LTC Properties Inc. has sold a portfolio of six assisted living and memory care communities in Ohio and Pennsylvania. The transaction was valued at $67.5 million, according to LTC in Westlake Village.
The so-called Sunrise Portfolio included five assisted living and one memory care community, with a total of 320 units across five locations. The rental revenue for the four months ended April 30, when the lease expired, was $1.5 million, LTC said.
“This transaction demonstrates the asset value of our portfolio, affording us the opportunity to strategically recycle capital and continue investing in newer, modernized assets,” LTC Chief Executive Wendy Simpson said in a statement.
Shares of LTC (LTC) rose 71 cents, or about 2 percent, on Tuesday to close at $36.86 on the New York Stock Exchange.