LTC Properties invests $128M in 12 assisted living/memory care properties in NC

LTC Properties announced an approximate $128 million investment in 12 assisted living/memory care properties (a combined 937 licensed beds in 568 units). The communities are located throughout North Carolina and are currently owned and operated by an existing LTC partner. The majority of LTC’s $128 million investment is structured as a joint venture and a minor portion is structured as a senior mortgage loan secured by one property. The investment was funded from approximately $99 million borrowed under LTC’s line of credit and $29 million of net proceeds from the sale of 757,400 shares of LTC’s common stock under its equity distribution agreements during the 2022 fourth quarter.