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CareTrust REIT Acquires Three-Property Skilled Nursing Portfolio in Texas, Missouri for $55.6M

COLUMBIA, MO., and HOUSTON — CareTrust REIT Inc. (NYSE: CTRE) has acquired three skilled nursing facilities for approximately $55.6 million, inclusive of transaction costs. 

The portfolio, consisting of 210 skilled nursing beds and 24 assisted living units, will be added to CareTrust’s existing master lease with affiliates of PACS Group Inc., which has been operating the facilities for a third-party landlord. Two of the facilities are located in Houston and one is located in Columbia.

The acquisition increases annual rent under the existing PACS master lease by approximately $5 million. As part of the transaction, the tenant will have an option to purchase two of the facilities following the fourth anniversary of the closing. The deal brings the total number of beds/units under the CareTrust/PACS relationship to over 1,200.

CareTrust funded the transaction with cash on hand.

The post CareTrust REIT Acquires Three-Property Skilled Nursing Portfolio in Texas, Missouri for $55.6M appeared first on Seniors Housing Business.

Source: Senior Housing Business

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