LTC Announces Agreement to Purchase a Skilled Nursing Property

LTC Announces Agreement to Purchase a Skilled Nursing Property

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- LTC Properties, Inc. (NYS: LTC) announced today that it entered into an agreement to purchase a 120-bed skilled nursing property in Trinity, FL (Tampa-St Petersburg-Clearwater MSA) for $14.4 million. The property, built in 2008, will be added to a master lease at an incremental initial cash yield of 8.75%. The operator, an affiliate of Traditions Management, currently leases 4 properties with a total of 596 beds/units from LTC. The new master lease will contain all 5 properties with a total of 716 beds/units and have a GAAP yield of 10.7%. The initial lease term is 10 years with two 5-year renewal options and annual rent escalations of 2.2%. The transaction is expected to close on or about November 1, 2013.

Wendy Simpson, LTC's Chairman, CEO and President commented, "LTC is pleased to announce this acquisition, again demonstrating our commitment to expand relationships with existing customers like Traditions Management, invest in newer skilled nursing properties and acquire assets in top MSAs."

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
Pam Kessler
(805) 981-8655

KEYWORDS: United States North America California Florida

INDUSTRY KEYWORDS:

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