LTC Properties offloads 2 New Mexico senior centers for $21.3M
LTC Properties $LTC Properties(LTC)$ said it sold two nursing centers in New Mexico, with a total bed capacity of 235 members, for $21.3 million.
The proceeds from the sale will be used to pay down the company’s unsecured revolving line of credit.
LTC anticipates recording a gain on sale of about $15 million in the first quarter.
As a result of the sale, the two properties were removed from the operator’s master lease, and LTC provided a rent decrease of 7.5% of the net proceeds, or about $1.5 million of cash rent, to the operator.
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