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 it has acquired the Village at Athens, a 70-unit assisted living and memory care community near Athens, GA for $14.3 million.
The newly constructed community received its certificate of occupancy in May 2016 and has been added to an existing master lease with an affiliate of Thrive Senior Living (“Thrive”) at an incremental initial cash yield of 8%. The purpose-built, private-pay community has 90 licensed beds and is comprised of 50 assisted living units and 20 dedicated memory care units.
The Village at Athens expands LTC’s relationship with Thrive to three communities. Two additional development projects are in the pipeline, both expected to open by year’s end.
“Partnering with Thrive to invest in multiple communities underscores our stated strategy of methodically establishing and growing relationships with bourgeoning regional operators,” said Wendy Simpson, LTC’s Chairman and Chief Executive Officer. “The addition of this newly built and developed property enhances our portfolio’s overall quality by reducing its average age while increasing investments held in private-pay senior living communities. We are delighted to continue to cultivate our partnership and contribute to Thrive’s long-term success.”
About LTC Properties
LTC (NYSE:LTC) is a real estate investment trust that invests in seniors housing and health care properties primarily through sale-leaseback transactions, mortgage financing and structured finance solutions including mezzanine lending. The company’s portfolio currently includes more than 200 assisted living communities, memory care communities and post-acute/skilled nursing centers, located in 30 states with 35 regional and national operating partners. For more information, visit 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, include, but are not limited to, enhancing LTC’s portfolio quality and opening two additional projects with Thrive later in the year. 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.