrust REIT Form 8-K on the LNT care home acquisition, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctre-20260930.htm The deck says LNT expects a yield of about 17% on its development cost, more than twice what CareTrust expects on its price. CareTrust gets new homes, rent guaranteed by LNT, and an option until September 2027 to buy LNT itself. [C21][C21] Investor presentation, overview~17% Projected yield on cost(4)CareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm [C22][C22] Investor presentation, notes(4) Projected yield on development cost across portfolio of 45 assets.CareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm [C23][C23] Investor presentation, structureBased on estimated stabilized NOI of £2.0 – £2.2mm and a total purchase price of £27.5mm (consisting of £24mm initial purchase price per care home and approximately £3.5mm to acquire operating subsidiary and convert to SHOP).CareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm [C20][C20] Investor presentation, overview20–21-year NNN lease, guaranteed by LNT ⚫ £1.4mm ($1.9mm(2)) initial annual rent plus 3% annual escalators ⚫ Conversion to SHOP once homes are stabilized within 24-48 monthsCareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm [C5][C5] Form 8-K, Item 2.01the shareholders of LNT have granted the Operating Partnership an option exercisable through September 2027 to acquire the entire issueCareTrust REIT Form 8-K on the LNT care home acquisition, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctre-20260930.htm If LNT's general promises about the homes prove untrue, its liability is capped at 25% of each home's price. Single claims under £250,000 are not paid. [C31][C31] Share Purchase Deed, Schedule 8in respect of any and all claims under the General Warranties, an amount equal to twenty-five (25) per cent. of the aggregate of (i) the Individual Completed Propco ConsiderationShare Purchase Deed among CareTrust UK, LNT and CTR Partnership, Exhibit 2.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/projectclarets-spa.htm [C101][C101] Share Purchase Deed, Schedule 8in respect of any individual claim for less than £250,000Share Purchase Deed among CareTrust UK, LNT and CTR Partnership, Exhibit 2.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/projectclarets-spa.htm Nothing is paid until claims together exceed £2,500,000, and then the full amount is paid. CareTrust cannot cancel the deal over a breach. [C78][C78] Share Purchase Deed, Schedule 8unless and until the aggregate amount of claims not excluded by paragraph 3.1(A)above exceeds an amount equal to £2,500,000Share Purchase Deed among CareTrust UK, LNT and CTR Partnership, Exhibit 2.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/projectclarets-spa.htm [C102][C102] Share Purchase Deed, Schedule 8once the aggregate amount has exceeded such sum, the Purchaser shall be entitled to be paid the full amount of such claims and not only the amount by which such sum is exceededShare Purchase Deed among CareTrust UK, LNT and CTR Partnership, Exhibit 2.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/projectclarets-spa.htm [C79][C79] Share Purchase Deed, clause 16the Purchaser shall not be entitled to terminate or rescind this Deed.Share Purchase Deed among CareTrust UK, LNT and CTR Partnership, Exhibit 2.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/projectclarets-spa.htm CareTrust also pays any stamp duty and other transfer taxes, which are not in the £24 million price. [C94][C94] Share Purchase Deed, costsThe Purchaser shall bear any stamp duty, stamp duty reserve tax or other transfer Taxes or registration duties arising in respect of the transfer of the Sale Shares to the PurchaserShare Purchase Deed among CareTrust UK, LNT and CTR Partnership, Exhibit 2.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/projectclarets-spa.htm [C1][C1] Form 8-K, Item 2.01The purchase price for each of the Acquired Properties is £24,000,000, for an initial aggregate purchase price of approximately £576 million (or approximately $764 million) for the 24 Completed Properties and approximately £504 million (or approximately $669 million) for the In-Development Properties, exclusive of transaction costs.CareTrust REIT Form 8-K on the LNT care home acquisition, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctre-20260930.htm

The forecast for normalized FFO rose by 3 cents a share at both ends. Normalized FAD, the cash measure, rose only 1 cent. Expected straight-line rent, booked but not yet collected, rose to $21 million from $17 million. [C14][C14] Press releasenow projects net income attributable to CareTrust of approximately $1.54 to $1.57 per share, Normalized FFO of approximately $2.06 to $2.09 per share, and Normalized FAD of approximately $2.02 to $2.05 per share.CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm [C50][C50] Results releaseprojecting net income attributable to CareTrust of approximately $1.53 to $1.56 per share, Normalized FFO of approximately $2.03 to $2.06 per share, and Normalized FAD of approximately $2.01 to $2.04 per share.CareTrust second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/ex991-ctreq22026er.htm [C61][C61] Press release, guidance reconciliationNormalized FAD $ 485 $ 493 $ 2.02 $ 2.05 Weighted average diluted shares outstanding 240 240CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm [C63][C63] Results release, guidanceNormalized FAD $ 468 $ 476 $ 2.01 $ 2.04 Weighted average diluted shares outstanding 233 233CareTrust second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/ex991-ctreq22026er.htm [C60][C60] Press release, guidance reconciliationStraight-line rental income (21) (21) (0.09) (0.09)CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm [C87][C87] Results release, guidance reconciliationStraight-line rental income (17) (17) (0.07) (0.07)CareTrust second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/ex991-ctreq22026er.htm The new forecast assumes 240 million average shares, up from 233 million, and interest of $70 million, up from $61 million. It does not split out how much of the rise comes from LNT. [C61][C61] Press release, guidance reconciliationNormalized FAD $ 485 $ 493 $ 2.02 $ 2.05 Weighted average diluted shares outstanding 240 240CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm [C63][C63] Results release, guidanceNormalized FAD $ 468 $ 476 $ 2.01 $ 2.04 Weighted average diluted shares outstanding 233 233CareTrust second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/ex991-ctreq22026er.htm [C62][C62] Press release, guidanceInterest expense of $70 million at the midpointCareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm [C64][C64] Results release, guidanceInterest expense of $61 million at the midpointCareTrust second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/ex991-ctreq22026er.htm To hit even the low end, the second half needs about $1.07 a share, about 53.5 cents a quarter, against 51 cents in the second quarter. [C14][C14] Press releasenow projects net income attributable to CareTrust of approximately $1.54 to $1.57 per share, Normalized FFO of approximately $2.06 to $2.09 per share, and Normalized FAD of approximately $2.02 to $2.05 per share.CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm [C66][C66] Results release, per shareNormalized FFO per share attributable to CareTrust REIT, Inc. $ 0.51 $ 0.43 $ 0.99 $ 0.85CareTrust second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/ex991-ctreq22026er.htm

The deck says the UK would rise to about a third of the business, from 17%. That assumes all 45 homes have moved to the operating model and earn about £2.15 million each. Another footnote says it is based on the homes under lease. [C24][C24] Investor presentation, portfolio mix83% US 26% Senior Housing(2 ) 74% Skilled Nursing 40% Senior Housing(2 ) 60% Skilled Nursing 17% UK 67% US 33% UKCareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm [C83][C83] Investor presentation, notesLNT run-rate portfolio metrics assumes all 45 care homes converted to SHOP with an estimated annual NOI of £2.15mm per property.CareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm [C82][C82] Investor presentation, notes(1) Based on run-rate of 45 care homes under lease structure.CareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm The last home cannot close until the agreement for running the homes under the operating model is settled, and its fee terms are not disclosed. [C80][C80] Share Purchase Deed, clause 7.13The sale and purchase of the Development Propco Shares of the final Development Propco to be completed pursuant to this Deed shall be conditional upon the Care Services Agreement being in agreed formShare Purchase Deed among CareTrust UK, LNT and CTR Partnership, Exhibit 2.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/projectclarets-spa.htm

The stock rose about 1.0% on October 2, to $36.28. Omega Healthcare rose about 1.1%, Sabra fell about 0.3% and the Vanguard real estate fund rose about 0.4%. [M02][M02] IEX closing pricesCTRE closed at $35.915 on October 1, 2026 (IEX)IEX closing prices for CTRE, OHI, SBRA and VNQ, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ [M03][M03] IEX closing pricesCTRE closed at $36.28 on October 2, 2026 (IEX)IEX closing prices for CTRE, OHI, SBRA and VNQ, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ [M04][M04] IEX closing pricesOHI closed at $45.22 on October 1, 2026 (IEX)IEX closing prices for CTRE, OHI, SBRA and VNQ, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ [M05][M05] IEX closing pricesOHI closed at $45.715 on October 2, 2026 (IEX)IEX closing prices for CTRE, OHI, SBRA and VNQ, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ [M06][M06] IEX closing pricesSBRA closed at $19.21 on October 1, 2026 (IEX)IEX closing prices for CTRE, OHI, SBRA and VNQ, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ [M07][M07] IEX closing pricesSBRA closed at $19.15 on October 2, 2026 (IEX)IEX closing prices for CTRE, OHI, SBRA and VNQ, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ [M08][M08] IEX closing pricesVNQ closed at $89.14 on October 1, 2026 (IEX)IEX closing prices for CTRE, OHI, SBRA and VNQ, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ [M09][M09] IEX closing pricesVNQ closed at $89.51 on October 2, 2026 (IEX)IEX closing prices for CTRE, OHI, SBRA and VNQ, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ The shares had fallen about 6% from $38.43 on September 15 and about 10% from $40.35 at June 30. They are below the $40.225 price of the stock it sold for later delivery to help pay for this deal. [M01][M01] IEX closing pricesCTRE closed at $38.43 on September 15, 2026 (IEX)IEX closing prices for CTRE, OHI, SBRA and VNQ, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ [M03][M03] IEX closing pricesCTRE closed at $36.28 on October 2, 2026 (IEX)IEX closing prices for CTRE, OHI, SBRA and VNQ, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ [C70][C70] Financial supplement, capitalizationPeriod end share price 40.35 30.60CareTrust second-quarter 2026 financial supplement, Exhibit 99.2 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/exhibit992-ctreq22026fin.htm [C44][C44] Form 10-Q, note on equityThe forward sale agreements have an initial forward price of $ 40.225 per share, subject to certain adjustments, and mature on May 20, 2027. As of June 30, 2026, 14.4 million shares remained unsettled, representing approximately $ 578.2 million in gross proceeds.CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm

At $36.28 the 236,293,199 shares outstanding on August 5 were worth about $8.6 billion. About 16.6 million more shares sold for later delivery were waiting to settle, which would add about 7%. [M03][M03] IEX closing pricesCTRE closed at $36.28 on October 2, 2026 (IEX)IEX closing prices for CTRE, OHI, SBRA and VNQ, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ [C73][C73] Form 10-Q, coverAs of August 5, 2026, there were 236,293,199 shar es of common stock outstanding.CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm [C44][C44] Form 10-Q, note on equityThe forward sale agreements have an initial forward price of $ 40.225 per share, subject to certain adjustments, and mature on May 20, 2027. As of June 30, 2026, 14.4 million shares remained unsettled, representing approximately $ 578.2 million in gross proceeds.CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm [C74][C74] Form 10-Q, subsequent eventsIn addition, subsequent to June 30, 2026, the Company entered into forward contracts under the ATM Program to sell 2.2 million shares for gross proceeds of $ 90.6 million, all of which remain outstanding.CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm The first closing is about 9% of that value, and the £1.08 billion for all 45 homes about 17%. Adding about £157 million for the operating businesses, about £3.5 million a home, brings it to about £1.24 billion, or about 19%. [M03][M03] IEX closing pricesCTRE closed at $36.28 on October 2, 2026 (IEX)IEX closing prices for CTRE, OHI, SBRA and VNQ, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ [C73][C73] Form 10-Q, coverAs of August 5, 2026, there were 236,293,199 shar es of common stock outstanding.CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm [C1][C1] Form 8-K, Item 2.01The purchase price for each of the Acquired Properties is £24,000,000, for an initial aggregate purchase price of approximately £576 million (or approximately $764 million) for the 24 Completed Properties and approximately £504 million (or approximately $669 million) for the In-Development Properties, exclusive of transaction costs.CareTrust REIT Form 8-K on the LNT care home acquisition, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctre-20260930.htm [C18][C18] Press releaseto acquire 45 new care homes for approximately £1.1 billion in a strategic transactionCareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm [C23][C23] Investor presentation, structureBased on estimated stabilized NOI of £2.0 – £2.2mm and a total purchase price of £27.5mm (consisting of £24mm initial purchase price per care home and approximately £3.5mm to acquire operating subsidiary and convert to SHOP).CareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm The shares trade at about 17 times the middle of the new FFO range, and the dividend yields about 4.3%. The stock's range over the past year is not in our sources. [M03][M03] IEX closing pricesCTRE closed at $36.28 on October 2, 2026 (IEX)IEX closing prices for CTRE, OHI, SBRA and VNQ, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ [C14][C14] Press releasenow projects net income attributable to CareTrust of approximately $1.54 to $1.57 per share, Normalized FFO of approximately $2.06 to $2.09 per share, and Normalized FAD of approximately $2.02 to $2.05 per share.CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm [C51][C51] Results releaseA quarterly dividend of $0.39 per share, representing a payout ratio of approximately 76% of Normalized FAD.CareTrust second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/ex991-ctreq22026er.htm

The bull case is new homes in a short market, bought with low debt. CareTrust gets guaranteed rent while the homes fill. Then about £3.5 million a home lifts its take from £1.4 million of rent to about £2.15 million of profit. [C20][C20] Investor presentation, overview20–21-year NNN lease, guaranteed by LNT ⚫ £1.4mm ($1.9mm(2)) initial annual rent plus 3% annual escalators ⚫ Conversion to SHOP once homes are stabilized within 24-48 monthsCareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm [C23][C23] Investor presentation, structureBased on estimated stabilized NOI of £2.0 – £2.2mm and a total purchase price of £27.5mm (consisting of £24mm initial purchase price per care home and approximately £3.5mm to acquire operating subsidiary and convert to SHOP).CareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm [C83][C83] Investor presentation, notesLNT run-rate portfolio metrics assumes all 45 care homes converted to SHOP with an estimated annual NOI of £2.15mm per property.CareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm It also gets an option on all of LNT, and it had credit room and stock still to settle as of August. [C5][C5] Form 8-K, Item 2.01the shareholders of LNT have granted the Operating Partnership an option exercisable through September 2027 to acquire the entire issueCareTrust REIT Form 8-K on the LNT care home acquisition, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctre-20260930.htm [C65][C65] Results release, liquidity$605 million available under its $1.2 billion unsecured revolving credit facility as of August 6, 2026; • $90 million of cash on hand as of August 5, 2026; and • $671 million in gross proceeds outstanding under equity forward contracts.CareTrust second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/ex991-ctreq22026er.htm

The bear case, which we rank as the bigger risk, is price and cash. First-year rent of about 5.8% is well below the 8.8% on its other deals, and the cash forecast rose only 1 cent. The rent guarantee comes from LNT, the seller, which has agreed to receive £576 million for the first 24 homes. [C20][C20] Investor presentation, overview20–21-year NNN lease, guaranteed by LNT ⚫ £1.4mm ($1.9mm(2)) initial annual rent plus 3% annual escalators ⚫ Conversion to SHOP once homes are stabilized within 24-48 monthsCareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm [C1][C1] Form 8-K, Item 2.01The purchase price for each of the Acquired Properties is £24,000,000, for an initial aggregate purchase price of approximately £576 million (or approximately $764 million) for the 24 Completed Properties and approximately £504 million (or approximately $669 million) for the In-Development Properties, exclusive of transaction costs.CareTrust REIT Form 8-K on the LNT care home acquisition, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctre-20260930.htm [C13][C13] Press releaseThe blended, stabilized yield of these investments, exclusive of the LNT transaction, is 8.8%.CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm [C61][C61] Press release, guidance reconciliationNormalized FAD $ 485 $ 493 $ 2.02 $ 2.05 Weighted average diluted shares outstanding 240 240CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm [C63][C63] Results release, guidanceNormalized FAD $ 468 $ 476 $ 2.01 $ 2.04 Weighted average diluted shares outstanding 233 233CareTrust second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/ex991-ctreq22026er.htm [C2][C2] Form 8-K, Item 2.01are, or will be upon each applicable closing, leased to subsidiaries of Crystal Care Homes Holdco Limited, a company incorporated under the laws of England and Wales (“Crystal Care Holdco”), LNT’s care home operating portfolio company, under triple-net leases that provide for fixed annual escalators and renewal options. Crystal Care Holdco’s payment obligations under such leases are, or will be upon each applicable closing, guaranteed by LNT.CareTrust REIT Form 8-K on the LNT care home acquisition, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctre-20260930.htm About £504 million more is due in pounds through 2027. The filings disclose no hedge of that commitment. At June 30 its only currency forwards, £17.0 million, hedged loans between its own companies, and it also offsets currency risk with £529.1 million of debt in pounds owed inside the company. [C10][C10] Press releaseThe investment was funded using a combination of proceeds from the settlement of outstanding forward equity agreements and a draw on the Company’s revolving credit facility. The remaining 21 homes are currently under development, which CareTrust will acquire for approximately £504 million upon completion and receipt of regulatory approvals anticipated to occur on a rolling basis throughout 2027.CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm [C76][C76] Form 10-Q, derivativesAs of June 30, 2026, the Company has two foreign currency forward contracts with £ 17.0 million in notional value, which are designated as cash flow hedges.CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm [C103][C103] Form 10-Q, derivativesThe Company entered into cash flow hedges to hedge the foreign currency risk of intercompany loans denominated in GBP.CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm [C104][C104] Form 10-Q, market riskOur foreign currency exposure is partially mitigated through the use of British Pound Sterling denominated intercompany debt totaling £529.1 million as of June 30, 2026 and foreign currency forward contracts.CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm We think CareTrust will report 2026 normalized FFO of at least $2.06 a share, the low end of its new range. We are wrong if it comes in below that. [C14][C14] Press releasenow projects net income attributable to CareTrust of approximately $1.54 to $1.57 per share, Normalized FFO of approximately $2.06 to $2.09 per share, and Normalized FAD of approximately $2.02 to $2.05 per share.CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm Other signs to watch are the third-quarter report, for the credit line and share count, and full-year FAD against FFO. Also watch whether the first move to the operating model comes by late 2027 at about £3.5 million a home, and whether the 21 homes close by the end of 2027. [C12][C12] Press releaseThe SHOP Phase is expected to begin between years two and four following each home’s completion with the first transition anticipated to occur by the fourth quarter of 2027.CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm [C23][C23] Investor presentation, structureBased on estimated stabilized NOI of £2.0 – £2.2mm and a total purchase price of £27.5mm (consisting of £24mm initial purchase price per care home and approximately £3.5mm to acquire operating subsidiary and convert to SHOP).CareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm [C10][C10] Press releaseThe investment was funded using a combination of proceeds from the settlement of outstanding forward equity agreements and a draw on the Company’s revolving credit facility. The remaining 21 homes are currently under development, which CareTrust will acquire for approximately £504 million upon completion and receipt of regulatory approvals anticipated to occur on a rolling basis throughout 2027.CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm

What LNT spent to build each home. The deck gives only a projected yield of about 17% on its development cost. [C21][C21] Investor presentation, overview~17% Projected yield on cost(4)CareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm [C22][C22] Investor presentation, notes(4) Projected yield on development cost across portfolio of 45 assets.CareTrust investor presentation on the LNT transaction, Exhibit 99.2 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctreirdeckseptember2026_.htm

CareTrust's debt and leverage after the first closing. Its latest reported debt, $1.21 billion, comes from before the deal. [C42][C42] Form 10-Q, note on debtTotal Debt $ 310,000 $ 500,000 $ 400,000 $ 1,210,000CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm

How much of the credit line is still free after this deal and the other recent ones. The last figure, $605 million, is from August 6. [C65][C65] Results release, liquidity$605 million available under its $1.2 billion unsecured revolving credit facility as of August 6, 2026; • $90 million of cash on hand as of August 5, 2026; and • $671 million in gross proceeds outstanding under equity forward contracts.CareTrust second-quarter 2026 results release, Exhibit 99.1 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/ex991-ctreq22026er.htm

How CareTrust will pay the roughly £504 million for the 21 homes still being built. [C10][C10] Press releaseThe investment was funded using a combination of proceeds from the settlement of outstanding forward equity agreements and a draw on the Company’s revolving credit facility. The remaining 21 homes are currently under development, which CareTrust will acquire for approximately £504 million upon completion and receipt of regulatory approvals anticipated to occur on a rolling basis throughout 2027.CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm

What multiple of earnings CareTrust will pay for each operating business. The deed calls it a specified multiple. [C3][C3] Form 8-K, Item 2.01The purchase price for the entire issued share capital of each Opco will be a specified multiple of such Opco’s implied annualized mature EBITDA, subject to certain adjustments.CareTrust REIT Form 8-K on the LNT care home acquisition, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctre-20260930.htm

How full the open homes are and how well their profits cover the rent. The tenant is Crystal Care, and no filing gives those figures. [C2][C2] Form 8-K, Item 2.01are, or will be upon each applicable closing, leased to subsidiaries of Crystal Care Homes Holdco Limited, a company incorporated under the laws of England and Wales (“Crystal Care Holdco”), LNT’s care home operating portfolio company, under triple-net leases that provide for fixed annual escalators and renewal options. Crystal Care Holdco’s payment obligations under such leases are, or will be upon each applicable closing, guaranteed by LNT.CareTrust REIT Form 8-K on the LNT care home acquisition, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctre-20260930.htm

How many shares are outstanding after the forward sales settled, and whether it sold more stock after August 6. The new forecast assumes 240 million average shares. [C73][C73] Form 10-Q, coverAs of August 5, 2026, there were 236,293,199 shar es of common stock outstanding.CareTrust quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054284/ctre-20260630.htm [C61][C61] Press release, guidance reconciliationNormalized FAD $ 485 $ 493 $ 2.02 $ 2.05 Weighted average diluted shares outstanding 240 240CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm

The price and terms of the option to buy all of LNT, which runs through September 2027. [C5][C5] Form 8-K, Item 2.01the shareholders of LNT have granted the Operating Partnership an option exercisable through September 2027 to acquire the entire issueCareTrust REIT Form 8-K on the LNT care home acquisition, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ctre-20260930.htm

How much of the forecast rise comes from LNT rather than the other recent deals. [C14][C14] Press releasenow projects net income attributable to CareTrust of approximately $1.54 to $1.57 per share, Normalized FFO of approximately $2.06 to $2.09 per share, and Normalized FAD of approximately $2.02 to $2.05 per share.CareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm [C85][C85] Press releaseCareTrust announced that it has closed on approximately $488 million of other investments since its second quarter 2026 earnings reportCareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm

What makes up the rest of the $488 million of other deals. The parts the release names add to about $469 million. [C85][C85] Press releaseCareTrust announced that it has closed on approximately $488 million of other investments since its second quarter 2026 earnings reportCareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm [C84][C84] Press releaseincluding the acquisition of three UK care homes for approximately $34 million, all of which are triple-net leased to a mix of new and existing operators, and $55 million of preferred equity and debt investments secured by skilled nursing portfolios. That activity follows the Company’s previously announced acquisition of a portfolio of 20 skilled nursing facilities in the southwest for approximately $380 millionCareTrust press release on the LNT transaction and revised 2026 guidance, Exhibit 99.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026064352/ex991pr-lnt.htm

Whether credit rating firms or loan tests treat the UK operating homes or the development deals differently. The filings show only overall test levels. [C88][C88] Financial supplement, credit facility complianceConsolidated Leverage Ratio 60 % 16 % In Compliance Fixed Charge Coverage Ratio 1.50x 10.71x In ComplianceCareTrust second-quarter 2026 financial supplement, Exhibit 99.2 to Form 8-K, August 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1590717/000162828026054348/exhibit992-ctreq22026fin.htm