LTC Sells Portfolio of Six Assisted Living and Memory Care Communities for $67.5 Million
May 01 2018 - 9:30AM
Business Wire
LTC Properties, Inc. (NYSE: LTC), a real estate investment trust
that primarily invests in seniors housing and health care
properties, today announced it has sold a portfolio of six assisted
living and memory care communities for $67.5 million.
Known as the Sunrise Portfolio, the six communities, five
assisted living and one memory care, span 320 units and five
locations in Ohio and Pennsylvania. As a result of the transaction,
LTC expects to recognize a net gain on sale of approximately
$48.0 million in the second quarter. The transaction was
structured to close concurrent with the April 30 lease expiration.
Rental revenue under this lease for the four months ended April 30,
2018 is approximately $1.5 million.
“This transaction demonstrates the asset value of our portfolio,
affording us the opportunity to strategically recycle capital and
continue investing in newer, modernized assets,” said Wendy
Simpson, LTC’s Chairman and Chief Executive Officer. “We plan to
continue identifying additional opportunities to add value to LTC
and our shareholders.”
KeyBanc Capital Markets Inc. and CS Capital Advisors, LLC acted
as LTC’s financial advisors on the transaction. Sherry Meyerhoff
Hanson Crance LLP served as LTC’s legal advisor.
About LTC
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 approximately 200 assisted living
communities, memory care communities and post-acute/skilled nursing
centers, located in 29 states with 29 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 involve a
number of risks and uncertainties. Please see LTC’s most recent
Annual Report on Form 10-K, its subsequent Quarterly Reports on
Form 10-Q, and its 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 LTC 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: https://www.businesswire.com/news/home/20180501005616/en/
LTC Properties, Inc.Wendy SimpsonPam Kessler(805) 981-8655
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