LTC Properties Plans to Complete Investments
LTC Properties Inc., an Oxnard-based real estate investment trust that specializes in the long-term health-care industry, expects to have its original funding of $142 million fully invested by the end of March.
After that, the trust will probably raise more money through a bank line of credit, reports William McBride III, president.
LTC closed deals worth $8.8 million in December and has agreed to invest another $18 million soon, McBride said. “That will leave us with about $30 million available,” he said. “We’re considering various proposals for investing that right now.”
In December, LTC acquired a 278-bed nursing home in Great Falls, Mont., for $3.8 million and also made mortgage loans totaling $5 million to health-care providers. In line with the trust’s policy, it leased the Montana facility to an existing concern, Horizon Healthcare.
By March 31, McBride said, LTC will own health-care facilities valued at between $30 million and $40 million. The remainder of the portfolio will consist of loans secured by such facilities.
LTC, which is listed on the New York Stock Exchange, was organized by McBride and Andre C. Dimitriadis, who is chairman. Both are former executives of Beverly Enterprises Inc., the nation’s largest operator of nursing homes.
