CareTrust REIT Acquires Two Care Homes in the United Kingdom
CareTrust REIT, Inc. (NYSE:CTRE) ("CareTrust" or the "Company") announced today its acquisition of two care homes in the United Kingdom for approximately $27 million.
The homes comprise 265 beds serving mostly higher acuity residents and are leased to an existing operator under long-term triple-net leases that include extension options and annual escalators. CareTrust funded the investment using cash on hand, with a stabilized contractual yield on the Company's investment in line with prior investment activity.
"We are pleased to announce our first follow-on investment in the UK since the acquisition of Care REIT earlier this year," said James Callister, CareTrust's Chief Investment Officer. "This acquisition is a strong addition to our portfolio and further evidence that our pipeline in the UK continues to expand. We're excited to keep growing our presence there alongside experienced operators."
Martin Robb, Senior Vice President of Investments, added, "The UK care home market continues to present compelling opportunities for disciplined investors. This transaction underscores CareTrust's ability to identify and execute on high-quality opportunities in partnership with operators who share our long-term vision."
Looking ahead, Mr. Callister emphasized that CareTrust will continue to evaluate additional acquisition opportunities in the UK as well as in the US. The Company noted that its balance sheet strength and liquidity, emphasis on quality operators and local perspective position it to successfully support operators as they deliver essential care across both the UK and the US.
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, senior housing and other healthcare-related properties. With a portfolio of long-term net-leased properties spanning the United States and United Kingdom, and a growing portfolio of quality operators leasing them, CareTrust is pursuing both external and organic growth opportunities across the US and internationally. More information about CareTrust REIT is available at www.caretrustreit.com.
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