DECATUR, Ill. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired The Imboden Creek Living Center, Gardens and Villas, a skilled nursing campus in Decatur, approximately midway between Chicago and St. Louis.
The campus features 95 licensed skilled nursing beds, 46 assisted living units and five independent living units. The acquisition was a “tack-on” to CareTrust’s existing eight-property master lease with Harrisburg-based operator WLC Management Firm LLC, which will replace the outgoing operator.
CareTrust’s initial investment in the facility, inclusive of capital expenditure commitments and transaction costs, was approximately $13.1 million. With the addition of the Imboden Creek facility, annual cash rent under WLC’s master lease will increase by approximately $1.24 million with annual, CPI-based escalators.
The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility.