CareTrust REIT has completed the sale of seven skilled nursing facilities in Ohio for $52 million, the San Clemente, CA-based real estate investment trust announced Friday.
The portfolio includes approximately 600 skilled nursing beds along with approximately 100 senior housing beds/units. In connection with the sale, the REIT terminated its master lease with affiliates of Trio Healthcare.
CareTrust first announced in February its plans to sell or repurpose 32 facilities in a push to decrease risk in its portfolio, due to the lingering effects of COVID-19. In May, the company announced that it had reached tentative agreements regarding almost all of the 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,” President and CEO Dave Sedgwick said Friday in a news release. “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.”
