CareTrust REIT, Inc. (NYSE:CTRE) announced today that it has renewed and doubled its unsecured revolving credit facility to $1.2 billion. The bank group consisted of Joint Lead Arranger/Administrative Agent KeyBanc Capital Markets, and Joint Lead Arrangers/Syndication Agents: BMO Capital Markets Corp., JPMorgan Chase Bank, N.A., Bank of America, N.A., Wells Fargo Securities, LLC, and Co-Documentation Agents: The Huntington National Bank, Raymond James Bank, M&T Bank, Morgan Stanley Bank, N.A., and Royal Bank of Canada.
The company also announced that S&P Global Ratings has upgraded CareTrust’s corporate rating to BB+ and upgraded its issue-level rating on CareTrust’s unsecured notes to BBB-.
Bill Wagner, Chief Financial Officer said, “Our renewed credit facility is supported by banks who have been with us from day one and also a few who are newer to our story. We are thrilled to have such a strong group who not only provide optionality for us but also seek to bring us valuable ideas to accelerate our growth.” Mr. Wagner went on to state that, “This credit facility provides a vital means for financing future acquisitions of any size.”
Dave Sedgwick, Chief Executive Officer said, “We are on pace to close on approximately $1.5 billion of investments this year, almost 7x our annual average. The flywheel is racing as we head into 2025.” Mr. Sedgwick continued, “Today’s announcements bolster a historically strong position from which to build on this year’s momentum. Not including Phase 2 of the Tennessee acquisition, targeted for month-end, we currently have an investment pipeline of approximately $350 million, not including larger portfolio opportunities we are reviewing.”
About CareTrust™
CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States. More information about CareTrust REIT is available at www.caretrustreit.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the following: industry and demographic conditions, the investment environment, the Company’s investment pipeline, and financing strategy.
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