Lynne Katzmann, President and CEO of Juniper stated, “We are very happy to complete this transaction with LTC. We feel this transaction and its structure benefit both of our organizations providing a foundation for further growth opportunities."
Bloomfield, NJ (PRWEB) December 21, 2012
Juniper Communities, LLC (“Juniper”) today announced that it has accepted an offer for $94.0 million from LTC Properties, Inc. (NYSE:LTC) (“LTC”), to acquire the real estate assets of six of its properties in a sale-leaseback transaction. Juniper will continue to operate the communities and lease them under a lease agreement with an initial term of fifteen years. In addition, LTC will be providing a two year $5.1 million debt financing on one senior living community in PA. The transactions are expected to close by year-end.
Juniper is a privately held New Jersey-based company that owns and operates assisted living, memory care and skilled nursing homes nationally. LTC of Westlake Village, CA is a self-administered real estate investment trust (REIT) that primarily invests in long-term care and other health care related facilities through facility lease transactions, mortgage loans, and other investments.
The six-property portfolio that LTC is acquiring includes three assisted living properties with a total of 202 units; and three memory care facilities with a total of 136 units. Three of the properties are located in New Jersey, two in Colorado, and one in Pennsylvania. Current occupancy rate is 97.2%.
Juniper’s transaction with LTC is structured to provide Juniper a capital event for industry growth through the sale/ leaseback and refinancing of real property assets. It also permits Juniper to continue to control day to day operations at all of its communities.
“We feel strongly that our commitment to fostering the quality of life in each individual served has worked, and we seek to continue to serve all of our communities with the same programs. Our Associate teams, who have provided a high level of customer satisfaction over the years will remain intact,” explained Lynne S. Katzmann, CEO and Founder of Juniper Communities.
Katzmann continued, “The industry is being pushed by the baby boomer generation to expand senior housing opportunities and to deliver services in new and improved ways, both environmentally and programmatically for their parents and themselves in the future. With the additional capital, we plan to pursue other acquisitions to further company growth, and to develop and implement new programs and services that will better serve aging Americans.” Juniper is currently in negotiations on five additional properties.
Wendy L. Simpson, CEO and President of LTC released the following statement, “We are excited about our $94.0 million sale-leaseback of stabilized assets with Juniper, a well respected operator of premier senior housing and memory care communities and are delighted to add Juniper to our roster of experienced operators. This investment expands our real estate portfolio with newer, private-pay facilities in top metropolitan markets. Additionally, the $5.1 million two year loan will provide Juniper with the opportunity to further modify their capital structure and position Juniper for the growth they envision.”
Juniper Communities is recognized as a premier owner-operator of senior care living communities comprised of assisted living, memory care, and skilled nursing facilities. The company and its leadership team have been recognized by industry rankings and awards for its business practices and quality of care by Assisted Living Executive, Long Term Living, Provider, NJ Biz, Crain’s NY Business, and the Alzheimer’s Foundation of America.
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About Juniper Communities, LLC.
Juniper Communities founded in 1988 owns and operates 15 long-term care communities in NJ, FL, PA and CO. Juniper is dedicated to Nurturing the Spirit of Life in each individual served and believes the keys to healthy aging are an active body, an engaged mind, and a fulfilled spirit. The company¹s mission is to serve its stakeholders, residents, families, employee associates, and investors with excellence and strong dedication to the company¹s hallmarks of quality, value and innovation. For more information on Juniper call (973) 661-8300 or visit http://www.junipercommunities.com.
About LTC Properties, Inc.
LTC Properties, Inc is a self-administered real estate investment trust that primarily invests in senior housing and long-term care facilities through facility lease transactions, mortgage loans and other investments. For more information on LTC Properties, Inc., visit the Company’s website at http://www.LTCProperties.com.