CareTrust REIT, Inc. announced the acquisition of three skilled nursing facilities for approximately $55.6 million, inclusive of transaction costs. The portfolio, consisting of 210 skilled nursing beds and 24 assisted living units, will be added to CareTrust?s existing master lease with affiliates of PACS Group, Inc., who has been operating the facilities for a third-party landlord. Two of the facilities are located in Houston, Texas and one is located in Columbia, Missouri. The acquisition adds three facilities to CareTrust?s relationship with PACS and increases annual rent under the existing master lease by approximately $5,002,000. As part of the transaction, the tenant will have an option
to purchase two of the facilities following the fourth anniversary of the closing. The deal brings the total number of beds/units under the CareTrust/PACS relationship to over 1,200. The transaction was funded with cash on hand.