With plenty of balance sheet flexibility, San Clemente, CA-based CareTrust appears ready to weather the pandemic successfully and continue growing in the near term, predict experts at Barron’s and Seeking Alpha.
One of the positive effects arising from this pandemic, some industry leaders say, is a growing appreciation of senior living among people whose parents are the age of prospective residents.
Operators of independent living communities and operators of senior living communities targeting middle-income individuals have experienced the COVID-19 pandemic in ways that differ from other senior living and skilled nursing providers, according to executives of New Senior Investment Group and CareTrust REIT.
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“There are plenty of assisted living and memory care deals out there right now, but most don’t fit with our or our operators’ objectives. So meaningful opportunities for us in that asset class have been fewer and farther between,” CareTrust REIT Chief Investment Officer Mark Lamb said Friday during the company’s fourth-quarter and full-year 2019 earnings call.
Changing operators on a portfolio of seven assisted living communities is one of the ways that San Clemente, CA-based CareTrust REIT is working to “rinse out any real softness in the portfolio and position CareTrust for solid operating performance going into 2020 and beyond,” President and CEO Greg Stapley said Friday.
CareTrust REIT remains interested in acquiring senior living communities, despite it being a couple of years since the company made a deal that was limited to senior housing, executives said Wednesday. And The Ensign Group’s spinoff plans will provide additional opportunities, they added.
CareTrust REIT’s 2019 investment pipeline is $275 million to $300 million, but most of those potential investments are in the area of skilled nursing, executives told shareholders and analysts Thursday during a fourth-quarter and full-year 2018 earnings call.
