CareTrust REIT, Inc.

Overview of Transaction Structure

•All homes are, or will be upon closing, leased to subsidiaries of Crystal Care, LNT’s care home operating portfolio company, under triple-net leases that provide for fixed annual escalators and renewal options (the “Lease-up Phase”).

•The transaction was structured to provide CareTrust consistent, guaranteed rental income from a high-quality operator in the initial years following development, a phase that otherwise would be dilutive to earnings as home operations ramp. Following the Lease-up Phase, both CareTrust and LNT intend to transfer all 45 homes to a RIDEA structure with Crystal Care, ensuring a smooth transition to CareTrust’s senior housing operating portfolio (the “SHOP Phase”).

•The SHOP Phase is expected to begin between years two and four following each home’s completion with the first transition anticipated to occur by the fourth quarter of 2027. The transaction is expected to be accretive to normalized funds from operations per share during the Lease-up Phase, inclusive of straight-line rent adjustments, and to generate an all-in yield in the mid- to high-7% range on a pre-tax basis in year one of the SHOP Phase.

“The chance to build a close relationship with LNT—one of the most productive and proven care home developers in the United Kingdom—while doing it in a way that is accretive rather than dilutive as the homes lease up, and with a defined path into a SHOP structure upon stabilization, is what makes this check all the boxes for us,” said James Callister, CareTrust’s Chief Investment Officer. “These are brand new, purpose-built, private pay homes serving a market with a genuine shortage of modern care beds. We have structured it so that we are paid to be patient while the homes fill, and when we move to acquire the operating companies we underwrite all-in stabilized yields in the mid- to high-7% range with room to grow as they are positioned for success for decades to come.” Mr. Callister added, “This also materially improves the age, quality and configuration of our overall UK care home portfolio.”

1 Based on the British Pound Sterling to U.S. Dollar exchange rate of 1.327 on September 28, 2026.

2 Includes one completed and operating home, the closing of which remains subject to receipt of regulatory approval anticipated in October 2026.