LTC Properties Inc., a real estate investment trust that owns long-term care and health care facilities, announced on Tuesday that it is purchasing six additional properties for $94 million.
The Westlake Village company is buying the properties – two in New Jersey, two in Colorado and one in Pennsylvania – with plans to immediately lease them to a management firm affiliated with Juniper Communities Inc., a Bloomfield, N.J. operator of long-term care facilities.
“This investment expands our real estate portfolio with newer, private-pay facilities in top metropolitan markets,” said LTC Chief Executive Wendy Simpson, in a statement. “The execution of the transactions we are announcing today further diversifies our operator and revenue base.”
The acquisition will close in two parts, with the final $12 million closing early next year. The purchase brings LTC’s fourth quarter transactions to $121 million, including a $10.6 million construction loan to build a 106-bed nursing facility in Slinger, Wis.
Shares gained 70 cents, or more than 2 percent, to close at $33.88 on the New York Stock Exchange.