LTC Re-Leases 10 Properties from Brookdale Senior Living Portfolio
07 Août 2023 - 10:16PM
Business Wire
-- Brookdale to Continue Operating 10
Communities Under a New Master Lease --
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 that it has re-leased 10 of
the 35 properties in its Brookdale Senior Living (“Brookdale”)
portfolio to Brookdale under a new master lease. This new master
lease includes six properties in Colorado and four in Kansas.
The six-year master lease will commence on January 1, 2024. Rent
in the first year is set at $8.0 million, escalating by
approximately 2% annually. The lease includes a purchase option
that can be exercised in 2029. LTC also agreed to fund $4.5 million
for capital expenditures for the first two years of the lease, at
an initial rate of 8%, escalating by approximately 2% annually
thereafter.
“We have now leased nearly half of the properties we targeted to
lease and are working toward transactions on the remaining
properties including selling certain properties. Additionally,
consistent with our strategy, this new agreement meaningfully
reduces our operator concentration,” said Wendy Simpson, LTC’s
Chairman and Chief Executive Officer. “Brookdale has been a great
partner through the years, and we are happy to have reached an
outcome that benefits all parties.”
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 213 properties in 29 states
with 29 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. 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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version on businesswire.com: https://www.businesswire.com/news/home/20230807401629/en/
Mandi Hogan (805) 981-8655
LTC Properties (NYSE:LTC)
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