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CareTrust REIT acquires three-property skilled-nursing portfolio in Texas, Missouri
Transactions - MARCH 7, 2024

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CareTrust REIT acquires three-property skilled-nursing portfolio in Texas, Missouri

by Denise Moose

CareTrust REIT announced the acquisition of three skilled-nursing facilities for approximately $55.6 million, inclusive of transaction costs. The portfolio, consisting of 210 skilled-nursing beds and 24 assisted-living units, will be added to CareTrust’s existing master lease with affiliates of PACS Group, Inc., which have been operating the facilities for a third-party landlord. Two of the facilities are located in Houston and one is located in Columbia, Mo.

The acquisition adds three facilities to CareTrust’s relationship with PACS and increases annual rent under the existing master lease by approximately $5 million. As part of the transaction, the tenant will have the option to purchase two of the facilities after the fourth anniversary of the closing.

The transaction was funded with cash on hand.

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