CareTrust REIT (CTRE) Acquires Bristol Court Assisted Living in $8.4M Deal

July 2, 2015 6:16 AM EDT

CareTrust REIT (Nasdaq: CTRE) 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.



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