CareTrust REIT Acquires Iowa Skilled Nursing Portfolio for $32.7M

CareTrust REIT, Inc.

today announced that it has acquired a portfolio of nine skilled nursing facilities in Iowa. The portfolio, which includes 518 operating skilled nursing beds, will be leased to Trillium Healthcare Group, LLC through an amendment to their existing master lease.    The asset acquisition and triple-net lease were effective as of February 1, 2016.  The purchase price, inclusive of estimated transaction costs, was approximately $32.7 million, with initial annual rental revenue of approximately $3.16 million to CareTrust under the terms of the master lease, which carries an initial term of 14.5 years with two five-year renewal options and CPI-based rent escalators. "We are thrilled to be expanding our relationship with Trillium," remarked Greg Stapley, CareTrust's Chairman & Chief Executive Officer. "For the past several months we have been looking for opportunities to grow together, and this portfolio fit right within Trillium's operating footprint," he said. "Trillium is a fantastic operator," he added, "and we look forward to further growth with them in the future." Both Mr. Stapley and Rich Mason, Trillium's Chief Executive Officer, confirmed that the two companies are