CareTrust acquires 45 UK care homes from LNT for £1.1B; first 24 homes closed Oct 1 for £576M

CareTrust REIT, Inc.

First closing October 1, 2026: 24 UK care homes for £576M ($764M); remaining 21 under development to be bought through 2027 for £504M ($669M).
Purchase price £24M per home; homes leased to LNT's Crystal Care unit on 20-21 year NNN leases at £1.4M ($1.9M) initial annual rent, 3% escalators, guaranteed by LNT.
Stabilized NOI yield on cost projected mid-to-high 7% (£2.15M per home on £27.5M all-in); RIDEA SHOP conversion targeted 24-48 months post-completion, first by Q4 2027.
Funded with forward equity settlement proceeds plus a revolver draw; pro forma enterprise value rises to $11.5B with 575 properties and 52,973 beds, from $10.0B/530/50,003.
LNT shareholders granted CareTrust a purchase option through September 2027 to acquire all of LNT; deal expected accretive to normalized FFO per share during lease-up.

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