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CareTrust buys $10M SNF in Texas
CareTrust REIT Inc. (Nasdaq: CTRE) acquired the 118-bed Lakewest Rehabilitation & Skilled Care skilled nursing facility in Dallas, for an initial investment of $10 million, inclusive of transaction costs.
The San Clemente, Calif.-based real estate investment trust (REIT) leased the property to Texas SNF operator Next Gen P, LLC, with initial annual cash rent set at approximately $900,000. The Next Gen master lease has an initial term of 15 years, with two five-year renewal options and Consumer Price Index-based rent escalators.
The deal marks the first transaction between CareTrust and Next Gen.
“We have long admired Next Gen and its principals, and are elated to finally kick off our formal association with them,” Mark Lamb, the REIT’s chief investment officer, said in a statement. “They fit CareTrust’s outcomes-based quality operator profile extremely well, and we anticipate that they will be a great partner and a growing relationship for us,” he added.
The property itself falls under a long-term ground lease in favor of the Dallas Housing Authority; the deal itself was funded using cash on hand.
CareTrust now has 212 leased health care properties across the country, along with three operated senior housing communities.
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