LTC Properties Inc. agreed to buy a newly developed 90-bed skilled nursing center in Missouri for about $19.5 million subsequent to the end of the second quarter.
Upon deal closing, the healthcare real estate investment trust will enter into a 12-year lease agreement with a new operator. The REIT also reached a deal with the same operator to acquire a land parcel and develop a 90-bed skilled nursing center in Missouri. The commitment totals about $18.4 million. LTC will enter into a separate 12-year lease agreement upon completion of the land development, certificate of occupancy and licensure.
The REIT, in reporting its second-quarter earnings, said it expects the transactions to be completed in the third quarter.
Also subsequent to quarter-end, the company transitioned two memory care communities totaling 159 units in Georgia and South Carolina to an existing operator from Thrive Senior Living under a new two-year lease. It also transitioned a 60-unit memory care community in Florida, Thrive's remaining asset, to an existing operator under a new 10-year lease effective Aug. 1.