Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Trump Backs Nexstar–Tegna Merger Amid Shifting U.S. Media Landscape 
Hims & Hers Halts Compounded Semaglutide Pill After FDA Warning 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
Instagram Outage Disrupts Thousands of U.S. Users 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
SAN CLEMENTE, Calif., Dec. 01, 2016 -- CareTrust REIT, Inc. (NASDAQ:CTRE) today announced that it has acquired three skilled nursing facilities and one skilled nursing campus in the greater Dallas-Fort Worth area. The purchase price was approximately $95.9 million, inclusive of transaction costs. In connection with the acquisition, CareTrust entered into a new tenant relationship with affiliates of Priority Management Group, LLC, which took over operations effective December 1, 2016.
“These well-regarded, well-located and recently-built or renovated facilities are an outstanding addition to our growing portfolio,” said Mark Lamb, CareTrust’s Director of Investments. “More importantly, we are very excited to be welcoming Priority Management Group, an exceptional operator with a very experienced and highly successful management team, to the CareTrust family,” he added.
Industry veteran Doug Boulware, Priority Management Group’s Chief Executive Officer, said, “We are excited to join forces with CareTrust because, as former operators themselves, they uniquely understood both our patient-centric mindset and our vision for disciplined future growth.” He added that Priority is looking forward to growing with CareTrust throughout Texas and the Southeast.
The portfolio, consisting of 540 skilled nursing beds and 28 assisted living units, is scheduled to generate first-year annual cash rent of $8.6 million, resulting in an initial cash yield of 8.9%. The new master lease carries an initial term of fifteen years, with two five-year renewal options and CPI-based rent escalators. CareTrust funded the acquisition from cash on hand, including the approximately $81 million of net proceeds from its November equity offering, and its $400 million unsecured revolving credit facility, which currently has a total outstanding balance of $115 million.
About CareTrustTM
CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition and leasing of seniors housing and healthcare-related properties. With 153 net-leased healthcare properties and three operated seniors housing properties in 20 states, CareTrust is pursuing opportunities nationwide to acquire properties that will be leased to a diverse group of local, regional and national seniors housing operators, healthcare services providers, and other healthcare-related businesses. More information about CareTrust is available at www.caretrustreit.com.
CONTACT: CareTrust REIT, Inc. (949) 542-3130 [email protected]
