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CareTrust REIT Completes Sale of Ohio Skilled Nursing Facilities
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
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Rhea-AI Summary
CareTrust REIT, Inc. (NYSE:CTRE) has successfully completed the sale of seven skilled nursing facilities in Ohio for $52 million. This transaction results in the termination of the company’s master lease with Trio Healthcare. The facilities encompass around 600 skilled nursing beds and approximately 100 seniors housing beds. CEO Dave Sedgwick emphasized the significance of this achievement in the context of their strategy to de-risk the portfolio, with plans to address the remaining 25 properties by year-end.
Positive
Completed sale of seven skilled nursing facilities for $52 million, strengthening asset management.
Termination of the master lease with Trio Healthcare allows for strategic repositioning of assets.
Ongoing plans to resolve the status of 25 additional facilities by year-end indicate proactive asset management.
Negative
None.
SAN CLEMENTE, Calif.--(BUSINESS WIRE)--
CareTrust REIT, Inc. (NYSE:CTRE) announced today that it has completed the sale of seven skilled nursing facilities in Ohio for a purchase price of $52 million. In connection with the completion of the sale, the company’s master lease with affiliates of Trio Healthcare was terminated. The portfolio includes approximately 600 skilled nursing beds along with approximately 100 seniors housing beds/units.
President and CEO, Dave Sedgwick, said, “In February, we announced a plan to de-risk the portfolio by selling or re-tenanting 32 properties. Given how much the world has changed since we kicked off that process, getting this significant disposition done by the end of summer is a testament to the talented team at CareTrust.” With respect to the other 25 seniors housing facilities currently held for sale or re-tenanting, Mr. Sedgwick said, “The remaining properties are moving forward towards resolution in the coming months. We continue to see a path to completing this work by year-end for the majority of the assets. As with today’s announcement, we will provide updates as definitive progress is made.”
About
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.
