CareTrust REIT, Inc. Announces Acquisition for $1.46B

This entry is sourced from CareTrust's Exhibit 99.1 press release filed as part of an 8-K on October 2, 2026. The transaction is structured with staggered closings: the first closing occurred October 1, 2026, covering 24 completed homes for approximately £576 million (approximately $764 million), funded through settlement of outstanding forward equity agreements and a draw on CareTrust's revolving credit facility. The remaining 21 homes are currently under development and will be acquired for approximately £504 million upon completion, with closings anticipated on a rolling basis throughout 2027 subject to regulatory approval.

J.P. Morgan served as financial advisor to CareTrust. Lazard served as financial advisor to LNT.

Jones Day acted as legal advisor to CareTrust. Slaughter and May and Freeths served as legal advisors to LNT.

All homes are, or will be upon closing, leased to subsidiaries of Crystal Care, LNT's care home operating portfolio company, under triple-net leases with fixed annual escalators during an initial "Lease-up Phase." Following lease-up, both parties intend to transfer all 45 homes to a RIDEA structure with Crystal Care, beginning the "SHOP Phase," expected to start between years two and four following each home's completion, with the first transition anticipated by the fourth quarter of 2027. CareTrust underwrites an all-in yield in the mid-to-high-7% range on a pre-tax basis in year one of the SHOP Phase. LNT also granted CareTrust an option to acquire the LNT platform in its entirety in the future.

The release does not disclose the specific GBP-to-USD conversion rate used for the £1.1 billion aggregate figure beyond the 1.327 rate cited for the first tranche, nor does it disclose a termination fee, the purchase price allocation methodology across the 45 individual homes, or fee arrangements for J.P. Morgan, Lazard, Jones Day, Slaughter and May, or Freeths. The timing and regulatory approval requirements for each of the remaining 21 homes are described only in aggregate, not property-by-property.