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<SEC-DOCUMENT>0001157523-08-006959.txt : 20080819
<SEC-HEADER>0001157523-08-006959.hdr.sgml : 20080819
<ACCEPTANCE-DATETIME>20080819093018
ACCESSION NUMBER:		0001157523-08-006959
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080819
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20080819
DATE AS OF CHANGE:		20080819

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LTC PROPERTIES INC
		CENTRAL INDEX KEY:			0000887905
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				710720518
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11314
		FILM NUMBER:		081026466

	BUSINESS ADDRESS:	
		STREET 1:		31365 OAK CREST DRIVE
		STREET 2:		SUITE 200
		CITY:			WESTLAKE VILLIAGE
		STATE:			CA
		ZIP:			91361
		BUSINESS PHONE:		805-981-8655

	MAIL ADDRESS:	
		STREET 1:		31365 OAK CREST DRIVE
		STREET 2:		SUITE 200
		CITY:			WESTLAKE VILLIAGE
		STATE:			CA
		ZIP:			91361
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5758793.htm
<DESCRIPTION>LTC PROPERTIES, INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt">UNITED STATES</font><br><font style="font-size: 16pt">SECURITIES
      AND EXCHANGE COMMISSION</font><br><font style="font-family: Times New Roman; font-size: 12pt">Washington,
      D.C. 20549</font><br><font style="font-family: Times New Roman"><b>______________</b></font><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt">CURRENT
      REPORT PURSUANT TO SECTION 13 OR 15(D)</font><br><font style="font-family: Times New Roman; font-size: 12pt">OF
      THE SECURITIES EXCHANGE ACT OF 1934</font><br><br><br><font style="font-family: Times New Roman; font-size: 10pt">Date
      of Report: August 19, 2008</font><br><font style="font-family: Times New Roman; font-size: 10pt">(Date
      of earliest event reported)</font><br><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>LTC&#160;PROPERTIES,&#160;INC.</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of Registrant as specified in its charter)</font><br><br>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="width: 33%; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Maryland
          </p>
        </td>
        <td valign="bottom" style="width: 34%; padding-left: 0.0px; white-space: nowrap; text-align: center; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1-11314
          </p>
        </td>
        <td valign="bottom" style="width: 33%; padding-left: 0.0px; white-space: nowrap; text-align: center; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            71-0720518
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 33%; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            incorporation or organization)
          </p>
        </td>
        <td valign="top" style="width: 34%; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            file number)
          </p>
        </td>
        <td valign="top" style="width: 33%; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            31365 Oak Crest Drive, Suite 200
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Westlake Village, CA&#160;&#160;91361
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of principal executive offices)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      (805) 981-8655<br><font style="font-family: Times New Roman; font-size: 10pt">(Registrant&#8217;s
      telephone number, including area code)</font><br><br>
    </p>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c)) </font>
    </p>
    <hr style="width: 100%; color: #000000; text-align: center; height: 1.0 pt">
    <hr style="width: 100%; color: #000000; text-align: center; height: 1.0 pt">


    <p>

    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt"><b>Item
      8.01.&#160;&#160;--&#160;&#160;Other Events</b></font><br>
    </p>
    <p style="text-align: justify">
      To date, LTC Properties, Inc. has not received August 2008 payments of
      rent or mortgage obligations due from companies affiliated with Sunwest
      Management, Inc.&#160;&#160;LTC has received letters from Sunwest affiliated
      companies explaining that Sunwest is experiencing certain negative cash
      shortfalls which they attributed to properties that have not yet matured
      in terms of occupancy.&#160;&#160;Additionally Sunwest has advised us that they
      are working to sell more than 156 facilities owned by them and their
      affiliates in an effort to recapitalize Sunwest and that they expect
      best and final bids by early August.&#160;&#160;
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      <u>The Master Lease:</u>
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      LTC, through two subsidiaries, has a Master Lease with an affiliate of
      Sunwest for a 109 unit assisted living property in Vacaville, California
      and a 113 unit assisted living property in Bakersfield, California.&#160;&#160;The
      total monthly lease payments under this Master Lease currently are
      approximately $208,100 per month or approximately 4.5% of LTC&#8217;s current
      monthly rental income.&#160;&#160;The Master Lease is guaranteed by certain owners
      of Sunwest and their respective spouses.&#160;&#160;Additionally, a default under
      the Master Lease allows LTC to declare a cross default on the mortgage
      loans discussed below.&#160;&#160;
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      LTC&#8217;s total gross investment in the properties under the Master Lease is
      approximately $26.2 million or 5.3% of LTC&#8217;s gross investments in real
      estate as of June 30, 2008.&#160;&#160;As of June 30, 2008, single purpose
      subsidiaries of LTC owed debt obligations totaling $16.2 million on the
      Master Lease properties and secured by the Master Lease properties.&#160;&#160;LTC
      has been in contact with the debt holder to obtain permission to
      terminate the Master Lease and bring in new tenant-operators.&#160;&#160;This debt
      is non-recourse to LTC but recourse to the underlying properties;
      however, LTC has offered the debt holders an accelerated payment of the
      total remaining debt balance without fees or penalty.&#160;&#160;
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      As of June 30, 2008, the outstanding principal balance on the
      Bakersfield property was $8.3 million at a rate of 8.43% and is due
      October 1, 2009.&#160;&#160;The outstanding principal balance on the Vacaville
      property was $7.9 million at a rate of 8.69% and is due August 1,
      2010.&#160;&#160;To date LTC has not sent a notice of termination of the Master
      Lease to Sunwest or its affiliates.&#160;&#160;LTC intends to pursue all avenues
      available to enforce its rights under the Master Lease and the
      guaranties and to preserve the value of the underlying properties.
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      While no assurances can be given, LTC believes we will be able to find a
      new tenant-operator for these two properties; however, we believe there
      will be some cosmetic capital improvements needed and possibly initial
      lower rent payments while the new operator improves occupancy rates.&#160;&#160;At
      this time, LTC cannot provide a specific date we will be able to
      complete the transition to a new operator because of factors such as
      identifying a new tenant-operator and negotiating a new lease, obtaining
      permission from the current lien holders to terminate the lease, the
      possibility that the current tenant-operator will not be co-operative in
      the lease termination process and the timing of the process of licensure
      of the new tenant-operator for the two properties.
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      <u>The Mortgages:</u>
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      As of June 30, 2008, affiliates of Sunwest owed LTC $4.7 million,
      secured by a first mortgage, on a 140 unit independent living property
      in Fort Worth, Texas and $1.5 million, secured by a first mortgage, on a
      165 unit assisted living property in Mesquite, Texas.&#160;&#160;Both loans are at
      11.15% and mature&#160;&#160;on November 19, 2011.&#160;&#160;The August 2008 interest
      payment of approximately $57,800 has not been received to
      date.&#160;&#160;Interest from these two loans represented 6.6% of LTC&#8217;s interest
      income for the quarter ended June 30, 2008.&#160;&#160;These loans have been
      guaranteed by Sunwest Management, Inc. and by certain officers of
      Sunwest and their respective spouses.&#160;&#160;LTC has sent Sunwest demand
      notices and the notice of intent to accelerate the loans.&#160;&#160;This is the
      first step in the foreclosure process which LTC intends to pursue.&#160;&#160;
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      LTC believes that should we eventually become the owners of these two
      properties, (through foreclosure or otherwise), we would be able to
      lease them to operators at a market lease rate or sell one or both
      properties for an amount we anticipate, but cannot assure, would be not
      less than the current principal outstanding on the mortgage loans
      secured by each property.
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      At this time, LTC believes that there is no current impairment of either
      the owned properties or the mortgages; however, should Sunwest or any of
      these affiliates file for bankruptcy and entangle these properties in
      lengthy bankruptcy proceedings, LTC cannot predict what impact that
      would have on the values of these investments.
    </p>
    <p>

    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURE</b></font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <div style="text-align:left">
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        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            LTC PROPERTIES, INC.
          </p>
        </td>
      </tr>
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        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated:
          </p>
        </td>
        <td valign="top" style="width: 45%; padding-left: 0.0px; text-align: left">
          August 19, 2008
        </td>
        <td valign="top" style="width: 4%; padding-left: 0.0px; text-align: left">
          By:
        </td>
        <td valign="top" style="width: 46%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>/s/&#160;&#160;WENDY L. SIMPSON</u>
          </p>
        </td>
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        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="width: 46%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Wendy L. Simpson
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="width: 46%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            CEO &amp; President
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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