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CareTrust REIT Acquires U.K. Senior Care REIT in $817M Deal
Commercial Observer | By Brian Pascus
A top U.S. health care real estate investment trust (REIT) is advancing into the United Kingdom after it acquired another REIT specializing in senior housing and care complexes.
Los Angeles-based CareTrust REIT purchased U.K.-based Care REIT on Tuesday in a $817 million acquisition. The deal values Care REIT’s stock at $577 million — a 33 percent premium on the $25.81 share price Care REIT closed at on Monday afternoon — and includes a debt assumption of $240 million.
CareTrust (CTRE) - Hoya Hotseat
Hoya Capital
CareTrust REIT (CTRE) is a small-cap healthcare REIT ($2.5B market cap) focused on the skilled nursing and senior housing sub-sector. CTRE owns 206 properties across 25 states - primarily in the Western United States. CTRE pays a dividend yield of 5.2% on a quarterly basis. (As of 1/25/2024)
CEO Dave Sedgwick joins the Hoya Hotseat to discuss CareTrust's growth from a one-tenant operator at its 2016 IPO into a diversified healthcare platform with 25 operators, and discusses the opportunities and risks of the Skilled Nursing space, including the role of government, demographic trends, and the importance of operator relationships.
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