LTC Properties to transition or sell some properties in Brookdale portfolio

LTC Properties (LTC) announced that it plans to diversify its portfolio through the transition and possible sale of some of the properties in its Brookdale Senior Living (BKD) portfolio, following Brookdale’s election not to exercise its lease renewal option. Brookdale is contractually obligated to pay rent on the portfolio of 35 assisted living communities across eight states through the end of the lease term on December 31. The portfolio represents 8.4% of pro forma annualized contractual cash rent, and 8.2% of pro forma annualized GAAP rent. LTC has funded approximately $7M in capital improvements in the properties over the last two years.