LTC Enters $10 Million Joint Venture
January 31 2018 - 6:00AM
Business Wire
-- Acquires 87-Unit Private-Pay Assisted Living
and Memory Care Community with New Operating Partner --
LTC Properties Inc. (NYSE: LTC), a real estate investment trust
that invests in seniors housing and health care properties, today
announced it entered into a real estate joint-venture relationship
with an affiliate of Affinity Living Group to acquire The Inverness
at Spartanburg, an 87-unit assisted living and memory care
community in South Carolina for $10 million.
The community will be operated by an affiliate of Affinity
Living Group under a triple-net lease. Affinity, which
operates 92 assisted living, memory care and independent living
facilities in eight states predominately in the Southeast, is a new
operating partner for LTC.
“We are continuing our strategy of providing innovative and
flexible financing solutions in response to the changing needs of
regional operating partners,” said Wendy Simpson, LTC’s Chairman
and Chief Executive Officer. “Affinity has a strong presence in the
Southeast, and we welcome them as a new partner.”
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 more than 200 assisted living
communities, memory care communities and post-acute/skilled nursing
centers, located in 29 states with 30 regional and national
operating partners. For more information on LTC Properties, Inc.,
visit the Company’s website at www.LTCreit.com, or connect with us
on Twitter @LTCreit and LinkedIn.
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. 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/20180131005308/en/
LTC Properties Inc.Wendy SimpsonPam Kessler(805) 981-8655
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