CareTrust Expands Skilled Nursing Portfolio in Texas
CareTrust REIT (CTRE) announced the acquisition of Ennis Care Center, a 155-bed nursing facility in the Dallas-Fort Worth area, enhancing its portfolio. This acquisition boosts CareTrust's annual rent revenue from Eduro Healthcare by $815,000 and extends their master lease by four years. Eduro now manages a total of nine facilities under CareTrust's lease, with a remaining term of approximately 12 years and CPI-based rent escalators. The acquisition was funded with cash on hand, reflecting CareTrust's commitment to growth in healthcare real estate.
- Acquisition of Ennis Care Center increases rental income by $815,000 annually.
- Extended master lease with Eduro Healthcare by four years, now totaling approximately 12 years.
- Increases CareTrust's relationship with Eduro to nine facilities, promoting portfolio expansion.
- None.
SAN CLEMENTE, Calif., Feb. 03, 2022 (GLOBE NEWSWIRE) -- CareTrust REIT, Inc. (Nasdaq: CTRE) today announced the acquisition of Ennis Care Center in the Dallas-Fort Worth Metroplex. The 155-bed skilled nursing facility will be added to CareTrust’s existing master lease with affiliates of Eduro Healthcare, who took over operations on February 1, 2022. The acquisition of the Ennis Facility increases CareTrust’s relationship with Eduro to 9 facilities and increases annual rent under the Eduro master lease by
“We’re elated to expand our relationship with the Eduro team. Eduro has proven over the past few years that their model of patient centered care and extreme focus on facility culture produces great results for their residents and staff and we’re confident that they will take Ennis Care Center to new heights over the coming months and years,” explained Dave Sedgwick, CareTrust’s CEO and President.
Michael Bewsey, Eduro’s Managing Partner commented “Eduro is excited to not only add Ennis Care Center to our relationship with CareTrust, but we are also excited by the extension of our master lease by four additional years, which allows us to reset the clock on our relationship, as we continue to implement the growth and execution plans we have set for our company.”
With the 4-year extension of the initial term, the CareTrust master lease with Eduro has a remaining initial term of approximately 12 years, with two five-year renewal options, and CPI-based annual rent escalators. The acquisition was funded using cash on hand.
About CareTrust™
CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States. More information about CareTrust REIT is available at www.caretrustreit.com.
About Eduro Healthcare
Eduro Healthcare LLC is a Utah-based national skilled nursing company with 26 facilities in 10 states. Eduro puts a primary emphasis on patient care, driven by four core values: Wellness, Compassion, Experience and Results. More information about Eduro Healthcare is available at www.edurohc.com.
CONTACT:
CareTrust REIT, Inc., (949) 542-3130, ir@caretrustreit.com
FAQ
What is the impact of CareTrust's recent acquisition of Ennis Care Center on its annual rent?
How long is the newly extended master lease between CareTrust and Eduro after the acquisition?
How many facilities does CareTrust now have under lease with Eduro Healthcare?
How was the acquisition of Ennis Care Center funded?
