LTC Terminates Share Repurchase Plan
March 25 2020 - 4:30PM
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 terminated the Company’s
previously authorized stock repurchase plan in recognition of the
uncertainties related to the evolving nature of COVID-19 and its
impact on the current business environment.
LTC’s Board of Directors originally authorized the repurchase of
an aggregate of up to 5,000,000 shares of the Company’s outstanding
common stock. As of March 25, 2020, LTC had purchased 615,827
shares at an average price of $29.25 per share, including
commissions, for a total investment of approximately $18
million.
“LTC’s Board has made the strategic decision to terminate the
repurchase plan. We believe that the course for LTC now is to
further increase our liquidity and help maintain our strong and
flexible balance sheet. With a rising level of uncertainty in all
aspects of corporate life, we believe it is prudent to enhance our
already high level of conservatism. Additionally, increased
financial flexibility and liquidity will allow LTC to complete and
compete for accretive transactions when this crisis passes,” said
Wendy Simpson, LTC’s CEO and President. “Now, more than ever, we
have tremendous appreciation and respect for everyone who is on the
front line ensuring that those most at risk are getting the best
possible care. Our operating partners and their employees are
selflessly working every day for the benefit of their patients and
residents, and we have confidence that during this difficult time,
our operators are prepared, focused and are courageously taking on
the current challenge.”
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. To read LTC’s latest statement on COVID-19, please
click here.
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/20200325005690/en/
Wendy L. Simpson Pam Kessler (805) 981-8655
LTC Properties (NYSE:LTC)
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