{"id":2418,"date":"2021-04-04T05:23:07","date_gmt":"2021-04-04T10:23:07","guid":{"rendered":"https:\/\/1reason.com\/re\/caretrust-reit-acquires-santa-barbara-skilled-nursing-facility\/2418\/"},"modified":"2021-04-05T00:23:07","modified_gmt":"2021-04-05T05:23:07","slug":"caretrust-reit-acquires-santa-barbara-skilled-nursing-facility","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/caretrust-reit-acquires-santa-barbara-skilled-nursing-facility\/2418\/","title":{"rendered":"CareTrust REIT Acquires Santa Barbara Skilled Nursing Facility"},"content":{"rendered":"
The facility will continue to be operated by California-based Covenant Care, Inc. under a long-term lease that CareTrust assumed in the off-market transaction. <\/p>\n

\u201cNot only is Buena Vista a special property, the icing on the cake is the opportunity to add an eighth facility to our existing relationship with Covenant Care,\u201d said Mark Lamb, CareTrust\u2019s Chief Investment Officer. \u201cCovenant Care has established a long and admirable track record of providing excellent care to Santa Barbara\u2019s residents and medical community,\u201d he said. Mr. Lamb noted that Buena Vista Care Center is located in close proximity to Goleta Valley Cottage Hospital and has a market reach that extends well beyond the greater Santa Barbara area.<\/p>\n

CareTrust\u2019s total investment was approximately $15.9 million, inclusive of transaction costs. Covenant Care has approximately four years left on its existing lease term, with two five-year renewal options. The lease currently carries approximately $1.5 million in annual cash rent with 3.0% annual escalators. The acquisition was funded using CareTrust\u2019s $600 million unsecured revolving credit facility. <\/p>\n

About CareTrust REIT, Inc. <\/em><\/strong><\/p>\n

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 nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them,CareTrust REITis pursuing both external and organic growth opportunities acrossthe United States. More information aboutCareTrust REITis available atwww.caretrustreit.com<\/u><\/a>.<\/p>\n

Contact:<\/strong>
CareTrust REIT, Inc.
(949) 542-3130
ir@caretrustreit.com<\/u><\/a><\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

\n

SAN CLEMENTE, Calif., March 09, 2021 (GLOBE NEWSWIRE) — CareTrust REIT, Inc.(NASDAQ:CTRE) announced today that it has acquired Buena Vista Care Center, a 150-bed skilled nursing facility in the exclusive Southern California community of Santa Barbara.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/2418"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=2418"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/2418\/revisions"}],"predecessor-version":[{"id":2428,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/2418\/revisions\/2428"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=2418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=2418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=2418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}