CareTrust REIT, Inc.

CareTrust’s portfolio is spread across 32 U.S. states and the United Kingdom, giving it exposure to both domestic and international healthcare real estate markets. The highest concentration of properties by rental income is in California, the U.K., Texas, and Tennessee, which makes those markets especially important to cash flow stability. The U.K. became more material in 2025 after the Care REIT acquisition, which added a large portfolio of care homes in England, Scotland, and Northern Ireland. The company’s new SHOP platform is currently centered in Texas, while its broader U.S. portfolio remains diversified across multiple states.

CareTrust’s business depends on the operating performance and credit quality of healthcare tenants and managers, so weakness at operators can pressure rent collection and asset values. The Care REIT acquisition introduces integration risk, including management distraction, undisclosed liabilities, and the challenge of running a larger U.K. platform under different legal and regulatory regimes. International exposure also adds foreign-exchange, legal, and political risk, which can affect returns and control systems. More broadly, skilled nursing and senior housing are exposed to labor shortages, reimbursement pressure, occupancy volatility, and weather-related disruption, all of which can affect tenant health and property performance.