CareTrust REIT, Inc. (NYSE:CTRE) announced today that, together
with a joint venture partner, it has entered into a binding
agreement to acquire a portfolio of skilled nursing facilities for
a purchase price of approximately $500 million. The portfolio
consists of 31 skilled nursing facilities and a total of 3,290
licensed beds, with 30 of the facilities located in Tennessee and 1
in Alabama. The acquisition is subject to customary closing
conditions, and there can be no assurance that the transaction will
close in the anticipated timeframe, or at all. The Company
anticipates that the transaction will close in the fourth quarter
of 2024.
It is anticipated that most of the facilities will be operated
by existing CareTrust tenant relationships, including affiliates of
The Ensign Group (NASDAQ: ENSG), PACS Group, Inc. (NYSE: PACS), and
Links Healthcare Group. PACS has agreed to operate 12 of the
facilities, Ensign affiliates 9 of the facilities, and Links 7 of
the facilities. Three facilities will be master leased to a
regional operator that is a new tenant relationship for CareTrust.
Three of Ensign’s 9 facilities will be acquired by Ensign’s real
estate subsidiary with the remaining 6 to be included in a new
master lease.
The acquisition will be completed through a joint venture
arrangement entered into between CareTrust and a large third-party
healthcare real estate owner. In connection with the joint
venture’s acquisition of the portfolio, CareTrust expects to
provide a combined common equity and preferred equity investment
amount totaling approximately $442 million at an initial
contractual yield on its combined preferred and common equity
investments in the joint venture of approximately 9.0%.
Dave Sedgwick, CareTrust’s President and Chief Executive
Officer, stated that, “This transaction provides an extraordinary
opportunity for us and these operators to significantly expand our
presence in two states we are very excited about: Tennessee and
Alabama.” Mr. Sedgwick went on to state that, “The successful
closing of this transaction in the fourth quarter will, not
including other opportunities we continue to pursue, bring our
annual investment total to approximately $1.4 billion. Combining
the full-year impact of this year’s investments with a reloading
pipeline, the table is set for 2025 to be another tremendous year
for CareTrust and the many operators we support.”
James Callister, CareTrust’s Chief Investment Officer, remarked
that, “We are incredibly excited to expand our relationship with
Ensign, PACS and Links and to begin a new relationship with another
quality operator as they each strive to provide an outstanding
experience for their employees, residents, patients, and
communities.”
CareTrust also reported that, inclusive of this pending
transaction, the reloaded investment pipeline sits at approximately
$700 million of near-term, actionable opportunities, not including
larger portfolios the company is reviewing.
About CareTrust™
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.
About Ensign™
The Ensign Group, Inc.'s independent subsidiaries provide a
broad spectrum of skilled nursing and senior living services,
physical, occupational and speech therapies and other
rehabilitative and healthcare services at 323 healthcare facilities
in Arizona, California, Colorado, Idaho, Iowa, Kansas, Nebraska,
Nevada, South Carolina, Tennessee, Texas, Utah, Washington and
Wisconsin. As part of its investment strategy, Ensign will also
acquire, lease and own healthcare real estate to service the
post-acute care continuum through acquisition and investment
opportunities in healthcare properties. Ensign’s new business
venture operating subsidiaries also offer several other
post-acute-related services, including mobile x-ray, emergency and
non-emergency transportation services, long-term care pharmacy and
other consulting services also across several states.
About PACS™
PACS Group, Inc. is a holding company investing in post-acute
healthcare facilities, professionals, and ancillary services.
Founded in 2013, PACS Group is one of the largest post-acute
platforms in the United States. Its independent subsidiaries
operate 276 post-acute care and senior living facilities across 15
states, serving over 32,000 patients daily.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements include all statements that are
not historical statements of fact and statements regarding the
Company’s intent, belief or expectations, including, but not
limited to, statements regarding the closing of the transaction,
lease arrangements for the acquired facilities, and the Company’s
investment pipeline.
Words such as “anticipate,” “believe,” “could,” “expect,”
“estimate,” “intend,” “may,” “plan,” “seek,” “should,” “will,”
“would,” and similar expressions, or the negative of these terms,
are intended to identify such forward-looking statements, though
not all forward-looking statements contain these identifying words.
The Company’s forward-looking statements are based on management’s
current expectations and beliefs, and are subject to a number of
risks and uncertainties that could lead to actual results differing
materially from those projected, forecasted or expected. Although
the Company believes that the assumptions underlying these
forward-looking statements are reasonable, they are not guarantees
and the Company can give no assurance that the transaction will
close in the anticipated timeframe, or at all, or that its
expectations will be attained. Factors which could have a material
adverse effect on the Company’s operations and future prospects or
which could cause actual results to differ materially from
expectations include, but are not limited to: (i) uncertainties as
to the timing of closing of the transaction and other anticipated
investments; (ii) the possibility that conditions to closing the
transaction may not be satisfied or waived; (iii) the ability and
willingness of our tenants to meet and/or perform their obligations
under the triple-net leases we have entered into with them,
including without limitation, their respective obligations to
indemnify, defend and hold us harmless from and against various
claims, litigation and liabilities; (iv) the risk that we may have
to incur additional impairment charges related to our assets held
for sale if we are unable to sell such assets at the prices we
expect; (v) the impact of healthcare reform legislation, including
minimum staffing level requirements, on the operating results and
financial conditions of our tenants; (vi) the ability of our
tenants to comply with applicable laws, rules and regulations in
the operation of the properties we lease to them; (vii) the ability
and willingness of our tenants to renew their leases with us upon
their expiration, and the ability to reposition our properties on
the same or better terms in the event of nonrenewal or in the event
we replace an existing tenant, as well as any obligations,
including indemnification obligations, we may incur in connection
with the replacement of an existing tenant; (viii) the availability
of and the ability to identify (a) tenants who meet our credit and
operating standards, and (b) suitable acquisition opportunities and
the ability to acquire and lease the respective properties to such
tenants on favorable terms; (ix) the ability to generate sufficient
cash flows to service our outstanding indebtedness; (x) access to
debt and equity capital markets; (xi) fluctuating interest rates;
(xii) the impact of public health crises, including significant
COVID-19 outbreaks as well as other pandemics or epidemics; (xiii)
the ability to retain our key management personnel; (xiv) the
ability to maintain our status as a real estate investment trust
(“REIT”); (xv) changes in the U.S. tax law and other state, federal
or local laws, whether or not specific to REITs; (xvi) other risks
inherent in the real estate business, including potential liability
relating to environmental matters and illiquidity of real estate
investments; and (xvii) any additional factors included in our
Annual Report on Form 10-K for the year ended December 31, 2023 and
our Quarterly Reports on Form 10-Q for the quarters ended March 31,
2024 and June 30, 2024, including in the section entitled “Risk
Factors” in Item 1A of such reports, as such risk factors may be
amended, supplemented or superseded from time to time by other
reports we file with the SEC.
As used in this press release, unless the context requires
otherwise, references to “CTRE,” "CareTrust," “CareTrust REIT” or
the “Company” refer to CareTrust REIT, Inc. and its consolidated
subsidiaries.
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version on businesswire.com: https://www.businesswire.com/news/home/20241028411665/en/
CareTrust REIT, Inc., (949) 542-3130, ir@caretrustreit.com
CareTrust REIT (NYSE:CTRE)
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CareTrust REIT (NYSE:CTRE)
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