Sabra Trims Forecast, Tempering a Solid Quarter
Sabra Health Care REIT, Inc. announced several acquisitions in its third quarter results. The REIT acquired six managed seniors housing properties for $217.5 million with an estimated initial cash yield of 7.8%, three of which were acquired through a consolidated joint venture in which Sabra has a 95% equity interest. The company also purchased the operations of four managed seniors housing properties during the quarter. The assets were previously leased to a tenant under triple-net operating leases for $19.7 million. Subsequent to quarter end, Sabra closed on three additional managed seniors housing properties for $124.0 million with an estimated initial cash yield of 7.0%, bringing... Read More »
CareTrust’s Flurry of Acquisitions
CareTrust REIT, Inc. closed a series of transactions totaling approximately $437 million in late October. In two separate deals, the REIT acquired 12 skilled nursing facilities and one skilled nursing campus located across the Southeast and Mid-Atlantic. The combined portfolio includes approximately 1,760 licensed skilled nursing beds and assisted living units and are leased to a mix of existing and new operators under long-term, triple-net leases with annual rent escalators and multiple renewal options. Each operator brings deep regional expertise and a strong track record of clinical and financial performance. At closing, CareTrust funded the transactions using cash on hand. CareTrust... Read More »
Ensign Adds to Its Utah and Alabama Footprint
The Ensign Group, Inc. kicked off November with a couple of new deals. The publicly traded company acquired the real estate and operations of the following seven Stonehedge skilled nursing facilities in Utah: Stonehenge of American Fork (90 beds in American Fork) Stonehenge of Cedar City (50 beds in Cedar City) Stonehenge of Ogden (52 beds in Washington Terrace) Stonehenge of Orem (34 beds in Orem) Stonehenge of Richfield (30 beds in Richfield) Stonehenge of South Jordan (32 beds in South Jordan) Stonehenge of Springville (50 beds in Springville) The real estate was acquired by subsidiaries of Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate company. Each of the... Read More »
Joint Venture Makes Its First Acquisition
A joint venture between Capitol Seniors Housing and a global alternative asset manager with over $55 billion in assets under management worldwide acquired The Woods at Merrimack, a 140-unit seniors housing community in Methuen, Massachusetts. This is the first deal between CSH and the asset manager but marks the beginning of a long-term collaboration between the firms as they expand their seniors housing investments in the U.S. Sunshine Retirement Living developed the community to include 102 market-rate units and a separate three-story building with 38 affordable units. Residents of both buildings can access the community’s indoor and outdoor dining and recreational areas, which include... Read More »
Michigan-Based Owner/Operator Buys Lansing Campus
A public REIT engaged Blueprint in the confidential divestiture of a 53-unit assisted living and memory care campus in Lansing, Michigan. The campus features two standalone buildings separately catering to assisted living residents and those requiring memory care. The well-maintained campus was originally built in 1997 and consisted of 19 assisted living units licensed as an Adult Large Group Home and 34 memory care units licensed as Home for the Aged. Blueprint targeted local and regional investors and providers, resulting in multiple competitive offers. Ultimately, a longstanding, Michigan-based owner and operator was chosen, furthering its desire to expand throughout central and... Read More »Schedule a demo
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