CareTrust REIT Buys Skilled Nursing Facilities In Pacific Northwest For Around $146 Mln

(RTTNews) - CareTrust REIT, Inc. (CTRE) Monday said together with a joint venture partner, it has acquired a portfolio of skilled nursing facilities in the Pacific Northwest for around $146 million. The portfolio consists of 10 facilities comprising 911 licensed beds located across Idaho, Oregon, and Washington. The deal has been funded through cash and debt. The acquisition was completed through a joint venture arrangement entered into between CareTrust and a third-party healthcare real estate owner. At closing, CareTrust provided common and preferred equity investments totaling around $141 million at an initial contractual yield on its combined investment in the joint venture of approximately 9%. The joint venture has leased the facilities to two existing tenants.