World News: 14:30 GMT Monday 11th February 2019. [LTC Properties, Inc. via Businesswire via SPi World News]
LTC Properties, Inc. (NYSE:LTC), a real estate investment trust investing in seniors housing and health care properties, today announced it has entered into a real estate joint venture relationship with an affiliate of English Meadows Senior Living Communities to acquire English Meadows Abingdon Campus in Abingdon, Virginia for approximately $17.0 million, at an initial lease rate of 7.4%. LTC has a 95% interest in the joint venture.
Opened in 2015, English Meadows Abingdon Campus comprises 74 assisted living and memory care units, with a stabilized occupancy of 90% as of closing. The property will be operated by English Meadows Senior Living Communities (English Meadows), a new operating partner for LTC.
“We are excited to partner with English Meadows on the Abingdon campus,” said Wendy Simpson, LTC’s Chairman and Chief Executive Officer. “Our ability to provide creative financing solutions as we did with this transaction allows us to attract and develop solid relationships with strong, regional operating partners, an important group for LTC.”
“LTC worked closely with us to truly understand our requirements for the Abingdon Campus, and we are very pleased to begin our relationship with them,” said Mike Williams, CEO of English Meadows Senior Living. “With a well-capitalized financing source like LTC, we are now in an even better position to grow our business with this new capital partner.”
About English Meadows Senior Living Communities
English Meadows was founded in 2008 with the mission to provide affordable, quality senior living care for residents, while providing a rewarding and enjoyable workplace for team members. English Meadows currently operates eight campuses across the Commonwealth of Virginia. Learn more at www.englishmeadowsslc.com.
About LTC Properties
LTC (NYSE: LTC) is a real estate investment trust 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 holds more than 200 investments in 28 states with 30 operating partners. The 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. 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.
Business Wire: 14:30 GMT Monday 11th February 2019
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