LTC Announces Completion and Opening of New Memory Care Community in Denver Metro Area
March 02 2015 - 5:00PM
Business Wire
--60-Unit Community is Fourth Project in Denver
Area with Anthem Memory Care--
LTC Properties, Inc. (NYSE:LTC), a real estate investment trust
that primarily invests in seniors housing and health care
properties, announced today the completion and opening of a new
60-unit memory care community located in Westminster, Colorado and
serving the Denver metropolitan area.
Developed at a cost of approximately $10.7 million, the
Westminster community represents the fourth project completed in
partnership with Anthem Memory Care and is leased by an affiliate
of Anthem under an existing 10-year master lease at an initial cash
yield of 9.25%.
Furthermore, LTC will be financing Anthem’s entrance into the
Chicago market under the parties’ exclusive development pipeline
agreement with the first project already underway in Burr Ridge,
Illinois and two more expected to break ground later this year. In
addition, LTC plans to finance Anthem’s initial development project
in Southern California which is also slated to break ground in
2015.
“We have been partnering successfully with Anthem since 2012.
The opening of this new community furthers our strategy of
investing in private-pay memory care in major metropolitan areas,”
said Wendy Simpson, LTC’s Chairman and Chief Executive Officer.
“Our strong balance sheet affords us the flexibility to take
advantage of what we consider to be better risk-adjusted returns
through development in today’s unprecedented low cap rate
environment. Development will continue to be a major growth driver
for LTC, as we unlock value for our shareholders through better
long-term returns and continue to work closely with our partner
operators.”
“We reached an important milestone with the opening of the
Westminster community by completing our strategic build-out in the
growing Denver marketplace,” said Mark Rockwell, Principal of
Anthem Memory Care. “We look forward to partnering with LTC in the
Chicago and Southern California markets to create additional safe,
active, and friendly environments for people living with memory
loss.”
About LTC Properties
LTC is a self-administered real estate investment trust that
primarily invests in senior housing and long-term care facilities
through facility lease transactions, mortgage loans and other
investments. At December 31, 2014, LTC had 205 investments located
in 29 states comprising 97 skilled nursing properties, 92 assisted
living properties, eight range of care properties, one school, two
parcels of land under development and five parcels of land
held-for-use. Assisted living properties, independent living
properties, memory care properties and combinations thereof are
included in the assisted living property type. Range of care
properties consist of properties providing skilled nursing and any
combination of assisted living, independent living and/or memory
care services. For more information on LTC Properties, Inc., visit
the Company’s website at www.LTCreit.com.
About Anthem Memory Care
Anthem Memory Care specializes in providing care for those
suffering from Alzheimer’s and other forms of dementia. The Company
has communities under operation or development in Colorado,
Illinois and California. For more information, visit Anthem’s
website at www.anthemmemorycare.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, including,
but not limited to, that the Company will be successful in its
diversification efforts and in implementing its growth strategies,
and that development will provide better risk-adjusted returns than
acquisitions, involve a number of risks and uncertainties. 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.
LTC Properties, Inc.Wendy SimpsonPam Kessler(805) 981-8655
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