CareTrust REIT buys SNF portfolio
CareTrust REIT has bought five skilled nursing facilities in Illinois for $29.2 million.
It entered into a new tenant relationship with WLC Management Firm, the company said. In total, the portfolio has 455 beds.
The facilities are Saline Care Center in Harrisburg, Carrier Mills Nursing & Rehabilitation in Carrier Mills, Stonebridge Senior Living Center in Benton, Pinckneyville Nursing & Rehabilitation Center in Pinckneyville, and DuQuoin Nursing & Rehabilitation Center in DuQuoin.
The investment is scheduled to provide initial annual rent of $2.9 million. Caretrust REIT funded the acquisition with cash on hand.
The master lease carries an initial term of 15 years.