LTC Buys Assisted Living Properties


LTC Properties Inc. on Monday said it entered into agreements to acquire four assisted living properties in Florida and Mississippi, for purchase price of $26.9 million.

The Westlake Village real estate investment trust said the properties have a total of 241 units. The entire deal will cost the company $27 million because it will pay $100,000 of the seller’s prepayment penalty on its loan. LTC expects to fund the acquisition from its unsecured line of credit.

Three of the properties are located in Florida and one is in Mississippi.

LTC’s shares are up 23 cents, or less than a percent, to $26.92 in midday trading on the New York Stock Exchange.

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