CareTrust REIT, Inc.

About LNT Care Developments

LNT was founded by Lawrence Tomlinson. He has built more than 250 care homes over the course of his career, and LNT today delivers at a pace approaching 30 homes per year, a rate no other developer in the market sustains.

LNT is engineered and built to address the critical care home supply gap in the UK. Their model rests on meticulous vertical integration of the entire development and operating processes. At the center is a standardized home design, refined over hundreds of buildings that LNT both developed and operated. The result of these efforts is a well-oiled machine that moves from site identification through planning, permitting, ground works, development, CQC registration and lease-up in a fraction of the time others may require—producing modern, all-private care homes with 100% en-suite wet rooms and market-leading ESG scores at a cost basis the broader market has been unable to match.

“I designed and built my first care home in 1991, and this business has been close to home for me ever since,” said Mr. Tomlinson. “CareTrust describes itself as 'for operators, by operators,' and that is how we have always run. This transaction was never simply about raising capital. We were keen to carefully choose a strategic partner who could help us deliver on our vision of hundreds of desperately needed new care homes across the United Kingdom, and CareTrust was plainly the best fit for that endeavor. I am delighted to have this one done, and we intend to keep finding ways to work together to meet the growing need in the UK for new, safe, well-run homes for residents and their families.”

“This relationship combines two of our growth engines into one: UK Care Homes and SHOP,” said Dave Sedgwick, CareTrust’s Chief Executive Officer. Mr. Sedgwick continued, “LNT is one of one. Their vertical integration, standardization, and obsession with detail has allowed them to open more care homes over the past couple of years than the next two developers combined. They are a special organization singularly positioned to serve the critical need for affordable purpose-built care homes in the UK. We’re thrilled to complete this initial transaction and, with aligned missions and values, we hope to support the LNT team further as they seek to develop hundreds more homes over the next decade and beyond.”

As part of the transaction, LNT has granted CareTrust an option to acquire the LNT platform in its entirety in the future, and the parties continue to explore ways to work together in various structures.

The Company has published on its investor website a presentation and brief management remarks providing additional details about the LNT transaction.

J.P. Morgan served as financial advisor to CareTrust, and Jones Day acted as legal advisor to CareTrust. Lazard served as financial advisor to LNT; Slaughter and May and Freeths served as legal advisors to LNT.