LTC Properties (NYSE: LTC) is making changes to its leadership team. The Westlake Village, California-based health care real estate trust (REIT) named CFO Pam Kessler and Chief Investment Officer Clint Malin co-presidents on Monday.
LTC’s former president, Wendy Simpson, will remain as CEO and chairwoman.
Both Kessler and Malin have been with LTC for some time. Kessler joined the REIT in 2000 and has been executive vice president and CFO since 2010. Malin joined LTC in 2004 and has been executive vice president and chief investment officer since 2012. Both also have public accounting backgrounds: Kessler started her career at Ernst & Young while Malin began his career at KPMG and Arthur Anderson.
“The promotions of Pam and Clint reflect the many years of significant contributions they have made to LTC, both individually and as a cohesive team, along with their shared strategic vision and experiences that will help guide LTC’s future,” Simpson said in a statement.
The shuffling of LTC’s leadership team comes a couple weeks after a first quarter earnings report that was generally positive for the REIT amidst the ongoing coronavirus pandemic.
LTC gave partial rent deferrals totaling $772,000 to six of its tenants in April as the pandemic dragged down occupancy and spiked expenses. Analysts were pleasantly surprised at the low number of operators that requested deferrals. Still, this may become a growing concern as the outbreak drags on and lockdowns of senior housing communities across LTC’s portfolio continue. As of its Q1 2020 earnings call, 35 of LTC’s properties had reported at least one case of Covid-19, and the number is expected to climb as testing ramps up.