Bankruptcy: LTC PROPERTIES INC

Form Type: 8-K

Filing Date: 2025-07-10

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000110465925066868

Filing Summary: On July 10, 2025, LTC Properties, Inc. announced an update regarding Genesis Healthcare, Inc., which filed for Chapter 11 bankruptcy on July 9, 2025. Genesis Healthcare affiliates lease six skilled nursing centers in New Mexico and Alabama under a master lease with LTC, set to mature on April 30, 2026, with options for three 5-year renewals. Genesis exercised a 5-year extension for the lease, expanding its term to April 30, 2031. As of March 31, 2025, Genesis represented 4.5% and 5.1% of LTC's annualized revenue and contractual cash revenue, with annualized figures of $8.4 million and $9.5 million, respectively. Genesis has fulfilled their rental obligations through July 2025, and LTC holds $4.7 million of security from Genesis in the form of a letter of credit as dictated by the lease.