Vanke Slams Moody’s Downgrade, Citing Shareholder Support
China Vanke Co. made a rare response to Moody’s downgrade last week, citing support from financial institutions and its biggest shareholder.
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China Vanke Co. made a rare response to Moody’s downgrade last week, citing support from financial institutions and its biggest shareholder.
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(Bloomberg) -- China’s industrial companies’ profits fell in March as exports flagged and deflationary pressures persisted, suggesting the economy’s stronger-than-expected growth early this year might be tough to maintain.
Dec 6, 2021
Bloomberg News
,(Bloomberg) -- CareTrust REIT Inc., a real estate investment trust which owns skilled-nursing facilities, senior housing and other health-care properties, is exploring strategic options including a sale, according to people with knowledge of the matter.
The San Clemente, California-based REIT is working with an adviser to solicit interest from potential suitors including rivals and real estate-focused investment firms, said the people, who requested anonymity discussing talks that are private. No final decision has been made and CareTrust could opt to remain publicly traded.
A CareTrust representative declined to comment.
CareTrust is led by Chairman and Chief Executive Officer Greg Stapley and President Dave Sedgwick. When announcing third-quarter results last month, Stapley said that a shortage of qualified workers and rising labor costs present a “growing challenge” and that several of the REIT’s tenants have turned patients away due to a lack of necessary staff to provide care.
The REIT’s shares gained 5.7% to $21.91 at 3:14 p.m. in New York. They have declined about 1.4% this year, compared with the MSCI U.S. REIT index’s roughly 32% advance. Its market capitalization is about $2.1 billion.
Earlier this year, DigitalBridge Group Inc. agreed to sell its wellness portfolio, which included senior housing and skilled-nursing facilities, to Highgate Capital Investments and Aurora Health Network.
Read more: DigitalBridge Agrees to Sell Wellness Portfolio for $3.2 Billion
(Updates with shares in fifth paragraph.)
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