Latest news with #CareTrust
Business Wire
02-06-2025
- Business
- Business Wire
CareTrust REIT Acquires Pacific Northwest Portfolio for Approximately $146 Million
SAN CLEMENTE, Calif.--(BUSINESS WIRE)--CareTrust REIT, Inc. (NYSE:CTRE) ('CareTrust' or the 'Company') announced today that, together with a joint venture partner, it has acquired a portfolio of skilled nursing facilities located in the Pacific Northwest for a total purchase price of approximately $146 million, inclusive of transaction costs. The portfolio consists of 10 facilities comprising 911 licensed beds located across Idaho, Oregon and Washington. The acquisition was completed through a joint venture arrangement entered into between CareTrust and a large third-party healthcare real estate owner. At closing, CareTrust provided common equity and preferred equity investments totaling approximately $141 million at an initial contractual yield on its combined investment in the joint venture of approximately 9.0%. The total investment amount was funded using a combination of cash on hand and a draw from the Company's revolving credit line, which brought the outstanding balance on the revolver to approximately $475 million. The joint venture has leased the facilities to two existing tenants who each have strong rent coverage on existing leased CareTrust properties and deep operating experience pursuant to new 15-year triple-net leases that include extension options and annual escalators. 'We are excited to announce the acquisition of 10 skilled nursing properties in a transaction that reflects both our commitment to disciplined growth and the continued opportunity in the post-acute sector,' said James Callister, CareTrust's Chief Investment Officer. He continued, 'Working alongside two strong existing tenants and our joint venture partner to navigate a complex closing structure has been a pleasure, and we're thrilled to add to relationships that align with our long-term strategy.' Joe Callan, Senior Vice President of Investments, added, 'This acquisition further underscores the favorable investment environment we are seeing and highlights CareTrust's unique ability to leverage its operator roots to grow our portfolio with high-quality tenants.' The closing of this transaction brings the Company's annual investment total to approximately $1.1 billion. Mr. Callister noted, 'After a busy 2024 deploying over $1.5 billion in skilled nursing and seniors housing investments, the momentum continues in 2025. We're excited to announce this transaction after closing the Care REIT acquisition in May to highlight the concurrent opportunities in the US and UK to grow our portfolio. With our balance sheet strength, we're positioned to pursue those opportunities in both markets simultaneously.' About CareTrust™ CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a portfolio of long-term net-leased properties spanning the United States and United Kingdom, and a growing portfolio of quality operators leasing them, CareTrust is pursuing both external and organic growth opportunities across the US and internationally. More information about CareTrust REIT is available at Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company's intent, belief or expectations, including, but not limited to, statements regarding the following: industry and demographic conditions, the investment environment, the Company's investment pipeline, and financing strategy. Words such as 'anticipate,' 'believe,' 'could,' 'expect,' 'estimate,' 'intend,' 'may,' 'plan,' 'seek,' 'should,' 'will,' 'would,' and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements, though not all forward-looking statements contain these identifying words. The Company's forward-looking statements are based on management's current expectations and beliefs, and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they are not guarantees and the Company can give no assurance that its expectations will be attained. Factors which could have a material adverse effect on the Company's operations and future prospects or which could cause actual results to differ materially from expectations include, but are not limited to: (i) the ability and willingness of our tenants and borrowers to meet and/or perform their obligations under the agreements we have entered into with them, including, without limitation, their respective obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities; (ii) the risk that we may have to incur additional impairment charges related to our assets held for sale if we are unable to sell such assets at the prices we expect; (iii) the impact of healthcare reform legislation, including minimum staffing level requirements, on the operating results and financial conditions of our tenants and borrowers; (iv) the ability of our tenants and borrowers to comply with applicable laws, rules and regulations in the operation of the properties we lease to them or finance; (v) the intended benefits of our acquisition of Care REIT plc ('Care REIT') may not be realized, and we will be subject to additional risks from our investment in Care REIT and any other international investments; (vi) the ability and willingness of our tenants to renew their leases with us upon their expiration, and the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we replace an existing tenant, as well as any obligations, including indemnification obligations, we may incur in connection with the replacement of an existing tenant; (vii) the availability of and the ability to identify (a) tenants who meet our credit and operating standards, (b) suitable acquisition opportunities, and (c) the ability to acquire and lease the respective properties to tenants on favorable terms; (viii) the ability to generate sufficient cash flows to service our outstanding indebtedness; (ix) access to debt and equity capital markets; (x) fluctuating interest and currency rates; (xi) the impact of public health crises, including significant COVID-19 outbreaks as well as other pandemics or epidemics; (xii) the ability to retain our key management personnel; (xiii) risks related to any forward sale agreements entered into in connection with our at-the-market offering program, including our intention to physically settle any forward sale agreement; (xiv) the ability to maintain our status as a real estate investment trust ('REIT'); (xv) changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs; (xvi) other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; and (xvii) any additional factors included in our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, including in the section entitled 'Risk Factors' in Item 1A of such reports, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the Securities and Exchange Commission. Any forward-looking statements made in this press release are made only as of the date hereof. CareTrust assumes no obligation to update any such statements in the future.
Business Wire
02-06-2025
- Business
- Business Wire
CareTrust REIT Positions for Continued Growth with New $500 Million Term Loan and New Hires
SAN CLEMENTE, Calif.--(BUSINESS WIRE)--CareTrust REIT, Inc. (NYSE:CTRE) ('CareTrust') announced today the closing of a new senior unsecured term loan and the hiring of two talented real estate professionals. These actions further bolster its growth platform and strengthen the Company's long-term prospects at a time of accelerating investment in its healthcare portfolio. The Company closed on an amendment to its existing credit agreement with KeyBank National Association and a syndicate of leading financial institutions to add a new $500 million unsecured term loan (the 'Term Loan') to its existing $1.2 billion unsecured revolving credit facility. The Company currently expects to use borrowings under the Term Loan to pay off the revolver balance of approximately $475 million, to fund acquisitions and for general corporate purposes. The Term Loan initially matures in May 2030, with an uncommitted accordion feature allowing for up to $800 million in additional borrowing capacity. 'This new term loan provides us with additional financial flexibility and a strong capital foundation to support our continued investments in quality healthcare assets and long-term value creation,' said Bill Wagner, CareTrust's Chief Financial Officer. 'We are grateful for the support and confidence of our banking partners and view this financing as a testament to the strength of our platform, our bright prospects, and our disciplined approach to capital allocation. With this amended facility, CareTrust is well-positioned to continue adding high-quality post-acute and seniors housing assets while maintaining its strong balance sheet.' New Team Additions The Company also announced the hiring of Roger Laty, who joins CareTrust as SVP of Tax, and Derek Bunker, who joins as SVP of Strategy and Investor Relations. Mr. Laty brings over 30 years of tax leadership experience in the real estate industry, with deep expertise in real estate investment trusts and joint ventures. Most recently, he served for 12 years as Vice President - Tax at UDR, Inc., where he oversaw all aspects of tax compliance, planning, and transaction structuring. His prior roles include senior tax leadership positions at various real estate firms and early career experience at Ernst & Young LLP and Kenneth Leventhal & Company. Mr. Bunker brings extensive leadership experience in healthcare services and post-acute real estate. He served as Chief Investment Officer and Executive Vice President of The Pennant Group (NASDAQ: PNTG), where he oversaw strategic growth, real estate, investor relations, and corporate governance. Prior to that, he held key roles at The Ensign Group (NASDAQ: ENSG) and began his career as an attorney with Latham & Watkins LLP. 'We are thrilled to welcome Roger and Derek to the team during a period of critical growth for our organization,' said Dave Sedgwick, CareTrust's President and Chief Executive Officer. 'Their deep expertise and leadership in their respective fields will be invaluable as we continue to add to our growing healthcare portfolio. Roger brings a strong track record in building tax strategies that support long-term value creation, while Derek offers a breadth of experience in corporate strategy development and key stakeholder communication specifically within the post-acute space. Their appointments further strengthen our leadership team and position us for sustained growth in both the US and UK.' About CareTrust™ CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a portfolio of long-term net-leased properties spanning the United States and United Kingdom, and a growing portfolio of quality operators leasing them, CareTrust is pursuing both external and organic growth opportunities across the US and internationally. More information about CareTrust REIT is available at Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company's intent, belief or expectations, including, but not limited to, statements regarding the following: industry and demographic conditions, the investment environment, the Company's investment pipeline, and financing strategy. Words such as 'anticipate,' 'believe,' 'could,' 'expect,' 'estimate,' 'intend,' 'may,' 'plan,' 'seek,' 'should,' 'will,' 'would,' and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements, though not all forward-looking statements contain these identifying words. The Company's forward-looking statements are based on management's current expectations and beliefs, and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they are not guarantees and the Company can give no assurance that its expectations will be attained. Factors which could have a material adverse effect on the Company's operations and future prospects or which could cause actual results to differ materially from expectations include, but are not limited to: (i) the ability and willingness of our tenants and borrowers to meet and/or perform their obligations under the agreements we have entered into with them, including, without limitation, their respective obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities; (ii) the risk that we may have to incur additional impairment charges related to our assets held for sale if we are unable to sell such assets at the prices we expect; (iii) the impact of healthcare reform legislation, including minimum staffing level requirements, on the operating results and financial conditions of our tenants and borrowers; (iv) the ability of our tenants and borrowers to comply with applicable laws, rules and regulations in the operation of the properties we lease to them or finance; (v) the intended benefits of our acquisition of Care REIT plc ('Care REIT') may not be realized, and we will be subject to additional risks from our investment in Care REIT and any other international investments; (vi) the ability and willingness of our tenants to renew their leases with us upon their expiration, and the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we replace an existing tenant, as well as any obligations, including indemnification obligations, we may incur in connection with the replacement of an existing tenant; (vii) the availability of and the ability to identify (a) tenants who meet our credit and operating standards, (b) suitable acquisition opportunities, and (c) the ability to acquire and lease the respective properties to tenants on favorable terms; (viii) the ability to generate sufficient cash flows to service our outstanding indebtedness; (ix) access to debt and equity capital markets; (x) fluctuating interest and currency rates; (xi) the impact of public health crises, including significant COVID-19 outbreaks as well as other pandemics or epidemics; (xii) the ability to retain our key management personnel; (xiii) risks related to any forward sale agreements entered into in connection with our at-the-market offering program, including our intention to physically settle any forward sale agreement; (xiv) the ability to maintain our status as a real estate investment trust ('REIT'); (xv) changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs; (xvi) other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; and (xvii) any additional factors included in our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, including in the section entitled 'Risk Factors' in Item 1A of such reports, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the Securities and Exchange Commission. Any forward-looking statements made in this press release are made only as of the date hereof. CareTrust assumes no obligation to update any such statements in the future.
Yahoo
02-06-2025
- Business
- Yahoo
CareTrust REIT Acquires Pacific Northwest Portfolio for Approximately $146 Million
SAN CLEMENTE, Calif., June 02, 2025--(BUSINESS WIRE)--CareTrust REIT, Inc. (NYSE:CTRE) ("CareTrust" or the "Company") announced today that, together with a joint venture partner, it has acquired a portfolio of skilled nursing facilities located in the Pacific Northwest for a total purchase price of approximately $146 million, inclusive of transaction costs. The portfolio consists of 10 facilities comprising 911 licensed beds located across Idaho, Oregon and Washington. The acquisition was completed through a joint venture arrangement entered into between CareTrust and a large third-party healthcare real estate owner. At closing, CareTrust provided common equity and preferred equity investments totaling approximately $141 million at an initial contractual yield on its combined investment in the joint venture of approximately 9.0%. The total investment amount was funded using a combination of cash on hand and a draw from the Company's revolving credit line, which brought the outstanding balance on the revolver to approximately $475 million. The joint venture has leased the facilities to two existing tenants who each have strong rent coverage on existing leased CareTrust properties and deep operating experience pursuant to new 15-year triple-net leases that include extension options and annual escalators. "We are excited to announce the acquisition of 10 skilled nursing properties in a transaction that reflects both our commitment to disciplined growth and the continued opportunity in the post-acute sector," said James Callister, CareTrust's Chief Investment Officer. He continued, "Working alongside two strong existing tenants and our joint venture partner to navigate a complex closing structure has been a pleasure, and we're thrilled to add to relationships that align with our long-term strategy." Joe Callan, Senior Vice President of Investments, added, "This acquisition further underscores the favorable investment environment we are seeing and highlights CareTrust's unique ability to leverage its operator roots to grow our portfolio with high-quality tenants." The closing of this transaction brings the Company's annual investment total to approximately $1.1 billion. Mr. Callister noted, "After a busy 2024 deploying over $1.5 billion in skilled nursing and seniors housing investments, the momentum continues in 2025. We're excited to announce this transaction after closing the Care REIT acquisition in May to highlight the concurrent opportunities in the US and UK to grow our portfolio. With our balance sheet strength, we're positioned to pursue those opportunities in both markets simultaneously." About CareTrust™ CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a portfolio of long-term net-leased properties spanning the United States and United Kingdom, and a growing portfolio of quality operators leasing them, CareTrust is pursuing both external and organic growth opportunities across the US and internationally. More information about CareTrust REIT is available at Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company's intent, belief or expectations, including, but not limited to, statements regarding the following: industry and demographic conditions, the investment environment, the Company's investment pipeline, and financing strategy. Words such as "anticipate," "believe," "could," "expect," "estimate," "intend," "may," "plan," "seek," "should," "will," "would," and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements, though not all forward-looking statements contain these identifying words. The Company's forward-looking statements are based on management's current expectations and beliefs, and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they are not guarantees and the Company can give no assurance that its expectations will be attained. Factors which could have a material adverse effect on the Company's operations and future prospects or which could cause actual results to differ materially from expectations include, but are not limited to: (i) the ability and willingness of our tenants and borrowers to meet and/or perform their obligations under the agreements we have entered into with them, including, without limitation, their respective obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities; (ii) the risk that we may have to incur additional impairment charges related to our assets held for sale if we are unable to sell such assets at the prices we expect; (iii) the impact of healthcare reform legislation, including minimum staffing level requirements, on the operating results and financial conditions of our tenants and borrowers; (iv) the ability of our tenants and borrowers to comply with applicable laws, rules and regulations in the operation of the properties we lease to them or finance; (v) the intended benefits of our acquisition of Care REIT plc ("Care REIT") may not be realized, and we will be subject to additional risks from our investment in Care REIT and any other international investments; (vi) the ability and willingness of our tenants to renew their leases with us upon their expiration, and the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we replace an existing tenant, as well as any obligations, including indemnification obligations, we may incur in connection with the replacement of an existing tenant; (vii) the availability of and the ability to identify (a) tenants who meet our credit and operating standards, (b) suitable acquisition opportunities, and (c) the ability to acquire and lease the respective properties to tenants on favorable terms; (viii) the ability to generate sufficient cash flows to service our outstanding indebtedness; (ix) access to debt and equity capital markets; (x) fluctuating interest and currency rates; (xi) the impact of public health crises, including significant COVID-19 outbreaks as well as other pandemics or epidemics; (xii) the ability to retain our key management personnel; (xiii) risks related to any forward sale agreements entered into in connection with our at-the-market offering program, including our intention to physically settle any forward sale agreement; (xiv) the ability to maintain our status as a real estate investment trust ("REIT"); (xv) changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs; (xvi) other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; and (xvii) any additional factors included in our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, including in the section entitled "Risk Factors" in Item 1A of such reports, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the Securities and Exchange Commission. Any forward-looking statements made in this press release are made only as of the date hereof. CareTrust assumes no obligation to update any such statements in the future. View source version on Contacts IR Contact CareTrust REIT, Inc.(949) 542-3130ir@
Yahoo
28-05-2025
- Business
- Yahoo
CareTrust REIT Receives Investment Grade Rating Upgrade from Fitch Ratings
SAN CLEMENTE, Calif., May 28, 2025--(BUSINESS WIRE)--CareTrust REIT, Inc. (NYSE:CTRE) ("CareTrust" or the "Company") announced today that Fitch Ratings ("Fitch") has upgraded the Company's issuer default rating and issue-level ratings to BBB- with a stable outlook. "This investment grade rating from Fitch is a strong validation of the progress we've made in building resilience in our portfolio and balance sheet, all while deploying roughly $2.5 billion in capital over the past 18 months in attractive seniors housing, skilled nursing, and UK care home investments," said Dave Sedgwick, CareTrust's Chief Executive Officer. Mr. Sedgwick continued, "This recognition reinforces our commitment to financial discipline, and we're grateful to our banking partners for their support in this endeavor. With the foundation of a strong credit profile, we are poised to build even more momentum as we keep pushing on the growth flywheel." Additional information regarding the rating changes can be found in the full report issued by Fitch. About CareTrustTM CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a portfolio of long-term net-leased properties spanning the United States and United Kingdom, and a growing portfolio of quality operators leasing them, CareTrust is pursuing both external and organic growth opportunities across the US and internationally. More information about CareTrust REIT is available at Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We may use words such as "anticipates," "believes," "expects," "intends," "will," "should," "may" and similar expressions to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and should not be relied upon in making any investment decision. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. While we cannot identify all such risks and uncertainties, we urge you to read the risks discussed in our Annual Report on Form 10-K and other materials that we publicly file with the Securities and Exchange Commission. Any forward-looking statements made in this press release are made only as of the date hereof. CareTrust assumes no obligation to update any such statements in the future. As used in this press release, unless the context requires otherwise, references to "CTRE," "CareTrust," "CareTrust REIT" or the "Company" refer to CareTrust REIT, Inc. and its consolidated subsidiaries. View source version on Contacts IR Contact CareTrust REIT, Inc.(949) 542-3130ir@ Error while retrieving data Sign in to access your portfolio Error while retrieving data
Business Wire
28-05-2025
- Business
- Business Wire
CareTrust REIT to Participate in Nareit's REITweek 2025 Investor Conference
SAN CLEMENTE, Calif.--(BUSINESS WIRE)--CareTrust REIT, Inc. (NYSE:CTRE) ('CareTrust') announced today that management will participate in Nareit's REITweek 2025 Investor Conference June 2-5, 2025, in New York, New York. Presentation materials will be accessible under the 'Events and Presentations' tab on the Investors page of CareTrust's website at CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a portfolio of long-term net-leased properties spanning the United States and United Kingdom, and a growing portfolio of quality operators leasing them, CareTrust is pursuing both external and organic growth opportunities across the US and internationally. More information about CareTrust REIT is available at
