LTC Properties "announced that it has sold two skilled nursing centers in New Mexico. The two centers, totaling 235 beds, were sold for $21.3 million, generating proceeds of $20.8 million. The proceeds will be used to pay down the Company’s unsecured revolving line of credit. LTC anticipates recording a gain on sale of approximately $15 million in the 2023 first quarter. As a result of the sale, the two properties were removed from the operator’s master lease, and LTC provided a rent decrease of 7.5% of the net proceeds, or approximately $1.5 million of cash rent, to the operator. The centers were built in 1975 and 1985, respectively."
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Published first on TheFly
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