Executive Chairman of the Board, Cousins Properties
Search every verified Wendy Simpson interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. In 2014, Simpson stated that LTC Properties was focused on growing at a "measured pace" and that its investment "sweet spot" remained assisted living, memory care, and skilled nursing. She noted the company was preparing to re-lease 37 properties after TPG, which had acquired Assisted Living Concepts, decided not to exercise its renewal option. Simpson expressed excitement about finding new operators, particularly regional players, and praised the physical condition of the properties while acknowledging occupancy challenges. By 2017, Simpson described the health care real estate investment environment as "relatively challenging," citing high prices and the company's commitment to "stringent underwriting standards." She stated that LTC would prioritize coverage over returns and was increasingly investing in newer memory care and assisted living properties. Simpson also expressed interest in technology that connects patients with physicians and tracks outcomes.
“It's been relatively challenging the prices still have not come down where we expected they might. We still have very stringent underwriting standards relative to coverage and total cost, so it's been more challenging this year than it had in the last two years.”
“If we have to trade-off return to coverage, we will take coverage, so we'll get a little less of a return for a better coverage.”
“We really want to invest in the newer property and we still are supportive of the local regional operator, so generally those are smaller deals.”
“We are doing a lot more in supporting building of memory care and assisted living properties and that is a strategy that we started about four years ago.”
“I'm really interested in all that can be done over the web to interface with physicians. Getting and whatever you can do to track outcomes whether it's for reimbursement purposes or just providing better care is very exciting.”
“We don't have any specific goals; we always look at our pipeline and our pipeline are deals that we have done some preliminary underwriting on. So our goal is to continue growing the company at a very measured pace.”
“We are looking still at assisted living, memory care, and acute—not acute care—of skilled nursing, and so that is still our sweet spot. We haven't gone out of that area of investment yet.”
“We were able to create a mortgage that really looks like a lease, and so we have some triggers in that mortgage that if reimbursement changes it will convert to an owned property. So we do look to accommodate our operators as best we can in a structure.”
“We have been expanding our senior housing, our private pay senior housing book and business. We have three properties currently under construction in the memory care area and one skilled nursing property in Wisconsin about ready to open.”
“TPG bought Assisted Living Concepts last year and they are not exercising their renewal option at the end of 2014, so we're very excited about having an opportunity to put these assets in the care of operators who are very interested in turning them around.”
“We've had indications and teaser letters out and have been very happy with the number of expressions of interest, including from national players to look at the whole portfolio. But we think putting these properties out to regional players who are more likely to bring us business to grow is a better strategy.”
“We're looking for an operator who's really part of that geographic area, especially given the operational issues Assisted Living Concepts had in Washington, Oregon, and Idaho. An operator tied into those states will be best to turn those states around and help with regulatory relationships.”
“We understand there will be a turnaround time in these properties and will be flexible, possibly giving a new company a little benefit to start leasing a little low but wrap it up as they ramp up occupancy.”
“Assisted Living Concepts maintained the properties well physically; it was not a physical plant problem but a marketing issue. Interiors were very well maintained and rent-ready, so they did keep the buildings very nicely.”
“We've had a really good relationship with Jack Allison, who's running TPG now, and the people at TPG we've had contact with. Everybody wants an answer to this situation sooner rather than later, which is a benefit to everyone involved.”
CEO Wendy Simpson says health care REIT upholding stringent underwriting standards. To learn more about LTC Properties, ...
In this "Expert Opinion" interview, Wendy Simpson, President and CEO, LTC Properties, discusses growing REITS, memory care, ...
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