WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--
LTC Properties, Inc. (NYSE: LTC) ("the Company")
announced today that it acquired a 3.16 acre vacant parcel
of land in Colorado (Denver MSA) for a purchase price of
$1.9 million. Simultaneous with the purchase, the Company
entered into a lease agreement and development commitment
in an amount not to exceed $7.9 million to fund the
construction of a 60-unit free-standing, private-pay memory
care property. Rent under the lease will begin upon the
earlier of project completion or the improvement deadline
of August 1, 2013. Initial rent at the rate of 9.25% will
be calculated based on the land purchase price and
construction costs funded plus 9.0% compounded on each
advance under the commitment from the disbursement date
until the earlier of project completion or the improvement
deadline. The lease has an 11-year initial term, four
five-year renewal options and annual escalations of 2.5%.
The Company is a self-administered real estate investment
trust that primarily invests in long-term care and other
health care related facilities through facility lease
transactions, mortgage loans and other investments. For
more information on LTC Properties, Inc.
LTC Properties, Inc.
Wendy L. Simpson