CareTrust REIT (NYSE: CTRE) announced Wednesday the acquisition of three skilled nursing facilities for approximately $55.6 million across Texas and Missouri. The portfolio consists of 210 skilled nursing beds and 24 assisted living units, and will be added to CareTrust’s existing master lease with affiliates of PACS Group, which have been operating the facilities for […]
CareTrust REIT
CareTrust REIT (NYSE: CTRE) executives disclosed their intention to sell 11 skilled nursing facilities in the Midwest that were classified as held for sale in the second quarter. The announcement was made during the company’s third quarter conference call on Friday, and in the broader context of CareTrust’s proactive portfolio management strategy. Executives indicated that […]
In a recent announcement, Lument, a leading financial services provider, has revealed the successful closure of a $46.3 million refinancing deal on behalf of SanStone Health & Rehabilitation. SanStone is a prominent operator of 18 rehabilitative care communities situated across North Carolina. The multi-million-dollar transaction comprises two loans backed by the U.S. Department of Housing […]
Investments for CareTrust REIT (NYSE: CTRE) proceeded at a steady pace in the second quarter of 2023, and there’s still room for more growth backed by sufficient capital on hand. “We are going into the second half of the year with ample dry powder to continue to grow the business and set up the company […]
AdventHealth completes SNF exit Blueprint facilitated the completion of the sale of the wholly-owned skilled nursing portfolio of AdventHealth, a faith-based, nonprofit health system with headquarters in Altamonte Springs, Florida. The AdventHealth Care Centers portfolio included seven locations with 833 total licensed beds. According to Blueprint, nearly all facilities were 4 and 5-star CMS rated, […]
As the public health emergency expires today – along with crucial waivers for skilled nursing providers – CareTrust REIT (Nasdaq: CTRE) says some of its tenants could potentially be impacted while others see it as a nonevent. CareTrust CEO David Sedgwick said his team continues to watch Medicaid rebasing closely as the PHE era 6.25% […]
CareTrust REIT (NYSE: CTRE) added one skilled nursing facility in Texas and one in Kansas to its portfolio underlining the company’s keenness to expand into new markets. “We are focused on not just adding buildings to existing tenant relationships, but also on identifying and working with operators that are new, or are new to us, […]
Medicaid rebasing efforts are driving dealmaking activity for the skilled nursing sector at the moment, as enhanced federal funding dries up and operators scramble to account for rising costs of care and a floundering workforce. That’s according to executives with CareTrust REIT (NYSE: CTRE). James Callister, chief investment officer , said during the company’s latest […]
In a move long-awaited by skilled nursing providers, President Joe Biden on Monday announced the public health emergency (PHE) will end on May 11 – a month after the current extension expires. The PHE first was declared in 2020 as Covid-19 was first sweeping across the country and was most recently renewed on Jan. 11, […]
Dave Sedgwick is CEO of CareTrust REIT, an owner and investor in more than 150 skilled nursing facilities nationwide. With more than 20 years of experience as a licensed nursing home administrator and several previous leadership roles with The Ensign Group, Sedgwick has a wealth of operating and financial experience when it comes to post-acute […]
The top quotes of 2022 memorably captured some of the biggest skilled nursing issues of the year, from “shocking” payment policies to “colossal” regulatory issues to “transformative” changes. The quotes below not only serve as reminders about what transpired over the last 12 months, but touch on many issues that are still pressing as 2023 […]
CareTrust REIT (NYSE: CTRE) on Monday announced a change in leadership with James Callister stepping into the role as chief investment officer at the end of the year. Current Chief Investment Officer Mark Lamb is stepping down to pursue entrepreneurial opportunities, the company shared in its news release. Callister, who currently serves as executive vice […]
Skilled nursing operators should anticipate further distress in the coming months and into 2023, which will likely result in even greater divides among providers. The winners and losers already are being sorted, as the latest round of real estate investment trust (REIT) earnings made clear. And unsurprisingly, strong regional operators are leading the pack. Welltower […]
CareTrust REIT Inc. (NYSE: CTRE) funded a $24.9 million B-piece secured financing on a four-facility portfolio in the Southeast. The portfolio includes about 700 skilled nursing beds, according to CareTrust. “This loan begins a new relationship with this new Southeast operator,” CEO Dave Sedgwick said in a statement. “The operator has done a tremendous job […]
Utah-based skilled nursing company Eduro Healthcare recently acquired seven facilities in the San Antonio, Texas area, bringing the total count in the state to 15. Eduro first entered the Texas market in April 2021, and has seen success as operational and delivery of care changes are implemented, according to a news release. “Having worked in […]
The impacts of inflation, rising interest rates, mounting indications of a recession and a tight labor market are presenting both challenges and opportunities as CareTrust REIT (NYSE: CTRE) continues to advance its plans to de-risk a portion of its portfolio. “Since we announced plans in February to de-risk the portfolio, the world has changed quite […]
An estimated 72% of New York’s 394 for-profit nursing homes do business with companies that have common or overlapping ownership, a recent report from the Empire Center for Public Policy reveals. The report showed that payments from for-profit nursing homes to these related companies totaled almost $1.1 billion, or 16% of their total expense for […]
A portfolio of 17 existing skilled nursing facilities in West Virginia changed hands this week in a $582 million deal involving a joint venture between a skilled nursing real estate owner and a large regional operator of post-acute facilities. Ohio-based CommuniCare Health Services took over operations of Stonerise, expanding the company’s reach in its home […]
With the Biden administration looking to possibly clamp down on the role private equity and real estate investment trusts play in the nursing home industry, CareTrust REIT (NYSE: CTRE) CEO David Sedgwick says the company is poised for continued growth in the sector. “We never took our foot off the pedal of acquisitions since Covid […]
CareTrust REIT (Nasdaq: CTRE) is moving forward with plans to de-risk a portion of its portfolio, with 27 of the 32 targeted assets up for sale. The 32 facilities – a “vast majority” of which are seniors housing and some skilled nursing – represent approximately 10% of the real estate investment trust’s contractual cash rent. […]
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