ENSG - CareTrust REIT: Nursing Home REIT Set To Age Gracefully
Investment Thesis
CareTrust REIT (CTRE) is a landlord of mostly nursing homes and assisted living facilities along with some senior campus communities. It owns (but does not operate) 207 triple-net leased properties run by 22 different operators across 28 states. It also owns three senior housing operating properties, one preferred equity investment, and three mortgage loans. This represents a more pure play on directly-owned, net-leased, senior-focused properties than many of CTRE's peers in the REIT space.
Like with many senior-focused REITs, CTRE has come under pressure recently from weakening tenant financials