CareTrust has sold seven skilled nursing facilities in Ohio for $52 million. In connection with the sale, the company's master lease with affiliates of Trio Healthcare was terminated. The portfolio includes approximately 600 skilled nursing beds along with approximately 100 seniors housing beds/units.
President and CEO, Dave Sedgwick, said, "In February, we announced a plan to de-risk the portfolio by selling or re-tenanting 32 properties. Given how much the world has changed since we kicked off that process, getting this significant disposition done by the end of summer is a testament to the talented team at CareTrust."
With respect to the other 25 seniors housing facilities currently held for sale or re-tenanting, Sedgwick said, "The remaining properties are moving forward towards resolution in the coming months. We continue to see a path to completing this work by year-end for the majority of the assets."
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