LTC Properties Inc., a real estate investment trust in Westlake Village, announced Thursday it has purchased two skilled-nursing facilities in Texas for $23 million.
The two properties will be a part of an existing master lease with Senior Care Centers LLC in Dallas, Texas.
The facilities have a combined 254 licensed beds and should increase cash flow for LTC by 8.25 percent. According to the agreement, the properties’ rents will increase by 2.5 percent through mid-2021, and from there, will increase by 3 percent every year after.
“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,” Wendy Simpson, chief executive at LTC, said in a statement. “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.”
LTC closed down 36 cents or nearly 1 percent to $41.53 on the New York Stock Exchange.