LTC Properties Acquires Texas Skilled Nursing Facility for $18.6 Million

LTC Properties, Inc. (NYSE:LTC) recently acquired a 144-bed skilled nursing property located in Red Oak, Texas for $18.6 million from an undisclosed buyer.

The REIT funded the acquisition through its unsecured revolving line of credit, and added the property to an existing master lease with an unrelated third-party operator at an initial cash yield of 9% and an incremental GAAP yield of 10.8%.

Written by Alyssa Gerace