LTC Invests $128M in 12 Communities in North Carolina

by Jeff Shaw

WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based real estate investment trust that primarily invests in seniors housing and healthcare properties, has made a $128 million investment in 12 assisted living/memory care properties totaling 937 beds and 568 units across North Carolina.

An existing LTC partner operates all the communities.

The majority of LTC’s $128 million investment is structured as a joint venture and a minor portion is structured as a senior mortgage loan secured by one property. The investment was funded from approximately $99 million borrowed under LTC’s line of credit and $29 million of net proceeds from the sale of 757,400 shares of LTC’s common stock under its equity distribution agreements during the 2022 fourth quarter.

The joint venture equity gives LTC a 97 percent stake in 11 of the properties. The communities will be operated under a 10-year master lease with two five‑year renewal options.

The master lease provides the operator with the option to buy up to 50 percent of the properties at the beginning of the third lease year and the remaining properties at the beginning of the fourth lease year through the end of the sixth lease year.

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