About Wendy Simpson
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.
Source: AI-verified profile updated from Wendy Simpson's recent appearances.
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Transcript (11 segments)
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Sarah Buxton0:04
I'm Sarah Buxton here in Dallas for NAREIT's REITworld 2017. I'm joined today by Wendy Simpson, Chairman, President, and CEO of LTC Properties. Welcome, Wendy.
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Wendy Simpson0:12
Hi, Sarah.
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Sarah Buxton0:16
How challenging has it been in 2017 for LTC to make new investments, and how have you responded to that?
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Wendy Simpson0:23
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 been in the last two years. But it's not at a point where we would underwrite at a lesser coverage. If we have to trade off return for coverage, we'll take coverage, so we'll get a little less of a return for a better coverage. We also have determined that 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.
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Sarah Buxton1:10
LTC is celebrating its 25th anniversary this year. How would you describe strategy as you reach this milestone?
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Wendy Simpson1:13
We are, again, as I said, doing the regional smaller operators. We're still investing in skilled nursing facilities and skilled nursing operators, but 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.
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Sarah Buxton1:38
Looking at the healthcare industry broadly, is there a specific innovation or trend that you see really changing the industry going forward?
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Wendy Simpson1:41
I'm really interested in all that can be done over the web to interface with physicians. I think getting and whatever you can do to track outcomes, whether it's for reimbursement purposes or just providing better care, I think everything that's being focused on connecting the patient with the doctor directly without having to be at the doctor's office or track and provide outcome management is very exciting.
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Sarah Buxton2:13
Right. Well, thank you very much, Wendy.
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Wendy Simpson2:15
Thank you.
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Sarah Buxton2:16
And for more news and information about REITworld 2017, be sure to visit REIT.com.
