LTC Healthcare Takes Over Nursing Homes
LTC Healthcare, an offshoot of LTC Properties in Oxnard, has completed a series of transactions that puts it in charge of several nursing-home operations.
As a result of these transactions, LTC Healthcare is the operator of 27 skilled-nursing facilities, one assisted-living facility and one hospital.
On Sept. 1 the company began operating six skilled-nursing facilities that were previously run by Mariner Post-Acute Networks.
Earlier this month, the company entered into long-term leases with LTC Properties to operate eight skilled-nursing facilities and one assisted-living facility. Six of these facilities were previously operated by a subsidiary of Sun Healthcare Group and three had been operated by NewCare Health Corp.
The 15 facilities are located in six states, have 1,436 beds and are expected to generate approximately $31 million in annual revenue.
On Oct. 1, in an auction held by the Bankruptcy Court, the company spent $13 million to buy three skilled-nursing facilities and one hospital, a partnership interest in a skilled-nursing facility and leasehold interests in nine skilled-nursing facilities. All the properties were formerly owned or operated by NewCare.
The 14 facilities are located in five states, have a total of 1,323 beds and are expected to generate approximately $42 million in annual revenue.
LTC Healthcare was created and spun off from LTC Properties last year to make real estate and health-care investments.
