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LTC Sells Three Assisted Living Communities in Wisconsin for $35M

WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT, has sold three assisted living communities in Wisconsin that were part of LTC’s Senior Lifestyle portfolio for $35 million.

The estimated gain from the sale of the properties, which include 263 assisted living units, is approximately $5.6 million. The net proceeds from the sale of approximately $34.0 million were used to paydown LTC’s unsecured revolving line of credit.

“Transitioning the Senior Lifestyle portfolio has been a key focus for LTC, and the sale of these communities brings us closer to that goal,” says Wendy Simpson, LTC’s chairman and CEO. “We remain consistent with our stated long-term strategy of diversifying our portfolio by strategically selling assets, and the disposition of these properties demonstrates our ability to do that successfully.”

The post LTC Sells Three Assisted Living Communities in Wisconsin for $35M appeared first on Seniors Housing Business.

Source: Senior Housing Business

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