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Friday, Mar 29, 2024
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Briefs: LTC, Signature

LTC Properties Inc. announced today it has completed the sale of 16 assisted living properties for $26.5 million. The Westlake Village real estate investment trust, which focuses on nursing homes and medical offices, sold the facilities to Enlivant, an operator of senior housing. The properties, located in Arizona, Idaho, Oregon and Washington, comprise 615 units. The price was approximately $43,000 per unit. “We believe that selling these 16 properties provides a better risk adjusted return to our shareholders than had we re-leased them,” Wendy Simpson, LTC’s chief executive, said in a statement. “With the sale complete, our energies are strongly focused on further diversifying our asset base by property type, geography and operator.” Shares closed up $1.53 or 3.7 percent to $43.26 on the New York Stock Exchange. Signature Group Holdings Inc. announced Monday the closing of its secondary stock offering. The Sherman Oaks investment firm sold nearly 4.4 million shares at a price of $6.50. The $27.1 million raised will help fund the purchase of Global Recycling and Specification Alloys, an aluminum recycling operation owned by Aleris Corp. The total purchase price is $525 million using money from a planned $300 million bond issue, the secondary offering and available cash. Signature plans to rename the aluminum operation Real Alloy Inc. after the operation. Los Angeles brokerage B. Riley & Co. acted as the sole book runner for the offering. Shares of Signature closed down 7 cents or nearly 1 percent at $7.08 in over-the-counter trading.

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