Dive Brief:
Dive Insight:
Including the latest transactions, CareTrust has invested $1.3 billion into real estate this year as it expands its portfolio of mostly skilled nursing homes and assisted living facilities.
The REIT has been particularly busy this fall. CareTrust purchased four nursing homes in Pennsylvania last month for $57 million, and has been working to finalize its deals in the South.
During the company’s third-quarter earnings call, one analyst noted CareTrust had essentially doubled in size year over year. In an email to Healthcare Dive, President and CEO Dave Sedgwick said he expected expansion to continue next year.
“As for 2025, we anticipate another strong year for acquisitions given our balance sheet, operator and strategic relationships, cost of capital, and current deal flow,” Sedgwick said.
Although CareTrust didn’t name the new operator in its Midwest buy, the REIT said a “large skilled nursing investor” who the company had not previously worked with would sublease the portfolio.
“This transaction commences a new relationship with a skilled nursing investor and operator we are very excited about and look forward to growing with in the future,” said James Callister, CareTrust’s chief investment officer, in a statement.
