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Thursday, Mar 28, 2024

LTC Sells Three Wisconsin Properties for $35 Million

Real estate investment trust LTC Properties, which specializes in health care property and senior housing investments, has announced a $35 million sale of three assisted living properties in Wisconsin.Together, the properties comprise 263 assisted living units. The sale represents a gain of about $5.6 million for Westlake Village-based LTC.The net proceeds were used to pay down an unsecured revolving line of credit.“Transitioning the senior lifestyle portfolio has been a key focus for LTC, and the sale of these communities brings us closer to that goal,” Chief Executive Wendy Simpson said in statement. “We remain consistent with our stated long-term strategy of diversifying our portfolio by strategically selling assets, and the disposition of these properties demonstrates our ability to do that successfully.”Shares of LTC Properties (LTC) rose by 1 percent Monday to close at $39.35 on the Nasdaq.

Antonio Pequeño IV
Antonio Pequeño IV
Antonio “Tony” Pequeño IV is a reporter covering health care, finance and law for the San Fernando Valley Business Journal. He specializes in reporting on some of the biggest names in the Valley’s biotechnology sector. In addition to his work with the Business Journal, Tony has reported with BuzzFeed News on the unsupervised use of Clearview AI, a controversial facial recognition technology. Tony, who also conducts freelance reporting, graduated from the USC’s Master of Science in Journalism program in 2021. He is in his fifth year as a journalist as of 2021.

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