{"id":2848,"date":"2021-05-23T13:07:52","date_gmt":"2021-05-23T18:07:52","guid":{"rendered":"https:\/\/1reason.com\/re\/caretrust-reit-grows-again-in-southern-california\/2848\/"},"modified":"2021-05-24T08:07:52","modified_gmt":"2021-05-24T13:07:52","slug":"caretrust-reit-grows-again-in-southern-california","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/caretrust-reit-grows-again-in-southern-california\/2848\/","title":{"rendered":"CareTrust REIT Grows Again in Southern California"},"content":{"rendered":"
The facility has been added to CareTrust\u2019s existing master lease with San Diego-based Bayshire Senior Communities, which sourced the off-market transaction and turned to CareTrust to finance and close the deal. <\/p>\n

Bayshire\u2019s Chief Executive Officer, Scott Kirby, scooped up the El Centro opportunity after the facility had fallen out of contract with a previous buyer. \u201cThe seller had aggressive timing expectations after suffering through significant turnover within their management team, a recent COVID outbreak, the general fatigue of operating the facility for 20+ years and a sale transaction that went south,\u201d said Mr. Kirby. \u201cI immediately called CareTrust because their experience as former operators made them the only financing source that could navigate such a complex situation within the short time frame we had,\u201d he said. From start to finish, CareTrust and Bayshire successfully closed the unusually complicated transaction in only 45 days.<\/p>\n

CareTrust officials called the transaction \u201ca perfect example of the intersection of an outstanding operator and a tremendous opportunity.\u201d Dave Sedgwick, CareTrust\u2019s President and Chief Operating Officer, pointed out that Imperial County appears to be significantly under-bedded, with only 250 skilled nursing beds to absorb the 9,500 annual discharges from its two hospitals and over 25% of local Medicare referrals being sent more than an hour away to Yuma and San Diego. \u201cThe combination of Bayshire\u2019s people-centered operating philosophy and superior clinical outcomes with the planned renovations to the facility should allow El Centro Post-Acute to quickly become the provider of choice in the Imperial Valley,\u201d he added.<\/p>\n

Care Trust has committed $150,000 for initial capital improvements to the facility. With the addition of the El Centro facility, annual cash rent under the Bayshire master lease will increase by approximately $804,000 in the first year and $940,000 in the second, with CPI-based increases thereafter. The remaining lease term is 13 years, plus two five-year renewal options. CareTrust funded the acquisition using cash on hand. El Centro Post-Acute is the fifth facility to be added to the growing CareTrust\/Bayshire relationship.<\/p>\n

About CareTrust REIT<\/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 REIT is pursuing both external and organic growth opportunities across the United States. More information about CareTrust REIT is available at www.caretrustreit.com.<\/p>\n

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

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

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SAN CLEMENTE, Calif., May 04, 2021 (GLOBE NEWSWIRE) — CareTrust REIT, Inc. (NASDAQ:CTRE) announced today that it acquired El Centro Post-Acute Center, a 123-bed skilled nursing facility located adjacent to the El Centro Regional Medical Center in El Centro, California.<\/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\/2848"}],"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=2848"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/2848\/revisions"}],"predecessor-version":[{"id":2868,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/2848\/revisions\/2868"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=2848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=2848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=2848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}