CareTrust closes £576M UK care-home tranche in £1.1B LNT deal

CareTrust REIT said it completed the first closing of its LNT Care Developments UK care-home transaction on October 1, 2026, for approximately £576 million (about $764 million) across 24 Completed Properties, as part of an approximately £1.1 billion agreement for 45 homes disclosed in an October 2 Form 8-K and press release.

CareTrust REIT closed the first tranche of a United Kingdom care-home platform deal with LNT Care Developments on October 1, 2026 — a Form 8-K completion disclosure filed the next morning with an October 2 press release that also sizes the full pipeline.

What closed on October 1

CareTrust REIT, Inc. (NYSE: CTRE), through subsidiary CareTrust UK Limited, completed the acquisition of the entire issued share capital of care home property companies holding an aggregate of 23 completed care homes and one additional care home that remains subject to regulatory approval anticipated in October 2026 — 24 Completed Properties in the filing's language — from LNT Care Developments Holdings Limited. The Share Purchase Deed is dated as of September 30, 2026.

Form 8-K Item 2.01 states the purchase price for each of the Acquired Properties is £24,000,000, for an initial aggregate purchase price of approximately £576 million (or approximately $764 million) for the 24 Completed Properties, exclusive of transaction costs. The October 2 EX-99.1 press release matches that first-close sizing and adds that the 24 homes were all constructed within the past two years. CareTrust said the investment was funded with proceeds from settling outstanding forward equity agreements and a draw on its revolving credit facility.

The Completed Properties are, or will be upon each applicable closing, leased to subsidiaries of Crystal Care Homes Holdco Limited — LNT's care-home operating portfolio company — under triple-net leases with fixed annual escalators and renewal options. LNT guarantees Crystal Care Holdco's payment obligations under those leases.

The £1.1 billion pipeline behind the first close

EX-99.1 frames a definitive agreement to acquire 45 new UK care homes for approximately £1.1 billion as a strategic path to building a senior housing operating portfolio (SHOP) platform across the United Kingdom. After the October 1 first closing, 21 homes remain under development. CareTrust intends to acquire those In-Development Properties for approximately £504 million (or approximately $669 million) upon completion of development and receipt of regulatory approvals, anticipated on a rolling basis through December 31, 2027.

Item 2.01 also records that LNT's shareholders granted CareTrust's operating partnership an option, exercisable through September 2027, to acquire the entire issued share capital of LNT — a contractual option disclosed in the filing, not a second closed purchase.

Lease-up now, SHOP later

During an initial Lease-up Phase, CareTrust is structured for triple-net rental income from Crystal Care. Following lease-up, and subject to put or call options, CareTrust expects to acquire the operating companies and transition the homes into a RIDEA-permitted SHOP structure. EX-99.1 says the SHOP Phase is expected to begin between years two and four after each home's completion, with the first transition anticipated by the fourth quarter of 2027. The company says the transaction is expected to be accretive to normalized funds from operations per share during the Lease-up Phase, inclusive of straight-line rent adjustments, and to generate an all-in yield in the mid- to high-7% range on a pre-tax basis in year one of the SHOP Phase — company framing on the October 2 release, not independently verified run-rate yields.

Guidance update on the same disclosure

Alongside the LNT announcement, CareTrust said it is increasing full-year 2026 guidance and now projects net income attributable to CareTrust of approximately $1.54 to $1.57 per share, Normalized FFO of approximately $2.06 to $2.09 per share, and Normalized FAD of approximately $2.02 to $2.05 per share. EX-99.1 states those ranges include the initial LNT acquisition of 24 care homes that closed or is anticipated to close in October 2026 and exclude the remaining 21 LNT homes still under development.

Why the first close matters

A sealed Item 2.01 turns the LNT UK care-home relationship from a signed Share Purchase Deed into a funded first closing of roughly £576 million, with a disclosed path for another ~£504 million of development assets and a later SHOP transition — while keeping one of the 24 Completed Properties still subject to an anticipated October 2026 regulatory approval.