CareTrust REIT Acquires Two Memory Care Facilities with Experienced Operator
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SAN CLEMENTE, Calif. ~ CareTrust REIT, Inc. (NYSE:CTRE) announced today that it has acquired a 105-unit, two-facility memory care portfolio with facilities located in Ohio and Michigan. The facilities will be operated by affiliates of Ridgeline Management Company under a new, 15-year master lease with CareTrust that includes two, 5-year extension options and annual CPI-based rent escalators.

James Callister, CareTrust's Chief Investment Officer, remarked that Ridgeline's experience in operating similar communities and their passion for providing meaningful care to seniors made them an ideal fit to operate these facilities. John Safrans, CEO of Ridgeline, expressed confidence in the strength of the relationship between CareTrust and Ridgeline and stated that they look forward to identifying future opportunities for growth together.

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The initial investment in the facilities was approximately $21.1 million and was funded using proceeds from CareTrust's $600 million unsecured revolving credit facility. This provides for initial annual base rent of approximately $1,785,000. The transition of operations from the outgoing operator to Ridgeline began on June 1st 2023.

Eric Gillis, CareTrust's SVP Investments also commented on the new relationship with Ridgeline saying "We are delighted to enter into a new relationship with the talent and experience of Ridgeline and we look forward to identifying future opportunities for growth with them."
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