CareTrust REIT acquires two care homes in the U.K. for $27M

CareTrust REIT (CTRE)announced its acquisition of two care homes in the U.K. for approximately $27M. The homes comprise 265 beds serving mostly higher acuity residents and are leased to an existing operator under long-term triple-net leases that include extension options and annual escalators. CareTrust funded the investment using cash on hand, with a stabilized contractual yield on the Company’s investment in line with prior investment activity. Looking ahead, CareTrust will continue to evaluate additional acquisition opportunities in the UK as well as in the US. The Company noted that its balance sheet strength and liquidity, emphasis on quality operators and local perspective position it to successfully support operators as they deliver essential care across both the UK and the US.