LTC Makes Texas Nursing Home BuyOriginally published March 26, 2012 at 9:43 a.m., updated March 26, 2012 at 3:18 p.m.
LTC Properties Inc. on Monday said that it acquired a Texas skilled nursing facility with 144 licensed beds for $18.6 million.
The Westlake Village real estate investment trust said the property is located in the Dallas-Fort Worth-area community of Red Oak and was built in 2002. The acquisition was funded from the LTC’s unsecured revolving line of credit. The property has been leased to an unnamed nursing facility operator.
LTC primarily invests in long-term care and other health care-related facilities. Shares closed up 32 cents, or 1 percent, to $31.18 on the New York Stock Exchange.