CareTrust REIT announced Tuesday that it purchased four California continuing care retirement communities in the upscale Southern California submarkets of Camarillo, Carlsbad, Palm Springs and San Juan Capistrano.
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CareTrust REIT’s “operator first” investment philosophy proved valuable in guiding the San Clemente, CA-based healthcare real estate investment trust successfully through the COVID-19 pandemic, executives said Thursday.
San Clemente, CA-based CareTrust REIT reported fourth-quarter net income Wednesday of $21.1 million, or 22 cents per share, and normalized funds available for distribution of $35.7 million, or 37 cents per share, falling in line with analysts.
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Although the COVID-19 vaccines are expected to become more widely available as the first quarter continues, investment banking firm BMO Capital Markets is predicting an elongated recovery for the senior living industry, with cash flows not recovering to pre-pandemic levels until about 2025. That’s according to an analysis released Thursday by the firm.
PA governor vetoes bill giving senior living and care organizations limited liability protections … Americans’ feelings of financial security remains at pre-pandemic levels: survey … Older adults with dementia often miss bill payments 6 years before diagnosis: study … Nashville, TN, senior living community plans $75M expansion … CareTrust REIT extends $15M mezzanine loan to Next Healthcare for 9-property Virginia SNF acquisition … ESI arranges $9.6M sale of Pennsylvania skilled nursing facility
As Nareit’s REITworld: 2020 Annual Conference wrapped up last week, analysts at Mizuho Securities USA say they remain positive on the skilled nursing sector given the promising vaccine news, strong government support of the industry and an improving acquisitions outlook. And although the vaccine news also is a major positive for senior housing, analysts also worry that the recent rally in the sector’s stocks may be reflecting a far rosier recovery than likely is to occur, and that the 2021 earnings outlook may disappoint.
San Clemente, CA-based CareTrust REIT announced the acquisition Tuesday of four long-term care facilities in the Dallas-Ft. Worth area in an off-market transaction for $47.6 million.
The qualified audits of skilled nursing operators Genesis Healthcare and Signature Healthcare have raised concern about the sector among some investors. But one investment banking firm is predicting strong third-quarter earnings for skilled nursing focused real estate investment trusts such as Omega Healthcare Investors and Sabra Health Care REIT. That’s according to an analysis in GlobeSt.com this week.
