LTC Properties Inc. (NYSE:LTC) Q3 2017 Earnings Conference Call - Final Transcript

Nov 09, 2017 • 11:00 am ET


LTC Properties Inc. (NYSE:LTC) Q3 2017 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Good day, and welcome to the LTC Properties 3Q '17 analyst and investor call. All participants will be in a listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions)

(Forward-Looking Cautionary Statements)

I would now like to turn the conference over to Wendy Simpson. Please go ahead.

Wendy L. Simpson

Thank you, operator, and hello, everybody. Welcome to LTC's 2017 third quarter investor call. Joining me today are Pam Kessler, our CFO; and Clint Malin, our Chief Investment Officer.

I'll begin with a few remarks, including an update on Anthem and guidance, and then Pam will discuss our financial results. Following Pam, Clint will provide more in-depth commentary on our investment activity, pipeline and operator partner performance. I'll come back with a quick summary before the question-and-answer portion of the call begins.

For our industry, the third quarter narrative seems to be dominated by challenged operator performance. While we also face some challenges, we remain highly focused on driving long-term value for partners and shareholders through a culture of trust, transparency and shared success. We are more confident now than ever in our strategy of partnering with regional operators. They are more nimble and best able to successfully manage local portfolios.

While we will continue to evaluate myriad opportunities, our commitment to working with strong regional operators, both current and future to meet their needs by offering creative solutions and financing structures to help them grow remains steadfast.

I'd like to recognize our operating partners' outstanding efforts during the recent hurricanes. Successful and intensive preplanning and preparedness allowed them to keep all residents safe and secure. Operating seniors housing communities during a wide-spread emergency takes a considerable amount of complex coordination, and we couldn't be prouder of the way our partners handled themselves, continuing to provide residents with round-the-clock care. Bar none, these operators went above and beyond, working during a significant time of need. In fact, we were told by several partners that selfless employees left their own homes, some of which were in jeopardy, to care for residents. I'm happy to report only minimal damage to our portfolio and that all but one property has since been reoccupied.

Given our presence in the communities hit hardest by the storms, primarily in Texas, and in recognition of all of our partners who provided extraordinary care during hurricanes Harvey and Irma, we made charitable contributions to foundations set up by our operating partners to assist their employees adversely affected by the storms. Thank you to everyone who is playing a part in the recovery efforts.

Moving to our pipeline, we are a bit more optimistic than we have been over the last several quarters. Activity has picked up nicely. We are currently sourcing some attractive off-market deals that are a good strategic fit for LTC and that meet our stringent underwriting standards. Clint will provide more details later. But I will say that the pipeline is very diverse with respect to deal structure, operator and geography.