LTC Acquires Two Skilled Nursing Centers, $23M

LTC Properties, Inc. LTC, a real estate investment trust that primarily invests in seniors housing and health care properties, announced today that it has acquired two skilled nursing centers in Texas for $23.0 million. The properties, comprising 254 licensed beds, will be added to an existing master lease with Senior Care Centers, LLC at an incremental initial cash yield of 8.25%. Rent will escalate annually by 2.5% through July 2021, and then 3% annually thereafter. "We are pleased to be expanding our relationship with Senior Care Centers, an important and long-standing LTC operating partner. Over the last five years, we have made gross investments totaling approximately $140 million with Senior Care, contributing to our growth and enhancing the quality and average age of our portfolio," said Wendy Simpson, LTC's Chairman and Chief Executive Officer. "This acquisition is the culmination of a great year for LTC, with investments and development commitments exceeding $400 million, driving continued growth for the Company."