SAN CLEMENTE, Calif. - CareTrust REIT, Inc. (NYSE:CTRE) has expanded its real estate portfolio through the acquisition of three skilled nursing facilities totaling $55.6 million, which includes transaction costs. The properties, which encompass 210 skilled nursing beds and 24 assisted living units, are the latest addition to CareTrust's master lease with PACS Group, Inc., marking a further development in their existing partnership.
The newly acquired facilities, two of which are located in Houston, Texas and one in Columbia, Missouri, will see an increase in annual rent under the master lease by about $5.002 million. This transaction also provides PACS Group, Inc. with an option to purchase two of the facilities after four years from the closing date. With this deal, the total number of beds and units under the CareTrust and PACS relationship now exceeds 1,200.
James Callister, Chief Investment Officer at CareTrust, expressed enthusiasm over the expansion with PACS, citing their commitment to patient-centered care and strong local leadership. He anticipates that PACS will continue to deliver superior outcomes for the residents and staff at these locations. Derick Apt, Chief Financial Officer of PACS, reciprocated the sentiment, praising CareTrust for being an excellent capital and transaction partner and looking forward to future growth in their collaboration.
The investment for this acquisition was made using CareTrust's available cash reserves.
CareTrust REIT, Inc. is a self-administered real estate investment trust that specializes in the acquisition, development, and leasing of healthcare-related properties, including skilled nursing and seniors housing. The company focuses on long-term net-leased properties and is actively pursuing growth opportunities throughout the United States.
This expansion demonstrates CareTrust's ongoing strategy to grow its portfolio and strengthen partnerships with healthcare operators. The information reported is based on a press release statement from CareTrust REIT, Inc.
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