WESTLAKE VILLAGE, CA-GlobeSt.com has learned that Andre C. Dimitradis, founder and executive chairman of the board for LTC Properties Inc. here, has died after a long and courageous battle with a chronic illness. Dimitriadis had founded LTC—a self-administered REIT that primarily invests in long-term care and other healthcare-related facilities through mortgage loans, facility lease transactions and other investments—in 1992.
The founder was the company's chairman and CEO from the REIT's inception through March 2007. At that time, he assumed the position of executive chairman. Prior to founding LTC, he was the EVP and CFO of Beverly Enterprises from 1989 to 1992, the EVP and CFO of American Medical International from 1984 to 1989 and the CFO of Western Airlines from 1982 to 1984.
Dimitriadis held a bachelor's degree in electrical engineering from Robert College, a master's degree in computer science from Princeton University and a MBA in finance and Ph.D. in economics from NYU Stern School of Business.
According to the firm's succession plan, the Board has elected Wendy Simpson, a long-time colleague of Dimitriadis, as chairman, CEO and president. “Andre's vision of filling an unmet financing need in the long-term care industry over 20 years ago was realized in the birth of LTC,” says Simpson. “His passionate and energetic leadership over the past two decades will be remembered by those of us who were so fortunate to work with him.”
Simpson adds that Dimitriadis was an incredible problem solver and had an amazing aptitude for analyzing complex financial structures. “He worked tirelessly to meet the needs of LTC's customers and create value for LTC's shareholders. Although he has been less involved in the company's daily operations since he stepped down from the CEO position in 2007, he continued to be a tremendous resource and inspiration. I am so happy that last August he was joined by his two daughters, Christina and Julia, on the podium at the New York Stock Exchange to ring the closing bell commemorating LTC's 20th anniversary. It was a milestone of which he was justifiably proud.”
As GlobeSt.com reported last week, LTC has entered into a $141-million mortgage-loanagreement with affiliates of Prestige Healthcare.The loan is to be secured by 15 properties with a total of 2,092 licensed skilled-nursing beds and 24 independent living units in Michigan.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
