LTC Sells Portfolio of Six Assisted Living and Memory Care Communities for $67.5 Million
May 1, 2018
WESTLAKE VILLAGE, CA–LTC Properties, Inc. (NYSE: LTC), a real estate investment trust that primarily invests in seniors housing and health care properties, today announced it has sold a portfolio of six assisted living and memory care communities for $67.5 million.
Known as the Sunrise Portfolio, the six communities, five assisted living and one memory care, span 320 units and five locations in Ohio and Pennsylvania. As a result of the transaction, LTC expects to recognize a net gain on sale of approximately $48.0 million in the second quarter. The transaction was structured to close concurrent with the April 30 lease expiration. Rental revenue under this lease for the four months ended April 30, 2018 is approximately $1.5 million.
“This transaction demonstrates the asset value of our portfolio, affording us the opportunity to strategically recycle capital and continue investing in newer, modernized assets,” said Wendy Simpson, LTC’s chairman and CEO “We plan to continue identifying additional opportunities to add value to LTC and our shareholders.”
KeyBanc Capital Markets Inc. and CS Capital Advisors, LLC acted as LTC’s financial advisors on the transaction. Sherry Meyerhoff Hanson Crance LLP served as LTC’s legal advisor.
