LTC Properties, Inc. (NYSE:LTC) (“LTC”) announced last week that it has entered into an agreement to purchase a 120-bed skilled nursing property in Florida for a purchase price of $9.0 million and will enter into a 12-year triple net lease with a third party operator. The terms of the seller’s current financing required a 30-day prepayment notice which was given by seller concurrently upon execution of the purchase agreement and is expected to close on February 22, 2010.
In January 2010, the LTC purchased a 166-bed skilled nursing property in Texas for a purchase price of $7.9 million and entered into a 10-year triple net lease with a third party operator that operated the property under a lease with the seller and paid $0.1 million to the operator as a lease inducement which will be amortized over the life of the lease. LTC stated that both of these transactions were or will be financed by the use of funds from the Company’s unsecured line of credit.
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