WESTLAKE VILLAGE, CALIF. — LTC Properties Inc. (NYSE:LTC), a seniors housing and healthcare real estate investment trust based in Westlake Village, has completed the previously announced acquisition of a 10-property portfolio for $142 million.
The properties provide 891 units of independent living, assisted living and memory care services. Nine of the properties are located in Wisconsin and one is located in Illinois. Specific names and locations were not disclosed.
LTC entered into a triple-net master lease agreement with an affiliate of Senior Lifestyle Corporation, which will operate the communities.
Blueprint Healthcare Real Estate, led by Ben Firestone, brokered the deal on behalf of the undisclosed seller.
The purchase was funded by the LTC’s revolving credit facility.
LTC’s stock closed at $43.90 on Wednesday, Aug. 19, up from $40.03 a year prior.