CareTrust REIT Completes Sale of Virginia Senior Housing Facilities

Rhea-AI Summary

CareTrust REIT, Inc. (NYSE:CTRE) announced the successful sale of five senior housing facilities in Virginia for $13 million, totaling approximately 240 units. This transaction aligns with the company’s strategy to de-risk its portfolio. CEO Dave Sedgwick emphasized the effort to close the sale by year-end, even amid challenging market conditions. The sold properties were removed from the company's master lease with Noble Senior Services, and plans are underway for the remaining facilities pending sale or re-tenanting.

Positive

• Completion of sale of five seniors housing facilities, strengthening portfolio management.
• Sale proceeds of $13 million will enhance financial flexibility.

Negative

• Market challenges highlighted in the sale process could indicate broader industry issues.

SAN CLEMENTE, Calif.--(BUSINESS WIRE)-- CareTrust REIT, Inc. (NYSE:CTRE) announced today that it has completed the sale of five seniors housing facilities in Virginia for a purchase price of $13 million. The facilities sold included, in the aggregate, approximately 240 units. In connection with the completion of the sale, the facilities were removed from the company’s applicable master lease with affiliates of Noble Senior Services. The facilities were sold to a regional owner/operator of assisted living and memory care facilities.

President and CEO, Dave Sedgwick, said, “The sale of these five facilities continues our plan to de-risk the portfolio and I am appreciative of our team’s efforts to facilitate this closing by year end given challenging market circumstances.” With respect to the seniors housing facilities that remain held for sale or re-tenanting, Mr. Sedgwick said, “We continue to move forward towards selling or re-tenanting the remaining facilities held for sale and 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230104005437/en/

CareTrust REIT, Inc.

(949) 542-3130

ir@caretrustreit.com

Source: CareTrust REIT, Inc.

FAQ

What is CareTrust REIT's recent announcement regarding its facilities?

CareTrust REIT announced the sale of five seniors housing facilities in Virginia for $13 million.

How many units were sold in the CareTrust REIT transaction?

The transaction involved approximately 240 units.

What strategy does CareTrust REIT's recent sale support?

The sale supports CareTrust REIT's strategy to de-risk its portfolio.

Who is the CEO of CareTrust REIT and what did they say about the sale?

CEO Dave Sedgwick stated that the sale reflects the company's efforts to navigate challenging market conditions.

What will happen to the facilities sold by CareTrust REIT?

The sold facilities have been removed from the company's master lease with Noble Senior Services.