LTC Announces the Acquisition of Properties

							LTC Announces the Acquisition of Properties
October 11, 2011 04:08 PM Eastern Daylight Time 

WESTLAKE VILLAGE, Calif.--(EON: Enhanced Online News)--LTC Properties, Inc. (NYSE:LTC) announced
today that it acquired, in a sale-lease back transaction, a skilled nursing property built in 2005 with 196 licensed
beds in Pasadena, Texas (Houston MSA), for a purchase price of $15,500,000. Additionally, the Company
announced that it acquired a vacant parcel of land in Amarillo, Texas for a purchase price of $844,000 and entered
into a commitment, in an amount not to exceed $8,250,000, to fund the construction of a 120-bed licensed skilled
nursing property. This new property will replace a 90-bed licensed skilled nursing property in the Company’s
existing portfolio. Completion of construction is estimated to be within 12 to 18 months and upon completion the
lessee intends to relocate the residents from the existing skilled nursing property to the new property and the existing
property will be classified as held-for-sale. These two properties are leased to an operator within LTC’s existing
portfolio pursuant to a 10-year master lease agreement at a cash yield of 9.6% and a GAAP yield of 11.0%. The
master lease contains annual escalations of 2.5% and has two 5-year renewal options.

The Company is a self-administered real estate investment trust that primarily invests in long-term care and other
health care related facilities through mortgage loans, facility lease transactions and other investments. For more
information on LTC Properties, Inc., visit the Company’s website at www.ltcproperties.com.

Contacts
LTC Properties, Inc.
Wendy L. Simpson, CEO & President
Pam Kessler, EVP & CFO
(805) 981-8655

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