SAN CLEMENTE, Calif. — CareTrust REIT and a joint venture partner have acquired a portfolio of skilled nursing facilities in the Pacific Northwest for $146 million.
Comprising 911 licensed beds across 10 properties, the portfolio is located in Idaho, Oregon and Washington. The two existing tenants will continue to occupy the facilities on new, 15-year triple-net leases with extended options and annual escalators.
California-based CareTrust provided common equity and preferred equity investments totaling $141 million at closing using cash on hand and a draw from the company’s revolving credit line.
This acquisition brings CareTrust’s annual investment total to roughly $1.1 billion.
“We are excited to announce the acquisition of 10 skilled nursing properties in a transaction that reflects both our commitment to disciplined growth and the continued opportunity in the post-acute sector,” says James Callister, chief investment officer of CareTrust. “Working alongside two strong existing tenants and our joint venture partner to navigate a complex closing structure has been a pleasure, and we’re thrilled to add to relationships that align with our long-term strategy.”