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Thursday, Sep 28, 2023

LTC Properties Divests $78 Million Portfolio

LTC Properties Inc. has sold its Preferred Care portfolio for $78 million, according to a statement from the senior housing real estate investment trust on Thursday. The portfolio includes 21 properties with more than 2,500 beds at facilities in Arizona, Colorado, Iowa, Kansas and Texas, according to the Westlake Village company. These properties were sold in the first quarter of this year. Another property in the Preferred Care portfolio sold last year. Florida-based nursing home group Preferred Care filed for Chapter 11 reorganization status in 2017 due to multi-million dollar personal injury lawsuits in Kentucky and New Mexico, according to a Reuters report. “We enjoyed a long, profitable and amicable relationship with Preferred Care, and wish them much success with their newly reorganized company,” Wendy Simpson, chief executive at LTC, said in a statement. “These proceeds provide LTC with increased liquidity, and allow us to pursue opportunities for future growth, even in the midst of a particularly challenging environment.” Shares of LTC (LTC) closed Thursday up 89 cents, or 3.2 percent, to $28.32 on the New York Stock Exchange.

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