LOS ANGELES—LTC Properties, a publicREIT that invests in seniorhousing and healthcare properties throughtriple-net lease transactions, has entered into an unsecured creditagreement to extend its credit amount up to $600 million. Theagreement will replace the REIT's previous unsecured creditagreement, which was amended last in May 2012.


In addition to extending the credit amount, the amended andrestated unsecured credit agreement increases the aggregatecommitment of the lenders to $400 million. The new agreementreduces the credit grid by 25 basis points and extends maturity toOctober 14, 2018. The banks participating include Bank ofMontreal, BMO Capital Markets,KeyBank National Association, KeyBancCapital Markets Inc., Royal Bank ofCanada, RBC Capital Markets,Wells Fargo Bank National Association,Wells Fargo Securities LLC and MUFG UnionBank. The company did not respond to a request forcomment.


Currently, LTC Properties has $15 million outstanding priced ata LIBOR plus of 125 basis points and an unused commitment fee of 30basis points. Earlier this year, GlobeSt.com reported that LTC Properties' 1Q14 earnings fellshort, with FFO falling below estimates. Ending Q1 at $0.63 ashare, FFO missed the mark by $0.64 per share, which, according tothe report, was largely driven by high interest expenses.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.