LTC Properties Reports Problem with Renter

A nursing home operator in Texas that leases buildings from LTC Properties Inc. has filed for bankruptcy reorganization, according to LTC. The operator’s rent payments amount to nearly 10 percent of LTC’s revenue. Senior Care Centers LLC in Dallas filed for Chapter 11 protection as a result of lease terminations from certain landlords and ongoing operational challenges. LTC Properties, a real estate investment trust in Westlake Village that invests in senior housing and health care properties across the country, is currently discussing the 11 properties managed by Senior Care with another operator. Senior Care provides $15.8 million in revenue to LTC, or about 9.7 percent of the company’s annualized revenue as of Sept. 30. Senior Care, with facilities in Texas and Louisiana, has not paid its December rent. LTC had previously requested a consensual termination of the lease and now has strongly urged Senior Care to reject LTC’s lease in bankruptcy, the company said.