07:24 AM EST, 12/09/2024 (MT Newswires) -- CareTrust REIT ( CTRE ) said Monday it has acquired a 46-facility skilled nursing and seniors housing portfolio in the Midwest for about $97 million.

The company said it entered into a triple-net master lease with a large skilled nursing investor and operator in relation to the acquisition. According to CareTrust, the investor agreed to sublease the portfolio to several licensed subtenant operators. The new master lease has an initial 15-year term, with two 5-year extension options, the company added.

CareTrust said it completed the acquisition in conjunction with the seller's bankruptcy proceedings and the master tenant has been granted purchase options for each sub-portfolio.

In addition, CareTrust said it has completed the initial acquisition of 14 of the 31 facilities of the Tennessee portfolio transaction it announced in October, and expects to complete that transaction by year-end.