Together, the properties comprise 263 assisted living units. The sale represents a gain of about $5.6 million for Westlake Village-based LTC.
The net proceeds were used to pay down an unsecured revolving line of credit.
“Transitioning the senior lifestyle portfolio has been a key focus for LTC, and the sale of these communities brings us closer to that goal,” Chief Executive Wendy Simpson said in statement. “We remain consistent with our stated long-term strategy of diversifying our portfolio by strategically selling assets, and the disposition of these properties demonstrates our ability to do that successfully.”
Shares of LTC Properties (LTC) rose by 1 percent Monday to close at $39.35 on the Nasdaq.