CareTrust REIT Announces Updated Investments Pipeline Of $700M Including Agreement to Acquire $500M Portfolio In Southeast By Year End
Portfolio Pulse from Benzinga Newsdesk
CareTrust REIT, Inc. (NYSE:CTRE) plans to acquire a $500M portfolio of skilled nursing facilities in the Southeast, in partnership with a joint venture. The acquisition involves 31 facilities, with operations by existing tenants like The Ensign Group (NASDAQ:ENSG) and PACS Group, Inc. (NYSE:PACS).
October 29, 2024 | 8:17 pm
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CareTrust REIT is acquiring a $500M portfolio of skilled nursing facilities, expanding its investment pipeline to $700M. The acquisition is expected to close by the end of 2024.
The acquisition significantly expands CareTrust's portfolio and investment pipeline, potentially increasing revenue and market presence. The involvement of existing tenant relationships suggests operational stability.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
The Ensign Group will operate 9 of the acquired facilities, with 3 being acquired by its real estate subsidiary. This strengthens its operational footprint in the Southeast.
Ensign's involvement in operating a significant portion of the new facilities could lead to increased revenue and operational scale in the Southeast region.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
PACS Group will operate 12 of the facilities in CareTrust's new acquisition, expanding its operational role in the Southeast.
PACS Group's role in operating a large portion of the new facilities could enhance its operational capacity and market presence in the Southeast.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60