{"id":761382,"date":"2023-06-02T07:04:02","date_gmt":"2023-06-02T11:04:02","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/caretrust-reit-acquires-two-memory-care-facilities-with-experienced-operator\/"},"modified":"2023-06-02T07:04:02","modified_gmt":"2023-06-02T11:04:02","slug":"caretrust-reit-acquires-two-memory-care-facilities-with-experienced-operator","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/caretrust-reit-acquires-two-memory-care-facilities-with-experienced-operator\/","title":{"rendered":"CareTrust REIT Acquires Two Memory Care Facilities with Experienced Operator"},"content":{"rendered":"

<\/p>\n

CareTrust REIT Acquires Two Memory Care Facilities with Experienced Operator<\/b><\/p>\n

SAN CLEMENTE, Calif.–(BUSINESS WIRE<\/a>)–
\nCareTrust REIT, Inc. (NYSE:CTRE) announced today that it has acquired a 105-unit, two-facility memory care portfolio with facilities located in Ohio and Michigan.<\/p>\n

\nThe facilities will be operated by affiliates of Ridgeline Management Company under a new, 15-year master lease with CareTrust that includes two, 5-year extension options and annual CPI-based rent escalators. Ridgeline is an experienced seniors housing and memory care operator with facilities across the country. Ridgeline took over operations at the facilities from the outgoing operator on June 1, 2023. \u201cThe experience of Ridgeline\u2019s principals in operating communities similar to these, together with their passion for providing meaningful, impactful care to seniors made them an ideal fit to operate these facilities,\u201d remarked James Callister, CareTrust\u2019s Chief Investment Officer.<\/p>\n

\nCommenting on the relationship with CareTrust, Ridgeline\u2019s CEO John Safrans stated, \u201cOur relationship with CareTrust\u2019s executive team is unique in its strength and in its mutual trust. We are confident that these facilities will be the foundation of a long-term, successful relationship moving forward.\u201d Eric Gillis, CareTrust\u2019s SVP Investments also stated that, \u201cWe are delighted to enter into a new relationship with the talent and experience of Ridgeline and we look forward to identifying future opportunities for growth with them.\u201d<\/p>\n

\nCareTrust\u2019s initial investment in the facilities, inclusive of transaction costs, was approximately $21.1 million. The acquisition was funded using proceeds from the Company\u2019s $600 million unsecured revolving credit facility and provides for initial annual base rent of approximately $1,785,000.<\/p>\n

About CareTrustTM<\/sup><\/b><\/p>\n

\nCareTrust 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 nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States. More information about CareTrust REIT is available at www.caretrustreit.com<\/a>.<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230602005081\/en\/<\/a><\/span><\/p>\n

\nCareTrust REIT, Inc., (949) 542-3130, ir@caretrustreit.com<\/a><\/p>\n

KEYWORDS:<\/b> Ohio California Michigan United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Health Consumer Seniors Commercial Building & Real Estate Managed Care Construction & Property REIT<\/p>\n

MEDIA:<\/b><\/p>\n\n","protected":false},"excerpt":{"rendered":"

CareTrust REIT Acquires Two Memory Care Facilities with Experienced Operator SAN CLEMENTE, Calif.–(BUSINESS WIRE)– CareTrust REIT, Inc. (NYSE:CTRE) announced today that it has acquired a 105-unit, two-facility memory care portfolio with facilities located in Ohio and Michigan. The facilities will be operated by affiliates of Ridgeline Management Company under a new, 15-year master lease with CareTrust that includes two, 5-year extension options and annual CPI-based rent escalators. Ridgeline is an experienced seniors housing and memory care operator with facilities across the country. Ridgeline took over operations at the facilities from the outgoing operator on June 1, 2023. \u201cThe experience of Ridgeline\u2019s principals in operating communities similar to these, together with their passion for providing meaningful, impactful care to seniors made … <\/p>\n

Continue reading “CareTrust REIT Acquires Two Memory Care Facilities with Experienced Operator”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-761382","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCareTrust REIT Acquires Two Memory Care Facilities with Experienced Operator - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/caretrust-reit-acquires-two-memory-care-facilities-with-experienced-operator\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CareTrust REIT Acquires Two Memory Care Facilities with Experienced Operator - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"CareTrust REIT Acquires Two Memory Care Facilities with Experienced Operator SAN CLEMENTE, Calif.–(BUSINESS WIRE)– CareTrust REIT, Inc. (NYSE:CTRE) announced today that it has acquired a 105-unit, two-facility memory care portfolio with facilities located in Ohio and Michigan. The facilities will be operated by affiliates of Ridgeline Management Company under a new, 15-year master lease with CareTrust that includes two, 5-year extension options and annual CPI-based rent escalators. Ridgeline is an experienced seniors housing and memory care operator with facilities across the country. Ridgeline took over operations at the facilities from the outgoing operator on June 1, 2023. \u201cThe experience of Ridgeline\u2019s principals in operating communities similar to these, together with their passion for providing meaningful, impactful care to seniors made … Continue reading "CareTrust REIT Acquires Two Memory Care Facilities with Experienced Operator"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/caretrust-reit-acquires-two-memory-care-facilities-with-experienced-operator\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-02T11:04:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230602005081r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/caretrust-reit-acquires-two-memory-care-facilities-with-experienced-operator\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/caretrust-reit-acquires-two-memory-care-facilities-with-experienced-operator\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"CareTrust REIT Acquires Two Memory Care Facilities with Experienced Operator\",\"datePublished\":\"2023-06-02T11:04:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/caretrust-reit-acquires-two-memory-care-facilities-with-experienced-operator\\\/\"},\"wordCount\":387,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/caretrust-reit-acquires-two-memory-care-facilities-with-experienced-operator\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20230602005081r1&sid=flmnd&distro=nx&lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/caretrust-reit-acquires-two-memory-care-facilities-with-experienced-operator\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/caretrust-reit-acquires-two-memory-care-facilities-with-experienced-operator\\\/\",\"name\":\"CareTrust REIT Acquires Two Memory Care Facilities with Experienced Operator - 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