LTC Completes Re-Leasing of 20 Assisted Living Properties

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--

LTC Properties, Inc. LTC, a real estate investment trust that primarily invests in seniors housing and health care properties, announced today it has 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.

“The re-leasing of these properties completes the resolution of the portfolio formerly co-leased to Enlivant and an affiliate of Extendicare under leases that expired at the end of 2014,” said Wendy Simpson, LTC's Chairman and Chief Executive Officer. “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. We look forward to continuing our diversification efforts and implementing our growth strategies as the new year unfolds.”

About LTC Properties

LTC is a self-administered real estate investment trust that primarily invests in seniors housing and health care properties through triple-net lease transactions, mortgage loans and other investments. For more information about LTC, visit the Company's website 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, including, but not limited to, that the company will be successful in its diversification efforts and in implementing its growth strategies, involve a number of risks and uncertainties. Please see the most recent Annual Report on Form 10-K, the subsequent Quarterly Reports on Form 10-Q, and 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.