LTC Properties sent a notice of default to ABRI Health Services/Senior Care Centers last week for nonpayment of March rent and additional charges owed under the master lease, according to an U.S. Securities and Exchange Commission filing Thursday.
As a result, the Westlake Village, CA-based real estate investment trust will transition the 11 Texas skilled nursing facilities operated by ABRI/Senior Care in LTC’s portfolio to Texas-based HMG Healthcare by the end of the second quarter.
“HMG has been a partner of the company since 2019, operating two properties for the company, which has more than a decade-long relationship with HMG’s principals,” LTC said in the filing. Subsequent to the transition, HMG will operate 13 Texas properties for the firm.
The lessees currently owe minimum monthly rent of $1.2 million owed to the Westlake Village, CA-based real estate investment trust. The firm has submitted draws under the lessees’ letters of credit posted as security for their performance under the master lease.
During the first quarter of 2021, LTC also transitioned 11 assisted living communities in Illinois, Ohio and Wisconsin from Senior Lifestyle to other operators after the Chicago-based operator fell behind on rent payments during the pandemic.
