LTC Announces Purchase of a Skilled Nursing Property
November 01 2011 - 5:00PM
Business Wire
LTC Properties, Inc. (NYSE:LTC) announced today that it acquired
a skilled nursing property with 156 licensed beds in Colton, CA
(Riverside-San Bernardino-Ontario MSA), for a purchase price of
$17,500,000. The property was built in 1990 and primarily operates
a sub-acute program with a revenue source predominantly consisting
of managed care contracts and specialty government reimbursement.
Simultaneous with the purchase, the Company leased the property to
an unrelated third-party operator pursuant to a 12-year lease
agreement at an initial cash yield of 9.25% and a GAAP yield of
10.34%. The lease contains annual escalations of 2.0% and has two
10-year renewal options.
The Company is a self-administered real estate investment trust
that primarily invests in long-term care and other health care
related facilities through mortgage loans, facility lease
transactions and other investments. For more information on LTC
Properties, Inc., visit the Company’s website at
www.ltcproperties.com.
LTC Properties (NYSE:LTC)
Historical Stock Chart
From Jul 2024 to Aug 2024
LTC Properties (NYSE:LTC)
Historical Stock Chart
From Aug 2023 to Aug 2024