CareTrust Announces $437 Million in Acquisitions, Reflecting Confidence in SNF Sector

CareTrust REIT (NYSE: CTRE) on Wednesday announced a series of transactions totaling about $437 million.

Two of the transactions, which closed in late October, consisted of 12 skilled nursing facilities and one skilled nursing campus located across the Southeast and Mid-Atlantic, the San Clemente, Calif.-based real estate investment trust (REIT) said in a statement.

“We’re thrilled to announce the closing of these two large transactions, each of which required significant effort, collaboration and resourcefulness and together represent one of our most significant U.S. investments to date,” said James Callister, chief investment officer for CareTrust.

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The investments highlight the REIT’s continued confidence in the skilled nursing sector, Callister said, and an ability to deploy capital efficiently and into high-quality assets.

The combined portfolio includes about 1,760 skilled nursing beds and assisted living units, leased to a mix of existing and new operators under long-term, triple-net leases.

Among the operators there is deep regional expertise and a strong track record of clinical and financial performance, according to CareTrust.

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The REIT closed on two other investments in late October, one involving a skilled nursing facility and two more being assisted living communities in separate markets. These transactions bring CareTrust’s annual investment total to about $1.6 billion.

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