CareTrust REIT, Inc., based in San Clemente, has announced a binding agreement with a joint venture partner to acquire a skilled nursing portfolio for approximately $500 million. The portfolio includes 31 facilities with 3,290 licensed beds located in Tennessee and Alabama.
Under the agreement, PACS Group will operate 12 facilities while affiliates of The Ensign Group will operate nine and Links Healthcare Group will operate seven. Additionally, three facilities will be master-leased to a regional operator – marking CareTrust’s first tenant relationship of this kind.
According to Dave Sedgwick, president and CEO of CareTrust REIT: “This transaction is expected to close successfully in the fourth quarter and bring our total annual investments up to approximately $1.4 billion.” He also mentioned that this investment combined with their pipeline for future opportunities sets them up for another successful year in 2025.
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