LTC Properties has moved two former Thrive Senior Living communities to a new operator, is in the process of transitioning three others to another company and is selling another community, the Westlake Village, CA-based real estate investment trust announced Monday.
The actions address all six Thrive communities that were part of LTC’s portfolio as of its May earnings call, when REIT executives shared that LTC had issued a notice of default to Thrive as well as a demand for a $2.6 million payment.
Louisville, KY-based Trilogy Management Services, a new company to the LTC portfolio, is leasing former Thrive memory care communities in Louisville, KY, and West Chester, OH, as of June 1. They have a combined 120 units.
Veritas Healthcare Group, an existing company in the LTC portfolio, will lease three former Thrive communities from the REIT. The three properties have a total of 215 assisted living and memory care units.
Veritas began managing one of the communities, in Corpus Christi, TX, on June 1. The other two properties are in Athens, GA, and Murrells Inlet, SC. Regulatory approval needed for their transitions is expected around July 1.
“We are thrilled to add Trilogy, a well-known and highly respected regional operator, as our newest relationship and to grow our successful partnership with Veritas, who has been an operating partner of LTC since 2014,” LTC CEO and President Wendy Simpson said.
LTC said it plans to sell a Thrive-operated property in Jacksonville, FL, Thrive Memory Care at Deerwood.
Thrive’s website listed 18 communities as of Monday, including some of the aforementioned properties. The company is based in Atlanta.