CTRE: Updating estimates post NAREIT

研报英文原文证据摘录

CTRE: Updating estimates post NAREIT

RBC Capital Markets, LLC

Michael Carroll, CFA (Head of US Real Estate Research)

(440) 715-2649, michael.carroll@rbccm.com

Brad Heffern, CFA (Analyst)

(512) 708-6311, brad.heffern@rbccm.com

Henry Newell (Associate)

(216) 364-0260, henry.a.newell@rbccm.com

June 17, 2026

CareTrust REIT, Inc. Outperform

NASDAQ: CTRE; USD 37.03RESEARCH Updating estimates post NAREIT Price Target USD 44.00

Our view: We are updating our estimates and outlook post our NAREIT Scenario Analysis* meeting and recent tenant news. We believe CTRE remains well positioned

to deploy capital accretively and should be able to deliver high-single digit Downside Current Price Upside

earnings growth in 2027 and 2028. Additionally, we believe CTRE's ENSG Scenario Price Target Scenario

lease remains well protected, and we foresee minimal risk to this cash flow 28.00 37.03 44.00 50.00

stream despite the recent short reports. Therefore, we are maintaining our 20% 23% 39%

rating and price target. *Implied Total ReturnsEQUITY Key Statistics

Key points: SharesDividend:O/S (MM): 224.21.56 MarketYield: Cap (MM): 8,3024.2%

Estimates: We are raising our estimates to reflect the recent investment NAVPS: 25.68 P/NAVPS: 1.44x

activity. Management has been proactive deploying capital over the past Debt to Cap: 8% Enterprise Val. (MM): 6,500 Avg. Daily Volume: 2,693,976

quarter announcing $1.1 billion of transactions YTD (through mid-May) and

still maintains a $360 million pipeline. The above combined activity would RBC Estimates

have basically hit our previous $1.5 billion full year target, and therefore, FY Dec 2025A 2026E 2027E 2028E

we increased our estimate to $1.8 billion. We still expect the go forward FFO/Sh, Rpt 1.76 2.04 2.20 2.37