LTC Acquires Three Assisted Living Facilities for $33 Million

LTC Properties in Westlake Village has invested $33 million in out-of-state acquisitions, according to a statement from the company on Tuesday. The real estate investment trust, which focuses on senior care communities, acquired two properties in Auburn Hills and Sterling Heights, Mich., for $19 million. LTC added an additional $2 million for capital improvements to the properties. Known as Randall Residence, the Michigan properties have a total of 156 assisted living and memory care units. LTC also acquired HMG Healthcare, a 140-bed property in Longview, Texas, for $13.5 million. “We have been cultivating these relationships for some time, and have confidence in their ability to perform well by focusing on residents and best-in-class operations,” Wendy Simpson, chief executive of LTC Properties, said in a statement. “These partnerships provide a pathway for growth for all of us.” Shares of LTC (LTC) closed Wednesday down 46 cents, or 1 percent, to $46.66 on the New York Stock Exchange.