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, 2007, our investment in owned properties consisted of 61 skilled nursing properties with a total of 7,179 beds, 84 assisted living properties with a total of 3,744 units and one school in 23 states, representing a gross investment of approximately $492.9 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, 2007, we had 50 mortgage loans secured by first mortgages on 47 skilled nursing properties with a total of 5,545 beds, 10 assisted living properties with 705 units and one school located in 15 states, representing a gross investment of $92.2 million.
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