CareTrust REIT, Inc. announced that it acquired four post-acute care facilities in the Dallas-Ft. Worth area in an off-market transaction for $47.6 million, inclusive of transaction costs. The portfolio consists of 554 skilled nursing beds and 24 assisted living beds. The facilities are currently leased to operating affiliates of The Ensign Group, Inc. The facilities are Beacon Harbor Healthcare & Rehabilitation in Rockwall, Rowlett Health & Rehabilitation Center in Rowlett, Crestwood Health & Rehabilitation in Wills Point, and Pleasant Manor Healthcare & Rehabilitation in Waxahachie.
CareTrust assumed the seller’s two existing leases in the transaction, with aggregate annual cash rent of approximately $3.8 million and CPI-based escalators. The leases have a remaining term of approximately 14 years with three five-year renewal options and include a tenant option to purchase the properties later in the initial term. The acquisition was funded using a combination of cash on hand and CareTrust’s $600 million unsecured revolving credit facility.
CareTrust REIT, Inc. is a real estate investment trust engaged in the ownership, acquisition, development, and leasing of skilled nursing, senior housing, and other health care-related properties. With a portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States.
This was reported by CareTrust REIT on November 17, 2020.