LTC Properties: Senior Care Centers Won’t Survive Bankruptcy, Transfer Ongoing

“As you know, Senior Care declared bankruptcy in December, and we don’t believe they have the ability to emerge from the process as a viable, ongoing concern,” CEO Wendy Simpson said Friday during the company’s fourth quarter 2018 earnings call.

The Dallas-based Senior Care Centers left landlord LTC without $1.8 million in rent for the month of December in the wake of its filing, which the provider blamed on prohibitively expensive lease payments. At the time, Simpson announced plans to re-tenant the 11 properties in its portfolio with an operator that had overseen the facilities prior to Senior Care Centers — a process that remained ongoing as of Friday.

Full story at Skilled Nursing News