Form: SC TO-I/A

Tender offer statement by Issuer

October 30, 2001

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Exhibit 99.(a)(5)(E)

    [LTC PROPERTIES LETTERHEAD]

FOR IMMEDIATE RELEASE

Contact: Andre C. Dimitriadis, Chairman & CEO
Wendy L. Simpson, Vice Chairman & CFO
(805) 981-8655


LTC ANNOUNCES OPERATING RESULTS FOR
THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2001

    OXNARD, CALIFORNIA, October 30, 2001—LTC Properties, Inc. (NYSE:LTC) released results of operations for the three and nine months ended September 30, 2001.

    LTC announced that for the three months ended September 30, 2001, Funds From Operations ("FFO"), the generally accepted measure of real estate investment trust operating performance, was $6.1 million or $0.25 per diluted share. FFO for the same period last year was $9.0 million or $0.35 per diluted share. Revenues for the three months ended September 30, 2001 were $17.1 million versus $21.5 million for the same period in 2000. Net income available to common shareholders was $2.3 million or $0.09 per diluted share for the three months ended September 30, 2001 compared to $6.5 million or $0.25 per diluted share for the same period of 2000.

    For the nine months ended September 30, 2001, FFO was $19.1 million or $0.75 per diluted share, compared to $29.7 million or $1.13 per diluted share for the same period in 2000. Revenues for the nine months ended September 30, 2001 were $53.4 million versus $66.8 million for the same period last year. Net loss to common shareholders was $(12.8) million or $(0.51) per diluted share for the nine months ended September 30, 2001 compared to net income available to common shareholders of $19.5 million or $0.75 per diluted share for the nine months ended September 30, 2000.

    LTC stated that reflected in the results for the three months ended September 30, 2001, was the sale of two skilled nursing facilities and three assisted living facilities which resulted in net proceeds of approximately $16.0 million and a gain of $0.9 million. In addition, the company sold REMIC Certificates with a net book value of $19.0 million, resulting in net proceeds of $17.9 million and a loss of $1.1 million.

    LTC also reported that in accordance with a previously announced Board authorized buyback program, LTC purchased and retired 330,300 shares of its common stock and 17,800 shares of its preferred stock for a total cost of $1.5 million and $0.3 million, respectively, during the three months ended September 30, 2001. After quarter end, LTC purchased about 6,061,000 shares at a purchase price of $5.75 per share, pursuant to a tender offer that expired on October 22, 2001. The 6,061,000 shares are net of about 29,600 shares not delivered in accordance with the tender offer's guaranteed delivery provision. The total cost of the tender offer, including all fees and expenses, is estimated to be about $35.3 million.

    LTC stated that it had negotiated a master lease agreement to begin as of December 1, 2001 with HFJ, LLC, a subsidiary of Sunwest Management, Inc., for five assisted living facilities formerly leased by Regent Assisted Living, Inc. This lease will provide for annual rental income of about $3.8 million in the initial year.

    At September 30, 2001, LTC had investments in 242 skilled nursing facilities, 91 assisted living residences and 1 school in 34 states. The Company is a self-administered real estate investment trust that primarily invests in long-term care and other health care related facilities through mortgage loans, facility lease transactions and other investments.

    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. 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.

  

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LTC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share amounts)
(Unaudited)

 
   Three Months Ended
September 30,
   Nine Months Ended
September 30,
  
 
   2001
   2000
   2001
   2000
  
Revenues:                          
  Rental income   $ 9,768   $ 12,148   $ 30,081   $ 38,214  
  Interest income from mortgage loans and notes receivable     3,022     3,592     9,630     11,616  
  Interest income from REMIC Certificates     3,620     4,197     11,656     12,782  
  Interest and other income     647     1,599     2,049     4,147  
   
 
 
 
 
    Total revenues     17,057     21,536     53,416     66,759  
   
 
 
 
 
Expenses:                          
  Interest expense     5,180     7,177     16,816     20,620  
  Depreciation and amortization     3,507     3,799     10,622     11,485  
  Minority interest     254     236     724     706  
  Impairment charge     —     6,035     22,866     6,423  
  Operating and other expenses     1,770     1,305     5,452     4,402  
   
 
 
 
 
    Total expenses     10,711     18,552     56,480     43,636  
   
 
 
 
 
Operating income (loss)     6,346     2,984     (3,064 )   23,123  
Gain (loss) on sale of assets, net     (279 )   7,306     1,565     7,694  
   
 
 
 
 
Net income (loss)     6,067     10,290     (1,499 )   30,817  
Less: Preferred dividends     (3,772 )   (3,772 )   (11,315 )   (11,315 )
   
 
 
 
 
Net income (loss) available to common shareholders   $ 2,295   $ 6,518   $ (12,814 ) $ 19,502  
   
 
 
 
 
Basic net income (loss) available to common shareholders per share   $ 0.09   $ 0.25   $ (0.51 ) $ 0.75  
   
 
 
 
 
Diluted net income (loss) available to common shareholders per share   $ 0.09   $ 0.25   $ (0.51 ) $ 0.75  
   
 
 
 
 
Net income (loss) available to common shareholders   $ 2,295   $ 6,518   $ (12,814 ) $ 19,502  
Add: Impairment charge     —     6,035     22,866     6,423  
Add: Real estate depreciation     3,507     3,799     10,622     11,485  
Less: Gain (loss) on sale of assets, net     (279 )   7,306     1,565     7,694  
   
 
 
 
 
Funds from operations available to common shareholders   $ 6,081   $ 9,046   $ 19,109   $ 29,716  
   
 
 
 
 
Basic funds from operations available to common shareholders per share   $ 0.25   $ 0.35   $ 0.75   $ 1.14  
   
 
 
 
 
Diluted funds from operations available to common shareholders per share   $ 0.25   $ 0.35   $ 0.75   $ 1.13  
   
 
 
 
 
Basic weighted average shares outstanding     24,571     26,048     25,312     26,134  
   
 
 
 
 
Diluted funds from operations weighted average shares outstanding     24,571     26,522     25,312     27,715  
   
 
 
 
 


LTC PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share amounts)

 
   September 30,
2001
   December 31,
2000
  
 
   (Unaudited)

    
  
ASSETS              
Real Estate Investments:              
  Buildings and improvements, net of accumulated depreciation and amortization: 2001—$55,306; 2000—$47,181   $ 352,569   $ 397,833  
  Land     21,681     23,484  
Mortgage loans receivable, net of allowance for doubtful accounts: 2001—$1,250; 2000—$1,250     99,646     106,149  
REMIC Certificates     74,485     94,962  
   
 
 
  Real estate investments, net     548,381     622,428  
Other Assets:              
  Cash and cash equivalents     3,329     1,870  
  Debt issue costs, net     3,514     3,396  
  Interest receivable     4,437     4,558  
  Prepaid expenses and other assets     16,213     11,878  
  Marketable debt securities     8,240     15,873  
  Note receivable from LTC Healthcare, Inc.     18,919     16,582  
   
 
 
      54,652     54,157  
   
 
 
    Total Assets   $ 603,033   $ 676,585  
   
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY              
Convertible subordinated debentures   $ 2,408   $ 24,642  
Bank borrowings     79,000     118,000  
Mortgage loans and notes payable     111,636     103,341  
Bonds payable and capital lease obligations     16,065     16,577  
Accrued interest     888     2,260  
Accrued expenses and other liabilities     6,599     6,741  
Distributions payable     985     985  
   
 
 
    Total Liabilities     217,581     272,546  
Minority interest     9,637     9,912  
Shareholders' equity:              
Preferred stock $0.01 par value: 10,000 shares authorized; shares issued and outstanding: 2001—7,062; 2000—7,080     165,183     165,500  
Common stock: $0.01 par value; 40,000 shares authorized; shares issued and outstanding: 2001—24,491; 2000—26,031     246     260  
Capital in excess of par value     290,364     296,568  
Cumulative net income     220,235     221,734  
Notes receivable from shareholders     (10,133 )   (10,126 )
Accumulated comprehensive loss     (702 )   (1,746 )
Cumulative distributions     (289,378 )   (278,063 )
   
 
 
    Total Shareholders' Equity     375,815     394,127  
   
 
 
    Total Liabilities and Shareholders' Equity   $ 603,033   $ 676,585  
   
 
 


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LTC ANNOUNCES OPERATING RESULTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2001
LTC PROPERTIES, INC. CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands, except per share amounts) (Unaudited)
LTC PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except per share amounts)