LTC Properties Inc., a real estate investment trust in Westlake Village, has purchased a skilled nursing center in Dallas-Fort Worth for $16 million.
The facility opened in 2015 and contains 126 licensed beds. The property has been added to an existing master lease with an affiliate of consulting firm Fundamental Administrative Services in Sparks, Md. The facility should increase incremental cash flow for LTC by 8.25 percent, and per the agreement, rent will increase 2.5 percent annually.
In December, LTC purchased two other skilled nursing facilities in Texas for $23 million with similar leasing terms.
“After a highly successful 2015, the acquisition of this skilled nursing center continues our forward momentum,” Wendy Simpson, chief executive of LTC, said in a statement. “We are delighted to expand our close relationship with Fundamental.”
LTC closed up 70 cents or nearly 1.6 percent, to $45.96 on the New York Stock Exchange.