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LTC Properties
Wendy Simpson's ~$1.9B healthcare REIT owns 215 skilled nursing and assisted living properties across 28 states under triple-net leases.
LTC Properties
LTC Properties was founded in 1992 and went public the same year, raising capital to acquire long-term care facilities at a time when the senior-housing REIT sector was just emerging. Wendy Simpson joined in 2000 and assumed the Chairman and CEO role in 2013, building a portfolio concentrated in skilled nursing and assisted living properties — two asset classes with distinct reimbursement profiles. The firm deliberately avoids operating its own facilities, instead structuring nearly all investments as triple-net leases where the tenant assumes property-level costs. The portfolio spans 215 properties across 28 states, with heavy concentration in Texas, Michigan, and Wisconsin. LTC also originates mezzanine loans and preferred equity investments in the same sector. Recent deployment illustrates the shape: a $16.9 million mezzanine loan for a transitional care development in Florida and a $28.3 million acquisition of a 149-unit assisted living campus in Illinois, both disclosed in Q3 2024 filings. The firm's largest tenant relationships include Prestige Healthcare, Brookdale Senior Living, and Anthem Memory Care. Geographic dispersion functions as a partial hedge against state-level Medicaid-rate risk, though reimbursement policy remains a material input. LTC operates lean: 23 full-time employees as of the most recent proxy, with investment and credit decisions made by Co-President and CIO Clint Malin alongside Simpson and CFO Pam Kessler. December 2024: LTC closed the year with a record $317 million in new investments, including $232 million deployed in the fourth quarter alone, primarily into assisted living acquisitions and development commitments (per the firm, December 2024). The firm carries a BBB- investment-grade credit rating from S&P, which it uses to issue unsecured notes, funding growth without relying exclusively on equity issuance. LTC's structural differentiator is the purity of its triple-net model. The firm books rental income, not operating income, which produces narrower margins but significantly lower labor and regulatory complexity than owner-operated REITs like Ventas or Welltower. That simplicity has allowed the firm to maintain its dividend without interruption since 1997 — an unusual streak in a sector with high operator-turnover risk.
General information
Firm type
Asset Manager
Year founded
1992
AUM
$2B - $5B (Altss estimate)
Location
Region
North America
Country
United States
City
Westlake Village
Corporate office
Westlake Village, CA, United States
Principals
Wendy Simpson
Chairman & Chief Executive Officer
Pam Kessler
Co-President, Chief Financial Officer & Secretary
Clint Malin
Co-President & Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at LTC Properties?
Clint Malin, Co-President and Chief Investment Officer, leads deal origination and underwriting. He executes acquisitions, development commitments, and structured finance transactions alongside CEO Wendy Simpson and CFO Pam Kessler. The three have worked together for over a decade — Simpson since 2000, Kessler since 2010.
Does LTC Properties operate its own facilities or lease them?
It leases them. LTC functions almost exclusively as a landlord and lender under triple-net lease structures where tenants pay property taxes, insurance, and maintenance. This means LTC avoids the staffing and operational burdens of running skilled nursing or assisted living facilities.
What is LTC's property mix between skilled nursing and assisted living?
The portfolio splits roughly 50/50 by investment carrying value between skilled nursing facilities, which depend heavily on Medicare and Medicaid reimbursement, and private-pay assisted living communities. The firm also originates mezzanine loans and preferred equity investments — a smaller but growing allocation.
Which states represent LTC's largest geographic exposure?
The top three states by property count are Texas, Michigan, and Wisconsin. LTC owns or finances facilities in 28 states total, with concentration risk managed partly through operator diversity — no single tenant relationship dominates the portfolio.
How does LTC fund its acquisitions?
LTC maintains a BBB- investment-grade credit rating from S&P, allowing it to issue senior unsecured notes at relatively tight spreads. It also uses its at-the-market equity program and draws on a $600 million revolving credit facility to fund acquisitions and development commitments.
Who are LTC's largest tenant relationships?
The largest operators leasing from LTC include Prestige Healthcare, Brookdale Senior Living, and Anthem Memory Care, among roughly 27 total operating partners. Tenant diversification is a stated priority, and the firm discloses concentration metrics quarterly in SEC filings.
Has LTC Properties ever cut its dividend?
No. LTC has maintained uninterrupted monthly dividends since 1997. The board reviews the payout quarterly, and the firm's triple-net lease structure — which produces contractual rental income rather than variable operating income — supports a relatively predictable distribution.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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