CareTrust REIT (CTRE) 10-Q 29 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 28, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-36181
Entity Registrant Name	CareTrust REIT, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-3999490
Entity Address, Address Line One	905 Calle Amanecer
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	San Clemente
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92673
City Area Code	949
Local Phone Number	542-3130
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CTRE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		171,450,194
Entity Central Index Key	0001590717
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Real estate investments, net	$ 1,749,139	$ 1,567,119
Other real estate related investments (including accrued interest of $5,826 as of September 30, 2024 and $1,727 as of December 31, 2023)	740,730	180,368
Assets held for sale	16,046	15,011
Cash and cash equivalents	377,102	294,448
Accounts and other receivables	881	395
Prepaid expenses and other assets, net	33,815	23,337
Deferred financing costs, net	3,166	4,160
Total assets	2,920,879	2,084,838
Liabilities and Equity:
Senior unsecured notes payable, net	396,705	396,039
Senior unsecured term loan, net	0	199,559
Accounts payable, accrued liabilities and deferred rent liabilities	49,717	33,992
Dividends payable	49,721	36,531
Total liabilities	496,143	666,121
Commitments and contingencies (Note 12)
Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 171,122,858 and 129,992,796 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	1,711	1,300
Additional paid-in capital	2,950,802	1,883,147
Cumulative distributions in excess of earnings	(530,317)	(467,628)
Total stockholders’ equity	2,422,196	1,416,819
Noncontrolling interests	2,540	1,898
Total equity	2,424,736	1,418,717
Total liabilities and equity	$ 2,920,879	$ 2,084,838

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Other real estate related investments, accrued interest	$ 5,826	$ 1,727
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	171,122,858	129,992,796
Common stock, outstanding (in shares)	171,122,858	129,992,796

CONDENSED CONSOLIDATED INCOME S

CONDENSED CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Rental income	$ 57,153	$ 51,218	$ 166,062	$ 145,126
Interest and other income	20,228	4,659	43,280	12,910
Total revenues	77,381	55,877	209,342	158,036
Expenses:
Depreciation and amortization	14,009	13,034	41,317	37,988
Interest expense	8,281	11,750	25,188	32,617
Property taxes	2,115	2,167	5,892	4,437
Impairment of real estate investments	8,417	8,232	36,872	31,510
Property operating expenses	3,477	1,239	4,392	2,860
General and administrative	6,663	5,519	19,637	15,298
Total expenses	42,962	41,941	133,298	124,710
Other loss:
Loss on extinguishment of debt	(657)	0	(657)	0
(Loss) gain on sale of real estate, net	(2,286)	0	(2,254)	1,958
Unrealized gain (loss) on other real estate related investments, net	1,800	(5,251)	(689)	(7,856)
Total other loss	(1,143)	(5,251)	(3,600)	(5,898)
Net income	33,276	8,685	72,444	27,428
Net loss attributable to noncontrolling interests	(165)	(11)	(501)	(11)
Net income attributable to CareTrust REIT, Inc.	$ 33,441	$ 8,696	$ 72,945	$ 27,439
Earnings per common share attributable to CareTrust REIT, Inc:
Basic (in usd per share)	$ 0.21	$ 0.08	$ 0.50	$ 0.27
Diluted (in usd per share)	$ 0.21	$ 0.08	$ 0.50	$ 0.27
Weighted-average number of common shares:
Basic (in shares)	159,459	104,011	145,780	100,748
Diluted (in shares)	159,850	104,311	146,153	100,918

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Earnings	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2022			99,010,112
Beginning balance at Dec. 31, 2022	$ 849,373	$ 849,373	$ 990	$ 1,245,337	$ (396,954)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock-based compensation awards, net of shares withheld for employee taxes (in shares)			87,978
Vesting of stock-based compensation awards, net of shares withheld for employee taxes	(1,479)	(1,479)	$ 1	(1,480)
Amortization of stock-based compensation	936	936		936
Common dividends	(27,738)	(27,738)			(27,738)
Net income (loss)	19,227	19,227			19,227
Ending balance (in shares) at Mar. 31, 2023			99,098,090
Ending balance at Mar. 31, 2023	840,319	840,319	$ 991	1,244,793	(405,465)	0
Beginning balance (in shares) at Dec. 31, 2022			99,010,112
Beginning balance at Dec. 31, 2022	849,373	849,373	$ 990	1,245,337	(396,954)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	27,428
Ending balance (in shares) at Sep. 30, 2023			115,409,356
Ending balance at Sep. 30, 2023	1,110,984	1,109,922	$ 1,154	1,566,161	(457,393)	1,062
Beginning balance (in shares) at Mar. 31, 2023			99,098,090
Beginning balance at Mar. 31, 2023	840,319	840,319	$ 991	1,244,793	(405,465)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock-based compensation awards, net of shares withheld for employee taxes (in shares)			25,992
Amortization of stock-based compensation	924	924		924
Common dividends	(27,737)	(27,737)			(27,737)
Net income (loss)	(484)	(484)			(484)
Ending balance (in shares) at Jun. 30, 2023			99,124,082
Ending balance at Jun. 30, 2023	813,022	813,022	$ 991	1,245,717	(433,686)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net (in shares)			16,285,274
Issuance of common stock, net	319,088	319,088	$ 163	318,925
Amortization of stock-based compensation	1,519	1,519		1,519
Common dividends	(32,403)	(32,403)			(32,403)
Contributions from noncontrolling interests	1,073					1,073
Net income (loss)	8,685	8,696			8,696	(11)
Ending balance (in shares) at Sep. 30, 2023			115,409,356
Ending balance at Sep. 30, 2023	$ 1,110,984	1,109,922	$ 1,154	1,566,161	(457,393)	1,062
Beginning balance (in shares) at Dec. 31, 2023	129,992,796		129,992,796
Beginning balance at Dec. 31, 2023	$ 1,418,717	1,416,819	$ 1,300	1,883,147	(467,628)	1,898
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net (in shares)			11,600,000
Issuance of common stock, net	269,787	269,787	$ 116	269,671
Vesting of stock-based compensation awards, net of shares withheld for employee taxes (in shares)			119,369
Vesting of stock-based compensation awards, net of shares withheld for employee taxes	(2,483)	(2,483)	$ 1	(2,484)
Amortization of stock-based compensation	2,120	2,120		2,120
Common dividends	(41,192)	(41,192)			(41,192)
Distributions to noncontrolling interests	(47)					(47)
Contributions from noncontrolling interests	444					444
Net income (loss)	28,750	28,746			28,746	4
Ending balance (in shares) at Mar. 31, 2024			141,712,165
Ending balance at Mar. 31, 2024	$ 1,676,096	1,673,797	$ 1,417	2,152,454	(480,074)	2,299
Beginning balance (in shares) at Dec. 31, 2023	129,992,796		129,992,796
Beginning balance at Dec. 31, 2023	$ 1,418,717	1,416,819	$ 1,300	1,883,147	(467,628)	1,898
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 72,444
Ending balance (in shares) at Sep. 30, 2024	171,122,858		171,122,858
Ending balance at Sep. 30, 2024	$ 2,424,736	2,422,196	$ 1,711	2,950,802	(530,317)	2,540
Beginning balance (in shares) at Mar. 31, 2024			141,712,165
Beginning balance at Mar. 31, 2024	1,676,096	1,673,797	$ 1,417	2,152,454	(480,074)	2,299
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net (in shares)			12,145,000
Issuance of common stock, net	302,449	302,449	$ 122	302,327
Vesting of stock-based compensation awards, net of shares withheld for employee taxes (in shares)			24,768
Amortization of stock-based compensation	1,406	1,406		1,406
Common dividends	(44,721)	(44,721)			(44,721)
Distributions to noncontrolling interests	(7)					(7)
Contributions from noncontrolling interests	132					132
Net income (loss)	10,418	10,758			10,758	(340)
Ending balance (in shares) at Jun. 30, 2024			153,881,933
Ending balance at Jun. 30, 2024	1,945,773	1,943,689	$ 1,539	2,456,187	(514,037)	2,084
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net (in shares)			17,240,925
Issuance of common stock, net	493,644	493,644	$ 172	493,472
Amortization of stock-based compensation	1,143	1,143		1,143
Common dividends	(49,721)	(49,721)			(49,721)
Distributions to noncontrolling interests	(7)					(7)
Contributions from noncontrolling interests	628					628
Net income (loss)	$ 33,276	33,441			33,441	(165)
Ending balance (in shares) at Sep. 30, 2024	171,122,858		171,122,858
Ending balance at Sep. 30, 2024	$ 2,424,736	$ 2,422,196	$ 1,711	$ 2,950,802	$ (530,317)	$ 2,540

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common dividends (in usd per share)	$ 0.29	$ 0.29	$ 0.29	$ 0.28	$ 0.28	$ 0.28

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 72,444	$ 27,428
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including below-market ground leases)	41,371	38,031
Amortization of deferred financing costs	1,843	1,826
Loss on extinguishment of debt	282	0
Unrealized loss on other real estate related investments, net	689	7,856
Amortization of stock-based compensation	4,669	3,379
Straight-line rental income	21	21
Amortization of lease incentives	9	0
Amortization of below market leases	(1,959)	0
Noncash interest income	(4,099)	(129)
Loss (gain) on sale of real estate, net	2,254	(1,958)
Impairment of real estate investments	36,872	31,510
Change in operating assets and liabilities:
Accounts and other receivables	(518)	11
Prepaid expenses and other assets, net	(1,353)	(68)
Accounts payable, accrued liabilities and deferred rent liabilities	16,518	4,189
Net cash provided by operating activities	169,043	112,096
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied	(267,356)	(198,565)
Purchases of equipment, furniture and fixtures and improvements to real estate	(4,196)	(9,139)
Preferred equity investments	(52,000)	0
Investment in real estate related investments and other loans receivable	(504,936)	(50,693)
Principal payments received on real estate related investments and other loans receivable	100	15,703
Escrow deposits for potential acquisitions of real estate	(4,775)	(4,075)
Net proceeds from sales of real estate	5,076	14,464
Net cash used in investing activities	(828,087)	(232,305)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	1,065,881	319,032
Proceeds from the secured borrowing	75,000	0
Borrowings under unsecured revolving credit facility	0	185,000
Payments on unsecured revolving credit facility	0	(310,000)
Payments on senior unsecured term loan	(200,000)	0
Payment on secured borrowing	(75,000)	0
Payments on extinguishment of debt and deferred financing costs	(399)	(21)
Net-settle adjustment on restricted stock	(2,483)	(1,479)
Dividends paid on common stock	(122,444)	(83,089)
Contributions from noncontrolling interests	1,204	1,073
Distributions to noncontrolling interests	(61)	0
Net cash provided by financing activities	741,698	110,516
Net increase (decrease) in cash and cash equivalents	82,654	(9,693)
Cash and cash equivalents as of the beginning of period	294,448	13,178
Cash and cash equivalents as of the end of period	377,102	3,485
Supplemental disclosures of cash flow information:
Interest paid	19,921	28,539
Supplemental schedule of noncash investing and financing activities:
Increase in dividends payable	13,190	4,854
Right-of-use asset obtained in exchange for new operating lease obligation	1,748	369
Transfer of pre-acquisition costs to acquired assets	58	0
Sale of real estate settled with note receivable	1,000	2,000
Liabilities assumed by buyer in connection with sale of real estate	$ 2,776	$ 0

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Description of Business—

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation —The accompanying condensed consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and Article 10 of Regulation S-X. Accordingly, the condensed consolidated financial statements do not include all of the disclosures required by GAAP for a complete set of annual audited financial statements. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. In the opinion of management, all adjustments which are of a normal and recurring nature and considered necessary for a fair presentation of the results of the interim periods presented have been included. The results of operations for the interim periods are not necessarily indicative of results for the full year. The accompanying consolidated financial statements of the Company include the accounts of CareTrust REIT, its wholly-owned subsidiaries, and variable interest entities (“VIEs”) over which the Company exercises control. All intercompany transactions and account balances within the Company have been eliminated, and net earnings are reduced by the portion of net earnings attributable to noncontrolling interests. Transfers of financial assets

REAL ESTATE INVESTMENTS, NET

REAL ESTATE INVESTMENTS, NET	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
REAL ESTATE INVESTMENTS, NET	REAL ESTATE INVESTMENTS, NET The following table summarizes the Company’s investment in owned properties, and properties held in consolidated joint ventures, held for use as of September 30, 2024 and December 31, 2023 (dollars in thousands): September 30, 2024 December 31, 2023 Land $ 331,321 $ 279,276 Buildings and improvements 1,783,496 1,620,014 Integral equipment, furniture and fixtures 102,441 100,504 Identified intangible assets 6,664 5,283 Real estate investments 2,223,922 2,005,077 Accumulated depreciation and amortization (474,783) (437,958) Real estate investments, net $ 1,749,139 $ 1,567,119 As of September 30, 2024, all of the Company’s owned and held for investment facilities were leased to various operators under triple-net leases. During the third quarter of 2022, the Company entered into a triple-net lease agreement for two of the Company’s facilities which are being repurposed to behavioral health facilities, one of which was classified as held for sale during the three months ended September 30, 2024. All of the triple-net leases contain annual escalators based on the percentage change in the Consumer Price Index (“CPI”) (but not less than zero), some of which are subject to a cap, or fixed rent escalators. As of September 30, 2024, 8 facilities were held for sale. See Note 4, Impairment of Real Estate Investments, Assets Held for Sale and Asset Sales, for additional information. As of September 30, 2024, the Company’s total future contractual minimum rental income for all of its tenants, excluding operating expense reimbursements, assets held for sale and assets being repurposed, was as follows (dollars in thousands): Year Amount 2024 (three months) $ 56,317 2025 227,486 2026 229,235 2027 225,377 2028 223,304 2029 218,920 Thereafter 1,066,803 Total $ 2,247,442 Tenant Purchase Options Certain of the Company’s operators hold purchase options allowing them to acquire properties they currently lease from the Company. A summary of these purchase options is presented below (dollars in thousands): Asset Type Properties Lease Expiration Option Period Open Date (1) Option Type (2) Current Cash Rent (3) SNF 1 March 2029 4/1/2022 (4) A / B (6) $ 858 SNF 4 November 2034 12/1/2024 (4) A 3,988 SNF / Campus 2 October 2032 11/1/2026 (5) B 3,314 (7) SNF / Campus 1 May 2034 6/1/2026 (8) B 1,293 (9) SNF / Campus 1 May 2034 6/1/2027 (8) B 1,293 (9) (1) The Company has not received notice of exercise for the option periods that are currently open. (2) Option type includes: A - Fixed base price. B - Fixed capitalization rate on lease revenue. (3) Based on annualized cash revenue for contracts in place as of September 30, 2024. (4) Option window is open until the expiration of the lease term. (5) Option window is open for six months from the option period open date. (6) Purchase option reflects two option types. (7) Purchase option provides for purchase of two of three facilities. The current cash rent shown is an average of the range of $3.2 million to $3.4 million. (8) Purchase option window is open for nine months from the option period open date. (9) Purchase option provides for purchase of one of five facilities. The current cash rent shown is an average of the range of $1.0 million to $1.6 million. If the operator exercises its option to extend the term of the master lease, beginning on June 1, 2035 and ending nine months thereafter, the operator will have a purchase option for all facilities then remaining in the master lease. Rental Income The following table summarizes components of the Company’s rental income (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, Rental Income 2024 2023 2024 2023 Contractual rent due (1) $ 56,356 $ 51,225 $ 164,133 $ 145,147 Straight-line rent (7) (7) (21) (21) Amortization of lease incentives (5) — (9) — Amortization of below-market leases 809 — 1,959 — Total $ 57,153 $ 51,218 $ 166,062 $ 145,126 (1) Includes initial cash rent and tenant operating expense reimbursements, as adjusted for applicable rental escalators and rent increases due to capital expenditures funded by the Company. For tenants on a cash basis, this represents the lesser of the amount that would be recognized on a straight-line basis or cash that has been received. Tenant operating expense reimbursements for the three months ended September 30, 2024 and 2023 were $1.7 million and $2.0 million, respectively. Tenant operating expense reimbursements for the nine months ended September 30, 2024 and 2023 were $5.1 million and $3.9 million, respectively. Recent Real Estate Acquisitions The following table summarizes the Company’s acquisitions for the nine months ended September 30, 2024 (dollars in thousands): Type of Property Purchase Price (1) Initial Annual Cash Rent (2) Number of Properties Number of Beds/Units (3) Skilled nursing (4) $ 182,024 $ 14,612 9 894 Multi-service campuses (5) 78,154 6,268 4 575 Assisted living (6) 11,036 1,022 1 86 Total $ 271,214 $ 21,902 14 1,555 (1) Purchase price includes capitalized acquisition costs. (2) Initial annual cash rent represents initial cash rent for the first twelve months. (3) The number of beds/units includes operating beds at the acquisition date. (4) Includes one SNF held through a joint venture. See Note 11, Variable Interest Entities , for additional information. (5) Includes two multi-service campuses held through a joint venture. See Note 11, Variable Interest Entities , for additional information. (6) Includes one ALF held through a joint venture. See Note 11, Variable Interest Entities , for additional information. Lease Amendments and Terminations Lease Termination and Amended Ensign Lease. Effective September 1, 2024, one SNF in Kansas was removed from a master lease with a skilled nursing operator and the Company terminated the master lease. Annual cash rent under the terminated master lease prior to lease termination was approximately $0.8 million. In connection with the lease termination, the Company amended and extended one existing triple-net master lease with subsidiaries of The Ensign Group, Inc. (“Ensign”) to include the one SNF. The amended lease has a remaining term of approximately 15 years with two five-year renewal options and CPI-based rent escalators. Annual cash rent under the applicable Ensign master lease, as amended, increased by approximately $0.6 million. Lease Termination and New Jaybird Lease. Effective August 1, 2024, two ALFs in Illinois were removed from a master lease with a seniors housing operator and the Company terminated the master lease. In connection with the lease termination, the Company entered into a new master lease (the “Jaybird Lease”) with affiliates of Jaybird Senior Living, Inc. (“Jaybird”) with respect to the two ALFs. The new Jaybird Lease commenced on August 1, 2024 with an initial term of approximately 12 years, featuring two five-year renewal options and CPI-based rent escalators. Under the Jaybird Lease, Jaybird will receive three months of abated rent, followed by fifteen months of rent calculated as a percentage of the tenants’ gross revenue. Subsequently, the next twelve months will have a fixed annual cash rent amount of $1.8 million. Annual rent under the terminated master lease was $1.8 million. New Bayshire Lease. On April 1, 2024, a new master lease with affiliates of Bayshire, LLC (“Bayshire”) commenced to lease one SNF that was previously under a short-term master lease until Bayshire received regulatory approval. The short-term master lease was terminated. The Bayshire master lease had a term of approximately 15 years at the date of the lease, with two five-year renewal options and 3% fixed rent escalators. Initial annual cash rent under the new Bayshire master lease was $2.6 million. The Bayshire lease provides for a rent deferral of $0.4 million in the first year to be repaid in 15 installments beginning in year two. Amended Eduro Lease and Amended Ensign Lease. On March 1, 2024, operations of two SNFs in Colorado operated by affiliates of Eduro Healthcare, LLC (“Eduro”) were transferred to subsidiaries of Ensign. In connection with the transfer, the Company partially terminated the Eduro master lease and amended one existing triple-net master lease with Ensign to include the two SNFs and extended the initial lease term by 15 years. The applicable Ensign master lease, as amended, had a remaining term at the date of amendment of approximately 20 years with two five-year renewal options and CPI-based rent escalators. Annual cash rent under the applicable Ensign master lease, as amended, increased by approximately $2.1 million and annual cash rent under the Eduro master lease, as amended, decreased by the same amount. New Embassy Lease and Hillstone Lease Termination. On December 31, 2023, the Company terminated its master lease with affiliates of Hillstone Healthcare, Inc. (“Hillstone”). Effective January 1, 2024, in connection with the December 31, 2023 lease termination, one SNF was removed from the Hillstone master lease, was classified as held for sale as of March 31, 2024 and was sold during the three months ended June 30, 2024. See Note 4, Impairment of Real Estate Investments, Assets Held for Sale and Asset Sales , for additional information. In connection with the lease termination, the Company entered into a new triple-net master lease with a subsidiary of Embassy Healthcare Holdings, Inc. (“Embassy”) with respect to one multi-service campus. The Embassy lease has an initial term of approximately 10 years with two five-year renewal options and CPI-based rent escalators. Initial annual cash rent under the lease is approximately $0.6 million and the master lease provides Embassy with a partial rent abatement until required authorizations with respect to the ALF portion of the facility are obtained and occupancy levels reach a certain percentage. Premier Termination and Amended Ridgeline Lease. Effective September 1, 2023, six ALFs in Michigan and North Carolina were removed from the master lease with affiliates of Premier Senior Living, LLC (“Premier”) and the Company terminated the Premier master lease. Annual cash rent under the Premier master lease prior to lease termination was approximately $2.7 million. In connection with the lease termination, the Company amended its existing triple-net master lease with affiliates of Ridgeline Properties, LLC (“Ridgeline”) with respect to the six ALFs. The Ridgeline lease had a remaining term at the date of the lease amendment of approximately 15 years with two five-year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by approximately $2.7 million. The amended lease provides for $0.2 million in rent abatement and a $0.2 million rent deferral to be repaid beginning in December 2024. Amended Pennant Lease. On July 6, 2023, the Company amended its master lease with the Pennant Group, Inc. (“Pennant”) (the “Pennant Master Lease”). In connection with the lease amendment, the Company extended the initial lease term. The Pennant Master Lease, as amended, had a remaining term at the date of amendment of approximately 15 years, with two five-year renewal options and CPI-based rent escalators. Annual cash rent under the amended Pennant Master Lease remained unchanged. Noble VA Lease Termination and New Pennant Lease. Effective March 16, 2023, two ALFs in Wisconsin were removed from a master lease with affiliates of Noble VA Holdings (“Noble VA”) and the Company terminated the applicable Noble VA master lease. Annual cash rent under the applicable Noble VA master lease prior to lease termination was approximately $2.3 million. In connection with the lease termination, the Company entered into a new lease (the “New Pennant Lease”) with Pennant with respect to the two ALFs. The New Pennant Lease had an initial term at the date of the lease of approximately 15 years with two five-year renewal options and CPI-based rent escalators. Annual cash rent under the new lease was approximately $0.8 million and the master lease provides Pennant with three months deferred rent to be repaid before the expiration or termination of the lease.

IMPAIRMENT OF REAL ESTATE INVES

IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE AND ASSET SALES	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE AND ASSET SALES	IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE AND ASSET SALES Impairment of Real Estate Investments Held for Sale During the three and nine months ended September 30, 2024, the Company recognized aggregate impairment charges of $8.4 million and $36.9 million, respectively, related to properties held for sale, which is reported in impairment of real estate investments in the condensed consolidated income statements. During the three and nine months ended September 30, 2023, the Company recognized aggregate impairment charges of $0.2 million and $23.5 million, respectively, related to properties held for sale, which is reported in impairment of real estate investments in the condensed consolidated income statements. During the three months ended September 30, 2024, the Company determined that two facilities held for sale no longer met the criteria to be held for sale and were reclassified as held for investment. As of September 30, 2024, there were 8 facilities classified as held for sale, all of which have been marked down to fair value less estimated costs to sell. The fair values of the assets held for sale were based on estimated sales prices, which are considered to be Level 3 (as defined below) measurements within the fair value hierarchy. Estimated sales prices were determined using a market approach (comparable sales model), which relies on certain assumptions by management, including: (i) comparable market transactions, (ii) estimated prices per unit, and (iii) binding agreements for sales and non-binding offers to purchase from unrelated third-parties. There are inherent uncertainties in making these assumptions. For the Company’s impairment calculations during the nine months ended September 30, 2024, the Company’s fair value estimates primarily relied on a market approach and utilized prices per unit ranging from $5,000 to $94,000, with a weighted average price per unit of $36,000. For the Company’s impairment calculations during the nine months ended September 30, 2023, the Company’s fair value estimates primarily relied on a market approach and utilized prices per unit ranging from $18,000 to $35,000, with a weighted average price per unit of $23,000. Impairment of Real Estate Investments Held for Investment During the three and nine months ended September 30, 2023, the Company recognized an impairment charge of $8.0 million related to one SNF. The Company wrote down its carrying value of $8.7 million to its estimated fair value of $0.7 million as of September 30, 2023, which is included in real estate investments, net on the Company’s consolidated balance sheets. The fair value of the asset was based on comparable market transactions and considered Level 3 (as defined below) measurements within the fair value hierarchy. For the Company’s impairment calculation, the Company’s fair value estimates primarily relied on a market approach and utilized a price per unit of $7,000. Asset Sales and Held for Sale Reclassifications On August 30, 2024, the Company completed the sale of a portfolio of 11 SNFs located in Iowa and Georgia, leased to affiliates of Arboreta Healthcare, Inc., as shown in the table below. The following table summarizes the Company’s dispositions for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Number of facilities 11 — 14 4 Net sales proceeds (1) $ 7,712 $ — $ 8,852 $ 16,464 Net carrying value 9,998 — 11,106 14,506 Net (loss) gain on sale $ (2,286) $ — $ (2,254) $ 1,958 (1) Net sales proceeds for the nine months ended September 30, 2024 includes $1.0 million of seller financing in connection with the sale of one ALF in January 2024. Net sales proceeds for the three and nine months ended September 30, 2024 includes $2.8 million of liabilities assumed by the buyer in connection with the sale of 11 SNFs. Net sales proceeds for the nine months ended September 30, 2023 includes $2.0 million of seller financing in connection with the sale of one ALF in June 2023. The following table summarizes the Company’s assets held for sale activity for the periods presented (dollars in thousands): Net Carrying Value Number of Facilities December 31, 2023 $ 15,011 14 Additions to assets held for sale 54,021 10 Assets sold (11,106) (14) Impairment of real estate held for sale (36,872) — Assets reclassified to held for investment (5,008) (2) September 30, 2024 $ 16,046 8 December 31, 2022 $ 12,291 5 Additions to assets held for sale 47,064 14 Assets sold (14,506) (4) Impairment of real estate held for sale (23,508) — September 30, 2023 $ 21,341 15

OTHER REAL ESTATE RELATED AND O

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS	OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS As of September 30, 2024 and December 31, 2023, the Company’s other real estate related investments, inclusive of accrued interest, consisted of the following (dollars in thousands): Facility Count and Type As of September 30, 2024 Loans Receivable, at Fair Value: SNF Campus ALF ILF Principal Balance as of September 30, 2024 Fair Value as of September 30, 2024 Fair Value as of December 31, 2023 Weighted Average Contractual Interest Rate (1), (2) Maturity Date Mortgage secured loans receivable (3) 59 4 19 2 $ 617,872 $ 611,627 $ 156,769 8.8 % 5/31/2025 - 6/29/2033 Mezzanine loans receivable (3) 40 3 2 — 77,165 74,822 21,799 12.8 % 7/25/2027 - 6/30/2032 $ 695,037 $ 686,449 $ 178,568 As of September 30, 2024 Other Investments: Principal Balance as of September 30, 2024 Book Value as of September 30, 2024 Book Value as of December 31, 2023 Weighted Average Contractual Interest Rate Maturity Date Preferred equity $ 53,782 $ 54,281 $ 1,801 11.1 % N/A Total $ 53,782 $ 54,281 $ 1,801 (1) Rates are net of subservicing fee, if applicable. The following table summarizes the Company’s other real estate related investments activity for the nine months ended September 30, 2024 and 2023 (dollars in thousands): Nine Months Ended September 30, 2024 2023 Origination of other real estate related investments $ 556,951 $ 47,534 Accrued interest, net 4,099 129 Unrealized loss on other real estate related investments, net (689) (7,856) Prepayments of other real estate related investments — (15,000) Net change in other real estate related investments $ 560,361 $ 24,807 2024 Other Real Estate Related Investment Transactions On January 1, 2024, the Company closed on the sale of one ALF. In connection with the sale, the Company provided affiliates of the purchaser of the property with a $1.0 million mortgage loan which bears interest at a rate of 9.0%. The mortgage loan is s ecured by the ALF and is set to mature on January 1, 2027. The mortgage loan may be prepaid in whole before the maturity date. The Company elected the fair value option for the mortgage loan. On January 25, 2024, the Company extended a $9.8 million mezzanine loan for a portfolio of ten SNFs located in Missouri secured by a pledge of membership interests in an up-tier holding company of the borrower group. The Company participated in the loan alongside a co-lender pursuant to a participation agreement entered into between the Company and the co-lender. Pursuant to such agreement, the Company provided $9.8 million in mezzanine loan proceeds and the co-lender provided the remaining $10.2 million of loan proceeds. As a participant in the loan, and subject to limited exceptions, the Company is entitled to receive its proportionate share of loan payments made by the borrower with each co-lender’s proportionate share being given equal weight. The loan bears interest at term SOFR plus 8.75%, with a term SOFR floor of 6%, payable monthly and net of a 0.75% subservicing fee. Commencing on February 1, 2026, monthly principal payments shall be due. The mezzanine loan is set to mature on July 25, 2027, with two six-month extension options and may (subject to certain restrictions) be prepaid in whole before the maturity date for an exit fee ranging from 1% to 2% of the loan plus unpaid interest payments equal to 24 months (less the amount of monthly interest payments made by the borrower through the date of prepayment). The Company elected the fair value option for the mezzanine loan. On February 1, 2024, the Company extended a $7.4 million mezzanine loan for one SNF located in California secured by a pledge of membership interests in an up-tier holding company of the borrower group. The loan bears interest at 11.5%, payable monthly. The mezzanine loan is set to mature on January 31, 2029, and may not (subject to certain limited exceptions) be prepaid prior to the date that is 18 months following the loan closing. The Company elected the fair value option for the mezzanine loan. On February 2, 2024, the Company extended a $35.0 million mezzanine loan for a portfolio of 15 SNFs located in Virginia secured by a pledge of membership interests in an up-tier holding company of the borrower group. The Company participated in the loan alongside a co-lender pursuant to a participation agreement entered into between the Company and the co-lender. Pursuant to such agreement, the Company provided $35.0 million in mezzanine loan proceeds and the co-lender provided the remaining $50.0 million of loan proceeds. As a participant in the loan, and subject to limited exceptions, the Company is entitled to receive its proportionate share of loan payments made by the borrower with each co-lender’s proportionate share being given equal weight. The loan bears interest at term SOFR plus 8.75%, with a term SOFR floor of 6%, payable monthly and net of a 0.75% subservicing fee. Commencing on February 2, 2026, monthly principal payments shall be due. The mezzanine loan is set to mature on August 1, 2027, with two six-month extension options and may (subject to certain restrictions) be prepaid in whole before the maturity date for an exit fee ranging from 1% to 2% of the loan plus unpaid interest payments equal to 18 months (less the amount of monthly interest payments made by the borrower through the date of prepayment). The Company elected the fair value option for the mezzanine loan. On May 1, 2024, the Company extended a $26.7 million mortgage loan to a skilled nursing real estate owner. The mortgage loan is secured by two SNFs and bears interest at a rate of 9.1%, payable monthly. The mortgage loan is set to mature on May 1, 2031 and includes a one year extension option. The mortgage loan may not be prepaid prior to July 31, 2029, subject to certain limited exceptions. The mortgage loan includes a purchase option with an exercise window that opens during the initial 90-day period of each of the 4th, 5th and 6th loan years, with the purchase option price for the facilities being calculated by dividing the amount of the then annual base rent by an agreed upon lease yield. The Company elected the fair value option for the mortgage loan. On June 3, 2024, the Company extended a $165.0 million mortgage loan to a regional health care real estate owner. The mortgage loan is secured by eight SNFs located in North Carolina and bears interest at a rate of SOFR plus 4.25%, with a term SOFR floor of 5.15%, payable monthly and net of a 0.25% subservicing fee. Commencing on June 1, 2027, monthly principal payments will be due. The mortgage loan is set to mature on June 1, 2029, and includes two six-month extension options. The mortgage loan may not be prepaid prior to June 1, 2026, subject to certain limited exceptions. The Company elected the fair value option for the mortgage loan. Concurrently with closing, KeyBank National Association purchased a $75.0 million participation in the mortgage loan from the Company. On July 30, 2024, the Company exercised the call option on the $75.0 million secured borrowing at a call purchase price equal to the principal amount plus accrued and unpaid interest and an exit fee of $0.4 million. See Note 7, Debt , for additional information. In addition, on June 3, 2024, the Company funded a $9.0 million preferred equity investment in an uptier parent entity of the borrower under the $165.0 million mortgage loan described above. The Company's initial contractual yield on its preferred equity investment is 11%. Prepayment of the preferred equity investment is restricted, subject to certain carveouts, prior to the senior mortgage loan being paid off in full. On August 1, 2024, the Company extended a $260.0 million mortgage loan to a skilled nursing real estate owner. The loan is secured by a first priority mortgage lien on a real estate portfolio of 37 SNFs, ALFs and multi-service campuses located in various states and bears interest at a fixed rate of 8.4%, payable monthly. The mortgage loan is set to mature on August 1, 2029 and has a 24-month lockout period on prepayment subject to certain exceptions. The mortgage loan may otherwise be prepaid in part or in whole after the 24-month lockout period with agreed upon exit fees, as applicable. In addition, on August 1, 2024, the Company funded a $43.0 million preferred equity investment in an uptier holding company of the 37-property skilled nursing and assisted living portfolio. The Company's initial contractual yield on its preferred equity investment is 11%. Other Loans Receivables As of September 30, 2024 and December 31, 2023, the Company’s other loans receivable, included in prepaid expenses and other assets, net on the Company’s condensed consolidated balance sheets, consisted of the following (dollars in thousands): As of September 30, 2024 Investment Principal Balance as of September 30, 2024 Book Value as of September 30, 2024 Book Value as of December 31, 2023 Weighted Average Contractual Interest Rate Maturity Date Other loans receivable $ 17,979 $ 18,046 $ 17,156 8.8 % 6/30/2024 (1) - 4/26/2027 Expected credit loss — (2,094) (2,094) Total $ 17,979 $ 15,952 $ 15,062 (1) One other loan receivable with a principal balance of $4.9 million matured on June 30, 2024. The Company and the borrower are in the process of negotiating terms for an extension of the maturity date. The other loan receivable is considered collectible as of September 30, 2024. The following table summarizes the Company’s other loans receivable activity for the nine months ended September 30, 2024 and 2023 (dollars in thousands): Nine Months Ended September 30, 2024 2023 Origination of other loans receivable $ 985 $ 5,160 Principal payments (100) (703) Accrued interest, net 5 33 Net change in other loans receivable $ 890 $ 4,490 Expected credit losses and recoveries are recorded in provision for loan losses, net in the condensed consolidated income statements. During both the nine months ended September 30, 2024 and 2023, the Company had no additional expected credit loss and did not consider any loan receivable investments to be impaired. The following table sum marizes the interest and other income recognized from the Company’s loans receivable and other investments during the three and nine months ended September 30, 2024 and 2023 (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, Investment 2024 2023 2024 2023 Mortgage secured loans receivable $ 12,054 $ 3,741 $ 21,370 $ 9,207 Mezzanine loans receivable 2,522 702 6,911 2,980 Preferred equity investment 1,110 — 1,322 — Other loans receivable 354 216 1,023 532 Other (1) 4,188 — 12,654 191 Total $ 20,228 $ 4,659 $ 43,280 $ 12,910 (1) Other income is comprised of interest income on money market funds.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. GAAP guidance defines three levels of inputs that may be used to measure fair value: Level 1 – Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 – Unobservable inputs reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and, depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. Changes in the type of inputs may result in a reclassification for certain assets. The Company does not expect that changes in classifications between levels will be frequent. Items Measured at Fair Value on a Recurring Basis The following table presents information about the Company’s assets measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, aggregated by the level in the fair value hierarchy within which those instruments fall (dollars in thousands): Level 1 Level 2 Level 3 Balance as of September 30, 2024 Assets: Mortgage secured loans receivable $ — $ — $ 611,627 $ 611,627 Mezzanine loans receivable — — 74,822 74,822 Total $ — $ — $ 686,449 $ 686,449 Level 1 Level 2 Level 3 Balance as of December 31, 2023 Assets: Mortgage secured loans receivable $ — $ — $ 156,769 $ 156,769 Mezzanine loans receivable — — 21,799 21,799 Total $ — $ — $ 178,568 $ 178,568 The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs (dollars in thousands): Investments in Real Estate Secured Loans Investments in Mezzanine Loans Balance at December 31, 2023 $ 156,769 $ 21,799 Loan originations 452,786 52,165 Accrued interest, net 3,034 585 Unrealized (loss) gain on other real estate related investments, net (962) 273 Balance as of September 30, 2024 $ 611,627 $ 74,822 Real estate secured and mezzanine loans receivable: The fair values of the secured and mezzanine loans receivables were estimated using an internal valuation model that considered the expected future cash flows of the investment, the underlying collateral value, market interest rates and other credit enhancements. As such, the Company classifies each instrument as Level 3 due to the significant unobservable inputs used in determining market interest rates for investments with similar terms. During the three months ended September 30, 2024, the Company recorded unrealized gains of $5.9 million, which were partially offset by unrealized losses of $4.1 million, on its secured and mezzanine loans receivable to bring the interest rates in line with market rates. During the nine months ended September 30, 2024, the Company recorded unrealized losses on its secured and mezzanine loans receivable of $7.3 million, which were partially offset by unrealized gains of $6.6 million, to bring the interest rates in line with market rates. Future changes in market interest rates or collateral value could materially impact the estimated discounted cash flows that are used to determine the fair value of the secured and mezzanine loans receivable. As of September 30, 2024 and December 31, 2023, the Company did not have any loans that were 90 days or more past due. The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investments in secured and mezzanine loans receivables as of September 30, 2024: Type Book Value as of September 30, 2024 Valuation Technique Unobservable Inputs Range Mortgage secured loans receivable $ 611,627 Discounted cash flow Discount Rate 9% - 15% Mezzanine loans receivable 74,822 Discounted cash flow Discount Rate 12% - 15% For the nine months ended September 30, 2024, there were no classification changes in assets and liabilities with Level 3 inputs in the fair value hierarchy. Items Disclosed at Fair Value Considerable judgment is necessary to estimate the fair value disclosure of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the face value, carrying amount and fair value of the Company’s preferred equity investments and the Notes (as defined in Note 7, Debt, below) as of September 30, 2024 and December 31, 2023 is as follows (dollars in thousands): September 30, 2024 December 31, 2023 Level Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investments 3 $ 53,782 $ 54,281 $ 54,281 $ 1,782 $ 1,801 $ 1,801 Financial liabilities: Senior unsecured notes payable 2 $ 400,000 $ 396,705 $ 381,800 $ 400,000 $ 396,039 $ 362,500 Cash and cash equivalents, accounts and other receivables, accounts payable, and accrued liabilities: The carrying values for these instruments approximate their fair values due to the short-term nature of these instruments. Preferred equity investments: The fair value of the preferred equity investments was estimated using an internal valuation model that considered the expected future cash flows of the investment, the underlying collateral value, market interest rates and other credit enhancements. The Company utilized discount rates of 11% to 15% in its fair value calculation. As such, the Company classifies these instruments as Level 3. Senior unsecured notes payable: The fair value of the Notes was determined using third-party quotes derived from orderly trades. Unsecured revolving credit facility and senior unsecured term loan: The fair values approximate their carrying values as the interest rates are variable and approximate prevailing market interest rates and spreads for similar debt arrangements.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT The following table summarizes the balance of the Company’s indebtedness as of September 30, 2024 and December 31, 2023 (dollars in thousands): September 30, 2024 December 31, 2023 Principal Amount Deferred Loan Fees Carrying Amount Principal Amount Deferred Loan Fees Carrying Amount Senior unsecured notes payable $ 400,000 $ (3,295) $ 396,705 $ 400,000 $ (3,961) $ 396,039 Senior unsecured term loan — — — 200,000 (441) 199,559 Unsecured revolving credit facility (1) — — — — — — $ 400,000 $ (3,295) $ 396,705 $ 600,000 $ (4,402) $ 595,598 (1) Deferred financing fees are included in deferred financing costs, net on the balance sheet, and not reflected as a reduction to the unsecured revolving credit facility. Senior Unsecured Notes Payable 2028 Senior Notes. On June 17, 2021, the Company’s wholly owned subsidiary, CTR Partnership, L.P. (the “Operating Partnership”), and its wholly owned subsidiary, CareTrust Capital Corp. (together with the Operating Partnership, the “Issuers”), completed a private offering of $400.0 million aggregate principal amount of 3.875% Senior Notes due 2028 (the “Notes”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act of 1933, as amended. The Notes were issued at par, resulting in gross proceeds of $400.0 million and net proceeds of approximately $393.8 million after deducting underwriting fees and other offering expenses. The Notes mature on June 30, 2028. The Notes accrue interest at a rate of 3.875% per annum payable semiannually in arrears on June 30 and December 30 of each year, commencing on December 30, 2021. The Issuers may redeem some or all of the Notes at any time prior to March 30, 2028 at a price equal to 100% of the principal amount of the Notes redeemed plus accrued and unpaid interest on the Notes, if any, to, but not including, the redemption date, plus a “make-whole” premium. At any time on or after March 30, 2028, the Issuers may redeem some or all of the Notes at a redemption price equal to 100% of the principal amount of the Notes redeemed plus accrued interest on the Notes, if any, to, but not including, the redemption date. If certain changes of control of the Company occur, the Issuers will be required to make an offer to holders of the Notes to repurchase their Notes at a price of 101% of their principal amount plus accrued and unpaid interest, if any, to, but not including, the repurchase date. The obligations under the Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis, by the Company and all of CareTrust’s existing and future subsidiaries (other than the Issuers) that guarantee obligations under the Amended Credit Facility (as defined below); provided, however, that such guarantees are subject to automatic release under certain customary circumstances. The indenture governing the Notes contains customary covenants such as limiting the ability of the Company and its restricted subsidiaries to: incur or guarantee additional indebtedness; incur or guarantee secured indebtedness; pay dividends or distributions on, or redeem or repurchase, capital stock; make certain investments or other restricted payments; sell assets; enter into transactions with affiliates; merge or consolidate or sell all or substantially all of their assets; and create restrictions on the ability of the Issuers and their restricted subsidiaries to pay dividends or other amounts to the Issuers. The indenture governing the Notes also requires the Company and its restricted subsidiaries to maintain a specified ratio of unencumbered assets to unsecured indebtedness. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. The indenture governing the Notes also contains customary events of default. As of September 30, 2024, the Company was in compliance with all applicable financial covenants under the indenture governing the Notes. Unsecured Revolving Credit Facility and Term Loan On December 16, 2022, the Operating Partnership, as the borrower, the Company, as guarantor, CareTrust GP, LLC, and certain of the Operating Partnership’s wholly owned subsidiaries, entered into a second amended and restated credit and guaranty agreement with KeyBank National Association, as administrative agent, an issuing bank and swingline lender (as amended from time to time, the “Second Amended Credit Agreement”). The Second Amended Credit Agreement, which amends and restates the Company’s amended and restated credit and guaranty agreement, dated as of February 8, 2019 (as amended, the “Prior Credit Agreement”) provides for: (i) an unsecured revolving credit facility (the “Revolving Facility”) with revolving commitments in an aggregate principal amount of $600.0 million, including a letter of credit subfacility for 10% of the then available revolving commitments and a swingline loan subfacility for 10% of the then available revolving commitments and (ii) the continuation of the unsecured term loan credit facility which was previously extended under the Prior Credit Agreement (the “Term Loan” and together with the Revolving Facility, the “Second Amended Credit Facility”) in an aggregate principal amount of $200.0 million. Future borrowings under the Second Amended Credit Facility will be used for working capital purposes, for capital expenditures, to fund acquisitions and for general corporate purposes. On October 10, 2023, the Operating Partnership, the Company, CareTrust GP, LLC, certain of the Operating Partnership’s wholly owned subsidiaries and KeyBank National Association entered into the First Amendment to the Second Amended Credit Agreement (the “First Amendment”). The First Amendment restates the definition of Consolidated Total Asset Value to include net proceeds from at-the-market forward commitments executed but not yet closed as of the relevant date as if such proceeds had actually been received. The interest rates applicable to loans under the Revolving Facility are, at the Operating Partnership’s option, equal to either a base rate plus a margin ranging from 0.10% to 0.55% per annum or Adjusted Term SOFR or Adjusted Daily Simple SOFR (each as defined in the Second Amended Credit Agreement) plus a margin ranging from 1.10% to 1.55% per annum based on the debt to asset value ratio of the Company and its consolidated subsidiaries (subject to decrease at the Operating Partnership’s election if the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt). The interest rates applicable to loans under the Term Loan are, at the Operating Partnership’s option, equal to either a base rate plus a margin ranging from 0.50% to 1.20% per annum or Adjusted Term SOFR or Adjusted Daily Simple SOFR plus a margin ranging from 1.50% to 2.20% per annum based on the debt to asset value ratio of the Company and its consolidated subsidiaries (subject to decrease at the Operating Partnership’s election if the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt). In addition, the Operating Partnership will pay a facility fee on the revolving commitments under the Revolving Facility ranging from 0.15% to 0.35% per annum, based on the debt to asset value ratio of the Company and its consolidated subsidiaries (unless the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt and the Operating Partnership elects to decrease the applicable margin as described above, in which case the Operating Partnership will pay a facility fee on the revolving commitments ranging from 0.125% to 0.30% per annum based on the credit ratings of the Company’s senior long-term unsecured debt). On September 19, 2024 (the “Prepayment Date”), the Company elected to prepay all $200.0 million aggregate principal amount of their outstanding Term Loan. The Term Loan was prepaid at the principal amount of the Term Loan, plus accrued and unpaid interest thereon up to, but not including, the Prepayment Date. During the third quarter of 2024, the Company recorded a loss on extinguishment of debt of $0.3 million related to the write-off of deferred financing costs associated with the prepayment of the Term Loan. As of September 30, 2024, the Operating Partnership had no borrowings outstanding under the Revolving Facility. The Revolving Facility has a maturity date of February 9, 2027, and includes, at the sole discretion of the Operating Partnership, two six-month extension options. Prior to prepayment, the Term Loan had a maturity date of February 8, 2026. The Second Amended Credit Facility is guaranteed, jointly and severally, by the Company and its wholly owned subsidiaries that are party to the Second Amended Credit Agreement (other than the Operating Partnership). The Second Amended Credit Agreement contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of the Company and its subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations, amend organizational documents and pay certain dividends and other restricted payments. The Second Amended Credit Agreement requires the Company to comply with financial maintenance covenants to be tested quarterly, consisting of a maximum debt to asset value ratio, a minimum fixed charge coverage ratio, a minimum tangible net worth, a maximum cash distributions to operating income ratio, a maximum secured debt to asset value ratio, a maximum secured recourse debt to asset value ratio, a maximum unsecured debt to unencumbered properties asset value ratio, a minimum unsecured interest coverage ratio and a minimum rent coverage ratio. The Second Amended Credit Agreement also contains certain customary events of default, including the failure to make timely payments under the Second Amended Credit Facility or other material indebtedness, the failure to satisfy certain covenants (including the financial maintenance covenants), the occurrence of change of control and specified events of bankruptcy and insolvency. As of September 30, 2024, the Company was in compliance with all applicable financial covenants under the Second Amended Credit Agreement. Secured Borrowing On June 3, 2024, KeyBank National Association purchased a $75.0 million undivided participation interest in a $165.0 million mortgage loan from the Company (see Note 5, Other Real Estate Related and Other Investments , for additional information), which bore interest at a rate of SOFR, with a term SOFR floor of 3.00%, plus 2.5% or 2.25%, depending on the debt yield of the loan, and payable monthly. As the transaction did not qualify as a sale in accordance with GAAP, the Company recorded the participation interest as a secured borrowing in the amount of $75.0 million in the condensed consolidated balance sheet. The participating interest could be prepaid in whole before the maturity date for an exit fee of up to 0.50% of the loan plus unpaid interest

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
EQUITY	EQUITY Common Stock At-The-Market Offering —On August 29, 2024, the Company entered into a new equity distribution agreement to issue and sell, from time to time, up to $750.0 million in aggregate offering price of its common stock through an “at-the-market” equity offering program (the “New ATM Program”) and terminated its previous $500.0 million “at-the-market” equity offering program (together, with all previous at-the-market equity offering programs, the “Previous ATM Programs” and together with the New ATM Program, the “ATM Program”). In addition to the issuance and sale of shares of its common stock, the ATM Program also provides for the ability to enter into one or more forward sales agreements (each, an “ATM forward contract”) with sales agents for the sale of the Company’s shares of common stock under the ATM Program. In the event the Company enters into an ATM forward contract to sell shares of common stock pursuant to the ATM Program, the Company would expect to fully physically settle forward equity sales by delivery of shares of common stock to the forward purchaser and receive cash proceeds upon one or more settlement dates, which are typically a one-year term, at the Company’s discretion, prior to the final settlement date, at which time the Company would expect to receive aggregate net cash proceeds at settlement equal to the number of shares sold on a forward basis multiplied by the relevant forward price per share. The weighted average forward sale price that the Company would expect to receive upon physical settlement would be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends through the settlement. The following table summarizes the ATM Program activity for the three and nine months ended September 30, 2024 and 2023 (in thousands, except per share amounts): For the Three Months Ended For the Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Number of shares 17,241 16,285 40,986 16,285 Average sales price per share $ 29.01 $ 19.89 $ 26.35 $ 19.89 Gross proceeds (1) $ 500,085 $ 323,886 $ 1,079,852 $ 323,886 (1) Total gross proceeds is before $6.2 million and $4.0 million of commissions paid to the sales agents and forward adjustments during the three months ended September 30, 2024 and 2023, respectively, under the ATM Program. Total gross proceeds is before $13.4 million and $4.0 million of commissions paid to the sales agents and forward adjustments during the nine months ended September 30, 2024 and 2023, respectively, under the ATM Program. During the three and nine months ended September 30, 2023, the Company entered into ATM forward contracts under the ATM Program with a financial institution acting as a forward purchaser to sell 9,058,140 and 15,794,229 shares of common stock, respectively, at a weighted average initial sales price of $19.99 and $19.87 per share, respectively, before commissions and offering expenses. During the three months ended September 30, 2023, the Company settled 10,893,229 shares outstanding under the ATM forward contracts at a weighted average sales price of $19.57 for net proceeds of $213.1 million. No forward equity sales were executed or settled under the ATM Program during the three and nine months ended September 30, 2024, and there were no outstanding ATM forward contracts that had not settled as of September 30, 2024. As of September 30, 2024, the Company had $440.1 million available for future issuances under the New ATM Program. Dividends on Common Stock —The following table summarizes the cash dividends per share of common stock declared by the Company’s board of directors for the first nine months of 2024 (dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2024 June 30, 2024 September 30, 2024 Dividends declared per share $ 0.29 $ 0.29 $ 0.29 Dividends payment date April 15, 2024 July 15, 2024 October 15, 2024 Dividends payable as of record date $ 41,192 $ 44,721 $ 49,721 Dividends record date March 28, 2024 June 28, 2024 September 30, 2024

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION All stock-based awards are subject to the terms of the CareTrust REIT, Inc. and CTR Partnership, L.P. Incentive Award Plan (the “Plan”). The Plan provides for the granting of stock-based compensation, including stock options, restricted stock, performance awards, restricted stock units, relative total stockholder return based stock awards and other incentive awards to officers, employees and directors in connection with their employment with or services provided to the Company. Under the Plan, 5,000,000 shares have been authorized for awards. Under the Plan, restricted stock awards (“RSAs”) vest in equal annual installments over a three year period for the RSAs granted after 2020 and a four year period for the RSAs granted in 2020. RSAs granted to non-employee members of the board of directors (“Board Awards”) vest in full on the earlier to occur of the Company’s next Annual Meeting of Stockholders or one year. Performance stock awards (“PSAs”) granted were subject to both time and performance based conditions and vested over a one one The following table summarizes the status of the restricted stock award and performance award activity for the nine months ended September 30, 2024 : Shares Weighted Average Share Price Unvested balance at December 31, 2023 510,596 $ 21.01 Granted: Board Awards 21,712 23.95 Vested (169,811) 20.67 Forfeited (35,161) 20.48 Unvested balance at September 30, 2024 327,336 $ 21.43 As of September 30, 2024, the weighted-average remaining vesting period of such award s was 1.5 years. The following table summarizes the stock-based compensation expense recognized for the periods presented (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Stock-based compensation expense $ 1,143 $ 1,519 $ 4,669 $ 3,379 For the nine months ended September 30, 2023, approximately $0.6 million of previously recognized stock-based compensation expense related to the PSAs was reversed as the awards were not expected to meet the performance conditions. For the nine months ended September 30, 2023, approximately $0.9 million of previously recognized stock-based compensation expense was reversed due to forfeitures of stock awards.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE The following table presents the calculation of basic and diluted earnings per common share attributable to CareTrust REIT, Inc. (“EPS”) for the Company’s common stock for the three and nine months ended September 30, 2024 and 2023, and reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS (dollars and shares in thousands, except per share amounts): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net income attributable to CareTrust REIT, Inc. $ 33,441 $ 8,696 $ 72,945 $ 27,439 Less: Net income allocated to participating securities (95) (89) (286) (267) Numerator for basic and diluted earnings available to common stockholders $ 33,346 $ 8,607 $ 72,659 $ 27,172 Denominator: Weighted-average basic common shares outstanding 159,459 104,011 145,780 100,748 Dilutive potential common shares - TSR Units 391 201 373 128 Dilutive potential common shares - forward equity agreements — 99 — 42 Weighted-average diluted common shares outstanding 159,850 104,311 146,153 100,918 Earnings per common share attributable to CareTrust REIT, Inc., basic $ 0.21 $ 0.08 $ 0.50 $ 0.27 Earnings per common share attributable to CareTrust REIT, Inc., diluted $ 0.21 $ 0.08 $ 0.50 $ 0.27 Antidilutive unvested RSAs, TSR Units and PSAs excluded from the computation (1) 327 317 327 317 (1) For the three and nine months ended September 30, 2024, RSAs are antidilutive. For the three months ended September 30, 2023, RSAs were antidilutive. For the nine months ended September 30, 2023, RSAs and certain TSR Units were antidilutive.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES Noncontrolling Interests —The Company has entered into multiple ventures with unrelated third parties to own real estate and has concluded that such ventures are VIEs. As the Company exercises power over and receives economic benefits from the VIEs, the Company is considered the primary beneficiary and consolidates the VIEs. Pursuant to the Company’s joint ventures (“JVs”), the Company typically contributes 97.5% of the JV’s total investment amount and the Company receives 100% of the preferred equity interest in the JV in exchange for 95% of that total investment and a 50% common equity interest in the JV in exchange for the remaining 2.5% of that investment. The JV partner contributes the remaining 2.5% of the JV’s total investment amount in exchange for a 50% common ownership interest in the JV. As of September 30, 2024, the Company held four SNFs, two multi-service campuses and one ALF in multiple VIEs. On January 3, 2024, the Company entered into a JV, pursuant to which the Company contributed $10.8 million into the JV that purchased one ALF located in California for $11.0 million. The JV partner contributed the remaining $0.2 million of the total investment. On April 1, 2024, the Company entered into a JV, pursuant to which the Company contributed $28.1 million into the JV that purchased two multi-service campuses located in California for $28.8 million. The JV partner contributed the remaining $0.7 million of the total investment. On August 7, 2024, the Company entered into a JV, pursuant to which the Company contributed $24.5 million into the JV that purchased one SNF located in California for $25.1 million. The JV partner contributed the remaining $0.6 million of the total investment. Total assets and total liabilities include VIE assets and liabilities as follows (dollars in thousands): September 30, 2024 December 31, 2023 Assets: Real estate investments, net $ 133,216 $ 68,106 Cash and cash equivalents 1,440 — Accounts and other receivables 241 — Prepaid and other assets — 2,800 Total assets 134,897 70,906 Liabilities: Accounts payable, accrued liabilities and deferred rent liabilities 9,938 7,239 Total liabilities $ 9,938 $ 7,239

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company and its subsidiaries are and may become from time to time a party to various claims and lawsuits arising in the ordinary course of business, which are not individually or in the aggregate anticipated to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. Claims and lawsuits may include matters involving general or professional liability asserted against the Company’s tenants, which are the responsibility of the Company’s tenants and for which the Company is entitled to be indemnified by its tenants under the insurance and indemnification provisions in the applicable leases. In the normal course of business, the Company enters into various commitments, typically consisting of funding of capital expenditures and short-term working capital loans to existing tenants while they await licensure and certification or are conducting turnaround work in one or more of the Company’s properties. Capital expenditures for each property leased under the Company’s triple-net leases are generally the responsibility of the tenant, except for the facilities leased under certain master lease agreements, with subsidiaries of Ensign and Pennant, under which the tenant will have an option to require the Company to finance certain capital expenditures up to an aggregate of 20% of the Company’s initial investment in such property, subject to a corresponding rent increase at the time of funding. For the Company’s other triple-net master leases, the tenants also have the option to request capital expenditure funding that would generally be subject to a corresponding rent increase at the time of funding, which are subject to tenant compliance with the conditions to the Company’s approval and funding of their requests. The Company has also provided select tenants with strategic capital for facility upkeep and modernization. The Company’s Tenant Code of Conduct and Corporate Responsibility policy (the “Tenant ESG Program”) provides eligible triple-net tenants of the Company with monetary inducements to make sustainable improvements to the Company’s properties. Incentive options include a wide variety of opportunities for tenants to upgrade everything from energy and environmental systems to water-saving landscaping and more. The Company’s board of directors has authorized annual allocations of up to $500,000 to fund the Tenant ESG Program. The table below summarizes the Company’s existing, known commitments and contingencies as of September 30, 2024 (in thousands): Remaining Commitment Capital expenditures (1) $ 14,847 Mortgage loans (2) 4,700 Other loans receivable (3) 1,415 Earn-out obligation (4) 10,000 $ 30,962 (1) As of September 30, 2024, the Company had committed to fund expansions, construction, capital improvements and ESG incentives at certain triple-net leased facilities totaling $14.8 million, of which $7.2 million is subject to rent increase at the time of funding. (2) One mortgage loan includes an earn-out advance upon satisfaction of certain conditions. On October 11, 2024, these conditions were satisfied and the earn-out was funded. (3) Represents working capital loan commitments. (4) Includes an earn-out obligation of up to $10.0 million under a purchase and sale agreement for one SNF in Virginia, which was acquired during 2024. The earn-out is available, contingent on the operator achieving certain thresholds per the agreement, beginning in October 2025 through October 2026.

CONCENTRATION OF RISK

CONCENTRATION OF RISK	9 Months Ended
	Sep. 30, 2024
Risks and Uncertainties [Abstract]
CONCENTRATION OF RISK	CONCENTRATION OF RISK Concentrations of credit risk arise when one or more tenants, operators, or obligors related to the Company’s investments are engaged in similar business activities or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. Major operator concentration – The Company has operators from which it derived 10% or more of its revenue for the three and nine months ended September 30, 2024 and 2023. The following table sets forth information regarding the Company’s major operators as of September 30, 2024 and 2023: Number of Facilities Number of Beds/Units Percentage of Total Revenue Operator/Borrower SNF Campus ALF/ILF SNF Campus ALF/ILF Three Months Ended Nine Months Ended September 30, 2024 (1) Ensign (3) 86 8 7 9,116 997 661 25 % 28 % Priority Management Group 13 2 — 1,742 402 — 11 % 12 % September 30, 2023 (2) Ensign (3) 83 8 7 8,741 997 661 34 % 36 % Priority Management Group 13 2 — 1,742 402 — 15 % 16 % (1) The Company’s rental income and interest income on other real estate related investments, exclusive of operating expense reimbursements. (2) The Company’s rental income, exclusive of operating expense reimbursements. (3) Ensign is subject to the registration and reporting requirements of the SEC and is required to file with the SEC annual reports containing audited financial information and quarterly reports containing unaudited financial information. Ensign’s financial statements, as filed with the SEC, can be found at http://www.sec.gov. The Company has not verified this information through an independent investigation or otherwise. Major geographic concentration – The following table provides information regarding the Company’s concentrations with respect to certain states, from which the Company derived 10% or more of its revenue for the three and nine months ended September 30, 2024 and 2023: Number of Facilities Number of Beds/Units Percentage of Total Revenue State SNF Campus ALF/ILF SNF Campus ALF/ILF Three Months Ended Nine Months Ended September 30, 2024 (1) CA 43 12 10 5,117 2,004 872 28 % 29 % TX 41 4 2 5,193 630 212 17 % 19 % September 30, 2023 (2) CA 30 9 5 3,494 1,527 437 29 % 28 % TX 40 3 2 5,126 536 212 22 % 23 % (1) Based on the Company’s rental income and interest income on other real estate related investments, exclusive of operating expense reimbursements. (2) Based on the Company’s rental income, exclusive of operating expense reimbursements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events in accordance with ASC 855, Subsequent Events . The Company evaluates subsequent events up until the date the condensed consolidated financial statements are issued. Recent Acquisitions On October 1, 2024, the Company acquired two SNFs and one multi-service campus in Maryland for $55.5 million, which includes estimated capitalized acquisition costs. In connection with the acquisition of the facilities, the Company entered into a new master lease with a skilled nursing operator. The new master lease has an initial term of approximately 15 years, with two five-year renewal options and CPI-based rent escalators. Initial annual cash rent under the new master lease is $5.2 million. Recent Investments On October 1, 2024, and in connection with the $55.5 million skilled nursing acquisition described above, the Company extended a $19.2 million mortgage loan to a skilled nursing operator. The loan is secured by a first priority ground leasehold mortgage lien on a SNF located in Maryland and bears interest at an initial annual rate of 9.35% with annual CPI-based escalators, payable monthly. The mortgage loan has a term of 15 years and is set to mature on September 30, 2039, with two five-year extension options. The mortgage loan provides for a put option, giving the borrower the right to require the lender to purchase the underlying ground leasehold and property associated with the mortgage loan. The exercise window for the put option is 30 days prior to the maturity date. The mortgage loan also provides for a purchase option in favor of the Company (subject to certain requirements) with two exercise windows. The first exercise window is on or before October 1, 2026. The second purchase option window opens January 1, 2039, and remains open for 6 months. On October 1, 2024, the Company extended a $9.8 million mortgage loan to a skilled nursing real estate owner. The loan is secured by a first priority mortgage lien on a SNF located in Colorado and bears interest at a fixed rate of 8.5%, payable monthly. The mortgage loan is set to mature on September 30, 2034. The mortgage provides a one-year extension option and may (subject to certain restrictions) be prepaid in whole, after the 18th month following the loan closing, for an exit fee ranging from 0% to 2% of the loan plus unpaid interest payments. Entry into a Material Definitive Agreement On October 29, 2024, in connection with a joint venture arrangement (the “Tennessee JV”) between the Operating Partnership and an unaffiliated third party, the Operating Partnership became bound by the terms of an Asset Purchase Agreement (the “Purchase Agreement”) pursuant to which the Tennessee JV has agreed to acquire 31 skilled nursing facilities (the “Tennessee SNF Facilities”) for an aggregate purchase price of approximately $500 million, exclusive of transaction costs. In connection with the Tennessee JV’s acquisition of the Tennessee SNF Facilities, the Operating Partnership is expected to contribute approximately $442 million toward the aggregate purchase price to the Tennessee JV and, in exchange, the Operating Partnership will own 100% of the preferred equity ownership interests in the Tennessee JV representing 92.5% of the total investment and 50% of the common ownership interests in the Tennessee JV representing 3.75% of the total investment. The Tennessee SNF Facilities consist of a total of 3,290 licensed beds, with 30 of the facilities located in Tennessee and one in Alabama. The Company has contributed $8.5 million to the Tennessee JV, which was used to partially fund the earnest money deposit under the Purchase Agreement.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The accompanying condensed consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and Article 10 of Regulation S-X. Accordingly, the condensed consolidated financial statements do not include all of the disclosures required by GAAP for a complete set of annual audited financial statements. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. In the opinion of management, all adjustments which are of a normal and recurring nature and considered necessary for a fair presentation of the results of the interim periods presented have been included. The results of operations for the interim periods are not necessarily indicative of results for the full year. The accompanying consolidated financial statements of the Company include the accounts of CareTrust REIT, its wholly-owned subsidiaries, and variable interest entities (“VIEs”) over which the Company exercises control. All intercompany transactions and account balances within the Company have been eliminated, and net earnings are reduced by the portion of net earnings attributable to noncontrolling interests.
Transfers of financial assets	Transfers of financial assets
Fair Value Measurements	The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. GAAP guidance defines three levels of inputs that may be used to measure fair value: Level 1 – Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 – Unobservable inputs reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and, depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. Changes in the type of inputs may result in a reclassification for certain assets. The Company does not expect that changes in classifications between levels will be frequent.

REAL ESTATE INVESTMENTS, NET (T

REAL ESTATE INVESTMENTS, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Schedule of Investment in Owned Properties	The following table summarizes the Company’s investment in owned properties, and properties held in consolidated joint ventures, held for use as of September 30, 2024 and December 31, 2023 (dollars in thousands): September 30, 2024 December 31, 2023 Land $ 331,321 $ 279,276 Buildings and improvements 1,783,496 1,620,014 Integral equipment, furniture and fixtures 102,441 100,504 Identified intangible assets 6,664 5,283 Real estate investments 2,223,922 2,005,077 Accumulated depreciation and amortization (474,783) (437,958) Real estate investments, net $ 1,749,139 $ 1,567,119
Schedule of Total Future Contractual Minimum Rental Income	As of September 30, 2024, the Company’s total future contractual minimum rental income for all of its tenants, excluding operating expense reimbursements, assets held for sale and assets being repurposed, was as follows (dollars in thousands): Year Amount 2024 (three months) $ 56,317 2025 227,486 2026 229,235 2027 225,377 2028 223,304 2029 218,920 Thereafter 1,066,803 Total $ 2,247,442
Schedule of Tenant Purchase Options	Certain of the Company’s operators hold purchase options allowing them to acquire properties they currently lease from the Company. A summary of these purchase options is presented below (dollars in thousands): Asset Type Properties Lease Expiration Option Period Open Date (1) Option Type (2) Current Cash Rent (3) SNF 1 March 2029 4/1/2022 (4) A / B (6) $ 858 SNF 4 November 2034 12/1/2024 (4) A 3,988 SNF / Campus 2 October 2032 11/1/2026 (5) B 3,314 (7) SNF / Campus 1 May 2034 6/1/2026 (8) B 1,293 (9) SNF / Campus 1 May 2034 6/1/2027 (8) B 1,293 (9) (1) The Company has not received notice of exercise for the option periods that are currently open. (2) Option type includes: A - Fixed base price. B - Fixed capitalization rate on lease revenue. (3) Based on annualized cash revenue for contracts in place as of September 30, 2024. (4) Option window is open until the expiration of the lease term. (5) Option window is open for six months from the option period open date. (6) Purchase option reflects two option types. (7) Purchase option provides for purchase of two of three facilities. The current cash rent shown is an average of the range of $3.2 million to $3.4 million. (8) Purchase option window is open for nine months from the option period open date.
Schedule of Rental Income	The following table summarizes components of the Company’s rental income (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, Rental Income 2024 2023 2024 2023 Contractual rent due (1) $ 56,356 $ 51,225 $ 164,133 $ 145,147 Straight-line rent (7) (7) (21) (21) Amortization of lease incentives (5) — (9) — Amortization of below-market leases 809 — 1,959 — Total $ 57,153 $ 51,218 $ 166,062 $ 145,126
Schedule of Recent Real Estate Acquisitions	The following table summarizes the Company’s acquisitions for the nine months ended September 30, 2024 (dollars in thousands): Type of Property Purchase Price (1) Initial Annual Cash Rent (2) Number of Properties Number of Beds/Units (3) Skilled nursing (4) $ 182,024 $ 14,612 9 894 Multi-service campuses (5) 78,154 6,268 4 575 Assisted living (6) 11,036 1,022 1 86 Total $ 271,214 $ 21,902 14 1,555 (1) Purchase price includes capitalized acquisition costs. (2) Initial annual cash rent represents initial cash rent for the first twelve months. (3) The number of beds/units includes operating beds at the acquisition date. (4) Includes one SNF held through a joint venture. See Note 11, Variable Interest Entities , for additional information. (5) Includes two multi-service campuses held through a joint venture. See Note 11, Variable Interest Entities , for additional information. (6) Includes one ALF held through a joint venture. See Note 11, Variable Interest Entities

IMPAIRMENT OF REAL ESTATE INV_2

IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE AND ASSET SALES - (Tables)	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Asset Sales and Held for Sale Reclassifications	The following table summarizes the Company’s dispositions for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Number of facilities 11 — 14 4 Net sales proceeds (1) $ 7,712 $ — $ 8,852 $ 16,464 Net carrying value 9,998 — 11,106 14,506 Net (loss) gain on sale $ (2,286) $ — $ (2,254) $ 1,958 (1) Net sales proceeds for the nine months ended September 30, 2024 includes $1.0 million of seller financing in connection with the sale of one ALF in January 2024. Net sales proceeds for the three and nine months ended September 30, 2024 includes $2.8 million of liabilities assumed by the buyer in connection with the sale of 11 SNFs. Net sales proceeds for the nine months ended September 30, 2023 includes $2.0 million of seller financing in connection with the sale of one ALF in June 2023. The following table summarizes the Company’s assets held for sale activity for the periods presented (dollars in thousands): Net Carrying Value Number of Facilities December 31, 2023 $ 15,011 14 Additions to assets held for sale 54,021 10 Assets sold (11,106) (14) Impairment of real estate held for sale (36,872) — Assets reclassified to held for investment (5,008) (2) September 30, 2024 $ 16,046 8 December 31, 2022 $ 12,291 5 Additions to assets held for sale 47,064 14 Assets sold (14,506) (4) Impairment of real estate held for sale (23,508) — September 30, 2023 $ 21,341 15

OTHER REAL ESTATE RELATED AND_2

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Schedule of Other Real Estate Related Investments, at Fair Value	As of September 30, 2024 and December 31, 2023, the Company’s other real estate related investments, inclusive of accrued interest, consisted of the following (dollars in thousands): Facility Count and Type As of September 30, 2024 Loans Receivable, at Fair Value: SNF Campus ALF ILF Principal Balance as of September 30, 2024 Fair Value as of September 30, 2024 Fair Value as of December 31, 2023 Weighted Average Contractual Interest Rate (1), (2) Maturity Date Mortgage secured loans receivable (3) 59 4 19 2 $ 617,872 $ 611,627 $ 156,769 8.8 % 5/31/2025 - 6/29/2033 Mezzanine loans receivable (3) 40 3 2 — 77,165 74,822 21,799 12.8 % 7/25/2027 - 6/30/2032 $ 695,037 $ 686,449 $ 178,568 As of September 30, 2024 Other Investments: Principal Balance as of September 30, 2024 Book Value as of September 30, 2024 Book Value as of December 31, 2023 Weighted Average Contractual Interest Rate Maturity Date Preferred equity $ 53,782 $ 54,281 $ 1,801 11.1 % N/A Total $ 53,782 $ 54,281 $ 1,801 (1) Rates are net of subservicing fee, if applicable.
Schedule of Other Real Estate Related Investment Activity	The following table summarizes the Company’s other real estate related investments activity for the nine months ended September 30, 2024 and 2023 (dollars in thousands): Nine Months Ended September 30, 2024 2023 Origination of other real estate related investments $ 556,951 $ 47,534 Accrued interest, net 4,099 129 Unrealized loss on other real estate related investments, net (689) (7,856) Prepayments of other real estate related investments — (15,000) Net change in other real estate related investments $ 560,361 $ 24,807 As of September 30, 2024 and December 31, 2023, the Company’s other loans receivable, included in prepaid expenses and other assets, net on the Company’s condensed consolidated balance sheets, consisted of the following (dollars in thousands): As of September 30, 2024 Investment Principal Balance as of September 30, 2024 Book Value as of September 30, 2024 Book Value as of December 31, 2023 Weighted Average Contractual Interest Rate Maturity Date Other loans receivable $ 17,979 $ 18,046 $ 17,156 8.8 % 6/30/2024 (1) - 4/26/2027 Expected credit loss — (2,094) (2,094) Total $ 17,979 $ 15,952 $ 15,062 (1) One other loan receivable with a principal balance of $4.9 million matured on June 30, 2024. The Company and the borrower are in the process of negotiating terms for an extension of the maturity date. The other loan receivable is considered collectible as of September 30, 2024.
Schedule of Loan Receivable Activity	The following table summarizes the Company’s other loans receivable activity for the nine months ended September 30, 2024 and 2023 (dollars in thousands): Nine Months Ended September 30, 2024 2023 Origination of other loans receivable $ 985 $ 5,160 Principal payments (100) (703) Accrued interest, net 5 33 Net change in other loans receivable $ 890 $ 4,490
Schedule of Interest and Other Income	The following table sum marizes the interest and other income recognized from the Company’s loans receivable and other investments during the three and nine months ended September 30, 2024 and 2023 (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, Investment 2024 2023 2024 2023 Mortgage secured loans receivable $ 12,054 $ 3,741 $ 21,370 $ 9,207 Mezzanine loans receivable 2,522 702 6,911 2,980 Preferred equity investment 1,110 — 1,322 — Other loans receivable 354 216 1,023 532 Other (1) 4,188 — 12,654 191 Total $ 20,228 $ 4,659 $ 43,280 $ 12,910 (1) Other income is comprised of interest income on money market funds.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Items Measured at Fair Value on a Recurring Basis	The following table presents information about the Company’s assets measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, aggregated by the level in the fair value hierarchy within which those instruments fall (dollars in thousands): Level 1 Level 2 Level 3 Balance as of September 30, 2024 Assets: Mortgage secured loans receivable $ — $ — $ 611,627 $ 611,627 Mezzanine loans receivable — — 74,822 74,822 Total $ — $ — $ 686,449 $ 686,449 Level 1 Level 2 Level 3 Balance as of December 31, 2023 Assets: Mortgage secured loans receivable $ — $ — $ 156,769 $ 156,769 Mezzanine loans receivable — — 21,799 21,799 Total $ — $ — $ 178,568 $ 178,568
Schedule of Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs	The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs (dollars in thousands): Investments in Real Estate Secured Loans Investments in Mezzanine Loans Balance at December 31, 2023 $ 156,769 $ 21,799 Loan originations 452,786 52,165 Accrued interest, net 3,034 585 Unrealized (loss) gain on other real estate related investments, net (962) 273 Balance as of September 30, 2024 $ 611,627 $ 74,822
Schedule of Quantitative Information About Unobservable Inputs Related to Level 3 Fair Value Measurements	The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investments in secured and mezzanine loans receivables as of September 30, 2024: Type Book Value as of September 30, 2024 Valuation Technique Unobservable Inputs Range Mortgage secured loans receivable $ 611,627 Discounted cash flow Discount Rate 9% - 15% Mezzanine loans receivable 74,822 Discounted cash flow Discount Rate 12% - 15%
Schedule of Face Value, Carrying Amount and Fair Value of Financial Instruments	A summary of the face value, carrying amount and fair value of the Company’s preferred equity investments and the Notes (as defined in Note 7, Debt, below) as of September 30, 2024 and December 31, 2023 is as follows (dollars in thousands): September 30, 2024 December 31, 2023 Level Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investments 3 $ 53,782 $ 54,281 $ 54,281 $ 1,782 $ 1,801 $ 1,801 Financial liabilities: Senior unsecured notes payable 2 $ 400,000 $ 396,705 $ 381,800 $ 400,000 $ 396,039 $ 362,500

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt Instruments	The following table summarizes the balance of the Company’s indebtedness as of September 30, 2024 and December 31, 2023 (dollars in thousands): September 30, 2024 December 31, 2023 Principal Amount Deferred Loan Fees Carrying Amount Principal Amount Deferred Loan Fees Carrying Amount Senior unsecured notes payable $ 400,000 $ (3,295) $ 396,705 $ 400,000 $ (3,961) $ 396,039 Senior unsecured term loan — — — 200,000 (441) 199,559 Unsecured revolving credit facility (1) — — — — — — $ 400,000 $ (3,295) $ 396,705 $ 600,000 $ (4,402) $ 595,598

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of At-The-Market Offering Program	The following table summarizes the ATM Program activity for the three and nine months ended September 30, 2024 and 2023 (in thousands, except per share amounts): For the Three Months Ended For the Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Number of shares 17,241 16,285 40,986 16,285 Average sales price per share $ 29.01 $ 19.89 $ 26.35 $ 19.89 Gross proceeds (1) $ 500,085 $ 323,886 $ 1,079,852 $ 323,886 (1) Total gross proceeds is before $6.2 million and $4.0 million of commissions paid to the sales agents and forward adjustments during the three months ended September 30, 2024 and 2023, respectively, under the ATM Program. Total gross proceeds is before $13.4 million and $4.0 million of commissions paid to the sales agents and forward adjustments during the nine months ended September 30, 2024 and 2023, respectively, under the ATM Program.
Schedule of Dividends on Common Stock	The following table summarizes the cash dividends per share of common stock declared by the Company’s board of directors for the first nine months of 2024 (dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2024 June 30, 2024 September 30, 2024 Dividends declared per share $ 0.29 $ 0.29 $ 0.29 Dividends payment date April 15, 2024 July 15, 2024 October 15, 2024 Dividends payable as of record date $ 41,192 $ 44,721 $ 49,721 Dividends record date March 28, 2024 June 28, 2024 September 30, 2024

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Award and Performance Award Activity	The following table summarizes the status of the restricted stock award and performance award activity for the nine months ended September 30, 2024 : Shares Weighted Average Share Price Unvested balance at December 31, 2023 510,596 $ 21.01 Granted: Board Awards 21,712 23.95 Vested (169,811) 20.67 Forfeited (35,161) 20.48 Unvested balance at September 30, 2024 327,336 $ 21.43
Schedule of Stock-Based Compensation Expense	The following table summarizes the stock-based compensation expense recognized for the periods presented (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Stock-based compensation expense $ 1,143 $ 1,519 $ 4,669 $ 3,379

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of Weighted-Average Common Shares Outstanding Used in Calculation of Basic EPS to Diluted EPS	The following table presents the calculation of basic and diluted earnings per common share attributable to CareTrust REIT, Inc. (“EPS”) for the Company’s common stock for the three and nine months ended September 30, 2024 and 2023, and reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS (dollars and shares in thousands, except per share amounts): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net income attributable to CareTrust REIT, Inc. $ 33,441 $ 8,696 $ 72,945 $ 27,439 Less: Net income allocated to participating securities (95) (89) (286) (267) Numerator for basic and diluted earnings available to common stockholders $ 33,346 $ 8,607 $ 72,659 $ 27,172 Denominator: Weighted-average basic common shares outstanding 159,459 104,011 145,780 100,748 Dilutive potential common shares - TSR Units 391 201 373 128 Dilutive potential common shares - forward equity agreements — 99 — 42 Weighted-average diluted common shares outstanding 159,850 104,311 146,153 100,918 Earnings per common share attributable to CareTrust REIT, Inc., basic $ 0.21 $ 0.08 $ 0.50 $ 0.27 Earnings per common share attributable to CareTrust REIT, Inc., diluted $ 0.21 $ 0.08 $ 0.50 $ 0.27 Antidilutive unvested RSAs, TSR Units and PSAs excluded from the computation (1) 327 317 327 317 (1) For the three and nine months ended September 30, 2024, RSAs are antidilutive. For the three months ended September 30, 2023, RSAs were antidilutive. For the nine months ended September 30, 2023, RSAs and certain TSR Units were antidilutive.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Schedule of Variable Interest Entities	Total assets and total liabilities include VIE assets and liabilities as follows (dollars in thousands): September 30, 2024 December 31, 2023 Assets: Real estate investments, net $ 133,216 $ 68,106 Cash and cash equivalents 1,440 — Accounts and other receivables 241 — Prepaid and other assets — 2,800 Total assets 134,897 70,906 Liabilities: Accounts payable, accrued liabilities and deferred rent liabilities 9,938 7,239 Total liabilities $ 9,938 $ 7,239

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Commitments and Contingencies	The table below summarizes the Company’s existing, known commitments and contingencies as of September 30, 2024 (in thousands): Remaining Commitment Capital expenditures (1) $ 14,847 Mortgage loans (2) 4,700 Other loans receivable (3) 1,415 Earn-out obligation (4) 10,000 $ 30,962 (1) As of September 30, 2024, the Company had committed to fund expansions, construction, capital improvements and ESG incentives at certain triple-net leased facilities totaling $14.8 million, of which $7.2 million is subject to rent increase at the time of funding. (2) One mortgage loan includes an earn-out advance upon satisfaction of certain conditions. On October 11, 2024, these conditions were satisfied and the earn-out was funded. (3) Represents working capital loan commitments. (4) Includes an earn-out obligation of up to $10.0 million under a purchase and sale agreement for one SNF in Virginia, which was acquired during 2024. The earn-out is available, contingent on the operator achieving certain thresholds per the agreement, beginning in October 2025 through October 2026.

CONCENTRATION OF RISK (Tables)

CONCENTRATION OF RISK (Tables)	9 Months Ended
	Sep. 30, 2024
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk	Major operator concentration – The Company has operators from which it derived 10% or more of its revenue for the three and nine months ended September 30, 2024 and 2023. The following table sets forth information regarding the Company’s major operators as of September 30, 2024 and 2023: Number of Facilities Number of Beds/Units Percentage of Total Revenue Operator/Borrower SNF Campus ALF/ILF SNF Campus ALF/ILF Three Months Ended Nine Months Ended September 30, 2024 (1) Ensign (3) 86 8 7 9,116 997 661 25 % 28 % Priority Management Group 13 2 — 1,742 402 — 11 % 12 % September 30, 2023 (2) Ensign (3) 83 8 7 8,741 997 661 34 % 36 % Priority Management Group 13 2 — 1,742 402 — 15 % 16 % (1) The Company’s rental income and interest income on other real estate related investments, exclusive of operating expense reimbursements. (2) The Company’s rental income, exclusive of operating expense reimbursements. (3) Ensign is subject to the registration and reporting requirements of the SEC and is required to file with the SEC annual reports containing audited financial information and quarterly reports containing unaudited financial information. Ensign’s financial statements, as filed with the SEC, can be found at http://www.sec.gov. The Company has not verified this information through an independent investigation or otherwise. Major geographic concentration – The following table provides information regarding the Company’s concentrations with respect to certain states, from which the Company derived 10% or more of its revenue for the three and nine months ended September 30, 2024 and 2023: Number of Facilities Number of Beds/Units Percentage of Total Revenue State SNF Campus ALF/ILF SNF Campus ALF/ILF Three Months Ended Nine Months Ended September 30, 2024 (1) CA 43 12 10 5,117 2,004 872 28 % 29 % TX 41 4 2 5,193 630 212 17 % 19 % September 30, 2023 (2) CA 30 9 5 3,494 1,527 437 29 % 28 % TX 40 3 2 5,126 536 212 22 % 23 % (1) Based on the Company’s rental income and interest income on other real estate related investments, exclusive of operating expense reimbursements. (2) Based on the Company’s rental income, exclusive of operating expense reimbursements.

ORGANIZATION (Details)

ORGANIZATION (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) loan facility bed state investment	Dec. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Number of states with properties | state	31
Number of preferred equity investments | investment	3
Aggregate carrying value | $	$ 740,730	$ 180,368
Mortgage secured loans receivable
Real Estate Properties [Line Items]
Number of loans	12
Mezzanine loans receivable
Real Estate Properties [Line Items]
Number of loans	4
Skilled Nursing, Multi Service Campuses, Assisted Living, and Independent Living Facilities
Real Estate Properties [Line Items]
Number of facilities | facility	226
Number of operational beds and units in facilities | bed	24,512

REAL ESTATE INVESTMENTS, NET -

REAL ESTATE INVESTMENTS, NET - Schedule of Investment in Owned Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real Estate [Abstract]
Land	$ 331,321	$ 279,276
Buildings and improvements	1,783,496	1,620,014
Integral equipment, furniture and fixtures	102,441	100,504
Identified intangible assets	6,664	5,283
Real estate investments	2,223,922	2,005,077
Accumulated depreciation and amortization	(474,783)	(437,958)
Real estate investments, net	$ 1,749,139	$ 1,567,119

REAL ESTATE INVESTMENTS, NET _2

REAL ESTATE INVESTMENTS, NET - Narrative (Details) - Skilled Nursing, Multi-Service Campuses, Assisted living and Independent Living Facilities - facility	Sep. 30, 2024	Sep. 30, 2022
Real Estate [Line Items]
Number of facilities	226
Held for Sale
Real Estate [Line Items]
Number of facilities	8
Triple-Net Leases
Real Estate [Line Items]
Number of facilities		2

REAL ESTATE INVESTMENTS, NET _3

REAL ESTATE INVESTMENTS, NET - Schedule of Total Future Contractual Minimum Rental Income (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Future Contractual Minimum Rental Income
2024 (three months)	$ 56,317
2025	227,486
2026	229,235
2027	225,377
2028	223,304
2029	218,920
Thereafter	1,066,803
Total	$ 2,247,442

REAL ESTATE INVESTMENTS, NET _4

REAL ESTATE INVESTMENTS, NET - Schedule of Tenant Purchase Options (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) property facility
Lessor, Lease, Description [Line Items]
Period of option window	6 months
Minimum
Lessor, Lease, Description [Line Items]
Current cash rent	$ 3,200
Maximum
Lessor, Lease, Description [Line Items]
Current cash rent	3,400
Lease Expiration May 2034, Next option 2027 | Minimum
Lessor, Lease, Description [Line Items]
Current cash rent	1,000
Lease Expiration May 2034, Next option 2027 | Maximum
Lessor, Lease, Description [Line Items]
Current cash rent	$ 1,600
SNF | Lease Expiration March 2029, Next option 2022
Lessor, Lease, Description [Line Items]
Properties | property	1
Current cash rent	$ 858
SNF | Lease Expiration November 2034, Next option 2024
Lessor, Lease, Description [Line Items]
Properties | property	4
Current cash rent	$ 3,988
SNF / Campus | Lease Expiration October 2032, Next option 2026
Lessor, Lease, Description [Line Items]
Properties | property	2
Current cash rent	$ 3,314
Purchase option, number of properties | facility	3
SNF / Campus | Lease Expiration May 2034, Next option 2026
Lessor, Lease, Description [Line Items]
Properties | property	1
Current cash rent	$ 1,293
SNF / Campus | Lease Expiration May 2034, Next option 2027
Lessor, Lease, Description [Line Items]
Properties | property	1
Current cash rent	$ 1,293
Purchase option, number of properties | facility	5

REAL ESTATE INVESTMENTS, NET _5

REAL ESTATE INVESTMENTS, NET - Schedule of Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate [Abstract]
Contractual rent due	$ 56,356	$ 51,225	$ 164,133	$ 145,147
Straight-line rent	(7)	(7)	(21)	(21)
Amortization of lease incentives	(5)	0	(9)	0
Amortization of below-market leases	809	0	1,959	0
Total	57,153	51,218	166,062	145,126
Tenant operating expense reimbursement	$ 1,700	$ 2,000	$ 5,100	$ 3,900

REAL ESTATE INVESTMENTS, NET _6

REAL ESTATE INVESTMENTS, NET - Schedule of Real Estate Acquisitions (Details) $ in Thousands			9 Months Ended
	Apr. 01, 2024 facility	Mar. 01, 2024 facility	Sep. 30, 2024 USD ($) property facility bed
Business Acquisition [Line Items]
Purchase price			$ 271,214
Initial Annual Cash Rent			$ 21,902
Number of Properties | property			14
Number of Beds/Units | bed			1,555
Skilled nursing
Business Acquisition [Line Items]
Purchase price			$ 182,024
Initial Annual Cash Rent			$ 14,612
Number of Properties		2	9
Number of Beds/Units | bed			894
Skilled nursing | Joint Venture
Business Acquisition [Line Items]
Number of Properties | facility			1
Multi-service campuses
Business Acquisition [Line Items]
Purchase price			$ 78,154
Initial Annual Cash Rent			$ 6,268
Number of Properties | property			4
Number of Beds/Units | bed			575
Multi-service campuses | Joint Venture
Business Acquisition [Line Items]
Number of Properties | facility	2
Assisted living
Business Acquisition [Line Items]
Purchase price			$ 11,036
Initial Annual Cash Rent			$ 1,022
Number of Properties | property			1
Number of Beds/Units | bed			86
Assisted living | Joint Venture
Business Acquisition [Line Items]
Number of Properties | facility			1

REAL ESTATE INVESTMENTS, NET _7

REAL ESTATE INVESTMENTS, NET - Lease Amendments and Terminations Narrative (Details) $ in Millions

9 Months Ended

Aug. 07, 2024 facility

Aug. 01, 2024 option_to_renew facility

Apr. 01, 2024 USD ($) facility installment renewalOption

Mar. 01, 2024 USD ($) lease facility renewal_option

Sep. 01, 2023 USD ($) facility renewalOption

Mar. 16, 2023 USD ($) facility renewal_option

Sep. 30, 2024 USD ($) property facility

Sep. 01, 2024 USD ($) lease facility renewal_option

Jul. 31, 2024 USD ($)

Jan. 01, 2024 USD ($) renewal_option facility

Sep. 30, 2023 facility

Jul. 06, 2023 renewalOption

Mar. 15, 2023 USD ($)

Real Estate [Line Items]

Number of properties | property

14

Skilled nursing

Real Estate [Line Items]

Number of properties

2

9

SNF

Real Estate [Line Items]

Number of facilities acquired

1

4

Number of facilities

37

1

SNF | Ensign

Real Estate [Line Items]

Number of properties with right to operate

2

1

Initial lease term (in years)

15 years

Assisted living

Real Estate [Line Items]

Number of properties | property

1

Assisted living | Jaybird Senior Living, Inc.

Real Estate [Line Items]

Number of facilities acquired

2

Multi-service campuses

Real Estate [Line Items]

Number of facilities acquired

2

2

Number of properties | property

4

Master Lease Termination

Real Estate [Line Items]

Annual cash rent under amended lease | $

$ 0.8

Annual cash rent | $

$ 1.8

Master Lease Termination | Skilled nursing

Real Estate [Line Items]

Leases with terminated operations

1

Master Lease Termination | Assisted living

Real Estate [Line Items]

Leases with terminated operations

2

Ensign Amended Triple-Net Master Lease

Real Estate [Line Items]

Annual cash rent under amended lease | $

$ 0.6

Number of leases amended | lease

1

1

Initial lease term (in years)

20 years

15 years

Number of renewal options | renewal_option

2

2

Lease renewal term (in years)

5 years

5 years

Jaybird Lease

Real Estate [Line Items]

Initial lease term (in years)

12 years

Number of renewal options | option_to_renew

2

Lease renewal term (in years)

5 years

Lessor, operating lease, abated rent, period

3 months

Lessor, operating lease, rent calculated as a percentage of subtenant's gross revenue, period

15 months

Lessor, operating lease, payment to be received, next rolling 12 months | $

$ 1.8

New Bayshire Lease

Real Estate [Line Items]

Initial lease term (in years)

15 years

Number of renewal options | renewalOption

2

Lease renewal term (in years)

5 years

Annual cash rent | $

$ 2.6

Lease amendment, deferral of unpaid rent | $

$ 0.4

Number of installments | installment

15

New Bayshire Lease | SNF

Real Estate [Line Items]

Number of facilities acquired

1

New Bayshire Lease | Assisted living

Real Estate [Line Items]

Percentage of fixed rent escalator

3%

Eduro Amended Triple-Net Master Lease

Real Estate [Line Items]

Annual cash rent increase under amended lease | $

$ 2.1

New Embassy Lease Agreement

Real Estate [Line Items]

Initial lease term (in years)

10 years

Number of renewal options | renewal_option

2

Lease renewal term (in years)

5 years

Annual cash rent | $

$ 0.6

New Embassy Lease Agreement | SNF

Real Estate [Line Items]

Number of facilities

1

New Embassy Lease Agreement | Multi-service campuses

Real Estate [Line Items]

Number of facilities

1

Premier Termination and Amended Ridgeline Lease

Real Estate [Line Items]

Annual cash rent under amended lease | $

$ 2.7

Initial lease term (in years)

15 years

Number of renewal options | renewalOption

2

Lease renewal term (in years)

5 years

Lease amendment, deferral of unpaid rent | $

$ 0.2

Rent abatement | $

$ 0.2

Premier Termination and Amended Ridgeline Lease | Assisted living

Real Estate [Line Items]

Leases with terminated operations

6

Number of properties included or entered into lease

6

Amended Pennant Lease

Real Estate [Line Items]

Initial lease term (in years)

15 years

Number of renewal options | renewalOption

2

Lease renewal term (in years)

5 years

Noble VA Lease Termination and New Pennant Lease

Real Estate [Line Items]

Annual cash rent under amended lease | $

$ 0.8

$ 2.3

Initial lease term (in years)

15 years

Number of renewal options | renewal_option

2

Lease renewal term (in years)

5 years

Period of deferred rent to be repaid

3 months

Noble VA Lease Termination and New Pennant Lease | Assisted living

Real Estate [Line Items]

Leases with terminated operations

2

Number of properties included or entered into lease

2

IMPAIRMENT OF REAL ESTATE INV_3

IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE AND ASSET SALES - Narrative (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 30, 2024 facility	Sep. 30, 2024 USD ($) facility	Sep. 30, 2023 USD ($) facility	Sep. 30, 2024 USD ($) facility	Sep. 30, 2023 USD ($) facility	Aug. 01, 2024 facility	Dec. 31, 2023 USD ($)
Real Estate [Line Items]
Number of facilities, assets reclassified to held for investment | facility		2
Net carrying value		$ 2,223,922		$ 2,223,922			$ 2,005,077
Real estate investments, net		1,749,139		1,749,139			$ 1,567,119
SNF
Real Estate [Line Items]
Impairment of real estate			$ 8,000
SNF
Real Estate [Line Items]
Impairment of real estate					$ 8,000
Number of facilities | facility			1		1	37
Net carrying value			$ 8,700		$ 8,700
Real estate investments, net			700		700
SNF | Arboreta Healthcare, Inc.
Real Estate [Line Items]
Number of facilities sold | facility	11
Level 3 | SNF
Real Estate [Line Items]
Prices per unit input			7		7
Minimum | Level 3 | Valuation, Market Approach
Real Estate [Line Items]
Prices per unit input		5	18	5	18
Maximum | Level 3 | Valuation, Market Approach
Real Estate [Line Items]
Prices per unit input		94	35	94	35
Weighted Average | Level 3 | Valuation, Market Approach
Real Estate [Line Items]
Prices per unit input		$ 36	23	$ 36	23
Facilities Held For Sale
Real Estate [Line Items]
Number of facilities | facility		8		8
Held for Sale
Real Estate [Line Items]
Impairment of real estate		$ 8,400	$ 200	$ 36,900	$ 23,500

IMPAIRMENT OF REAL ESTATE INV_4

IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE AND ASSET SALES - Schedule of Company's Dispositions (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) facility	Sep. 30, 2023 USD ($) facility	Sep. 30, 2024 USD ($) facility	Sep. 30, 2023 USD ($) facility	Jan. 31, 2024 facility	Jun. 30, 2023 facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales proceeds			$ 5,076	$ 14,464
Net (loss) gain on sale	$ (2,286)	$ 0	$ (2,254)	$ 1,958
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of facilities | facility	11	0	14	4
Net sales proceeds	$ 7,712	$ 0	$ 8,852	$ 16,464
Net carrying value	9,998	0	11,106	14,506
Net (loss) gain on sale	(2,286)	$ 0	(2,254)	1,958
Disposed of by Sale | ALF
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales proceeds			1,000	$ 2,000
Number of facilities | facility					1	1
Disposed of by Sale | SNF
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales proceeds	$ 2,800		$ 2,800
Number of facilities | facility	11		11

IMPAIRMENT OF REAL ESTATE INV_5

IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE AND ASSET SALES - Schedule of Company's Assets Held for Sale Activity (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) facility	Sep. 30, 2024 USD ($) facility	Sep. 30, 2023 USD ($) facility
Increase Decrease in Assets Held for Sale [Roll Forward]
Net carrying value at beginning		$ 2,005,077
Net carrying value at ending	$ 2,223,922	2,223,922
Number of Facilities, Assets Held For Investment | facility	(2)
Disposal Group, Held-for-sale, Not Discontinued Operations
Increase Decrease in Assets Held for Sale [Roll Forward]
Net carrying value at beginning		15,011	$ 12,291
Net carrying value, additions to assets held for sale		54,021	47,064
Net carrying value, assets sold		(11,106)	(14,506)
Net carrying value, impairment of real estate held for sale		(36,872)	(23,508)
Net carrying value, assets reclassified to held for investment		(5,008)
Net carrying value at ending	$ 16,046	$ 16,046	$ 21,341
Number of facilities at beginning | facility		14	5
Number of facilities, additions to assets held for sale | facility		10	14
Number of facilities, assets sold | facility		(14)	(4)
Number of facilities, impairment of real estate held for sale | facility		0	0
Number of Facilities, Assets Held For Investment | facility		(2)
Number of facilities at ending | facility	8	8	15

OTHER REAL ESTATE RELATED AND_3

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS - Schedule of Other Real Estate Related Investments, at Fair Value (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) facility	Aug. 01, 2024 USD ($)	Dec. 31, 2023 USD ($)
Other loans receivable
Real Estate Properties [Line Items]
Principal amount	$ 695,037
Fair Value	686,449		$ 178,568
Other Investments
Real Estate Properties [Line Items]
Principal amount	53,782
Fair Value	$ 54,281		1,801
SNF
Real Estate Properties [Line Items]
Principal amount		$ 260,000
Mortgage Secured and Mezzanine Loans Receivable
Real Estate Properties [Line Items]
Basis spread on variable rate (percent)	4.84%
Mortgage secured loans receivable
Real Estate Properties [Line Items]
Number of facilities | facility	3
Mortgage secured loans receivable | Other loans receivable
Real Estate Properties [Line Items]
Principal amount	$ 617,872
Fair Value	$ 611,627		156,769
Weighted Average Contractual Interest Rate	8.80%
Mortgage secured loans receivable | SNF | Other loans receivable
Real Estate Properties [Line Items]
Facility Count and Type | facility	59
Mortgage secured loans receivable | Campus | Other loans receivable
Real Estate Properties [Line Items]
Facility Count and Type | facility	4
Mortgage secured loans receivable | ALF | Other loans receivable
Real Estate Properties [Line Items]
Facility Count and Type | facility	19
Mortgage secured loans receivable | ILF | Other loans receivable
Real Estate Properties [Line Items]
Facility Count and Type | facility	2
Mezzanine loans receivable
Real Estate Properties [Line Items]
Number of facilities | facility	2
Mezzanine loans receivable | Other loans receivable
Real Estate Properties [Line Items]
Principal amount	$ 77,165
Fair Value	$ 74,822		21,799
Weighted Average Contractual Interest Rate	12.80%
Mezzanine loans receivable | SNF | Other loans receivable
Real Estate Properties [Line Items]
Facility Count and Type | facility	40
Mezzanine loans receivable | Campus | Other loans receivable
Real Estate Properties [Line Items]
Facility Count and Type | facility	3
Mezzanine loans receivable | ALF | Other loans receivable
Real Estate Properties [Line Items]
Facility Count and Type | facility	2
Mezzanine loans receivable | ILF | Other loans receivable
Real Estate Properties [Line Items]
Facility Count and Type | facility	0
Preferred equity | Other Investments
Real Estate Properties [Line Items]
Principal amount	$ 53,782
Fair Value	$ 54,281		$ 1,801
Weighted Average Contractual Interest Rate	11.10%

OTHER REAL ESTATE RELATED AND_4

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS - Schedule of Other Real Estate Related Investment Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Net change in other loans receivable	$ 890	$ 4,490
Other Real Estate Related Investments
Financing Receivable, Allowance for Credit Loss [Line Items]
Origination of other real estate related investments	556,951	47,534
Accrued interest, net	4,099	129
Unrealized loss on other real estate related investments, net	(689)	(7,856)
Prepayments of other real estate related investments	0	(15,000)
Net change in other loans receivable	560,361	$ 24,807
Other loans receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Origination of other real estate related investments	17,979
Mortgage loan receivable	$ 18,046		$ 17,156
Weighted average interest rate	8.80%
Expected credit loss	$ (2,094)		(2,094)
Principal Balance	17,979
Net change in other real estate related investments	15,952		$ 15,062
Other loans receivable | Financial Asset, 1 to 29 Days Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Origination of other real estate related investments	$ 4,900

OTHER REAL ESTATE RELATED AND_5

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS - Narrative (Details)

3 Months Ended

9 Months Ended

Aug. 01, 2024 USD ($) facility

Jul. 30, 2024 USD ($)

Jun. 03, 2024 USD ($) facility extension_option

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($) facility

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($) facility

May 01, 2024 USD ($) facility

Feb. 02, 2024 USD ($) facility extension_option

Feb. 01, 2024 USD ($) facility

Jan. 25, 2024 USD ($) facility extension_option

Jan. 01, 2024 USD ($) facility

Financing Receivable, Allowance for Credit Loss [Line Items]

Participating mortgage loans, amount

$ 75,000,000

Repayments of secured debt

$ 75,000,000

$ 0

Loss on extinguishment of debt

$ 657,000

$ 0

657,000

0

Preferred equity investments

$ 9,000,000

52,000,000

$ 0

Preferred equity investment, interest rate (as percent)

0.11

Secured borrowings

Financing Receivable, Allowance for Credit Loss [Line Items]

Principal amount

$ 165,000,000

Repayments of secured debt

$ 75,000,000

Loss on extinguishment of debt

400,000

SNF

Financing Receivable, Allowance for Credit Loss [Line Items]

Number of Facilities | facility

37

1

1

Principal amount

$ 260,000,000

Investment interest rate (as percent)

8.40%

Preferred equity investments

$ 43,000,000

Preferred equity investment, interest rate (as percent)

0.11

Lockout period

24 months

Mortgage secured loan receivable

Financing Receivable, Allowance for Credit Loss [Line Items]

Number of Facilities | facility

1

Mortgage secured loan receivable | ALF

Financing Receivable, Allowance for Credit Loss [Line Items]

Principal amount

$ 1,000,000

Investment interest rate (as percent)

9%

Mezzanine Loan

Financing Receivable, Allowance for Credit Loss [Line Items]

Principal amount

$ 50,000,000

$ 10,200,000

Investment interest rate (as percent)

11.50%

Finance receivable, number of extension options | extension_option

2

2

Finance receivable, extension option, term

6 months

6 months

Mezzanine Loan | Secured Overnight Financing Rate (SOFR)

Financing Receivable, Allowance for Credit Loss [Line Items]

Investment interest rate (as percent)

8.75%

8.75%

Subservicing fee percentage

0.75%

0.75%

Mezzanine Loan | Secured Overnight Financing Rate (SOFR) Floor

Financing Receivable, Allowance for Credit Loss [Line Items]

Investment interest rate (as percent)

6%

6%

Mezzanine Loan | SNF

Financing Receivable, Allowance for Credit Loss [Line Items]

Number of Facilities | facility

15

1

10

Principal amount

$ 35,000,000

$ 7,400,000

$ 9,800,000

Period of unpaid interest payments due upon prepayment

18 months

18 months

24 months

Mezzanine Loan | SNF | Minimum

Financing Receivable, Allowance for Credit Loss [Line Items]

Early termination fee

1%

1%

Mezzanine Loan | SNF | Maximum

Financing Receivable, Allowance for Credit Loss [Line Items]

Early termination fee

2%

2%

Mortgage Loan

Financing Receivable, Allowance for Credit Loss [Line Items]

Investment interest rate (as percent)

9.10%

Finance receivable, number of extension options | extension_option

2

Finance receivable, extension option, term

6 months

1 year

Mortgage Loan | Secured Overnight Financing Rate (SOFR) Floor

Financing Receivable, Allowance for Credit Loss [Line Items]

Investment interest rate (as percent)

5.15%

Subservicing fee percentage

0.25%

Mortgage Loan | SNF

Financing Receivable, Allowance for Credit Loss [Line Items]

Number of Facilities | facility

2

Principal amount

$ 26,700,000

Mortgage Loan | Regional Healthcare Facility

Financing Receivable, Allowance for Credit Loss [Line Items]

Number of Facilities | facility

8

Principal amount

$ 165,000,000

Mortgage Loan | Regional Healthcare Facility | Secured Overnight Financing Rate (SOFR)

Financing Receivable, Allowance for Credit Loss [Line Items]

Investment interest rate (as percent)

4.25%

Other loans receivable

Financing Receivable, Allowance for Credit Loss [Line Items]

Principal amount

$ 17,979,000

17,979,000

Expected credit loss

$ 0

$ 0

OTHER REAL ESTATE RELATED AND_6

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS - Schedule of Loan Receivable Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Investments, All Other Investments [Abstract]
Origination of other loans receivable	$ 985	$ 5,160
Principal payments	(100)	(703)
Accrued interest, net	5	33
Net change in other loans receivable	$ 890	$ 4,490

OTHER REAL ESTATE RELATED AND_7

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS - Schedule of Interest and Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate Properties [Line Items]
Interest and other income	$ 20,228	$ 4,659	$ 43,280	$ 12,910
Mortgage secured loans receivable
Real Estate Properties [Line Items]
Interest and other income	12,054	3,741	21,370	9,207
Mezzanine loans receivable
Real Estate Properties [Line Items]
Interest and other income	2,522	702	6,911	2,980
Preferred equity investment
Real Estate Properties [Line Items]
Interest and other income	1,110	0	1,322	0
Other loans receivable
Real Estate Properties [Line Items]
Interest and other income	354	216	1,023	532
Other
Real Estate Properties [Line Items]
Interest and other income	$ 4,188	$ 0	$ 12,654	$ 191

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Mortgage Secured and Mezzanine Loans Receivable
Assets:
Loan receivable	$ 686,449	$ 178,568
Mortgage Secured and Mezzanine Loans Receivable | Level 1 | Recurring
Assets:
Loan receivable	0	0
Mortgage Secured and Mezzanine Loans Receivable | Level 2 | Recurring
Assets:
Loan receivable	0	0
Mortgage Secured and Mezzanine Loans Receivable | Level 3 | Recurring
Assets:
Loan receivable	686,449	178,568
Mortgage secured loans receivable | Recurring
Assets:
Loan receivable	611,627	156,769
Mortgage secured loans receivable | Level 1 | Recurring
Assets:
Loan receivable	0	0
Mortgage secured loans receivable | Level 2 | Recurring
Assets:
Loan receivable	0	0
Mortgage secured loans receivable | Level 3 | Recurring
Assets:
Loan receivable	611,627	156,769
Mezzanine loans receivable | Recurring
Assets:
Loan receivable	74,822	21,799
Mezzanine loans receivable | Level 1 | Recurring
Assets:
Loan receivable	0	0
Mezzanine loans receivable | Level 2 | Recurring
Assets:
Loan receivable	0	0
Mezzanine loans receivable | Level 3 | Recurring
Assets:
Loan receivable	$ 74,822	$ 21,799

FAIR VALUE MEASUREMENTS - Sch_2

FAIR VALUE MEASUREMENTS - Schedule of Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized (loss) gain on other real estate related investments, net	$ 1,800	$ (5,251)	$ (689)	$ (7,856)
Investments in Real Estate Secured Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period			156,769
Loan originations			452,786
Accrued interest, net			3,034
Unrealized (loss) gain on other real estate related investments, net			(962)
Balance at ending of period	611,627		611,627
Investments in Mezzanine Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period			21,799
Loan originations			52,165
Accrued interest, net			585
Unrealized (loss) gain on other real estate related investments, net			273
Balance at ending of period	$ 74,822		$ 74,822

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Maximum | Level 3
Financing Receivable, Past Due [Line Items]
Measurement input	0.15	0.15
Minimum | Level 3
Financing Receivable, Past Due [Line Items]
Measurement input	0.11	0.11
Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Mortgage loan receivable	$ 0	$ 0	$ 0
Secured and Mezzanine Loans Receivable
Financing Receivable, Past Due [Line Items]
Other real estate related investments, fair value adjustments, unrealized gain	5,900,000	6,600,000
Other real estate related investments, fair value adjustments, unrealized loss	$ 4,100,000	$ 7,300,000

FAIR VALUE MEASUREMENTS - Sch_3

FAIR VALUE MEASUREMENTS - Schedule of Quantitative Information About Unobservable Inputs Related to Level 3 Fair Value Measurements (Details) - Level 3 - Discount Rate - Discounted cash flow $ in Thousands	Sep. 30, 2024 USD ($)
Mortgage secured loans receivable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, book value	$ 611,627
Mortgage secured loans receivable | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.09
Mortgage secured loans receivable | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.15
Mezzanine loans receivable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, book value	$ 74,822
Mezzanine loans receivable | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.12
Mezzanine loans receivable | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.15

FAIR VALUE MEASUREMENTS - Sch_4

FAIR VALUE MEASUREMENTS - Schedule of Face Value, Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Level 3 | Preferred equity investments
Financial assets:
Preferred equity investments, face value	$ 53,782	$ 1,782
Level 3 | Preferred equity investments | Carrying Amount
Financial assets:
Preferred equity investments, fair value disclosure	54,281	1,801
Level 3 | Preferred equity investments | Fair Value
Financial assets:
Preferred equity investments, fair value disclosure	54,281	1,801
Level 2 | Senior unsecured notes payable
Financial liabilities:
Senior unsecured notes payable, face value	400,000	400,000
Level 2 | Carrying Amount | Senior unsecured notes payable
Financial liabilities:
Senior unsecured notes payable, fair value disclosure	396,705	396,039
Level 2 | Fair Value | Senior unsecured notes payable
Financial liabilities:
Senior unsecured notes payable, fair value disclosure	$ 381,800	$ 362,500

DEBT - Schedule of Debt Instrum

DEBT - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal Amount	$ 400,000	$ 600,000
Deferred Loan Fees	(3,295)	(4,402)
Carrying Amount	396,705	595,598
Unsecured revolving credit facility
Debt Instrument [Line Items]
Principal Amount	0	0
Deferred Loan Fees	0	0
Carrying Amount	0	0
Senior unsecured notes payable | Notes payable
Debt Instrument [Line Items]
Principal Amount	400,000	400,000
Deferred Loan Fees	(3,295)	(3,961)
Carrying Amount	396,705	396,039
Senior unsecured term loan | Term loan
Debt Instrument [Line Items]
Principal Amount	0	200,000
Deferred Loan Fees	0	(441)
Carrying Amount	$ 0	$ 199,559

DEBT - Senior Unsecured Notes P

DEBT - Senior Unsecured Notes Payable Narrative (Details) - USD ($)		9 Months Ended
	Jun. 17, 2021	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Write off of deferred financing costs		$ 282,000	$ 0
2028 Senior Notes | Notes Payable
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000
Interest rate (as percent)	3.875%
Gross proceeds from issuance	$ 400,000,000
Net proceeds from issuance	$ 393,800,000
Redemption price, percentage upon change of control (as percent)	101%
2028 Senior Notes | Notes Payable | Period prior to March 30 2028
Debt Instrument [Line Items]
Redemption price of notes (as percent)	100%
2028 Senior Notes | Notes Payable | Period after March 30 2028
Debt Instrument [Line Items]
Redemption price of notes (as percent)	100%

DEBT - Unsecured Revolving Cred

DEBT - Unsecured Revolving Credit Facility and Secured Borrowing Narrative (Details)					3 Months Ended	9 Months Ended
	Sep. 19, 2024 USD ($)	Jul. 30, 2024 USD ($)	Jun. 03, 2024 USD ($)	Feb. 08, 2019 USD ($) extension_option	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Line of Credit Facility [Line Items]
Payments on senior unsecured term loan						$ 200,000,000	$ 0
Write off of deferred financing costs						282,000	0
Participating mortgage loans, amount			$ 75,000,000
Repayments of secured debt						75,000,000	$ 0
Senior Unsecured Term Loan | Term Loan
Line of Credit Facility [Line Items]
Debt instrument, face amount				$ 200,000,000
Senior Unsecured Term Loan | Notes Payable
Line of Credit Facility [Line Items]
Payments on senior unsecured term loan	$ 200,000,000
Write off of deferred financing costs					$ 300,000
Senior Unsecured Term Loan | Minimum | Base Rate | Term Loan
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)				0.50%
Senior Unsecured Term Loan | Minimum | Secured Overnight Financing Rate (SOFR) | Term Loan
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)				1.50%
Senior Unsecured Term Loan | Maximum | Base Rate | Term Loan
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)				1.20%
Senior Unsecured Term Loan | Maximum | Secured Overnight Financing Rate (SOFR) | Term Loan
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)				2.20%
Secured borrowings
Line of Credit Facility [Line Items]
Principal amount			$ 165,000,000
Repayments of secured debt		$ 75,000,000
Loss on extinguishment of debt		$ 400,000
Secured borrowings | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)			2.25%
Secured borrowings | Secured Overnight Financing Rate (SOFR) Floor
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)			3%
Secured borrowings | Maximum
Line of Credit Facility [Line Items]
Exit fee (as percent)			0.0050
Secured borrowings | Maximum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)			2.50%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility borrowing capacity				$ 600,000,000
Borrowings outstanding					$ 0	$ 0
Number of extension options | extension_option				2
Extension option term (in months)				6 months
Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Facility fee on revolving commitment fees (as percent)				0.15%
Facility fee on revolving commitment fee based on investment grade ratings (as percent)				0.125%
Revolving Credit Facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)				0.10%
Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)				1.10%
Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Facility fee on revolving commitment fees (as percent)				0.35%
Facility fee on revolving commitment fee based on investment grade ratings (as percent)				0.30%
Revolving Credit Facility | Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)				0.55%
Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)				1.55%
Letter of Credit
Line of Credit Facility [Line Items]
Subfacility capacity as percentage of available revolving commitments (as percent)				10%
Swingline Loan
Line of Credit Facility [Line Items]
Subfacility capacity as percentage of available revolving commitments (as percent)				10%

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - ATM Program - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 29, 2024	Jun. 30, 2024
Class of Stock [Line Items]
Authorized aggregate offering price of common stock					$ 750,000,000	$ 500,000,000
Expected term			1 year
Number of shares (in shares)		9,058,140		15,794,229
Settlement of shares outstanding (in shares)	0	10,893,229	0
Average sales price (in usd per share)		$ 19.57
Sale of stock, consideration received on transaction		$ 213,100,000
Remaining offering amount available	$ 440,100,000		$ 440,100,000
Maximum
Class of Stock [Line Items]
Share price (in usd per share)		$ 19.99		$ 19.99
Minimum
Class of Stock [Line Items]
Share price (in usd per share)		$ 19.87		$ 19.87

EQUITY - Schedule of At-The-Mar

EQUITY - Schedule of At-The-Market Offering Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Gross proceeds			$ 1,065,881	$ 319,032
ATM Program
Class of Stock [Line Items]
Number of shares (in shares)	17,241	16,285	40,986	16,285
Average sales price per share (in usd per share)	$ 29.01	$ 19.89	$ 26.35	$ 19.89
Gross proceeds	$ 500,085	$ 323,886	$ 1,079,852	$ 323,886
Commissions paid on stock issuance	$ 6,200	$ 4,000	$ 13,400	$ 4,000

EQUITY - Schedule of Dividends

EQUITY - Schedule of Dividends on Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Dividends on common stock
Dividends declared per share (in usd per share)	$ 0.29	$ 0.29	$ 0.29	$ 0.28	$ 0.28	$ 0.28
Dividends payable as of record date	$ 49,721	$ 44,721	$ 41,192

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for awards (in shares)	5,000,000
Value of forfeited stock awards		$ 0.9
Unamortized stock-based compensation expense	$ 6.3
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			3 years	4 years
RSAs | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)				1 year
Performance Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of forfeited stock awards		$ 0.6
Performance Stock Awards | Minimum | Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			1 year
Performance Stock Awards | Minimum | Vesting Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)				1 year
Performance Stock Awards | Maximum | Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			3 years
Performance Stock Awards | Maximum | Vesting Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)				4 years
Performance Shares T S R Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Performance Shares T S R Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of original awards granted, TSR	0%
Performance Shares T S R Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of original awards granted, TSR	200%
RSAs and PSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average remaining vesting period (in years)	1 year 6 months

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Restricted Stock Award and Performance Award Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Shares
Unvested, beginning balance (in shares) | shares	510,596
Vested (in shares) | shares	(169,811)
Forfeited (in shares) | shares	(35,161)
Unvested, ending balance (in shares) | shares	327,336
Weighted Average Share Price
Unvested, beginning balance (in usd per share) | $ / shares	$ 21.01
Vested (in usd per share) | $ / shares	20.67
Forfeited (in usd per share) | $ / shares	20.48
Unvested, ending balance (in usd per share) | $ / shares	$ 21.43
Board Awards
Shares
Granted (in shares) | shares	21,712
Weighted Average Share Price
Granted (in usd per share) | $ / shares	$ 23.95

STOCK-BASED COMPENSATION - Sc_2

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 1,143	$ 1,519	$ 4,669	$ 3,379

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income attributable to CareTrust REIT, Inc.	$ 33,441	$ 8,696	$ 72,945	$ 27,439
Less: Net income allocated to participating securities	(95)	(89)	(286)	(267)
Numerator for basic earnings available to common stockholders	33,346	8,607	72,659	27,172
Numerator for diluted earnings available to common stockholders	$ 33,346	$ 8,607	$ 72,659	$ 27,172
Denominator:
Weighted-average basic common shares outstanding (in shares)	159,459	104,011	145,780	100,748
Weighted-average diluted common shares outstanding (in shares)	159,850	104,311	146,153	100,918
Earnings per common share attributable to CareTrust REIT, Inc., basic (in usd per share)	$ 0.21	$ 0.08	$ 0.50	$ 0.27
Earnings per common share attributable to CareTrust REIT, Inc., diluted (in usd per share)	$ 0.21	$ 0.08	$ 0.50	$ 0.27
Antidilutive unvested RSAs, TSR Units and PSAs excluded from the computation (in shares)	327	317	327	317
PSAs and TSR Units
Denominator:
Dilutive potential common shares (in shares)	391	201	373	128
Forward Equity Agreements
Denominator:
Dilutive potential common shares (in shares)	0	99	0	42

VARIABLE INTEREST ENTITIES - Na

VARIABLE INTEREST ENTITIES - Narrative (Details) $ in Millions				9 Months Ended
	Aug. 07, 2024 USD ($) facility	Apr. 01, 2024 USD ($) facility	Jan. 03, 2024 USD ($) facility	Sep. 30, 2024 facility
SNF
Noncontrolling Interest [Line Items]
Number of facilities acquired | facility	1			4
Contributed to JV	$ 24.5
Real estate property acquired	25.1
ALF
Noncontrolling Interest [Line Items]
Number of facilities acquired | facility			1	1
Contributed to JV			$ 10.8
Real estate property acquired			11
Multi-service campuses
Noncontrolling Interest [Line Items]
Number of facilities acquired | facility		2		2
Contributed to JV		$ 28.1
Real estate property acquired		28.8
Jv Partner
Noncontrolling Interest [Line Items]
Preferred ownership (as percent)				100%
Equity ownership percentage (as percent)				50%
JV Partner 97.5%
Noncontrolling Interest [Line Items]
Ownership percentage held by noncontrolling interest (as percent)				97.50%
JV Partner 95%
Noncontrolling Interest [Line Items]
Ownership percentage held by noncontrolling interest (as percent)				95%
Jv Partner
Noncontrolling Interest [Line Items]
Ownership percentage held by noncontrolling interest (as percent)				2.50%
Jv Partner | SNF
Noncontrolling Interest [Line Items]
Contributed to JV	$ 0.6
Jv Partner | ALF
Noncontrolling Interest [Line Items]
Contributed to JV			$ 0.2
Jv Partner | Multi-service campuses
Noncontrolling Interest [Line Items]
Contributed to JV		$ 0.7

VARIABLE INTEREST ENTITIES - Sc

VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Real estate investments, net	$ 1,749,139	$ 1,567,119
Cash and cash equivalents	377,102	294,448
Accounts and other receivables	881	395
Prepaid and other assets	33,815	23,337
Total assets	2,920,879	2,084,838
Liabilities:
Accounts payable, accrued liabilities and deferred rent liabilities	49,717	33,992
Total liabilities	496,143	666,121
Variable Interest Entity, Primary Beneficiary
Assets:
Real estate investments, net	133,216	68,106
Cash and cash equivalents	1,440	0
Accounts and other receivables	241	0
Prepaid and other assets	0	2,800
Total assets	134,897	70,906
Liabilities:
Accounts payable, accrued liabilities and deferred rent liabilities	9,938	7,239
Total liabilities	$ 9,938	$ 7,239

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Ensign and Pennant
Other Commitments [Line Items]
Aggregate required financing of capital expenditures as percentage of initial investment in property (as percent)	20%
Tenant ESG Program
Other Commitments [Line Items]
Authorized annual fund	$ 500

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Commitments and Contingencies (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) facility	Dec. 31, 2023 USD ($)
Other Commitments [Line Items]
Commitments and contingencies
SNF | VIRGINIA
Other Commitments [Line Items]
Contingent earnout liability	$ 10,000
Number of facilities | facility	1
Certain Capital Improvements at Triple-Net Leased Facilities
Other Commitments [Line Items]
Funding commitment	$ 14,800
Portion of funding commitment subject to rent increase at time of funding	7,200
Remaining Commitment
Other Commitments [Line Items]
Commitments and contingencies	30,962
Remaining Commitment | Capital expenditures
Other Commitments [Line Items]
Commitments and contingencies	14,847
Remaining Commitment | Mortgage loans
Other Commitments [Line Items]
Commitments and contingencies	4,700
Remaining Commitment | Other loans receivable
Other Commitments [Line Items]
Commitments and contingencies	1,415
Remaining Commitment | Earn-out obligation
Other Commitments [Line Items]
Commitments and contingencies	$ 10,000

CONCENTRATION OF RISK (Details)

CONCENTRATION OF RISK (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 facility unit_bed	Sep. 30, 2023 facility unit_bed	Sep. 30, 2024 facility unit_bed	Sep. 30, 2023 facility unit_bed	Aug. 01, 2024 facility
Rental Revenue | Geographic Concentration Risk | CA
Concentration Risk [Line Items]
Percentage of Total Revenue	28%	29%	29%	28%
Rental Revenue | Geographic Concentration Risk | TX
Concentration Risk [Line Items]
Percentage of Total Revenue	17%	22%	19%	23%
SNF
Concentration Risk [Line Items]
Number of Facilities		1		1	37
SNF | CA
Concentration Risk [Line Items]
Number of Facilities	43	30	43	30
Number of Beds/Units | unit_bed	5,117	3,494	5,117	3,494
SNF | TX
Concentration Risk [Line Items]
Number of Facilities	41	40	41	40
Number of Beds/Units | unit_bed	5,193	5,126	5,193	5,126
Campus | CA
Concentration Risk [Line Items]
Number of Facilities	12	9	12	9
Number of Beds/Units | unit_bed	2,004	1,527	2,004	1,527
Campus | TX
Concentration Risk [Line Items]
Number of Facilities	4	3	4	3
Number of Beds/Units | unit_bed	630	536	630	536
ALF/ILF | CA
Concentration Risk [Line Items]
Number of Facilities	10	5	10	5
Number of Beds/Units | unit_bed	872	437	872	437
ALF/ILF | TX
Concentration Risk [Line Items]
Number of Facilities	2	2	2	2
Number of Beds/Units | unit_bed	212	212	212	212
Ensign | Rental Revenue | Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of Total Revenue	25%	34%	28%	36%
Ensign | SNF
Concentration Risk [Line Items]
Number of Facilities	86	83	86	83
Number of Beds/Units | unit_bed	9,116	8,741	9,116	8,741
Ensign | Campus
Concentration Risk [Line Items]
Number of Facilities	8	8	8	8
Number of Beds/Units | unit_bed	997	997	997	997
Ensign | ALF/ILF
Concentration Risk [Line Items]
Number of Facilities	7	7	7	7
Number of Beds/Units | unit_bed	661	661	661	661
Priority Management Group | Rental Revenue | Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of Total Revenue	11%	15%	12%	16%
Priority Management Group | SNF
Concentration Risk [Line Items]
Number of Facilities	13	13	13	13
Number of Beds/Units | unit_bed	1,742	1,742	1,742	1,742
Priority Management Group | Campus
Concentration Risk [Line Items]
Number of Facilities	2	2	2	2
Number of Beds/Units | unit_bed	402	402	402	402
Priority Management Group | ALF/ILF
Concentration Risk [Line Items]
Number of Facilities	0	0	0	0
Number of Beds/Units | unit_bed	0	0	0	0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands					9 Months Ended
	Oct. 29, 2024 USD ($) facility numberOfCustomers licensedBed	Oct. 01, 2024 USD ($) facility state window	Aug. 07, 2024 USD ($) facility	Apr. 01, 2024 USD ($) facility	Sep. 30, 2024 USD ($) facility	Aug. 01, 2024 USD ($)
Subsequent Event [Line Items]
Purchase price					$ 271,214
Initial annual cash rents					$ 21,902
SNF
Subsequent Event [Line Items]
Number of facilities acquired | facility			1		4
Principal amount						$ 260,000
Investment interest rate (as percent)						8.40%
Contributed to JV			$ 24,500
Multi-service campuses
Subsequent Event [Line Items]
Number of facilities acquired | facility				2	2
Purchase price					$ 78,154
Contributed to JV				$ 28,100
Initial annual cash rents					$ 6,268
Jv Partner
Subsequent Event [Line Items]
Ownership percentage held by noncontrolling interest (as percent)					2.50%
Jv Partner | SNF
Subsequent Event [Line Items]
Contributed to JV			$ 600
Jv Partner | Multi-service campuses
Subsequent Event [Line Items]
Contributed to JV				$ 700
Subsequent Event | Tennessee Skilled Nursing Facility
Subsequent Event [Line Items]
Number of facilities acquired | facility	31
Purchase price	$ 500,000
Contributed to JV	$ 8,500
Number of licensed beds | licensedBed	3,290
Initial annual cash rents	$ 44,400
Subsequent Event | PACS | Tennessee Skilled Nursing Facility
Subsequent Event [Line Items]
Number of facilities operated by affiliates of customers | facility	12
Subsequent Event | Ensign | Tennessee Skilled Nursing Facility
Subsequent Event [Line Items]
Number of facilities operated by affiliates of customers | facility	9
Subsequent Event | Links Healthcare Group | Tennessee Skilled Nursing Facility
Subsequent Event [Line Items]
Number of facilities operated by affiliates of customers | facility	7
Subsequent Event | New Customer | Tennessee Skilled Nursing Facility
Subsequent Event [Line Items]
Number of facilities operated by affiliates of customers | facility	3
Number of new customer relationships | numberOfCustomers	1
Subsequent Event | Jv Partner
Subsequent Event [Line Items]
Ownership percentage held by noncontrolling interest (as percent)	3.75%
Subsequent Event | Jv Partner | Tennessee Skilled Nursing Facility
Subsequent Event [Line Items]
Contributed to JV	$ 442,000
Subsequent Event | 2024 JV Partnership | Tennessee Skilled Nursing Facility
Subsequent Event [Line Items]
Preferred ownership (as percent)	100%
Equity ownership percentage (as percent)	50%
Subsequent Event | 2024 JV Partnership | Jv Partner | Tennessee Skilled Nursing Facility
Subsequent Event [Line Items]
Ownership percentage held by noncontrolling interest (as percent)	92.50%
COLORADO | Mortgage secured loans receivable | Subsequent Event
Subsequent Event [Line Items]
Finance receivable, extension option, term		1 year
COLORADO | Mortgage secured loans receivable | Subsequent Event | SNF
Subsequent Event [Line Items]
Principal amount		$ 9,800
Investment interest rate (as percent)		8.50%
COLORADO | Mortgage secured loans receivable | Subsequent Event | Maximum | SNF
Subsequent Event [Line Items]
Early termination fee		2%
COLORADO | Mortgage secured loans receivable | Subsequent Event | Minimum | SNF
Subsequent Event [Line Items]
Early termination fee		0%
MARYLAND | Subsequent Event | Master Lease
Subsequent Event [Line Items]
Annual cash rent		$ 5,200
Initial lease term (in years)		15 years
Number of renewal options | state		2
Lease renewal term (in years)		5 years
MARYLAND | Subsequent Event | Skilled Nursing Facility and Skilled Nursing and Campus Facilities
Subsequent Event [Line Items]
Purchase price		$ 55,500
MARYLAND | Subsequent Event | SNF
Subsequent Event [Line Items]
Number of facilities acquired | facility		2
MARYLAND | Subsequent Event | Multi-service campuses
Subsequent Event [Line Items]
Number of facilities acquired | facility		1
MARYLAND | Mortgage secured loans receivable | Subsequent Event
Subsequent Event [Line Items]
Financing receivable, term		15 years
Finance receivable, number of extension options | state		2
Finance receivable, extension option, term		5 years
Financing receivable, put option, exercise window, period prior to maturity date		30 days
Financing receivable, purchase option, number of exercise windows | window		2
Financing receivable, purchase option, second exercise window duration		6 months
MARYLAND | Mortgage secured loans receivable | Subsequent Event | SNF
Subsequent Event [Line Items]
Principal amount		$ 19,200
Investment interest rate (as percent)		9.35%
TENNESSEE | Subsequent Event | Tennessee Skilled Nursing Facility
Subsequent Event [Line Items]
Number of facilities acquired | facility	30
ALABAMA | Subsequent Event | Tennessee Skilled Nursing Facility
Subsequent Event [Line Items]
Number of facilities acquired | facility	1