LTC Properties is closer to finalizing its sale and release of its skilled nursing portfolio with Preferred Care, executives revealed Friday during an earnings call.
The real estate investment trust has closed the sale of one of the 23 total properties, while 20 are under contracted and expected to close before the end of the first quarter, noted Clint Malin, executive vice president and chief investment officer.
“Net proceeds for the properties currently under contract is expected to be approximately $59 million. We anticipate the sales of the remaining two buildings will be completed in the 2020 second quarter,” he stated.
Overall, the company reported a net income of $12.4 million for the fourth quarter — a decrease compared to the $30.6 million during the 2018 fourth quarter.
For more on this earnings call, see our sister publication, McKnight’s Senior Living.
