LTC Properties Inc. (NYSE: LTC) finalized a deal to fully divest its portfolio of 22 skilled nursing facilities operated by Preferred Care ahead of schedule, recently announcing the completion of the $77.9 million transaction. The Westlake Village, Calif.-based real estate investment trust (REIT) had been in the process of selling the group of 22 buildings for nearly a year, announcing its intention to move away from Preferred Care in May 2019. More than 30 skilled nursing facilities associated with the Plano, Texas-based Preferred Care filed for chapter 11 bankruptcy protection back in November 2017, citing a raft of personal injury lawsuits. A federal judge this past December signed off on Preferred Care’s plan of reorganization, which saw the operator re-emerge as a network of 22 buildings owned by five different landlords.
Read the full article: LTC Properties Completes Sale of Preferred Care Portfolio for $77.9M //
Source: https://skillednursingnews.com/2020/04/ltc-properties-completes-sale-of-preferred-care-portfolio-for-77-9m