2023-06-02 07:38:10 ET
- CareTrust REIT ( NYSE: CTRE ) notifies that it has acquired a 105-unit, two-facility memory care portfolio with facilities located in Ohio and Michigan.
- In accordance with a new, 15-year master lease with CareTrust that includes two, 5-year renewal options and annual CPI-based rent increases, the facilities will be run by affiliates of Ridgeline Management Company.
- CareTrust’s initial investment in the facilities was ~$21.1 million.
- The deal was funded using proceeds from the company’s $600 million unsecured revolving credit facility and provides for initial annual base rent of ~$1.79M.
For further details see:
CareTrust REIT acquires 125-bed skilled nursing facility in Houston area