LTC Acquires Chicago Metro Area Land Parcel For $700K

LTC Properties, Inc. LTC, a real estate investment trust that primarily invests in seniors housing and health care properties, today announced it has acquired approximately 3.5 acres of land in Tinley Park, Illinois for approximately $700,000. The Company also made a development commitment to fund the construction of a 66-unit memory care community on the newly acquired parcel in an amount not to exceed $11.2 million. The new project is scheduled to open in the summer 2016. The land parcel was added to an existing 10-year master lease with an affiliate of Anthem Memory Care. The Tinley Park community is one of two projects under development in the Chicago metro area with Anthem. The other is a 66-unit memory care community in Burr Ridge that is expected to open in the fourth quarter of 2015. Additionally, Anthem and LTC have a parcel of land currently under contract in Glenview, also located in the Chicago metro area, on which development of a memory care community is scheduled to commence later this year subject to completion of due diligence. The Glenview project will bring to seven the number of private-pay, memory care development projects with Anthem, four of which are operational. "Anthem has been a great partner to LTC for the past three and a half years, and we are pleased to further extend our partnership in Chicago," said Wendy Simpson, LTC's Chairman and Chief Executive Officer. "With an attractive risk-adjusted return profile relative to acquisitions, development will be an ongoing driver of growth for LTC. At the same time, we will continue to execute on our strategy of diversifying our portfolio by geography, property type and operator." "LTC has been a reliable capital partner for Anthem, allowing us to quickly gain scale and focus on our core business model of operating memory care communities," said Mark Rockwell, Principal of Anthem Memory Care. "Our strategic entrance into the Denver market in 2012 with multiple communities and partnering with LTC was very successful, a formula we expect to replicate in the Chicago Market."