— Sale of properties from Senior Lifestyle portfolio continues planned portfolio transition —
LTC Properties, Inc. (NYSE: LTC), a real estate investment trust that primarily invests in seniors housing and health care properties, today announced the sale of three assisted living communities in Wisconsin that were part of LTC’s Senior Lifestyle portfolio for $35.0 million.
The estimated gain from the sale of the properties, which include 263 assisted living units, is approximately $5.6 million. These properties had a combined gross book value of $35.2 million and a net book value of $28.3 million. The net proceeds from the sale of approximately $34.0 million were used to paydown LTC’s unsecured revolving line of credit.
“Transitioning the Senior Lifestyle portfolio has been a key focus for LTC, and the sale of these communities brings us closer to that goal,” said Wendy Simpson, LTC’s Chairman and CEO. “We remain consistent with our stated long-term strategy of diversifying our portfolio by strategically selling assets, and the disposition of these properties demonstrates our ability to do that successfully.”
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 holds 180 real estate investments in 27 states with 30 operating partners. Based on our gross real estate investments, the 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. Please see LTC’s most recent Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, and its 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 LTC 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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Wendy L. Simpson