Skilled Nursing News October 3, 2024
CareTrust REIT (NYSE: CTRE) announced Thursday the acquisition of a four-facility, 396-bed skilled nursing portfolio located in the Mid-Atlantic region for approximately $74.7 million.
This acquisition includes a skilled nursing and assisted living campus with 47 assisted living units.
As part of the acquisition, CareTrust entered into a triple-net master lease with a new operator known for its extensive experience in managing skilled nursing facilities across multiple states. The master lease is set for an initial term of 15 years and includes options for two additional five-year extensions. The lease will generate a contractual yield of 9.3% in the first year, incorporating transaction costs with annual adjustments based on Consumer Price Index (CPI) escalators.
The acquisition was financed using cash...
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