LTC Acquires Chicago Metro Area Land Parcel
June 08 2015 - 9:30AM
Business Wire
--Commits to Fund Construction of New Memory
Care Community with Anthem Memory Care--
LTC Properties, Inc. (NYSE:LTC), a real estate investment trust
that primarily invests in seniors housing and health care
properties, today announced it has acquired approximately 3.5 acres
of land in Tinley Park, Illinois for approximately $700,000. The
Company also made a development commitment to fund the construction
of a 66-unit memory care community on the newly acquired parcel in
an amount not to exceed $11.2 million. The new project is scheduled
to open in the summer 2016.
The land parcel was added to an existing 10-year master lease
with an affiliate of Anthem Memory Care. The Tinley Park community
is one of two projects under development in the Chicago metro area
with Anthem. The other is a 66-unit memory care community in Burr
Ridge that is expected to open in the fourth quarter of 2015.
Additionally, Anthem and LTC have a parcel of land currently under
contract in Glenview, also located in the Chicago metro area, on
which development of a memory care community is scheduled to
commence later this year subject to completion of due diligence.
The Glenview project will bring to seven the number of private-pay,
memory care development projects with Anthem, four of which are
operational.
“Anthem has been a great partner to LTC for the past three and a
half years, and we are pleased to further extend our partnership in
Chicago,” said Wendy Simpson, LTC’s Chairman and Chief Executive
Officer. “With an attractive risk-adjusted return profile relative
to acquisitions, development will be an ongoing driver of growth
for LTC. At the same time, we will continue to execute on our
strategy of diversifying our portfolio by geography, property type
and operator.”
“LTC has been a reliable capital partner for Anthem, allowing us
to quickly gain scale and focus on our core business model of
operating memory care communities,” said Mark Rockwell, Principal
of Anthem Memory Care. “Our strategic entrance into the Denver
market in 2012 with multiple communities and partnering with LTC
was very successful, a formula we expect to replicate in the
Chicago Market.”
About LTC Properties
LTC is a self-administered real estate investment trust that
primarily invests in seniors housing and health care properties
through lease transactions, mortgage loans and other investments.
At March 31, 2015, LTC held investments in 199 properties located
in 29 states comprising 98 skilled nursing properties, 93 assisted
living properties, 7 range of care properties, and 1 school. 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 development will be an ongoing driver of
growth for the company and that it will continue to execute on its
strategy of diversifying LTC’s portfolio by geography, property
type and operator, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150608005320/en/
LTC Properties, Inc.Wendy SimpsonPam Kessler(805) 981-8655
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