SAN CLEMENTE, Calif., July 2, 2015 (GLOBE NEWSWIRE) -- CareTrust REIT, Inc. (Nasdaq:CTRE) today announced that it has acquired Shamrock Nursing and Rehabilitation Center, a 105-bed skilled nursing facility located in Dublin, Georgia, for $8.3 million. Concurrently with the acquisition, CareTrust entered into a master lease with Trillium Healthcare Group, LLC, which took over operations effective July 1, 2015.
"We are thrilled to commence our relationship with the Trillium team, and look forward to growing our Southeast and Midwest portfolios with them," said Greg Stapley, CareTrust's Chairman and Chief Executive Officer. "The more we've worked with Trillium, the more we admire what they have built – a unique combination of big company systems and small company feel," he added.
The acquisition provides an initial cash yield of 9.65% on EBITDAR rent coverage of 1.40x, producing initial annual revenue of $799,148. 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 eighth announced transaction and fourth skilled nursing acquisition since its June 2014 spinoff.
Rich Mason, Trillium's Chief Executive Officer, said, "We're excited for both the opportunity to grow into Georgia and to begin our relationship with CareTrust. We anticipate that it will be the first of many, and with Care Trust's commitment to quality real estate and Trillium's focus on quality resident outcomes, I feel a great partnership has begun."
CareTrust also 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 in a separate transaction. With the Bristol acquisition, CareTrust entered into a master lease with Florida-based Better Senior Living Consulting, LLC, which took over operations effective July 1, 2015.
About Trillium Healthcare Group, LLC
Trillium Healthcare Group, LLC is an innovative and growing post-acute healthcare company, offering unparalleled operational insight into the skilled nursing and senior living industries. Their company's core values center on Integrity, Respect and Compassion in their relationships with families and employees in every healthcare community they serve. Trillium operates 20 skilled nursing and senior living communities throughout the Southeast and Midwest.
About CareTrustTM
CareTrust REIT, Inc. is a real estate investment company that is engaged in the ownership, acquisition and leasing of seniors housing and healthcare-related properties. CareTrust is organized and conducts its operations to qualify as a REIT for U.S. federal income tax purposes. With 104 net-leased healthcare properties and three operated seniors housing properties in twelve states, CareTrust is pursuing opportunities nationwide to acquire additional properties that will be leased to a diverse group of local, regional and national seniors housing operators, healthcare services providers, and other healthcare-related businesses. More information about CareTrust is available at www.caretrustreit.com.