LTC Properties Forms JV with PruittHealth
Posted on 09/12/2022
LTC Properties, Inc. (NYSE: LTC), a real estate investment trust that primarily invests in seniors housing and health care properties, announced a joint venture investment for the purchase of three skilled nursing centers, operated by a partner new to LTC. LTC will be the majority owner with a $62 million contribution to the joint venture.
The three skilled nursing centers are located in northern Florida, were constructed between 2018 and 2021, have a combined 299 licensed beds primarily in private rooms, and are operated by PruittHealth, Inc. 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.
