LTC Properties, Inc., a health care real estate investment trust (or REIT), was incorporated on May 12, 1992 in the State of Maryland and commenced operations on August 25, 1992. Our common stock is listed under the symbol "LTC" on the NYSE. We invest primarily in long-term care and other health care related properties through mortgage loans, property lease transactions and other investments. Our primary objectives are to sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in long-term care properties and other health care related properties managed by experienced operators. To meet these objectives, we attempt to invest in properties that provide opportunity for additional value and current returns to our stockholders and diversify our investment portfolio by geographic location, operator and form of investment.
Owned Properties. As of December 31, 2008, our investment in owned properties consisted of 62 skilled nursing properties with a total of 7,209 beds, 85 assisted living properties with a total of 3,884 units and one school in 23 states, representing a gross investment of approximately $502.6 million. The properties are leased pursuant to non-cancelable leases generally with an initial term of 10 to 30 years.
Mortgage Loans. As of December 31, 2008, we had 43 mortgage loans secured by first mortgages on 39 skilled nursing properties with a total of 4,498 beds, 16 assisted living properties with 714 units and one school located in 16 states, representing a gross investment of $78.3 million.
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