CareTrust REIT ( NYSE: CTRE ) has acquired a 5-facility , 498 licensed bed, skilled nursing portfolio located in the Southeastern United States for a total investment amount of approximately $80.9 million. With the development, the company acquired YAD Healthcare affiliates and entered into a triple-net master lease with them.
The new master lease has an initial term of 10 years with two, 5-year extension options and provides for a year 1 contractual lease yield of 9.0% with annual CPI-based escalators, with the investment funded using cash on hand. The company also reported that with these two related investments, its year-to-date investments now total approximately $386 million, and the investment pipeline is reloaded with approximately $460 million of near-term, actionable opportunities.
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