LTC Sells Two Skilled Nursing Centers

Core Viewpoint - LTC Properties, Inc. is strategically divesting non-core, older skilled nursing centers to optimize its portfolio for growth and support long-term external SHOP growth objectives [3][6]. Group 1: Transactions and Financials - The company announced the sale of two skilled nursing centers in Florida, totaling 240 licensed beds, for proceeds of $42 million, with an expected gain on sale of approximately $26 million [6]. - LTC expects to receive $120 million from the sale of seven skilled nursing centers, with 35% of this amount completed with the recent announcement, and the remaining $78 million expected to close in the next 30 days [6]. Group 2: Strategic Focus and Portfolio Composition - The proceeds from the sales will be redeployed for acquiring newer, stabilized SHOP assets, aligning with the company's strategic focus on external growth and portfolio diversification [6]. - Upon completion of the expected sales in 2025, LTC's seniors housing portfolio will increase to approximately 62% of its gross real estate investments, with SHOP representing approximately 19% [6]. Group 3: Management Commentary - Clint Malin, Co-CEO, emphasized the successful execution of capital recycling to unlock value through asset sales [3]. - Pam Kessler, Co-CEO, highlighted the company's commitment to balance sheet strength, strategic SHOP growth, and long-term shareholder value [3].