Real estate investment trust LTC Properties Inc. has finished work on a 120-bed skilled nursing property in Texas, the company said Tuesday.
The Westlake Village company, which owns and manages long-term care and other health care properties, will lease the facility to Maryland company Fundamental Long Term Care Holdings LLC, as part of a two-property deal.
The newly constructed building replaces a 90-bed facility that was previously on the site. The property will open Thursday.
At the beginning of the year, LTC had investments in 89 skilled nursing properties, 102 assisted living properties, 14 other senior housing properties and two schools.
Shares of LTC closed up $1.12, or 2.8 percent, to $41.40 on the New York Stock Exchange.