SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired two seniors housing communities and two skilled nursing facilities in California’s Central Valley for approximately $34.4 million.
The portfolio consists of 79 assisted living units and 293 skilled nursing beds, and is currently leased to affiliates of California-based Covenant Care LLC.
The sellers included three related ownership groups. The names and specific locations of the communities were not disclosed.
The existing leases have terms that expire in 2019, subject to two five-year extension options, and include CPI-based rent escalators. CareTrust funded the acquisition through its $400 million unsecured revolving credit facility.
CareTrust is a publicly traded seniors housing and healthcare REIT based in San Clemente. It owns properties in 20 states.