LTC Completes Re-Leasing of 20 Assisted Living Properties

WESTLAKE VILLAGE, Calif. — LTC Properties, Inc. (NYSE:LTC), a real estate investment trust that primarily invests in seniors housing and health care properties, completed the re-leasing of 20 assisted living properties to Senior Lifestyle Corporation and Veritas InCare, LLC.

Thirteen of the properties, comprising a total of 500 units, have been leased to an affiliate of Senior Lifestyle under an existing master lease. The initial term of the amended and restated master lease is 15 years, with initial annualized rent of $5.1 million, increasing 2.6% each year. The properties are located in Iowa, Indiana, Nebraska, New Jersey and Ohio. LTC leases four additional properties, located in Colorado, Indiana and Pennsylvania, to Senior Lifestyle which are included in the master lease resulting in total annualized rent of $7.3 million.

The remaining seven properties, comprising a total of 278 units, are located in Texas and have been leased to Veritas InCare under a new 10-year master lease. The initial annualized rent is $1.5 million, increasing 2.5% each year. LTC leases four additional properties, located in Florida and Mississippi, to Veritas InCare resulting in combined annualized rent of $2.4 million for both master leases.

“We enter 2015 from a position of strength, with expanded relationships with key partners and a solid pipeline of potential sale leasebacks, development opportunities, and expansion and replacement projects within our portfolio,” says Wendy Simpson, LTC’s chairman and chief executive officer. “We look forward to continuing our diversification efforts and implementing our growth strategies as the new year unfolds.”

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