MOUNT VERNON, SHORELINE, LAKEWOOD and VANCOUVER, Wash. — The Ensign Group, Inc. (NASDAQ: ENSG) will take over operations of four skilled nursing facilites in Washington. The owner, CareTrust REIT Inc. (NASDAQ: CTRE), is transferring the operations from Five Oaks Healthcare.
The four facilities are:
- Mira Vista Care Center, a 94-bed skilled nursing facility in Mount Vernon;
- Shoreline Health and Rehabilitation, a 114-bed skilled nursing facility in Shoreline;
- The Oaks at Lakewood, an 80-bed skilled nursing facility in Lakewood; and
- The Oaks at Timberline, a 98-bed skilled nursing facility in Vancouver.
The four properties will be added to an existing long-term, triple-net master lease currently in place between Ensign affiliates and CareTrust. Concurrent with the transaction, the lease term was extended 10 years.
CareTrust became a separate, independent, publicly traded real estate investment trust seven years ago, following a tax-free REIT spin-off transaction with Ensign. At the time, Ensign accounted for 100 percent of CareTrust’s tenant base. Both companies have grown significantly since then, and after today’s announcement Ensign and its affiliates account for approximately 32.4 percent of CareTrust’s annualized rental revenues at March 31, 2021.
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