Los Angeles Business Journal

LTC Makes Land Acquisitions

By Deborah Crowe Monday, January 7, 2013

LTC Properties Inc. on Monday said that it had purchased two land parcels and entered into health care facility development commitments valued at more than $29 million.

The Westlake Village health care real estate investment trust said that last month it bought an 11-acre vacant parcel of land in Northern Kentucky for $2.1 million. It added the parcel to an existing master lease with affiliates of Carespring Health Care Management LLC, and committed to fund construction of a 143-bed skilled nursing facility for $21.4 million.

Also last month, LTC purchased a 6-acre parcel of land in Frisco, Texas for $1 million. It entered into a lease and development commitment with affiliates of Mustang Creek Estates to fund construction of an 81-unit assisted living and memory care facility for $4.8 million.

Shares closed down 6 cents, or less than 1 percent, to $36.26 on the New York Stock Exchange.