COVID-19 has affected the lives of millions of people across the globe, more so the families of those in healthcare. Kids are home, business are closed and each night healthcare workers come home exhausted and scared. They leave their shoes at the door, forgo hugs from kids and head directly to the shower to protect their own families from the current unseen and menacing danger. These moments and images will be imprinted in the minds of all of our families and loved ones for generations. There is nothing I can say or do to adequately express the pride, the gratitude and the love I have for everyone thrust into the front lines of this pandemic. I have reflected on this a great deal over the past few weeks, feeling frustrated and helpless in many ways.
This morning my wife sent me a picture that my youngest daughter painted for her online art class. My daughter was instructed to paint, with perspective, “a mural about important community figures.” This is what she painted.
All three of my children have spent numerous hours in nursing homes over the years, mingling with residents and befriending staff. As I look at this image, I can see through the eyes of a child a healthcare worker with a mask on to protect herself, smiling as she looks to serve the people in her facility. Even with the dark and gloomy outlook and uncertainty before us, there is a light brighter than any other caring for our loved ones. Thank you to each and every person that supports healthcare workers and those that put their own health and comfort aside in the pursuit of caring for others. Each of you are extraordinary examples of courage and commitment. You are an inspiration and a beacon of hope for future generations of healthcare workers. Thank you for being a Force For Good in protecting our families and loved ones, may you be blessed for all you do!
With all of the fear and misinformation out there, let’s all commit to “Sharing the Good” these talented healthcare workers do daily without complaint and without proper recognition for their sacrifices. We see you and we thank you!
The new sign has been installed at Shaw Mountain! Over the next 60 days you will see a lot more progress at Shaw as we continue to invest in our operations and equipment enhancing the patient and employee experience. There will be some new windows, landscaping, parking and other general enhancements, please excuse the dust. Grateful for all the hard work and dedication our staff put into their jobs, allowing us to Be a Force For Good!
Dirt is moving on our Nampa location and we are getting very close to announcing our Ground Breaking for our Boise location. We have some new material to share with everyone, the links below are for a virtual tour of how these facilities will flow. The fixtures will be different but in general this will give you an idea of how the layout and flow will be.
Our Nampa Location is active and we are moving dirt! We are excited to start work on our new Transitional Rehab Facility! We will keep you posted as we make progress at the site. Currently we are hoping for a 13 month build time and should be opening fall of next year. Grateful for all the support and partnerships we have formed to make this all happen.
CareTrust REIT Acquires Idaho Skilled Nursing Facility
SAN CLEMENTE, Calif., May 03, 2016 (GLOBE NEWSWIRE) — CareTrust REIT, Inc. (NASDAQ:CTRE) today announced that it has acquired Shaw Mountain at Cascadia, a 98-bed skilled nursing facility located in Boise, Idaho, for $8.9 million. In connection with the acquisition, CareTrust entered into a triple-net lease with Cascadia Healthcare, LLC, which took over operations effective May 1, 2016.
The asset acquisition was sourced by Cascadia, who sought out CareTrust for sale-leaseback financing. Owen Hammond, Cascadia’s co-founder and CEO, explained their desire to partner with Care Trust. “Their operator-focused philosophy and deep understanding of skilled nursing operations really attracted us to them,” he said, adding that, “We know and trust the CareTrust team as a strategic ally, and look forward to a long and successful partnership with them.”
Greg Stapley, CareTrust’s Chairman and Chief Executive Officer, noted, “We have long known and respected Cascadia’s principals, dating back to our Ensign days together, and are excited to see Cascadia become a major player in the post-acute care delivery throughout Idaho and beyond.”
The Boise investment generates initial annual rental revenue of approximately $0.85 million to CareTrust under the terms of the Cascadia master lease, which carries an initial term of 15 years with two five-year renewal options and CPI-based rent escalators. The acquisition was funded with proceeds from CareTrust’s recent 8.5 million share equity offering, which took place on March 21, 2016.
In separate transactions on the same day, CareTrust also acquired a two-property, 67-unit senior housing portfolio in North Carolina for $11.8 million, which has been leased to Premier Senior Living at an annual rental of approximately $1.0 million. In addition, CareTrust acquired a 175-unit senior housing property located in Bedford, Virginia, in a sale-leaseback from 20/Twenty Management, at a cost of $10.0 million. The property was added to CareTrust’s existing master lease with 20/Twenty, and generates additional annual rental revenue of approximately $0.83 million.
About Cascadia Healthcare
Cascadia Healthcare is a growing post-acute healthcare company, based in Eagle, Idaho. Cascadia’s principals bring a deep understanding of healthcare operations at both the facility and regional levels, having worked in different capacities over many years at one of the nation’s most highly-respected publicly-traded post-acute care providers.
CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust that is engaged in the ownership, acquisition and leasing of seniors housing and healthcare-related properties. With 140 net-leased healthcare properties and three operated seniors housing properties in 19 states, CareTrust is pursuing opportunities nationwide to acquire additional properties that will be leased to a diverse group of local, regional and national seniors housing operators, healthcare services providers, and other healthcare-related businesses. More information about CareTrust is available at www.caretrustreit.com.
Contact Information CareTrust REIT, Inc. (949) 542-3130, firstname.lastname@example.org