CareTrust REIT Keeps It Up

CareTrust REIT is heading closer and closer to the 200-facility mark, currently sitting at 181 properties in 23 states, as it continues to purchase senior care facilities across the country. Just last month, the REIT bought 13 skilled nursing facilities in Washington, Texas and Idaho, all formerly operated by affiliates of Kindred Healthcare. Now, CareTrust has added three more Kindred facilities in Washington State to its growing portfolio. Located in Arden, Lakewood and Vancouver, the facilities total 268 beds. CareTrust added them to its existing master lease with affiliates of Five Oaks Healthcare, which has a remaining initial term of about 13 years, two five-year renewal options and CPI-based escalators, bringing the REIT’s relationship with Five Oaks to five properties in the state.

CareTrust then moved east, and switched property types too, acquiring three assisted living communities and 91 total units in Virginia. The portfolio was added to an existing master lease (now numbering five properties) with affiliates of Twenty/20 Management. Like the Washington transaction, there is a remaining initial term of about 13 years, with two five-year renewal options and CPI-based escalators.


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