LTC Closes $46 Million in Investments
October 11 2021 - 9:30AM
Business Wire
LTC Properties, Inc. (NYSE: LTC) a real estate investment trust
that primarily invests in seniors housing and health care
properties, announced today that it has originated $46 million in
new investments since the beginning of the third quarter, 2021.
The financings include four separate investments with the
combined weighted average term of 3.2 years. The investments are
expected to generate annual interest income of approximately $3.5
million.
“Our recent investment strategy has focused on shorter-term
investments and development opportunities, which we believe have a
lower risk profile in the current environment. These investments
fit nicely into that strategy, while expanding relationships with
an existing partner and regional operators new to us,” said Wendy
Simpson, LTC’s Chairman and CEO.
Deals include:
- Unitranche Loan - $27 million for the purchase of a
skilled nursing center in Louisiana by a regional operator new to
LTC. The term is three years, with one 12-month extension
option.
- Senior Loan - $12.5 million for the purchase of an
assisted living/memory care community in Florida by a regional
operator new to LTC. The term is approximately 4 years and includes
an additional $4.2 million loan commitment to be funded at a later
date subject to satisfaction of various conditions for the
construction of a memory care addition to the property.
- Mezzanine Loan - $4.4 million for the refinance of an
independent living community in Oregon with a regional operator new
to LTC. The term is three years, with two 12-month extension
options.
- Land Loan - $1.8 million secured by a parcel of land for
the future development of a post-acute skilled nursing center in
Missouri, to be operated by an existing LTC partner. The term is
one year.
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 owns or holds first mortgages on 177 properties in 27 states
with 32 operating partners. Based on LTC’s gross real estate
investments, 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/20211011005144/en/
Wendy L. Simpson Pam Kessler (805) 981-8655
LTC Properties (NYSE:LTC)
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