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- **Record Investment Pace**: $1.6 billion year-to-date, $600 million pipeline with 33% U.K. and 17% SHOP growth engines.
- **Financial Strength**: 18% FFO growth, net debt-to-EBITDA 0.43x, $334 million cash.
- **New Growth Frontiers**: First U.K. and SHOP deals closing Q4, targeting low double-digit IRRs and 90%+ occupancy.
- **Balance Sheet Discipline**: Fixed-rate debt at 4.6%, no maturities until 2028, liquidity at $1.5 billion.

**【CEO Summary Section】**
- **Record Investment Growth**: Q3 2025 saw $495 million in new investments, bringing year-to-date total to $1.6 billion, surpassing 2024's $1.5 billion. The pipeline stands at $600 million, with 50% U.S. skilled nursing, 33% U.K. care homes, and 17% SHOP.
- **New Growth Engines**: U.K. care homes and SHOP (Seniors Housing Operating Platform) are added to the traditional U.S. skilled nursing engine. First U.K. transaction closed in Q3, and first SHOP deal expected before year-end.
- **Financial Performance**: Normalized FFO per share of $0.45, up 18% YoY, with full-year guidance midpoint at $1.76-$1.77, also 18% growth.
- **Balance Sheet Strength**: Net debt-to-EBITDA of 0.43x, fixed charge coverage of 11x, and $334 million cash on hand.

**【CFO Financial Commentary】**
- **Q3 Financials**: Normalized FFO of $94.7 million (+55.5% YoY), FAD of $93.1 million (+50.6% YoY). Equity issuance of $736 million funded investments and refinanced debt.
- **Debt Management**: $500 million term loan at 4.6% fixed rate, secured notes and revolver paid off. Liquidity remains strong with $1.2 billion revolver capacity.
- **Guidance Update**: Full-year 2025 FFO and FAD per share at $1.76-$1.77, reflecting deployment of equity proceeds and pipeline replenishment.

**【Q&A Highlights】**
- **Yield Expectations**: U.S. SNF yields ~9%, U.K. ~8.5%, SHOP ~7%+ with case-by-case adjustments for coverage.
- **SHOP Strategy**: First deal expected Q4, with focus on stable operators and secondary markets. Long-term IRR target low double digits, stabilized occupancy ~90%.
- **U.K. Expansion**: Pipeline growing post-Care REIT acquisition, with 1/3 of current pipeline in U.K. Competitive deal flow expected.
- **G&A Growth**: 2026 G&A may increase due to SHOP platform build-out, offset by STI reset. Q3 G&A at $52 million, tracking similar for Q4.
- **Data Science Investment**: Global impact across operations, asset management, and decision-making, with initial focus on SHOP value-add opportunities.

CareTrust REIT, Inc. (CTRE) Q3 2025 Earnings Call Transcript

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