LTC Announces Acquisition of a Skilled Nursing Property for $18.6M

LTC Properties, Inc.

announced today that it acquired a skilled nursing property with 144 licensed beds for $18,600,000. The property is located in Red Oak, Texas (Dallas-Ft. Worth MSA) and was built in 2002. The acquisition was funded from the Company's unsecured revolving line of credit. Simultaneous with the purchase, the Company added the property to an existing master lease with an unrelated third-party operator at an initial cash yield of 9.0% and an incremental GAAP yield of 10.8%.