LTC Makes $62M Joint Venture Investment in Three Skilled Nursing Facilities

WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT, has made a joint venture investment with PruittHealth Inc. for the purchase of three skilled nursing centers in North Florida. LTC will be the majority owner with a $62 million contribution to the joint venture.

The assets were constructed between 2018 and 2021, have a combined 299 licensed beds primarily in private rooms, and are operated by PruittHealth. The centers will be operated under a 10-year master lease, with two five-year renewal options, with an affiliate of PruittHealth.

LTC expects to receive net rent of approximately $777,000 during the second half of 2022, and approximately $4.6 million during 2023 for the properties.

PruittHealth is a new operating partner for LTC.