LTC Announces Share Repurchase Plan
March 12 2020 - 5:30PM
Business Wire
LTC Properties Inc. (NYSE: LTC), a real estate investment trust
investing in seniors housing and health care properties, today
announced that its Board of Directors has authorized plans for the
repurchase of an aggregate of up to 5,000,000 shares of its
outstanding shares of common stock.
“We have consistently maintained a conservative balance sheet
and high liquidity to provide us with the ability to create
shareholder value as opportunities arise. We believe the current
environment presents a unique opportunity for LTC to invest in
itself and enhance shareholder value,” said Wendy Simpson, LTC’s
CEO and President. “As previously announced, we expect to complete
the sale of certain assets in the very near future, and LTC’s board
and management believe that the most accretive and beneficial use
of the anticipated proceeds, at this time, is the repurchase of our
shares.”
“As the world continues to work to find solutions to the current
global pandemic, we have the highest confidence in our operating
partners and their employees as they fight on the front lines to
take care of those most at risk,” Simpson said.
Purchases will be made in accordance with Rule 10b-18 of the
Securities Exchange Act of 1934, as amended (the “Act”), and may be
made in either the open market or private transactions, through
block trades, and pursuant to any trading plan that may be adopted
in accordance with Rule 10b5‑1 of the Act. The timing and amount of
any repurchases under the repurchase program will be determined by
LTC’s board and management at its discretion based on a variety of
factors, including but not limited to the trading volume and price
of the Company’s common stock, potential other uses for the
capital, legal requirements and market, economic conditions and
other conditions established under the plans. Repurchased shares
may be reissued in connection with other corporate purposes. The
repurchase program does not obligate the Company to acquire any
particular amount of common stock and will be subject to federal
securities laws and other legal requirements. The repurchase
program will terminate upon the earliest to occur of certain
specified events as set forth therein. The program may be modified,
discontinued or suspended at any time without prior notice.
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/20200312005854/en/
Wendy L. Simpson Pam Kessler (805) 981-8655
LTC Properties (NYSE:LTC)
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