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Tuesday, Nov 5, 2024

LTC Properties Closes $46 Million in Investments

Westlake Village-based LTC Properties announced that it has originated $46 million in new investments since the start of the third quarter.

The real estate investment trust, which focuses on senior housing and health care properties, expects the investments to generate an annual interest income of about $3.5 million. Included within the financings are four separate investments with a combined average term of 3.2 years.

The financings include $27 million for the purchase of a Louisiana nursing center, $12.5 million for the purchase of an assisted living community in Florida, $4.4 million for the refinance of an Oregon-based independent living community and $1.8 million secured by a parcel of land for the development of Missouri nursing center.

“Our recent investment strategy has focused on shorter-term investments and development opportunities, which we believe have a lower risk profile in the current environment,” Wendy Simpson, LTC’s chief executive, said in a statement. “These investments fit nicely into that strategy, while expanding relationships with an existing partner and regional operators new to us.”

The company announced the investment earlier this week. On Friday shares of LTC closed up 42 cents, or 1.24 percent, to $34.36 on the same day the market closed up half a percent.

Antonio Pequeño IV
Antonio Pequeño IV
Antonio “Tony” Pequeño IV is a reporter covering health care, finance and law for the San Fernando Valley Business Journal. He specializes in reporting on some of the biggest names in the Valley’s biotechnology sector. In addition to his work with the Business Journal, Tony has reported with BuzzFeed News on the unsupervised use of Clearview AI, a controversial facial recognition technology. Tony, who also conducts freelance reporting, graduated from the USC’s Master of Science in Journalism program in 2021. He is in his fifth year as a journalist as of 2021.

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