LTC Announces Completion and Opening of New Memory Care Community
--Newly Built Memory Care Facility Expands Company’s Presence in Greater Denver Area--
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- LTC Properties, Inc. (NYSE:LTC), a real estate investment trust that primarily invests in seniors housing and health care properties, announced today the completion and opening of a new 48-unit memory care community in Aurora, Colorado, serving the greater Denver area.
The property is leased to affiliates of Anthem Memory Care under an existing 10-year master lease. Development costs for the project were approximately $9.6 million.
The new community is the third project completed in partnership with Anthem in the Denver metro area. A fourth project, also in the region, is expected to open in the first quarter of 2015. Additionally, through an exclusive development pipeline agreement with Anthem, LTC is financing Anthem’s expansion into the Chicago marketplace, recently breaking ground on a project in Burr Ridge, Illinois that is expected to open in the fourth quarter of 2015.
“The opening of the Aurora community further demonstrates execution of our stated strategy to invest in private-pay memory care communities. The projects with Anthem benefit our portfolio by increasing the amount of revenue derived from private pay sources while expanding our presence in major metropolitan areas,” said Wendy Simpson, LTC’s Chairman and Chief Executive Officer. “Our strategic and methodical approach to financing development projects with select, experienced operators, like Anthem, is a competitive advantage for LTC in the seniors housing market. We believe development represents a great opportunity to enhance the quality of our portfolio while generating solid long-term returns.”
“Anthem Memory Care is committed to creating a safe, active, and friendly environment for people living with memory loss,” said Mark Rockwell, Principal of Anthem Memory Care. “By sourcing capital through an industry leader such as LTC, we are better able to focus on our core competencies of community operations and development to extend our ability to provide high-quality care to residents in need.”
About Anthem Memory Care
Anthem Memory Care specializes in providing care for those suffering from Alzheimer’s and other forms of dementia. The Company has communities under operation or development in Colorado, Illinois and California. For more information, visit Anthem’s website at www.anthemmemorycare.com.
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, breaking ground on additional new projects with Anthem and generating solid long-term returns through property development, 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.
LTC Properties, Inc.
Wendy Simpson or Pam Kessler, 805-981-8655
Source: LTC Properties, Inc.
Released December 23, 2014