LTC PROPERTIES INC

LTC PROPERTIES INC

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Company Overview
LTC Properties, Inc. is a self-administered real estate investment trust that invests primarily in the long-term care sector of the health care industry through the origination of first mortgage loans and acquisition of properties that are leased to numerous long-term care providers. The company was incorporated in 1992. Its headquarters is located in Westlake Village, California.
LTC Properties operates in accordance with federal tax laws and regulation governing real estate investment trusts, which enables the company’s income to be distributed to its stockholders without federal tax liability to the company. LTC Properties common stock is traded under the symbol “LTC” on the New York Stock Exchange.
The company’s objectives are to sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in long-term care properties and other health care related properties managed by experienced operators.
As of June 2007, the company’s investment in owned properties consisted of 62 skilled nursing properties with a total of 7,214 beds; 84 assisted living properties with a total of 3,744 units; and one school in 23 states. It also had investments in 50 mortgage loans secured by first mortgages on 47 skilled nursing properties with a total of 5,517 beds; 10 assisted living properties with 705 units; and one school located in 16 states.
Business Summary
LTC Properties, Inc. is a healthcare real estate investment trust (REIT) that invests primarily in long-term care and other healthcare related properties through mortgage loans, property lease transactions and other investments. At December 31, 2009, the Company’s real estate investment portfolio consisted of long-term care properties and mortgage loans, and consisted of investments in 98 skilled nursing properties with 11,319 beds, 104 assisted living properties with 4,790 units and two schools. These properties are located in 29 states. Subsequent to the year ended December 31, 2009, the Company purchased a 166-bed skilled nursing property in Texas, and a 120-bed skilled nursing property in Florida. During 2009, it acquired three assisted living properties with a total of 192 units.
Description and history
LTC Properties, Inc., incorporated on May 12, 1992, is a healthcare real estate investment trust (REIT) that invests primarily in long-term care and other healthcare related properties through mortgage loans, property lease transactions and other investments. At December 31, 2009, the Company’s real estate investment portfolio consisted of long-term care properties and mortgage loans, and consisted of investments in 98 skilled nursing properties with 11,319 beds, 104 assisted living properties with 4,790 units and two schools. These properties are located in 29 states. Subsequent to the year ended December 31, 2009, the Company purchased a 166-bed skilled nursing property in Texas, and a 120-bed skilled nursing property in Florida. During 2009, it acquired three assisted living properties with a total of 192 units.

Skilled nursing facilities provide restorative, rehabilitative and nursing care for people not requiring the more extensive and sophisticated treatment available at acute care hospitals. Many skilled nursing facilities provide ancillary services that include occupational, speech, physical, respiratory and intravenous (IV) therapies, as well as provide sub-acute care services, which are paid either by the patient, the patient’s family, or through federal Medicare or state Medicaid programs. Assisted living facilities serve elderly persons who require assistance with activities of daily living, but do not require the constant supervision skilled nursing facilities provide. Services are usually available round the clock and include personal supervision and assistance with eating, bathing, grooming and administering medication. The facilities provide a combination of housing, supportive services, personalized assistance and health care designed to respond to individual needs.

The two schools in the Company’s real estate investment portfolio are charter schools. Charter schools are generally autonomous entities authorized by the state or locality to conduct operations independent from the surrounding public school district. Laws vary by state, but generally charters are granted by state boards of education either directly or in conjunction with local school districts or public universities. Operators are granted charters to establish and operate schools based on the goals and objectives set forth in the charter. Upon receipt of a charter, schools receive an annuity from the state for each student enrolled.

At December 31, 2009, the Company owned properties in 23 states consisting of 62 skilled nursing properties with a total of 7,209 beds, 88 assisted living properties with a total of 4,076 units and one school. Owned properties are leased pursuant to non-cancelable leases generally with an initial term of 10 to 15 years. Many of the leases contain renewal options and two contain limited period options that permit the operators to purchase the properties. The leases provide for a fixed minimum base rent during the initial and renewal periods. Most of the leases contain provisions for specified annual increases over the rents. At December 31, 2009, the Company had 40 mortgage loans secured by first mortgages on 36 skilled nursing properties with a total of 4,110 beds, 16 assisted living properties with 714 units and one school. These properties are located in 14 states.

Business Line
Self-administered real estate investment trust that invests primarily in the long-term care sector of the health care industry through the origination of first mortgage loans and acquisition of properties that are leased to numerous long-term care providers
Subsidiary
ALBUQUERQUE REAL ESTATE INVESTMENTS INC
Advisor
ERNST & YOUNG LLP
IPO date
8/1992
US SIC Code
6798
Company Address
Suite 200
31365, Oak Crest Drive
City province or state postal code
91361, WESTLAKE VILLAGE, CA
Phone: +1 805 981 8655
Fax: +1 805 981 8663
Country address: UNITED STATES OF AMERICA
Website url: www.ltcproperties.com