LTC Properties Makes $62M JV Investment On Nursing Centers

LTC Properties Inc LTC has made a joint venture investment for the purchase of three skilled nursing centers operated by a partner.
LTC will be the majority owner with a $62 million contribution to the joint venture.
The three skilled nursing centers are located in northern Florida, have a combined 299 licensed beds, and are operated by PruittHealth Inc.
The centers will be operated under a 10-year master lease, with two five-year renewal options, with an affiliate of PruittHealth.
LTC expects to receive net rent of about $777,000 during the second half of 2022 and about $4.6 million during 2023.
"This investment allows us to partner with a strong regional operator that has considerable seniors housing and care expertise," said CEO Wendy Simpson.
Price Action: LTC shares are trading higher by 1.42% at $44.93 on the last check Monday.