LTC Acquires Missouri Skilled Nurse Center, Property for Development

Westlake Village-based LTC Properties Inc., a real estate investment trust focused seniors housing, announced Monday that it acquired a post-acute skilled nursing center plus a land parcel to develop a senior living project in Kansas City. Mo. LTC acquired a 90-bed skilled nursing center for $19.5 million in Kansas City. Mo. The center is operated by Ignite Medical Resorts. The lease term runs 12 years. The center averages 90 percent occupancy and generates more than $1 million in monthly revenue. LTC also acquired a parcel of land, which it intends to develop into a 90-bed post-acute skilled nursing center, in Independence, Mo. The price for the parcel was $17.4 million. Construction completion is scheduled for the fall of 2020. Avenue Development is managing the project. “These acquisitions represent our positive outlook on the next generation of post-acute skilled nursing,” LTC Chief Executive Wendy Simpson said in a statement. “We are optimistic about our new partnership with Ignite and their innovative approach to rapid rehabilitation in a resort-style setting.” Shares of LTC (LTC) closed Monday down 2 cents, or a fraction of a percent, to $48.82 on the New York Stock Exchange.