WESTLAKE VILLAGE, CA-LTC Properties has launched efforts to re-lease a portfolio of 37 assisted living communities located throughout the Pacific Northwest, Midwest and Texas. The company has already renewed leases with Assisted Living Concepts Inc. and Extendicare Health Services Inc., whose leases expired December 31, 2013.

LTC Properties is launching the re-leasing efforts in the hope of capitalizing on the expanding healthcare market. “We believe the significant potential upside of this portfolio represents a compelling economic opportunity for many quality assisted living providers,” says Wendy Simpson, CEO, president and chairman of LTC Properties. “The portfolio's strategic geographic concentrations offer potential operators the opportunity to either leverage their existing footprint in these markets or to establish new operating regions with ample critical mass.”

Several healthcare providers and insurers have recently augmented their leases due to expected growth from the roll out of the Affordable Care Act. Late last year, the long vacant Century City Hospital inked two major leases with UCLA Health System and Cedars-Sinai Medical Center valued at $80 million, while L.A. Care Health Plan increased its lease at the Garland Center by 47,000 square feet.

The portfolio received $11 million in annualized GAAP rent, which represents 9.3% of the company's pro-forma revenues. CS Capital Advisors LLC has been hired to market the property for LTC.