LTC Ignites Portfolio With $37 Million Investment
August 26 2019 - 9:30AM
Business Wire
LTC Properties, Inc. (NYSE: LTC) a real estate investment trust
investing in seniors housing and care, today announced it acquired
a post-acute skilled nursing center plus a land parcel to develop a
similar product in the Kansas City metro area. The centers will be
operated by Ignite Medical Resorts (Ignite), an operator new to
LTC.
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Ignite Medical Resort, Kansas City
(Photo: Business Wire)
Acquisition
LTC acquired a 90-bed post-acute skilled nursing center built in
2018 in Kansas City, Missouri for $19.5 million. The lease term is
12 years at an initial cash yield of 8.3%, escalating 2% annually,
and two five-year renewals. The center averages 90% occupancy and
generates more than $1.0 million in monthly revenue.
Development
LTC also acquired a parcel of land and committed to develop a
90-bed post-acute skilled nursing center in Independence, Missouri.
The commitment totals $17.4 million. Upon certificate of occupancy
and licensure, the center will have a 12-year lease at an initial
cash yield of 9.3%, escalating 2% annually, and two five-year
renewals. Completion is scheduled for the fall of 2020. Avenue
Development, a full-service development company focused on
healthcare and senior living, is managing the project.
“These acquisitions represent our positive outlook on the next
generation of post-acute skilled nursing,” said Wendy Simpson,
LTC’s CEO and President. “We are optimistic about our new
partnership with Ignite and their innovative approach to rapid
rehabilitation in a resort-style setting. We are also very pleased
to continue working with Avenue Development, with whom we have a
long-standing relationship and are thankful they introduced us to
Ignite.”
“We are excited to partner with LTC on our Kansas City
projects,” says Tim Fields, Ignite’s Co‑Founder and CEO. “And we
look forward to growing with them on future opportunities.”
About Ignite Medical Resorts
Ignite Medical Resorts provide a combination of luxury and rapid
rehabilitation with the amenities of a fine resort. Clinical
specialties include Orthopedic Rehabilitation, Cardiac Care,
Pulmonary Rehabilitation, and Stroke Recovery. Learn more at
www.ignitemedicalresorts.com.
About LTC Properties
LTC is a real estate investment trust (REIT) investing in
seniors housing and health care properties primarily through
sale-leasebacks, mortgage financing, joint-ventures and structured
finance solutions including preferred equity and mezzanine lending.
LTC holds more than 200 investments in 28 states with 30 operating
partners. The portfolio is comprised of approximately 50% seniors
housing and 50% skilled nursing properties. Learn more at
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/20190826005108/en/
Wendy L. Simpson Pam Kessler (805) 981-8655
LTC Properties (NYSE:LTC)
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