LTC Properties Sells Three Assisted Living Assets
With the disposition of 263 units in Wisconsin, the firm continues to transition its senior lifestyle portfolio.
WESTLAKE VILLAGE, CA – LTC Properties Inc. has sold three assisted living communities totaling 263 units in Wisconsin for $35 million.
The three properties were a part of the company’s senior lifestyle portfolio. The sale coincides with LTC Properties’ planned portfolio transition.
“Transitioning the senior lifestyle portfolio has been a key focus for LTC, and the sale of these communities brings us closer to that goal,” states Wendy Simpson, chairman and CEO of LTC Properties. “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.”
The sale’s net proceeds were used to pay LTC Properties’ unsecured revolving line of credit.
The company’s estimated gain from the sale is $5.6 million. The three properties had a combined gross book value of $35.2 million and a net book value of $28.3 million.
LTC Properties’ 180-property portfolio is now equally comprised of seniors housing assets and skilled nursing properties.