CareTrust REIT, Inc. (CTRE) announced on Thursday that it has acquired four facilities, 396-bed/unit skilled nursing portfolio located in the Mid-Atlantic for a total investment of around $74.7 million. The investment was funded using cash on hand.
In addition, the company noted that subsequent to the closing of this acquisition, the reloaded investment pipeline stands at $240 million of near-term, actionable opportunities.
One of the four facilities acquired is a skilled nursing and assisted living campus, which includes 47 assisted living units.
In connection with the transaction, the buyer entered into a triple-net master lease with a new operator relationship.
The new master lease has an initial term of 15 years with two, 5-year extension options and provides for a year 1 contractual lease yield of 9.3 percent with annual CPI-based escalators.
To facilitate certain local constraints, the acquisition of one of the facilities was structured as a mortgage loan extended by CareTrust to the operator.
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