CareTrust Buys Skilled Nursing Facility And Memory Care Facility For $16.7 Mln

(RTTNews) - CareTrust REIT, Inc. (CTRE) announced Thursday that it has acquired Shamrock Nursing and Rehabilitation Center, a 105-bed skilled nursing facility located in Dublin, Georgia, for $8.3 million. Separately, CareTrust said it has acquired Bristol Court Assisted Living, a 70-unit/115-bed memory care facility located in St. Petersburg, Florida for $8.4 million.

Concurrently with the acquisitions, CareTrust entered into a master lease with Trillium Healthcare Group, LLC, and Better Senior Living Consulting, LLC, respectively, which took over operations effective July 1.

Regarding Shamrock Nursing, the company said the acquisition provides an initial cash yield of 9.65%, producing initial annual revenue of $799,148. The master lease has an initial term of 15 years with two five-year extensions and CPI-based rent escalators.

The Florida senior housing acquisition has a going-in cash yield of 8.5%, producing initial annual rental revenue of $716,022. The master lease has an initial term of 15 years with two five-year extensions and CPI-based rent escalators.

Trillium Healthcare is a post-acute healthcare company, offering unparalleled operational insight into the skilled nursing and senior living industries.

Better Senior Living is a Florida-based senior living and memory care operations that operates eight seniors housing facilities with 481 beds located throughout the State of Florida.