LTC Acquires Newly Constructed Senior Living Community in Georgia for $14.3 Million
July 08 2016 - 9:30AM
Business Wire
--Expands Relationship with Thrive Senior
Living--
LTC Properties, Inc. (NYSE:LTC), a real estate investment trust
that primarily invests in seniors housing and health care
properties, announced today it has acquired the Village at Athens,
a 70-unit assisted living and memory care community near Athens, GA
for $14.3 million.
The newly constructed community received its certificate of
occupancy in May 2016 and has been added to an existing master
lease with an affiliate of Thrive Senior Living (“Thrive”) at an
incremental initial cash yield of 8%. The purpose-built,
private-pay community has 90 licensed beds and is comprised of 50
assisted living units and 20 dedicated memory care units.
The Village at Athens expands LTC’s relationship with Thrive to
three communities. Two additional development projects are in the
pipeline, both expected to open by year’s end.
“Partnering with Thrive to invest in multiple communities
underscores our stated strategy of methodically establishing and
growing relationships with bourgeoning regional operators,” said
Wendy Simpson, LTC’s Chairman and Chief Executive Officer. “The
addition of this newly built and developed property enhances our
portfolio’s overall quality by reducing its average age while
increasing investments held in private-pay senior living
communities. We are delighted to continue to cultivate our
partnership and contribute to Thrive’s long-term success.”
About LTC Properties
LTC (NYSE:LTC) is a real estate investment trust that invests in
seniors housing and health care properties primarily through
sale-leaseback transactions, mortgage financing and structured
finance solutions including mezzanine lending. The company’s
portfolio currently includes more than 200 assisted living
communities, memory care communities and post-acute/skilled nursing
centers, located in 30 states with 35 regional and national
operating partners. For more information, visit
www.LTCreit.com.
Forward Looking Statements
This press release includes statements that are not purely
historical and are “forward looking statements” within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
including statements regarding the Company’s expectations, beliefs,
intentions or strategies regarding the future. All statements other
than historical facts contained in this press release are forward
looking statements. These forward looking statements, include, but
are not limited to, enhancing LTC’s portfolio quality and opening
two additional projects with Thrive later in the year. Please see
the most recent Annual Report on Form 10-K, the subsequent
Quarterly Reports on Form 10-Q, and other publicly available
filings with the Securities and Exchange Commission for a
discussion of these and other risks and uncertainties. All forward
looking statements included in this press release are based on
information available to the Company on the date hereof, and the
Company assumes no obligation to update such forward looking
statements. Although the Company’s management believes that the
assumptions and expectations reflected in such forward looking
statements are reasonable, no assurance can be given that such
expectations will prove to have been correct. The actual results
achieved by the Company may differ materially from any forward
looking statements due to the risks and uncertainties of such
statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20160708005107/en/
LTC Properties, Inc.Wendy Simpson or Pam Kessler,
805-981-8655
LTC Properties (NYSE:LTC)
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