CareTrust REIT Expands Portfolio With $60M Acquisition Of Three Southern California Continuing Care Retirement Communities
Portfolio Pulse from Benzinga Newsdesk
CareTrust REIT has expanded its portfolio by acquiring three Southern California Continuing Care Retirement Communities (CCRCs) for $60M. The acquisition includes Torrey Pines Senior Living in San Diego for $32.3M, which has been added to CareTrust's master lease with Bayshire. The annual cash rent for the first year is about $2.6M, rising to $3M in the second year, with CPI-based annual escalators thereafter.
April 02, 2024 | 10:11 am
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CareTrust REIT's acquisition of three CCRCs for $60M, including Torrey Pines for $32.3M, expands its portfolio and is expected to increase its revenue with an initial annual cash rent of $2.6M.
The acquisition of three CCRCs, particularly Torrey Pines for $32.3M, directly impacts CareTrust REIT by expanding its real estate portfolio and increasing its revenue streams. The deal includes a favorable rent structure with growth potential, indicating a positive outlook for CareTrust's financial performance in the short term.
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