CareTrust Acquires Four Skilled Nursing Facilities Near Dallas for $95.9M

by Jeff Shaw

DALLAS — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired four skilled nursing facilities in metro Dallas for $95.9 million.

CareTrust has leased the facilities to Priority Management Group LLC.

The portfolio includes 540 skilled nursing beds and 28 assisted living units. CareTrust estimates first-year annual cash rent of $8.6 million. The new master lease has an initial term of 15 years with two five-year renewal options and CPI-based rent escalators.

CareTrust funded the acquisition from cash on hand, including the approximately $81 million of net proceeds from a recent equity offering and its $400 million unsecured revolving credit facility.

CareTrust is a publicly traded healthcare REIT based in San Clemente, Calif.

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