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Thursday, Feb 29, 2024

LTC Buys Florida Property

LTC Properties Inc. announced Wednesday the purchase of a skilled nursing property in Trinity, Fla. for $14.4 million. The Westlake Village company, which owns and manages long-term care and other health-care properties, bought the 120-bed facility from an affiliate of Traditions Senior Management of Clearwater, Fla. LTC Chief Executive Wendy Simpson said Traditions is a good partner to work with because of the two firm’s existing relationship. Traditions already leases four properties with a total of 596 beds from LTC. “LTC is pleased to announce this acquisition, again demonstrating our commitment to expand relationships with existing customers like Traditions Management,” she said in a prepared statement. The transaction is expected to close on or about November 1. 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 12 cents, or less than 1 percent, to $36.34 on the New York Stock Exchange.

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