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WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE:LTC), a California-based REIT focused on seniors housing and health care properties, has acquired two skilled nursing facilities in Texas for $23 million.
The properties comprise 254 licensed beds. LTC plans to lease the properties to its operational partner, Senior Care Centers LLC, at an incremental initial cash yield of 8.25 percent. Rent will escalate annually by 2.5 percent through 2021, and then 3 percent annually thereafter.
The names and locations of the facilities were not disclosed.