LTC Makes Land Acquisitions

LTC Properties Inc. on Monday said that it had purchased two land parcels and entered into health care facility development commitments valued at more than $29 million. The Westlake Village health care real estate investment trust said that last month it bought an 11-acre vacant parcel of land in Northern Kentucky for $2.1 million. It added the parcel to an existing master lease with affiliates of Carespring Health Care Management LLC, and committed to fund construction of a 143-bed skilled nursing facility for $21.4 million. Also last month, LTC purchased a 6-acre parcel of land in Frisco, Texas for $1 million. It entered into a lease and development commitment with affiliates of Mustang Creek Estates to fund construction of an 81-unit assisted living and memory care facility for $4.8 million. Shares closed down 6 cents, or less than 1 percent, to $36.26 on the New York Stock Exchange.