{"id":781944,"date":"2023-09-06T06:24:06","date_gmt":"2023-09-06T10:24:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/caretrust-reit-acquires-southern-california-skilled-nursing-facility-in-joint-venture-investment\/"},"modified":"2023-09-06T06:24:06","modified_gmt":"2023-09-06T10:24:06","slug":"caretrust-reit-acquires-southern-california-skilled-nursing-facility-in-joint-venture-investment","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/caretrust-reit-acquires-southern-california-skilled-nursing-facility-in-joint-venture-investment\/","title":{"rendered":"CareTrust REIT Acquires Southern California Skilled Nursing Facility in Joint Venture Investment"},"content":{"rendered":"

<\/p>\n

CareTrust REIT Acquires Southern California Skilled Nursing Facility in Joint Venture Investment<\/b><\/p>\n

SAN CLEMENTE, Calif.–(BUSINESS WIRE<\/a>)–
\nCareTrust REIT, Inc. (NYSE:CTRE) announced today that it has completed a joint venture investment to acquire La Fuente Post Acute, a 187-bed skilled nursing facility located in Vista, California. Once regulatory approval is obtained, the facility will be operated by Bayshire Senior Communities (a current tenant of CareTrust) pursuant to a new 15-year lease with the joint venture landlord.<\/p>\n

\nTo acquire the facility, CareTrust and a third-party regional healthcare real estate investor entered into a joint venture. CareTrust\u2019s combined common equity and preferred equity investments in the joint venture total $25.5 million. CareTrust\u2019s initial contractual yield on its combined preferred and common equity investments in the joint venture is approximately 9.7%. The lease provides for 3% fixed annual rent escalators and two, 5-year extension options. CareTrust is the managing member of the joint venture entity.<\/p>\n

\n\u201cOur relationship with CareTrust has been transformative for our company,\u201d said Scott Kirby, Bayshire\u2019s Chief Executive Officer. Mr. Kirby further stated, \u201cWe are thrilled that this transaction gives us the opportunity to continue growing with CareTrust as we further develop what is already a valued business relationship.\u201d<\/p>\n

\n\u201cBayshire\u2019s focus on patient care and their proven versatility in improving operations at their buildings has continued to impress us,\u201d said James Callister, CareTrust\u2019s Chief Investment Officer. \u201cIt\u2019s exciting for us to help facilitate the growth of a quality operator like Bayshire,\u201d said Mr. Callister.<\/p>\n

\nThe investments were funded using cash on hand.<\/p>\n

About CareTrust<\/b>\u2122<\/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\/20230906562126\/en\/<\/a><\/span><\/p>\n

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

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

INDUSTRY KEYWORDS:<\/b> Health Other Construction & Property Other Health Commercial Building & Real Estate Construction & Property REIT<\/p>\n

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

CareTrust REIT Acquires Southern California Skilled Nursing Facility in Joint Venture Investment SAN CLEMENTE, Calif.–(BUSINESS WIRE)– CareTrust REIT, Inc. (NYSE:CTRE) announced today that it has completed a joint venture investment to acquire La Fuente Post Acute, a 187-bed skilled nursing facility located in Vista, California. Once regulatory approval is obtained, the facility will be operated by Bayshire Senior Communities (a current tenant of CareTrust) pursuant to a new 15-year lease with the joint venture landlord. To acquire the facility, CareTrust and a third-party regional healthcare real estate investor entered into a joint venture. CareTrust\u2019s combined common equity and preferred equity investments in the joint venture total $25.5 million. CareTrust\u2019s initial contractual yield on its combined preferred and common equity investments … <\/p>\n

Continue reading “CareTrust REIT Acquires Southern California Skilled Nursing Facility in Joint Venture Investment”<\/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-781944","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCareTrust REIT Acquires Southern California Skilled Nursing Facility in Joint Venture Investment - 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-southern-california-skilled-nursing-facility-in-joint-venture-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CareTrust REIT Acquires Southern California Skilled Nursing Facility in Joint Venture Investment - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"CareTrust REIT Acquires Southern California Skilled Nursing Facility in Joint Venture Investment SAN CLEMENTE, Calif.–(BUSINESS WIRE)– CareTrust REIT, Inc. (NYSE:CTRE) announced today that it has completed a joint venture investment to acquire La Fuente Post Acute, a 187-bed skilled nursing facility located in Vista, California. Once regulatory approval is obtained, the facility will be operated by Bayshire Senior Communities (a current tenant of CareTrust) pursuant to a new 15-year lease with the joint venture landlord. To acquire the facility, CareTrust and a third-party regional healthcare real estate investor entered into a joint venture. CareTrust\u2019s combined common equity and preferred equity investments in the joint venture total $25.5 million. 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