Seniors Housing Weekly Update - LTC Properties sells or leases 37 properties
November 4, 2014
November 4, 2014. 60 Seconds with Steve Monroe. With a looming December 31 lease termination deadline, LTC keeps some of the former Assisted Living Concepts properties and leases some others...
LTC Properties sells or leases 37 properties
I can’t believe it. I had completely forgotten about the 37 small assisted living communities owned by LTC Properties but leased to the former Assisted Living Concepts for the past several years. Let’s just say the former regime at ALC was not too friendly with its landlords. The leases were set to expire on December 31, but all is changing, which is good news for everyone. ALC’s successor company, Enlivant, has announced that it will be acquiring 16 of the leased properties with 615 units for $26.5 million, or $43,000 per unit. The average size is just 38 units, and they are located in Washington (8), Idaho (4) and two each in Oregon and Arizona. Separately, LTC will be adding 13 of the former ALC properties with 500 units to an existing master lease with Senior Lifestyle Corporation, and the remaining seven properties with 278 units in Texas will be leased out to Veritas InCare, with an initial rent of $1.5 million. It’s the end of a saga, at least for me, but what a ride.