Mission Viejo-based nursing home operator Ensign Group Inc. will complete the spin-off of its real estate holdings into a separate publicly traded company after the close of trading Monday.
CareTrust REIT Inc., the new company, is being added to Standard & Poor’s SmallCap 600 stock index. CareTrust is also based in Mission Viejo. It is replacing Tower Group International Ltd., a Bermuda-based insurance company, on the index.
Ensign announced plans to spin off its real estate in November.
Shares of CareTrust were up 1% in limited trading today to an undetermined market value. Ensign’s shares were flat with a market value of $1.05 billion.