CareTrust, JV partner to acquire 31 skilled nursing facilities in $500 million deal

CareTrust, JV partner to acquire 31 skilled nursing facilities in $500 million deal 
Skilled Nursing News; by Tim Mullaney; 10/29/24 
CareTrust REIT (NYSE: CTRE) and a joint venture partner have reached an agreement to acquire a portfolio of 31 skilled nursing facilities for approximately $500 million, the company’s largest acquisition to date. San Clemente, California-based CareTrust anticipates that most of the facilities will be operated by existing partners of the REIT, including The Ensign Group (Nasdaq: ENSG), PACS Group (NYSE: PACS) and Links Healthcare Group, the company announced Tuesday. The portfolio being acquired totals 3,290 licensed beds, with 30 of the locations in Tennessee and one in Alabama. CareTrust anticipates that the deal will close in the fourth quarter of 2024. ... PACS will be adding 12 of the 31 properties to its ranks, all 12 are in Tennessee; PACS currently operates 276 post-acute care and senior living facilities across 15 states. This is a new state for the Utah-based operator. PACS may purchase the real estate on six of the facilities between years four and seven of the lease with CareTrust, PACS said in a statement.