CareTrust REIT, Inc. is a specialized real estate investment trust (REIT) that acquires, finances, develops, and owns healthcare-related properties. Formed in 2014 as a tax-free spin-off from The Ensign Group, the company has grown from a single-tenant portfolio to a diversified multi-tenant platform. CareTrust's portfolio primarily consists of skilled nursing facilities (SNFs), assisted living facilities (ALFs), and independent living facilities (ILFs).
The company's business model is centered on triple-net lease arrangements, where independent healthcare operators are responsible for all property-related expenses, including taxes, insurance, and maintenance. This structure provides CareTrust with stable, predictable rental income, which constitutes the vast majority of its revenue. In addition to its core leasing business, the company also generates interest income by providing mortgage loans and preferred equity financing to healthcare operators. While historically focused purely on the United States, CareTrust expanded its geographic footprint in 2025 by acquiring a UK-based care home platform, adding a new avenue for international growth.
CareTrust conducts and manages its business as a single reportable segment focused on healthcare-related real estate investments. Its competitive position is supported by its strong relationships with regional and national care operators, a healthy balance sheet, and a strategic focus on the demographic tailwinds of an aging population, which drives long-term demand for skilled nursing and senior housing facilities.
