By Amy Stulick
CareTrust REIT (NYSE: CTRE) on Monday announced a change in leadership, with James Callister stepping into the role as chief investment officer at the end of the year.
Current Chief Investment Officer Mark Lamb is stepping down to pursue entrepreneurial opportunities, the company shared in its news release. Callister, who currently serves as executive vice president, will take on the position effective Dec. 31.
Lamb has been in the role since July 2014, according to the San Clemente, Calif.-based real estate investment trust (REIT). He has had a “tremendous impact” on building the company since the very beginning, CareTrust CEO David Sedgwick said in a statement.
“While I am excited for the next chapter of my career, this was nonetheless a very difficult decision given how much CareTrust means to me,” Lamb added. “I am proud of what we have accomplished and am highly confident in James and the team’s growth prospects going forward. I am pleased to leave the team in very capable hands.”
A representative for CareTrust did not respond to questions regarding the leadership change.
Callister came from law firms Sherry Mayerhoff Hanson & Crance and O’Melveny & Myers, working almost exclusively on health care REIT transactions.
He has helped close acquisitions or financings for more than 300 skilled nursing, senior housing and independent living communities. Those transactions totaled more than $2.5 billion across 35 states, according to CareTrust.
“James has been instrumental in every transaction in the company’s history and has earned for himself and for CareTrust the reputation of a practical, honest, and creative transactional partner,” said Sedgwick. “We are fortunate that James is ready, willing, and able to take the baton and continue the growth story at CareTrust.”
Callister comes into the role during an increasingly opportunistic time for REITs in the space, with the end of the public health emergency (PHE) looming, inflation and labor challenges creating even more financial stress for skilled nursing operators.
CareTrust alone announced plans to repurpose or dispose of up to 32 assets this year, the majority of which are senior housing communities.
The company made further progress on that effort in the last financial quarter with the sale of seven skilled nursing facilities and one multi-service campus totaling about 600 skilled beds and 100 senior housing units. That leaves 19 assets still on the market as of Sept. 30.
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