LTC Announces Completion and Opening of Memory Care Property
WESTLAKE VILLAGE, Calif. -- July 17, 2013
LTC Properties, Inc. (NYSE:LTC) announced today the completion and opening of
a 60-unit memory care property in Littleton, Colorado. The new memory care
property opened on July 15, 2013 with cash deposits from 43 potential
residents. Development costs for the new property were approximately $9.8M.
The property is leased to affiliates of Anthem Memory Care under a 10-year
lease with four 5-year renewal options. Cash rent will begin on November 1,
2013 at an initial cash yield of 9.25% and increases 2.5% annually.
The Company is a self-administered real estate investment trust that primarily
invests in senior housing and long-term care properties through triple-net
lease transactions, mortgage loans and other investments. For more information
on LTC Properties, Inc., visit the Company’s website at www.LTCProperties.com.
LTC Properties, Inc.
Wendy L. Simpson
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