LTC Announces $75 Million Debt Financing Via 3.66% Private Placement

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WESTLAKE VILLAGE, Calif., May 18, 2022–(BUSINESS WIRE)–LTC Properties, Inc. (NYSE: LTC) (“LTC” or the “Company”), a real estate investment trust that invests primarily in senior housing and healthcare facilities , announced today that it has entered into a note purchase agreement to issue $75 million aggregate principal amount of 3.66% senior unsecured notes (the “Notes”). The notes have an average life of 10 years, scheduled principal repayments and will mature on May 17, 2033.

Year-to-date, the Company has invested approximately $113 million, sold assets with a net gain of approximately $38 million, generating net proceeds of approximately $73 million. Of the proceeds of the Notes, approximately $41 million was used for these investments which were initially funded by the Company’s existing unsecured revolving line of credit under the Third Amended and Restated Credit Agreement (the “Agreement”). credit “). proceeds from the sale of the notes to repay its unsecured revolving line of credit.

In addition, the Company amended its existing senior unsecured note agreements to comply with the covenants of the credit agreement.

“The favorable rate and proceeds from these notes provide us with additional liquidity to continue our growth in 2022,” said Wendy Simpson, President and CEO of LTC. “In the face of rising interest rates, we continue to demonstrate the strength of our balance sheet by pricing short-term floating-rate debt over long-term at an attractive fixed coupon and historically low for LTC.”

About SLD properties

LTC is a real estate investment trust (REIT) that invests in seniors housing and healthcare facilities primarily through sale-leasebacks, mortgage financings, joint ventures and structured finance solutions, including preferred shares and mezzanine loans. LTC’s investment portfolio includes 202 properties in 29 states with 33 operating partners including real estate investments, first mortgages, mezzanine loans, working capital notes and unconsolidated joint ventures. Based on its gross investments, LTC’s investment portfolio is approximately 50% senior housing and 50% qualified senior housing. Learn more at www.LTCreit.com.

Forward-looking statements

This press release contains 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 as of the date hereof, and the Company undertakes no obligation to update such forward-looking statements. Although the Company’s management believes that the assumptions and expectations reflected in these forward-looking statements are reasonable, there can be no assurance that these expectations will prove to be correct. Actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220518005441/en/

contacts

Mandi Hogan
(303) 913-4721

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