ENNIS, Texas — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Ennis Care Center in the Dallas-Fort Worth Metroplex city of Ennis. The price was not disclosed.
The 155-bed skilled nursing facility will be added to CareTrust’s existing master lease with affiliates of Eduro Healthcare, which took over operations on Feb. 1.
The acquisition of the Ennis Facility increases CareTrust’s relationship with Eduro to nine facilities and increases annual rent under the Eduro master lease by $815,000. The initial term of Eduro’s master lease with CareTrust was also extended by four years in connection with the transaction.
With the extension of the initial term, the CareTrust master lease with Eduro has a remaining initial term of approximately 12 years, with two five-year renewal options and CPI-based annual rent escalators. The acquisition was funded using cash on hand.