CareTrust JV to Acquire $500M Skilled Nursing Portfolio

San Clemente-based CareTrust REIT, Inc. and a joint venture partner have entered into a binding agreement to acquire a portfolio of skilled nursing facilities for approximately $500 million. The portfolio consists of 31 skilled nursing facilities totaling 3,290 licensed beds, with 30 facilities located in Tennessee and one in Alabama.

PACS Group has agreed to operate 12 facilities, while affiliates of The Ensign Group will operate nine and Links Healthcare Group will operate seven. Three facilities will be master-leased to a regional operator, a new tenant relationship for CareTrust.

CareTrust president and CEO Dave Sedgwick said, “The successful closing of this transaction in the fourth quarter will, not including other opportunities we continue to pursue, bring our annual investment total to approximately $1.4 billion. Combining the full-year impact of this year’s investments with a reloading pipeline, the table is set for 2025 to be another tremendous year for CareTrust and the many operators we support.”

Pictured: A PACS Group facility.

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