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Share Name | Share Symbol | Market | Type |
---|---|---|---|
LTC Properties Inc | NYSE:LTC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.40 | 1.15% | 35.08 | 35.14 | 34.6101 | 34.68 | 61,568 | 16:55:13 |
-- Three New Master Leases; Net Proceeds of $23 Million; Anticipated Net Gain of $17 Million Related to Property Sales; Full Rent Replaced --
LTC Properties Inc. (NYSE: LTC) (“LTC” or the “Company”), a real estate investment trust that invests in seniors housing and health care properties, today announced the completion of its previously announced process involving its 35-property Brookdale Senior Living (“Brookdale”) portfolio. Revenue from the portfolio will be fully replaced through a combination of new leases, interest related to seller financing, and pre-invested proceeds at a weighted average yield of 8.5%. The transactions reduce LTC’s revenue concentration from Brookdale by 40%.
The 35-property assisted living portfolio was modified as follows:
“LTC committed to successfully position the previous Brookdale portfolio by re-leasing some properties and selling others. We are pleased to have reached a favorable outcome,” said Wendy Simpson, LTC’s Chairman and Chief Executive Officer. “Importantly, rent from the previous portfolio has been fully replaced, and we’ve generated sales proceeds to pay down a portion of our debt, which was incurred to pre-fund accretive investments earlier this year.”
About LTC
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 200 properties in 27 states with 30 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.
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. 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.
(tables follow)
Brookdale Lease Transition Summary
($ in thousands)
Number of Properties
Number of Units
State(s)
Year-One Revenue
Brookdale New Master Lease17
738
CO, KS, OH & TX
$
9,325
Oklahoma Portfolio5
184
OK
960
North Carolina Portfolio5
210
NC
3,300
Total Rent from New Leases:
27
1,132
$
13,585
Seller-Financed Mortgage Loan(1)
350
Pre-Invested Net Sales Proceeds(2)
1,975
Total Brookdale Replacement Income
$
15,910
Brookdale 2023 Rental Income
$
15,418
Revenue Increase
$
492
1)
Collateralized by two communities located in Florida with a total of 92 units with a two-year term at a yield of 8.75%.
2)Represents income from sales proceeds of $23,232 using LTC’s 2023 pre-investment weighted-average yield of 8.5%. See sales table below for further information.
Brookdale Portfolio Sale Summary
($ in thousands)
State
Number of Properties
Number of Units
Sales Price
Net Proceeds
Anticipated Gain
Florida(1)
4
176
$
18,750
$
14,310
$
13,300
South Carolina
3
128
8,409
8,153
3,700
Oklahoma
1
37
800
769
—
Total
8
341
$
27,959
$
23,232
$
17,000
1)
Sale includes $4,000 of seller financing.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240108416286/en/
Mandi Hogan (805) 981-8655
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