CareTrust REIT Funds $378 Million in New Investments; Announces Replenished Investment Pipeline of $270 Million
CareTrust REIT (NYSE:CTRE) has announced $378 million in new investments, including a $260 million senior mortgage loan and a $43 million preferred equity investment for a 37-facility skilled nursing and seniors housing portfolio in the Pacific Northwest. The portfolio comprises 2,713 operating beds/units across eight states. The loan has a five-year maturity and 8.5% starting annual yield, while the preferred equity investment has an 11% contractual yield with a minimum seven-year hold period.
Additionally, CareTrust funded $75 million to acquire the remaining portion of a previously announced $165 million senior mortgage term loan. The company's year-to-date investments total $765 million at an average yield of 9.5%. CareTrust also revealed a replenished investment pipeline of $270 million in near-term real estate acquisition opportunities.
CareTrust REIT (NYSE:CTRE) ha annunciato 378 milioni di dollari in nuovi investimenti, inclusi un prestito ipotecario senior di 260 milioni di dollari e un investimento in azioni privilegiate di 43 milioni di dollari per un portafoglio di strutture di assistenza qualificata e abitazioni per anziani nel Pacifico Nordoccidentale. Il portafoglio comprende 2.713 letti/unità operativi distribuiti in otto stati. Il prestito ha una scadenza di cinque anni e un rendimento annuale iniziale dell'8,5%, mentre l'investimento in azioni privilegiate presenta un rendimento contrattuale dell'11% con un periodo di detenzione minimo di sette anni.
Inoltre, CareTrust ha finanziato 75 milioni di dollari per acquisire la parte restante di un prestito ipotecario senior a termine di 165 milioni di dollari precedentemente annunciato. Gli investimenti anno per anno della società ammontano a 765 milioni di dollari con un rendimento medio del 9,5%. CareTrust ha anche rivelato un pipeline di investimenti rinnovato di 270 milioni di dollari in opportunità di acquisizione immobiliare a breve termine.
CareTrust REIT (NYSE:CTRE) ha anunciado 378 millones de dólares en nuevas inversiones, que incluyen un prestamo hipotecario senior de 260 millones de dólares y una inversión en acciones preferentes de 43 millones de dólares para una cartera de 37 instalaciones de atención especializada y vivienda para ancianos en el Noroeste del Pacífico. La cartera comprende 2,713 camas/unidades operativas en ocho estados. El préstamo tiene un vencimiento de cinco años y un rendimiento anual inicial del 8.5%, mientras que la inversión en acciones preferentes tiene un rendimiento contractual del 11% con un período de retención mínimo de siete años.
Además, CareTrust financió 75 millones de dólares para adquirir la parte restante de un préstamo hipotecario senior de 165 millones de dólares previamente anunciado. Las inversiones acumuladas de la compañía totalizan 765 millones de dólares con un rendimiento promedio del 9.5%. CareTrust también reveló un pipeline de inversión renovado de 270 millones de dólares en oportunidades de adquisición de bienes raíces a corto plazo.
CareTrust REIT (NYSE:CTRE)는 3억 7천8백만 달러의 새로운 투자를 발표했습니다. 여기에는 2억 6천만 달러의 선순위 모기지 대출과 4천3백만 달러의 우선주 투자가 포함되어 있으며, 이는 태평양 북서부에 있는 37개 시설의 숙련된 간호 및 노인 주택 포트폴리오를 위한 것입니다. 이 포트폴리오는 8개 주에 걸쳐 2,713개의 운영 침대/유닛을 포함합니다. 대출은 5년 만기 및 8.5%의 시작 연 수익률을 가지고 있으며, 우선주 투자는 11%의 계약 수익률과 최소 7년의 보유 기간을 지닙니다.
또한 CareTrust는 이전에 발표된 1억 6천5백만 달러의 선순위 모기지 기간 대출의 나머지를 인수하기 위해 7천5백만 달러를 자금을 지원했습니다. 회사의 연간 누적 투자 총액은 7억 6천5백만 달러이며, 평균 수익률은 9.5%입니다. CareTrust는 또한 단기 부동산 인수 기회에 대한 2억 7천만 달러의 재충전된 투자 파이프라인을 공개했습니다.
CareTrust REIT (NYSE:CTRE) a annoncé 378 millions de dollars en nouveaux investissements, y compris un prêt hypothécaire senior de 260 millions de dollars et un investissement en actions privilégiées de 43 millions de dollars pour un portefeuille de 37 établissements de soins qualifiés et de logements pour seniors dans le Nord-Ouest Pacifique. Ce portefeuille comprend 2 713 lits/unités opérationnels répartis sur huit États. Le prêt a une maturité de cinq ans et un rendement annuel initial de 8,5%, tandis que l'investissement en actions privilégiées a un rendement contractuel de 11% avec une période de détention minimale de sept ans.
De plus, CareTrust a financé 75 millions de dollars pour acquérir la partie restante d'un prêt hypothécaire senior d'un montant de 165 millions de dollars précédemment annoncé. Les investissements de l'année à ce jour s'élèvent à 765 millions de dollars avec un rendement moyen de 9,5%. CareTrust a également révélé un pipeline d'investissement renouvelé de 270 millions de dollars dans des opportunités d'acquisition immobilière à court terme.
CareTrust REIT (NYSE:CTRE) hat 378 Millionen Dollar an neuen Investitionen angekündigt, darunter einen Senior-Mortgage-Darlehen über 260 Millionen Dollar und eine Bevorzugtes Eigenkapitalinvestment über 43 Millionen Dollar für ein Portfolio aus 37 Fachpflegeeinrichtungen und Seniorenwohnungen im pazifischen Nordwesten. Das Portfolio umfasst 2.713 betriebsbereite Betten/Einheiten in acht Bundesstaaten. Das Darlehen hat eine Laufzeit von fünf Jahren und eine anfängliche jährliche Rendite von 8,5%, während das Investement in bevorzugtem Eigenkapital eine vertragliche Rendite von 11% mit einer Mindesthaltedauer von sieben Jahren aufweist.
Darüber hinaus stellte CareTrust 75 Millionen Dollar zur Verfügung, um den verbleibenden Teil eines zuvor angekündigten Senior-Mortgage-Darlehens über 165 Millionen Dollar zu erwerben. Die Jahresinvestitionen des Unternehmens belaufen sich auf insgesamt 765 Millionen Dollar bei einer durchschnittlichen Rendite von 9,5%. CareTrust gab außerdem ein aufgefrischtes Investitionspipeline von 270 Millionen Dollar für kurzfristige Immobilienakquisitionsmöglichkeiten bekannt.
- Funded $378 million in new investments, expanding portfolio
- Senior mortgage loan with 8.5% starting annual yield
- Preferred equity investment with 11% contractual yield
- Year-to-date investments total $765 million at 9.5% average yield
- Replenished investment pipeline of $270 million
- None.
Insights
CareTrust REIT's recent
The loan's 8.5% starting annual effective yield and the preferred equity's 11% contractual yield are particularly noteworthy in the current interest rate environment. These high yields suggest that CareTrust is taking on some additional risk, but also positioning itself for potentially substantial returns. The seven-year minimum hold period for the preferred equity investment indicates a long-term commitment to this strategy.
Furthermore, CareTrust's acquisition of the entire
The announcement of a
CareTrust's strategic investment in the 37-facility portfolio across eight states is a significant move in the healthcare real estate sector. The diverse geographic spread of these facilities - spanning the Pacific Northwest and beyond - helps mitigate regional risks and positions CareTrust to benefit from various local healthcare markets.
The portfolio's mix of 21 skilled nursing facilities and 16 seniors housing facilities is particularly interesting. This blend allows CareTrust to tap into both the high-acuity care market (skilled nursing) and the growing demand for seniors housing, driven by demographic trends. The total of 2,713 operating beds/units represents a substantial increase in CareTrust's operational footprint.
The partnership with PACS Group, described as "one of the industry's most elite operators," is a important aspect of this deal. In the healthcare real estate sector, the quality of the operator can significantly impact the success of the investment. PACS Group's reputation suggests that these facilities are likely to be well-managed, potentially leading to stable occupancy rates and consistent revenue streams.
CareTrust's approach of combining loan financing with preferred equity investments in the same deal is an innovative strategy in the healthcare REIT space. This structure allows them to benefit from both steady interest income and potential upside from equity appreciation, while also developing relationships that could lead to future real estate acquisitions.
The portfolio consists of 2,713 operating beds/units with 21 skilled nursing facilities and 16 seniors housing facilities located in
CareTrust’s Chief Investment Officer, James Callister, stated that “We are excited to be a part of such a significant investment opportunity where high-quality assets are being matched with one of the industry’s most elite operators in the PACS Group.” Mr. Callister went on to remark that, “The combination of loan dollars with the longer duration of the preferred equity investment further builds on our commitment to lend with the purpose of developing additional real estate equity investment opportunities.”
“Not only are we and our operating subsidiaries thrilled to welcome these great facilities to the PACS family,” said Derick Apt, CFO of PACS Group, Inc., “we’re also excited to once again work alongside our great partners at CareTrust. We look forward to the respective growth stories of CareTrust and PACS continuing to intersect through this and future transaction opportunities.”
Separately, CareTrust had previously announced in June its funding of
Dave Sedgwick, CareTrust’s Chief Executive Officer, said, “As of today, our year-to-date investment total equals approximately
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
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the following: industry and demographic conditions, the investment environment, the Company’s investment pipeline, and financing strategy.
Words such as “anticipate,” “believe,” “could,” “expect,” “estimate,” “intend,” “may,” “plan,” “seek,” “should,” “will,” “would,” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements, though not all forward-looking statements contain these identifying words. The Company’s forward-looking statements are based on management’s current expectations and beliefs, and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they are not guarantees and the Company can give no assurance that its expectations will be attained. Factors which could have a material adverse effect on the Company’s operations and future prospects or which could cause actual results to differ materially from expectations include, but are not limited to: (i) the ability and willingness of our tenants to meet and/or perform their obligations under the triple-net leases we have entered into with them, including without limitation, their respective obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities; (ii) the risk that we may have to incur additional impairment charges related to our assets held for sale if we are unable to sell such assets at the prices we expect; (iii) the impact of healthcare reform legislation, including minimum staffing level requirements, on the operating results and financial conditions of our tenants; (iv) the ability of our tenants to comply with applicable laws, rules and regulations in the operation of the properties we lease to them; (v) the ability and willingness of our tenants to renew their leases with us upon their expiration, and the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we replace an existing tenant, as well as any obligations, including indemnification obligations, we may incur in connection with the replacement of an existing tenant; (vi) the availability of and the ability to identify (a) tenants who meet our credit and operating standards, and (b) suitable acquisition opportunities and the ability to acquire and lease the respective properties to such tenants on favorable terms; (vii) the ability to generate sufficient cash flows to service our outstanding indebtedness; (viii) access to debt and equity capital markets; (ix) fluctuating interest rates; (x) the impact of public health crises, including significant COVID-19 outbreaks as well as other pandemics or epidemics; (xi) the ability to retain our key management personnel; (xii) the ability to maintain our status as a real estate investment trust (“REIT”); (xiii) changes in the
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CareTrust REIT, Inc.
(949) 542-3130
ir@caretrustreit.com
Source: CareTrust REIT, Inc.
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