LTC Announces Acquisition of a Skilled Nursing Property
LTC Properties, Inc. (NYSE: LTC) (“the Company”) announced today that it acquired a skilled nursing property with 90 licensed beds for $6.5 million. The property is located in Brownwood, Texas and was built in 2011. 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 Senior Care Centers at an initial cash yield of 9.0% and an incremental GAAP yield of 10.7%.
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