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CareTrust REIT
CareTrust REIT was formed in 2014 as a spin-off from The Ensign Group, a skilled nursing operator, and is headquartered in San Clemente, California.
CareTrust REIT
CareTrust REIT was formed in 2014 as a spin-off from The Ensign Group, a skilled nursing operator, and is headquartered in San Clemente, California. The firm's leadership includes CEO Dave Sedgwick, CFO Bill Wagner, and Executive Chairman Mike McKee, all former Ensign executives who structured CareTrust to acquire and lease healthcare properties to third-party operators. CareTrust invests primarily in skilled nursing facilities, senior housing, and medical office buildings across 28 states, using triple-net leases that transfer operating costs to tenants. The REIT has deployed over $2.5 billion in acquisitions since inception, often partnering with regional operators and occasionally engaging in development through preferred equity or mezzanine debt. Named tenants include Signature Healthcare, Life Care Centers of America, and Fundamental Healthcare. The firm's portfolio has grown to more than 200 properties, concentrated in the Sun Belt and Midwest, with additional exposure in Texas, Florida, and the Carolinas. CareTrust does not operate a family office or philanthropic foundation; its structure is a publicly traded REIT (NYSE: CTRE) with a market cap of roughly $4.5 billion as of 2026. Unlike many healthcare REITs that own large portfolios of underperforming assets, CareTrust maintains a disciplined acquisition strategy focused on properties with established operators, avoiding speculative development. Its net-lease structure provides stable rental income independent of occupancy fluctuations, though it exposes the firm to tenant credit risk.
General information
Firm type
Real Estate Investment Trust
Year founded
2014
AUM
$2B - $5B (Altss estimate)
Location
Region
North America
Country
United States
City
San Clemente
Corporate office
San Clemente, CA, United States
Principals
Dave Sedgwick
CEO
Bill Wagner
CFO
Mike D. B. G. McKee
Executive Chairman
Sector focus
Frequently asked questions
Who runs investment decisions at CareTrust REIT?
CEO Dave Sedgwick leads the firm's strategic direction along with CFO Bill Wagner and Executive Chairman Mike McKee. The acquisition team screens potential deals, but major portfolio transactions require board approval given the REIT's public-company governance structure.
How does CareTrust source proprietary deal flow?
CareTrust relies on relationships with regional healthcare operators, many of whom were developed through predecessor The Ensign Group. The REIT also receives leads from brokerages and competes for larger portfolios in auction processes.
Does CareTrust operate any properties directly?
No — all CareTrust properties are under triple-net leases to third-party operators. The REIT does not employ clinical or administrative staff at its facilities. It focuses exclusively on real estate ownership and capital deployment.
What investment stages does CareTrust typically target?
CareTrust acquires stabilized operating properties, primarily skilled nursing and senior housing assets with existing cash flow. It occasionally provides construction financing or preferred equity for new developments but prefers net-leased acquisitions with predictable returns.
Which sectors does CareTrust explicitly avoid?
The REIT avoids hospitals, ambulatory surgery centers, and other acute-care settings. It also avoids properties with high capital-expenditure requirements or those reliant on government reimbursement exposure beyond Medicare/Medicaid.
How is CareTrust related to The Ensign Group?
CareTrust was spun off from The Ensign Group in 2014. Ensign remains a major tenant operator at CareTrust properties, but the two entities operate independently with separate management teams and boards.
What is CareTrust's known posture on partnerships with external operators?
CareTrust typically leases properties to single-state or regional operators, preferring operators with existing management expertise and financial stability. It does not form joint ventures or invest alongside external GPs outside of its REIT structure.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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