LTC Properties divests three assisted living communities in Wisconsin for $35m

LTC Properties has sold three assisted living communities in Wisconsin that were part of its Senior Lifestyle portfolio for $35 million.

The buyer of the assets was not disclosed by the real estate investment trust (REIT).

The properties involved in the sale include 263 assisted living units and the estimated gain from the deal is nearly $5.6 million.

The California-based REIT said that the three assisted living communities in Wisconsin it had sold had a combined gross book value of $35.2 million along with a net book value of $28.3 million.

LTC Properties said that it has cleared its unsecured revolving line of credit by using the sales proceeds.

Wendy Simpson – LTC Properties Chairman and CEO said: “Transitioning the Senior Lifestyle portfolio has been a key focus for LTC, and the sale of these communities brings us closer to that goal.

“We remain consistent with our stated long-term strategy of diversifying our portfolio by strategically selling assets, and the disposition of these properties demonstrates our ability to do that successfully.”

The portfolio of LTC Properties comprises 180 real estate investments across 27 states with 30 operating partners. Nearly 50% of its portfolio is seniors housing, while the remaining 50% comprises skilled nursing properties.