CareTrust REIT Acquires Five-Property Illinois Skilled Nursing Portfolio for $29.2M

Stonebridge Senior Living Center Stonebridge Senior Living Center

SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired a five-property portfolio of skilled nursing facilities in Illinois for $29.2 million.

As part of the acquisition, CareTrust has leased the properties to Illinois-based WLC Management Firm LLC. The seller was a private owner who is retiring from seniors housing. WLC has been operating the portfolio during the transition.

The 455-bed portfolio consists of Saline Care Center in Harrisburg, Carrier Mills Nursing & Rehabilitation in Carrier Mills, Stonebridge Senior Living Center in Benton, Pinckneyville Nursing & Rehabilitation Center in Pinckneyville, and DuQuoin Nursing & Rehabilitation Center in DuQuoin.

The portfolio is scheduled to generate initial annual rent of $2.9 million, for an initial cash yield of 10 percent. The new master lease carries an initial term of 15 years, with two five-year renewal options and CPI-based rent escalators. CareTrust REIT funded the acquisition with cash on hand.

 

Based in San Clemente, CareTrust is a publicly traded REIT specializing in seniors housing and healthcare-related properties.

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