LTC invests $128m in 12 assisted-living/memory-care properties in North Carolina

LTC Properties has made a $128 million investment in 12 assisted-living/memory-care properties, totaling 937 licensed beds in 568 units.

The communities are located throughout North Carolina and are owned and operated by an existing LTC partner.

The majority of LTC’s $128 million investment is structured as a joint venture, and a minor portion is structured as a senior-mortgage loan secured by one property. The investment was funded from about $99 million borrowed under LTC’s line of credit and $29 million of net proceeds from the sale of 757,400 shares of LTC’s common stock under its equity-distribution agreements during fourth quarter 2022.

About $117 million of LTC’s $128 million investment is for a 97 percent ownership in a $121 million joint venture with the current operator for the purchase of 11 properties. The communities will be operated under a 10-year master lease with two five‑year renewal options. LTC expects to receive net rent of about $