LTC Properties (NYSE: LTC) announced that it has completed a purchase valued at $160 million. The transaction brings three senior-housing communities under the company’s ownership, expanding its portfolio of assisted-living assets.
Acquisition composition
The agreement details one community located in Florida that will continue operating under the management of Charter Senior Living. Two additional sites, situated in Virginia and Maryland, will be overseen by IntegraCare. Together, the three properties contribute a total of 270 units to the REIT’s holdings, raising the overall unit count across its senior-living platform.
All three sites were bought under a triple-net lease structure.
Concurrent divestitures
To fund the acquisition, LTC disposed of three skilled-nursing centers and seventeen senior-housing communities that were also structured as triple-net leases. The sales generated gross proceeds of $260 million, providing the cash needed to close the new purchase.
National Health Investors (NYSE: NHI) recently injected $107.7 million to acquire six senior-housing communities, adding 443 units across Kentucky, Michigan and Tennessee. The deal, managed by Allegro Living Management, also earmarks a further $2.3 million for the first year of integration. In addition, NHI holds $164.3 million of signed letters of intent and is reviewing a pipeline of roughly $285 million that includes senior-housing acquisitions, sale-leasebacks and loan-with-purchase-option structures.
Senior Living Investment Brokerage has recently facilitated several notable transactions, including the sale of a 144-unit, 205-bed assisted-living community built in 1974 in Rochester, New York, which was 81% occupied at marketing, and the transfer of a 110-unit mixed-use senior-living campus in Rio Rancho, New Mexico.
