LTC Goes on Buying Spree

Real estate investment trust LTC Properties, Inc. has purchased skilled nursing properties in Florida and Texas for a combined price of $17 million. The transactions by the Westlake Village-based firm will be financed through an unsecured line of credit. The Texas property has 166 beds and will be operated by a third party that had worked under a lease with the seller. LTC will invest $200,000 toward capital expenditures on the property. The acquisition of the 120-bed skilled nursing property in Florida is expected to close on Feb. 22. LTC has entered into a lease with a third-party operator to oversee the facility. Thom Senzee