LTC Properties, Inc. announced a joint venture investment for the purchase of three skilled nursing facilities in northern Florida, to be operated by a partner new to LTC. The REIT will be the majority owner in this transaction with a $62 million contribution to the joint venture, while PruittHealth, Inc. will operate the facilities under a 10-year master lease, with two five-year renewal options.
Built between 2018 and 2021, the three skilled nursing facilities comprise 299 beds in primarily private rooms. LTC expects to receive net rent of approximately $777,000 during the second half of 2022, and approximately $4.6 million during 2023.
