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CareTrust REIT shareholders approve board declassification proposal

CareTrust REIT Inc. shareholders approved the declassification of the healthcare real estate investment trust's board at its May 30 annual shareholder meeting.

The board of directors had previously approved the amendment to the company's charter, pending shareholder approval. Per the terms of the amendment, Director Allen Barbieri will be elected for a one-year term, with each subsequent director being elected for a one-year term as their current term expires.

According to a filing, the REIT's entire board of directors will be elected on an annual basis by the 2020 annual shareholder meeting.