CareTrust REIT Acquires Two Memory Care Facilities with Experienced Operator
02 June 2023 - 9:01PM
Business Wire
CareTrust REIT, Inc. (NYSE:CTRE) announced today that it has
acquired a 105-unit, two-facility memory care portfolio with
facilities located in Ohio and Michigan.
The facilities will be operated by affiliates of Ridgeline
Management Company under a new, 15-year master lease with CareTrust
that includes two, 5-year extension options and annual CPI-based
rent escalators. Ridgeline is an experienced seniors housing and
memory care operator with facilities across the country. Ridgeline
took over operations at the facilities from the outgoing operator
on June 1, 2023. “The experience of Ridgeline’s principals in
operating communities similar to these, together with their passion
for providing meaningful, impactful care to seniors made them an
ideal fit to operate these facilities,” remarked James Callister,
CareTrust’s Chief Investment Officer.
Commenting on the relationship with CareTrust, Ridgeline’s CEO
John Safrans stated, “Our relationship with CareTrust’s executive
team is unique in its strength and in its mutual trust. We are
confident that these facilities will be the foundation of a
long-term, successful relationship moving forward.” Eric Gillis,
CareTrust’s SVP Investments also stated that, “We are delighted to
enter into a new relationship with the talent and experience of
Ridgeline and we look forward to identifying future opportunities
for growth with them.”
CareTrust’s initial investment in the facilities, inclusive of
transaction costs, was approximately $21.1 million. The acquisition
was funded using proceeds from the Company’s $600 million unsecured
revolving credit facility and provides for initial annual base rent
of approximately $1,785,000.
About CareTrustTM
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. With a nationwide 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. More
information about CareTrust REIT is available at
www.caretrustreit.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230602005081/en/
CareTrust REIT, Inc., (949) 542-3130, ir@caretrustreit.com
CareTrust REIT (NYSE:CTRE)
Historical Stock Chart
From Apr 2024 to May 2024
CareTrust REIT (NYSE:CTRE)
Historical Stock Chart
From May 2023 to May 2024