LTC Properties, Inc. (NYSE: LTC) has completed the re-leasing of 20 assisted living properties to Senior Lifestyle Corporation and Veritas InCare, LLC.
Previously co-leased to Enlivant (formerly Assisted Living Concepts) and an affiliate of Canadian long-term care provider Extendicare, the completed re-leasing of the 20 properties arrives nearly a year since LTC announced last January that it was seeking a new tenant for the portfolio.
Thirteen of the properties, comprising a total of 500 units, have been leased to an affiliate of Chicago-based operator Senior Lifestyle Corp. under an existing master lease. The properties are located in Iowa, Indiana, Nebraska, New Jersey and Ohio.
The initial term of the amended and restated master lease is 15 years, with initial annualized rent of $5.1 million, increasing 2.6% each year.
LTC also leases four additional properties, located in Colorado, Indiana and Pennsylvania, to Senior Lifestyle, which are included in the master lease resulting in total annualized rent of $7.3 million.
The remaining seven properties, which comprise 278 total units and are located in Texas, have been leased to Olive Branch, Mississippi-based Veritas InCare under a new 10-year master lease. The initial annualized rent is $1.5 million, increasing 2.5%.
Similar to Senior Lifestyle, LTC also leases four additional properties to Veritas. Located in Florida and Mississippi, these properties result in combined annualized rent of $2.4 million for both master leases.
“We enter 2015 from a position of strength, with expanded relationships with key partners and a solid pipeline of potential sale leasebacks, development opportunities, and expansion and replacement projects within our portfolio,” Simpson said. “We look forward to continuing our diversification efforts and implementing our growth strategies as the new year unfolds.”
Written by Jason Oliva