CareTrust REIT, together with a joint venture partner, shas acquired a portfolio of skilled nursing facilities located in the Pacific Northwest for a total purchase price of approximately $146 million, inclusive of transaction costs.
The portfolio consists of 10 facilities comprising 911 licensed beds located across Idaho, Oregon and Washington. The acquisition was completed through a joint venture arrangement entered into between CareTrust and a large third-party healthcare real estate owner. At closing, CareTrust provided common equity and preferred equity investments totaling approximately $141 million at an initial contractual yield on its combined investment in the joint venture of approximately 9 percent. The total investment amount was funded using a combination of cash on hand and a draw from the company’s revolving credit line, which brought the outstanding balance on the revolver to approximately $475 million. The joint venture has leased the facilities to two exi
