LTC Properties Inc., a real estate investment trust that primarily invests in seniors housing and health care properties, announced that it has invested a total of $61.5 million in two transactions, and completed the previously disclosed transition of a portfolio of eight assisted-living communities.
The investments include LTC’s $45.0 million investment in a $54.1 million joint venture acquisition of a seniors housing campus in Ohio that is now operated by current LTC partner, Encore Senior Living and a $16.5 million senior loan origination for the purchase of a skilled nursing center in Illinois operated by current LTC partner Ignite Medical Resorts.
As previously detailed in the company’s 2023 first quarter earnings conference call, LTC transitioned a portfolio of eight assisted living communities with 500 units in Illinois, Ohio and Michigan to Encore.
“LTC has been very active this year, investing more than $240 million year-to-date, our largest investment year since 2015, and transitioning challenged properties to strengthen our portfolio,” said Wendy Simpson, LTC’s chairman and CEO. “Making incremental investments with existing partners allows us to work with growth-minded operators who we know and respect, while investing in newer assets allows us to further reduce the average age of our portfolio. These efforts should serve us well over the long-term as we work to reinforce LTC’s position as a REIT partner of choice for the seniors housing and care market.”
