CareTrust REIT Acquires Two Skilled Nursing Facilities with Total Investment of $62.1 Million

Strategic Insights -

CareTrust REIT, Inc. has expanded its portfolio with the acquisition of two skilled nursing facilities in separate transactions. The company invested approximately $62.1 million to acquire the facilities, which have a total of 259 licensed beds. The acquisitions were funded using cash on hand, and the company currently has approximately $221 million of cash on hand. CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development, and leasing of skilled nursing, seniors housing, and other healthcare-related properties.

Key Takeaways:

  • CareTrust REIT, Inc. acquired a 125-licensed bed skilled nursing facility in the Mid-Atlantic for approximately $37.7 million, generating initial annual base rent of approximately $3.4 million.
  • The company also acquired a 134-licensed bed skilled nursing facility on the West Coast for approximately $24.5 million, with a lease in place that expires in mid-2026.
  • The investments were funded using cash on hand, and the company currently has approximately $221 million of cash on hand.
  • CareTrust REIT, Inc. now has approximately $230 million of near-term, actionable real estate acquisition opportunities.
  • The company has initiated a new $750 million ATM program under its shelf registration statement on Form S-3 filed with the SEC.

Statistics:

  • Total investment in the two skilled nursing facilities: approximately $62.1 million
  • Investment in the 125-licensed bed skilled nursing facility: approximately $37.7 million
  • Initial annual base rent of the 125-licensed bed facility: approximately $3.4 million
  • Investment in the 134-licensed bed skilled nursing facility: approximately $24.5 million
  • Outstanding share count: 161.3 million shares
  • Cash on hand: approximately $221 million

Sources:

  • "CareTrust REIT Acquires Two Skilled Nursing Facilities with Total Investment of $62.1 Million" CloseUpMedia (August 29)
  • Form S-3 filing with the SEC by CareTrust REIT, Inc.