LTC to Diversify Portfolio Through Transition and/or Sale of Brookdale-operated Properties
February 27 2023 - 9:15AM
Business Wire
-- Provides LTC with Opportunity to Reduce
Concentration and Further Develop and Expand Relationships with
Growth-Oriented Regional Operators --
LTC Properties, Inc. (NYSE: LTC), a real estate
investment trust that primarily invests in seniors housing and
health care properties, today announced that it plans to diversify
its portfolio through the transition and possible sale of some of
the properties in its Brookdale Senior Living (“Brookdale”)
portfolio, following Brookdale’s election not to exercise its lease
renewal option.
Brookdale is contractually obligated to pay rent on the
portfolio of 35 assisted living communities across eight states
through the end of the lease term on December 31, 2023. The
portfolio represents 8.4% of pro forma annualized contractual cash
rent, and 8.2% of pro forma annualized GAAP rent. LTC has funded
approximately $7 million in capital improvements in the properties
over the last two years.
“Our relationship with Brookdale has been one of mutual respect
and support, and we wish them well,” said Wendy Simpson, LTC’s
Chairman and CEO. “Through LTC’s active asset management program,
and as lease renewals approach, we are prepared, and have
contingency plans as we have previously disclosed. We believe LTC
is in an excellent position to reduce operator concentration
through diversification, and look forward to working with strong
regional operators to drive long-term growth and success for us and
for them.”
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’s investment portfolio includes 215 properties in 29 states
with 31 operating partners. Based on its gross real estate
investments, LTC’s investment portfolio is comprised of
approximately 50% seniors housing and 50% skilled nursing
properties. Learn more at www.LTCreit.com.
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: https://www.businesswire.com/news/home/20230227005281/en/
Mandi Hogan (805) 981-8655
LTC Properties (NYSE:LTC)
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