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 trade symbol "LTC" on the NYSE. We invest primarily in long-term care and other health care related properties through property lease transactions, mortgage loans, 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. 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 September 30, 2012, our investment in owned properties consisted of 71 skilled nursing properties with a total of 8,403 beds, 88 assisted living properties with a total of 3,941 units, 13 other senior housing properties with 814 beds and 679 units and two schools in 25 states, representing a gross investment of approximately $805.8 million. The properties are leased pursuant to non-cancelable leases generally with an initial term of 10 to 15 years. Mortgage Loans -- As of September 30, 2012, we had 28 mortgage loans secured by first mortgages on 18 skilled nursing properties with a total of 1,994 beds, 14 assisted living properties with 424 units and one other senior housing property with 99 beds and 74 units located in 12 states representing a gross investment of $49.1 million.
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