CareTrust REIT Grows in Illinois
CareTrust REIT (NASDAQ:CTRE) has acquired the Imboden Creek Living Center campus in Decatur, Illinois, marking a significant expansion of its portfolio. This facility includes 95 skilled nursing beds, 46 assisted living units, and five independent living units. The acquisition adds approximately $1.24 million to the annual cash rent due to new CPI-based escalators, funded by CareTrust's $600 million revolving credit facility. This transaction coincides with the 5th anniversary of CareTrust’s partnership with WLC Management, which will manage the facility.
- Acquisition of Imboden Creek Living Center adds significant value to CareTrust's portfolio.
- Annual cash rent increases by approximately $1.24 million, enhancing revenue.
- Transaction funded through a $600 million unsecured revolving credit facility, indicating strong financial health.
- None.
SAN CLEMENTE, Calif., March 03, 2022 (GLOBE NEWSWIRE) -- CareTrust REIT, Inc. (NASDAQ:CTRE) announced today that it has acquired a skilled nursing campus in Decatur, Illinois. The Imboden Creek Living Center, Gardens, and Villas campus features 95 licensed skilled nursing beds, 46 assisted living units, and five independent living units. The acquisition was a “tack-on” to CareTrust’s existing eight-property master lease with Harrisburg, Illinois-based operator WLC Management Firm, LLC, which will replace the outgoing operator.
Noting that the acquisition took place on the 5th anniversary of CareTrust’s first transaction with WLC, Dave Sedgwick, CareTrust REIT’s CEO and President, remarked, “Scott Stout and the WLC team have consistently surpassed expectations and the relationship we have forged with them over the past 5 years continues to be one of our most meaningful and rewarding.” In elaborating on WLC’s success, Mr. Sedgwick stated that, “Scott’s focus on caring for his residents and employees is unmatched. He is a first-class operator and the reputation that he has built within the State of Illinois played an integral part in the seller choosing CareTrust and WLC to continue their legacy.”
“The Imboden Creek campus is a special place. It is rare to find a property that is small enough to feel like home with a staff that treats their residents like family, while still offering the full continuum of care,” commented Scott Stout, WLC’s owner and CEO. “When CareTrust approached us with the opportunity, we jumped at it. CareTrust’s effort and experience in successfully finding and pursuing properties around our portfolio’s footprint makes growth and the transactional process seamless. As a result, we are able to continue focusing on deploying our resources to our residents and staff,” Mr. Stout added.
CareTrust’s initial investment in the facility, inclusive of capex commitments and transaction costs, was approximately
About CareTrustTM
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.
CONTACT:
CareTrust REIT, Inc., (949) 542-3130, ir@caretrustreit.com
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