CareTrust REIT, Inc. (CTRE) said on Tuesday that it has acquired The Villas at San Bernardino, a 78-unit assisted living and memory care facility located in San Bernardino, California.
In connection transaction, CareTrust and a third-party regional healthcare real estate investor entered into a joint venture or JV under which CareTrust provided an investment of $10.7 million.
CareTrust is the managing member of the JV entity and will get initial contractual yield of around 9.3 percent.
The facility will be operated by Oxford Health Group, a new operator relationship for CareTrust.
Oxford and the JV landlord entered into a new, triple-net lease deal that provides for 2 percent fixed annual rent escalators, a 10-year initial term, and four, 5-year extension options.
The investments were funded using cash on hand.
CTRE was trading down by 1.28 percent at $21.59 per share in the pre-market trade on the New York Stock Exchange.
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