SAN CLEMENTE, Calif., July 2, 2015 (GLOBE NEWSWIRE) -- CareTrust REIT, Inc. (Nasdaq:CTRE) today announced that it has acquired Bristol Court Assisted Living, a 70-unit/115-bed memory care facility located in St. Petersburg, Florida for $8.4 million. With the acquisition, CareTrust entered into a master lease with Better Senior Living Consulting, LLC, which took over operations effective July 1, 2015.
"We are excited to begin our relationship with Lynn Anderson and the Better Senior Living team," said Greg Stapley, CareTrust's Chairman and Chief Executive Officer. "Better Senior Living is widely respected in the state of Florida by operators and regulators alike because of their leadership and passion for memory care. We look forward to helping them bring their expertise to more properties in the state," he added.
Lynn Anderson, Better Senior Living's Consulting CEO, commented, "We're grateful to work with CareTrust on this opportunity to expand into the St. Petersburg market. We're committed to setting the standard for Florida memory care, and are so pleased to have found a financial partner in CareTrust who shares our vision."
The Florida senior housing acquisition has a going-in cash yield of 8.5% on EBITDAR rent coverage of 1.24x, producing initial annual rental revenue of $716,022. The master lease has an initial term of 15 years with two five-year extensions and CPI-based rent escalators. The investment is CareTrust's ninth announced transaction and fifth senior housing acquisition.
CareTrust also announced that it has acquired Shamrock Nursing and Rehabilitation Center, a 105-bed skilled nursing facility located in Dublin, Georgia, for $8.3 million in a separate transaction. Concurrently with the acquisition, CareTrust entered into a master lease with Trillium Healthcare Group, LLC, which took over operations effective July 1, 2015.
About Better Senior Living Consulting, LLC
Better Senior Living Consulting, LLC is a Florida-based senior living and memory care operations that operates eight seniors housing facilities with 481 beds located throughout the State of Florida. The company is regularly called upon by Florida regulators to consult on troubled seniors housing operations around the State.
CareTrust REIT, Inc. is a real estate investment company that is engaged in the ownership, acquisition and leasing of seniors housing and healthcare-related properties. CareTrust is organized and conducts its operations to qualify as a REIT for U.S. federal income tax purposes. With 104 net-leased healthcare properties and three operated seniors housing properties in twelve states, CareTrust is pursuing opportunities nationwide to acquire additional properties that will be leased to a diverse group of local, regional and national seniors housing operators, healthcare services providers, and other healthcare-related businesses. More information about CareTrust is available at www.caretrustreit.com.
CONTACT: CareTrust REIT, Inc., (949)542-3130, firstname.lastname@example.org