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CareTrust Expands Skilled Nursing Portfolio in Texas

Written by Customer Service on . Posted in Mergers And Acquisitions.

SAN CLEMENTE, Calif., Feb. 03, 2022 (GLOBE NEWSWIRE) — CareTrust REIT, Inc. (Nasdaq: CTRE) today announced the acquisition of Ennis Care Center in the Dallas-Fort Worth Metroplex. The 155-bed skilled nursing facility will be added to CareTrust’s existing master lease with affiliates of Eduro Healthcare, who took over operations on February 1, 2022. The acquisition of the Ennis Facility increases CareTrust’s relationship with Eduro to 9 facilities and increases annual rent under the Eduro master lease by $815,000. The initial term of Eduro’s master lease with CareTrust was also extended by four years in connection with the transaction.

“We’re elated to expand our relationship with the Eduro team. Eduro has proven over the past few years that their model of patient centered care and extreme focus on facility culture produces great results for their residents and staff and we’re confident that they will take Ennis Care Center to new heights over the coming months and years,” explained Dave Sedgwick, CareTrust’s CEO and President.

Michael Bewsey, Eduro’s Managing Partner commented “Eduro is excited to not only add Ennis Care Center to our relationship with CareTrust, but we are also excited by the extension of our master lease by four additional years, which allows us to reset the clock on our relationship, as we continue to implement the growth and execution plans we have set for our company.”     

With the 4-year extension of the initial term, the CareTrust master lease with Eduro has a remaining initial term of approximately 12 years, with two five-year renewal options, and CPI-based annual rent escalators. The acquisition was funded using cash on hand.

About CareTrust™

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.

About Eduro Healthcare

Eduro Healthcare LLC is a Utah-based national skilled nursing company with 26 facilities in 10 states. Eduro puts a primary emphasis on patient care, driven by four core values: Wellness, Compassion, Experience and Results. More information about Eduro Healthcare is available at www.edurohc.com.

CONTACT:
CareTrust REIT, Inc., (949) 542-3130, ir@caretrustreit.com

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