CareTrust Announces Strategic SHOP Pipeline Agreement with LNT Care Developments to Acquire 45 New UK Care Homes for £1.1 Billion
CareTrust REIT has agreed to acquire 45 newly built UK care homes from LNT Care Developments for approximately £1.1 billion, with the first 24 homes (about £576 million / $764 million) closed on October 1, 2026. The homes are initially leased to LNT's Crystal Care under triple-net leases, with a defined path to transition into a RIDEA-based SHOP structure starting between years two and four; management expects accretion to normalized FFO during lease-up and mid- to high-7% all-in pre-tax stabilized yields. CareTrust also closed roughly $488 million of other investments since Q2 and raised full-year 2026 guidance, now projecting Normalized FFO of $2.06-$2.09 per share.
Key figures
- Guidance
- FY2026 net income $1.54-$1.57/share; Normalized FFO $2.06-$2.09/share; Normalized FAD $2.02-$2.05/share (increased)
- Deal Value Usd
- £1.1 billion (~$1.46 billion)
- Pipeline
- $525 million near-term actionable
- First closing value
- £576 million (~$764 million) for 24 homes
- Ytd investment total
- $2.7 billion
- Remaining closing value
- £504 million for 21 homes in 2027
- Shop phase all in yield
- mid- to high-7% pre-tax in year one of SHOP phase
- Other recent investments
- $488 million since Q2 2026
- Q3 and since investment total
- $1.6 billion
- Blended stabilized yield other investments
- 8.8%
AI analysis
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