LTC Announces Re-Leasing Initiative for 37 Assisted Living Communities
WESTLAKE VILLAGE, Calif. -- January 14, 2014
LTC Properties, Inc. (NYSE:LTC) announced today that it will not be renewing
its leases that will expire on December 31, 2014 with Assisted Living
Concepts, Inc. and Extendicare Health Services, Inc. and has begun a formal
process to re-lease the 37 assisted living communities. LTC has retained CS
Capital Advisors, LLC as its advisor to assist in the marketing and re-leasing
Wendy Simpson, LTC’s Chairman, CEO and President, commented, “LTC welcomes the
opportunity to start the re-leasing process for these 37 communities. We
believe the significant potential upside of this portfolio represents a
compelling economic opportunity for many quality assisted living providers.
The portfolio’s strategic geographic concentrations in the Pacific Northwest,
Midwest and Texas regions, offer potential operators the opportunity to either
leverage their existing footprint in these markets or to establish new
operating regions with ample critical mass.”
As of September 30, 2013, annualized GAAP rent from this portfolio totaled
approximately $11 million and represented 9.3% of LTC’s pro-forma total
revenues. There can be no assurance that LTC will be able to re-lease these
communities on a timely basis, if at all, or that the new rents will be the
same as the current rents.
LTC 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.
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 our most recent Annual Report on Form
10-K, our subsequent Quarterly Reports on Form 10-Q, and in our 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 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.
LTC Properties, Inc.
Wendy L. Simpson
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