LTC Sells Preferred Care Portfolio for $78MPosted by: jhon | Posted on: April 4, 2020
WESTLAKE VILLAGE, CA—Senior housing and healthcare REIT LTC Properties has finalized its sale of its Preferred Care portfolio. The deal has closed ahead of schedule, the company reports.
Combined net proceeds for the 22-asset portfolio was $77.9 million, with an estimated gain of $44 million. The portfolio had a combined net book value of $35.6 million.
One of the properties sold in 2019 while the remaining 21 properties sold in the first quarter of 2020. These included more than 2,500 beds across Arizona, Colorado, Iowa, Kansas and Texas, and they were sold through multiple transactions.
Preferred Care, a nursing home group based in Florida, filed for Chapter 11 in 2017. Wendy Simpson, LTC’s CEO and president, says that the proceeds from the sale will allow the company to pursue opportunities for future growth, “even in the midst of a particularly challenging environment.”