LTC Properties Inc. (NYSE:LTC) Q2 2020 Earnings Conference Call - Final Transcript

Jul 31, 2020 • 11:00 am ET


LTC Properties Inc. (NYSE:LTC) Q2 2020 Earnings Conference Call - Final Transcript


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Good day and welcome to the LTC Properties Inc Second Quarter 2020 Analyst and Investor Call. All participants will be in listen-only mode. [Operator Instructions] I would now like to turn the conference over to Wendy Simpson. Please go ahead.

Wendy Simpson

Thank you, operator and good morning everyone. Welcome to LTC's 2020 second quarter conference call. Joining me today are Pam Kessler, Co-President and CFO, and Clint Malin, Co-President and Chief Investment Officer. I'm also thrilled that Lynne Katzmann, Founder and CEO of Juniper Communities is joining us as a special guest. We are including on our call an informative session with Lynne designed to provide insights and an operator's perspective on the challenges caused by the pandemic and the lessons learned while meeting these challenges.

I would also like to acknowledge Pam and Clint who recently were promoted to Co-Presidents in recognition of the many important contributions they have made to LTC over the years. With me, they share a strong strategic vision of LTC's future. Please join me in congratulating them for these well-deserved promotions. Before I begin to review our business, I want to thank our operating partners for all they have done for their patients, residents, and employees during the pandemic. They have aggressively dealt with unprecedented challenge over the last several months while also solving problems creatively and compassionately.

Speaking of creativity, I would like to share this story from one of our memory care communities that recently made national news. After being separated for more than 100 days from her husband, Steve, who is suffering from early-onset Alzheimer's, Mary Daniel was focused on finding a way to reunite with him. Our operator, ALG Senior, headquartered in Hickory, North Carolina thought outside of the box and offered Mary a part-time job as a dishwasher. Both Mary and the community are taking this job seriously. She received substantial training on assisted living care and has been tested weekly for COVID-19. Now, after each shift, Mary visits Steve in his room where they watch TV and lay in bed together holding hands. She uses her paycheck to buy gift cards for the staff in recognition of the very hard work they are doing to care for her husband and others loved ones.

There are similar stories from many of our operators around the country. In fact, I hope Lynne will share some of her own. We commend them for working tirelessly to provide care where it is needed the most and have confidence they will continue to meet this new normal with diligent strength and grace. Although most states were able to successfully flatten the curve earlier on in the pandemic, COVID-19 cases have spiked around the country, potentially over-taxing our healthcare system. In our industry specifically, uncertainties remain around PPE, sanitizing supplies, testing and staffing. Demand for testing has increased resulting in growing lag times between test and results while some testing results have been found to be unreliable.

The recent decision by CMS to provide point of