LOS ANGELES—LTC Properties, a public REIT that invests in senior housing and healthcare properties through triple-net lease transactions, has entered into an unsecured credit agreement to extend its credit amount up to $600 million. The agreement will replace the REIT's previous unsecured credit agreement, which was amended last in May 2012.

In addition to extending the credit amount, the amended and restated unsecured credit agreement increases the aggregate commitment of the lenders to $400 million. The new agreement reduces the credit grid by 25 basis points and extends maturity to October 14, 2018. The banks participating include Bank of Montreal, BMO Capital Markets, KeyBank National Association, KeyBanc Capital Markets Inc., Royal Bank of Canada, RBC Capital Markets, Wells Fargo Bank National Association, Wells Fargo Securities LLC and MUFG Union Bank. The company did not respond to a request for comment.

Currently, LTC Properties has $15 million outstanding priced at a LIBOR plus of 125 basis points and an unused commitment fee of 30 basis points. Earlier this year, GlobeSt.com reported that LTC Properties' 1Q14 earnings fell short, with FFO falling below estimates. Ending Q1 at $0.63 a share, FFO missed the mark by $0.64 per share, which, according to the 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.

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