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OFFON

LTC PROPERTIES, INC.

(LTC)
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LTC Properties : Reports 2020 Fourth Quarter Results and Discusses Recent Activities

02/18/2021 | 04:18pm EDT

LTC Properties, Inc. (NYSE: LTC), a real estate investment trust that primarily invests in seniors housing and health care properties, today announced operating results for its fourth quarter ended December 31, 2020.

Net income available to common stockholders was $17.5 million, or $0.45 per diluted share, for the 2020 fourth quarter, compared with $12.4 million, or $0.31 per diluted share, for the same period in 2019. Funds from Operations (“FFO”) was $30.4 million, or $0.78 per share, for the 2020 fourth quarter, compared with $32.4 million, or $0.81 per share, for the comparable 2019 period. Excluding the prior year’s $2.1 million gain from property insurance proceeds related to a previously sold property, FFO was $30.3 million for the quarter ended December 31, 2019. Funds available for distribution (“FAD”) was $30.7 million for the 2020 fourth quarter, compared with $29.5 million for the 2019 fourth quarter.

Fourth quarter 2020 results were impacted by the following:

  • Collected 98% of contractual rent and mortgage interest, which includes the application of Senior Lifestyle’s letter of credit and deposit discussed below;
  • Lower interest and property tax expense;
  • A $3.0 million impairment loss related to a memory care community located in Colorado leased to Senior Lifestyle;
  • Decreased rental income from abated and deferred rent, net of repayment, and decreased rent from properties sold in 2020, partially offset by higher rental income from acquisitions, completed development projects and lease escalations; and
  • Senior Lifestyle Update
    • Rent: paid LTC $3.9 million (83%) of its $4.7 million contractual rent due during the 2020 fourth quarter;
    • Letter of Credit: LTC applied Senior Lifestyle’s letter of credit and deposits totaling $3.7 million to accrued 2020 second quarter rent receivable of $2.5 million and notes receivable of $125,000, and the remaining $1.1 million to third and fourth quarter rent. As of December 31, 2020, Senior Lifestyle’s unaccrued delinquent rent balance was $1.0 million.

During the fourth quarter of 2020, LTC completed the following:

  • Funded $5.0 million of a $13.0 million preferred equity commitment to develop a 267-unit independent and assisted living community in Washington. This commitment was finalized in the third quarter 2020; and
  • Funded $6.4 million in development and capital improvement projects at a weighted average rate of 8.0%.

Subsequent to December 31, 2020, LTC completed the following:

  • Transitioned 11 assisted living communities previously leased to Senior Lifestyle to two operators. These communities are located in Wisconsin, Ohio, and Illinois. Total cash rent expected under these master lease agreements is $5.2 million for the first lease year, $7.1 million for the second lease year, and $7.3 million for the third lease year, escalating by 2% annually thereafter;
  • As previously announced, reduced 2021 rent escalations by 50% to support eligible operators during the continuing COVID-19 crisis. The rent escalation reduction was given in the form of a rent credit and is expected to have an approximate $530,000 impact on LTC’s 2021 GAAP revenue, and an approximate $1.3 million impact on 2021 funds available for distribution;
  • To date in 2021, rent deferrals were $689,000, net of $14,000 of deferred rent repayments. Excluding the rent credit related to the rent escalation reduction discussed above, abated rent to date in 2021 is $360,000. Senior Lifestyle did not pay any of their monthly contractual rent of $1.6 million in January or February 2021. LTC received $545,000 under the new master leases related to the transitioned assisted living communities discussed above;
  • Received $936,000 related to the payoff of a note receivable;
  • Paid $7.0 million in regular scheduled principal payments under its 4.5% senior unsecured notes; and
  • Borrowed $9.0 million under its unsecured revolving line of credit at 1.3%.

Conference Call Information

LTC will conduct a conference call on Friday, February 19, 2021, at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time), to provide commentary on its performance and operating results for the quarter ended December 31, 2020. The conference call is accessible by telephone and the internet. Interested parties may access the live conference call via the following:

Webcast

www.LTCreit.com

USA Toll-Free Number

1-877-510-2862

International Toll-Free Number

1-412-902-4134

Canada Toll-Free Number

1-855-669-9657

Additionally, an audio replay of the call will be available one hour after the live call and through March 5, 2021 via the following:

USA Toll-Free Number

1-877-344-7529

International Toll-Free Number

1-412-317-0088

Canada Toll-Free Number

1-855-669-9658

Conference Number

10151170

About LTC

LTC is a real estate investment trust (REIT) investing in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint-ventures and structured finance solutions including preferred equity and mezzanine lending. LTC holds 181 properties in 27 states with 29 operating partners. The portfolio is comprised of approximately 50% seniors housing and 50% skilled nursing properties. Learn more at www.LTCreit.com.

Forward Looking Statements

This press release includes statements that are not purely historical and are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the Company’s expectations, beliefs, intentions or strategies regarding the future. All statements other than historical facts contained in this press release are forward looking statements. These forward looking statements involve a number of risks and uncertainties. Please see LTC’s most recent Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, and its other publicly available filings with the Securities and Exchange Commission for a discussion of these and other risks and uncertainties. All forward looking statements included in this press release are based on information available to the Company on the date hereof, and LTC assumes no obligation to update such forward looking statements. Although the Company’s management believes that the assumptions and expectations reflected in such forward looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward looking statements due to the risks and uncertainties of such statements.

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(amounts in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,

 

December 31,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(unaudited)

 

 

(audited)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

37,774

 

 

$

38,189

 

 

$

126,094

 

 

$

152,755

 

Interest income from mortgage loans

 

 

7,909

 

 

 

7,683

 

 

 

31,396

 

 

 

29,991

 

Interest and other income

 

 

590

 

 

 

591

 

 

 

1,847

 

 

 

2,558

 

Total revenues

 

 

46,273

 

 

 

46,463

 

 

 

159,337

 

 

 

185,304

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

7,088

 

 

 

7,578

 

 

 

29,705

 

 

 

30,582

 

Depreciation and amortization

 

 

9,839

 

 

 

9,817

 

 

 

39,071

 

 

 

39,216

 

Impairment loss from real estate investments

 

 

3,036

 

 

 

 

 

 

3,977

 

 

 

 

(Recovery) provision for doubtful accounts

 

 

(2

)

 

 

13

 

 

 

(3

)

 

 

166

 

Transaction costs

 

 

102

 

 

 

90

 

 

 

299

 

 

 

365

 

Property tax expense

 

 

3,380

 

 

 

4,189

 

 

 

15,065

 

 

 

16,755

 

General and administrative expenses

 

 

5,216

 

 

 

4,541

 

 

 

19,710

 

 

 

18,453

 

Total expenses

 

 

28,659

 

 

 

26,228

 

 

 

107,824

 

 

 

105,537

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other operating income:

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) on sale of real estate, net

 

 

44

 

 

 

(4,630

)

 

 

44,117

 

 

 

2,106

 

Operating income

 

 

17,658

 

 

 

15,605

 

 

 

95,630

 

 

 

81,873

 

Gain from property insurance proceeds

 

 

 

 

 

2,111

 

 

 

373

 

 

 

2,111

 

Loss on unconsolidated joint ventures

 

 

(138

)

 

 

 

 

 

(758

)

 

 

 

Impairment loss from investments in unconsolidated joint ventures

 

 

 

 

 

(5,500

)

 

 

 

 

 

(5,500

)

Income from unconsolidated joint ventures

 

 

145

 

 

 

415

 

 

 

432

 

 

 

2,388

 

Net income

 

 

17,665

 

 

 

12,631

 

 

 

95,677

 

 

 

80,872

 

Income allocated to non-controlling interests

 

 

(92

)

 

 

(89

)

 

 

(384

)

 

 

(346

)

Net income attributable to LTC Properties, Inc.

 

 

17,573

 

 

 

12,542

 

 

 

95,293

 

 

 

80,526

 

Income allocated to participating securities

 

 

(103

)

 

 

(93

)

 

 

(422

)

 

 

(391

)

Net income available to common stockholders

 

$

17,470

 

 

$

12,449

 

 

$

94,871

 

 

$

80,135

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.45

 

 

$

0.31

 

 

$

2.42

 

 

$

2.03

 

Diluted

 

$

0.45

 

 

$

0.31

 

 

$

2.42

 

 

$

2.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares used to calculate earnings per

 

 

 

 

 

 

 

 

 

 

 

 

common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

39,062

 

 

 

39,588

 

 

 

39,179

 

 

 

39,571

 

Diluted

 

 

39,147

 

 

 

39,775

 

 

 

39,264

 

 

 

39,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared and paid per common share

 

$

0.57

 

 

$

0.57

 

 

$

2.28

 

 

$

2.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Reporting Measures

FFO and Funds Available for Distribution (“FAD”) are supplemental measures of a real estate investment trust’s (“REIT”) financial performance that are not defined by U.S. generally accepted accounting principles (“GAAP”). Investors, analysts and the Company use FFO and FAD as supplemental measures of operating performance. The Company believes FFO and FAD are helpful in evaluating the operating performance of a REIT. Real estate values historically rise and fall with market conditions, but cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. We believe that by excluding the effect of historical cost depreciation, which may be of limited relevance in evaluating current performance, FFO and FAD facilitate like comparisons of operating performance between periods. Occasionally, the Company may exclude non-recurring items from FFO and FAD in order to allow investors, analysts and our management to compare the Company’s operating performance on a consistent basis without having to account for differences caused by unanticipated items.

FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), means net income available to common stockholders (computed in accordance with GAAP) excluding gains or losses on the sale of real estate and impairment write-downs of depreciable real estate, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. The Company’s computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or have a different interpretation of the current NAREIT definition from that of the Company; therefore, caution should be exercised when comparing our Company’s FFO to that of other REITs.

We define FAD as FFO excluding the effects of straight-line rent, amortization of lease inducement, effective interest income, deferred income from unconsolidated joint ventures, non-cash compensation charges, capitalized interest and non-cash interest charges. GAAP requires rental revenues related to non-contingent leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. This method results in rental income in the early years of a lease that is higher than actual cash received, creating a straight-line rent receivable asset included in our consolidated balance sheet. At some point during the lease, depending on its terms, cash rent payments exceed the straight-line rent which results in the straight-line rent receivable asset decreasing to zero over the remainder of the lease term. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a mortgage loan based on the initial origination value. Similar to the accounting methodology of straight-line rent, the actual interest rate is higher than the stated interest rate in the early years of the mortgage loan thus creating an effective interest receivable asset included in the interest receivable line item in our consolidated balance sheet and reduces down to zero when, at some point during the mortgage loan, the stated interest rate is higher than the actual interest rate. FAD is useful in analyzing the portion of cash flow that is available for distribution to stockholders. Investors, analysts and the Company utilize FAD as an indicator of common dividend potential. The FAD payout ratio, which represents annual distributions to common shareholders expressed as a percentage of FAD, facilitates the comparison of dividend coverage between REITs.

While the Company uses FFO and FAD as supplemental performance measures of our cash flow generated by operations and cash available for distribution to stockholders, such measures are not representative of cash generated from operating activities in accordance with GAAP, and are not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income available to common stockholders.

Reconciliation of FFO and FAD

The following table reconciles GAAP net income available to common stockholders to each of NAREIT FFO attributable to common stockholders and FAD (unaudited, amounts in thousands, except per share amounts):

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

December 31,

 

 

December 31,

 

 

2020

 

 

 

2019

 

 

 

 

2020

 

 

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income available to common stockholders

$

17,470

 

 

$

12,449

 

 

$

 

94,871

 

 

$

 

80,135

 

Add: Impairment loss from investments

 

3,036

 

 

 

5,500

 

 

 

 

3,977

 

 

 

 

5,500

 

Add: Depreciation and amortization

 

9,839

 

 

 

9,817

 

 

 

 

39,071

 

 

 

 

39,216

 

Add: Loss on unconsolidated joint ventures

 

138

 

 

 

 

 

 

 

758

 

 

 

 

 

(Less)/Add: (Gain) loss on sale of real estate, net

 

(44

)

 

 

4,630

 

 

 

 

(44,117

)

 

 

 

(2,106

)

NAREIT FFO attributable to common stockholders

 

30,439

 

 

 

32,396

 

 

 

 

94,560

 

 

 

 

122,745

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Non-recurring items

 

 

 

 

(2,111

)(1)

 

 

 

22,841

(1)(2)

 

 

 

(1,535

)(3)(4)

FFO attributable to common stockholders, excluding non-recurring items

$

30,439

 

 

$

30,285

 

 

$

 

117,401

 

 

$

 

121,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NAREIT FFO attributable to common stockholders

$

30,439

 

 

$

32,396

 

 

$

 

94,560

 

 

$

 

122,745

 

Non-cash income:

 

 

 

 

 

 

 

 

 

 

 

Less: straight-line rental income

 

(77

)

 

 

(889

)

 

 

 

(1,778

)

 

 

 

(4,487

)

Add: amortization of lease costs

 

109

 

 

 

104

 

 

 

 

611

 

 

 

 

385

 

Add: Other non-cash expense

 

 

 

 

 

 

 

 

23,029

(2)

 

 

 

1,926

(3)

Less: Effective interest income from mortgage loans

 

(1,506

)

 

 

(1,481

)

 

 

 

(6,154

)

 

 

 

(5,842

)

Less: Deferred income from unconsolidated joint ventures

 

 

 

 

 

 

 

 

 

 

 

 

(18

)

Net non-cash income

 

(1,474

)

 

 

(2,266

)

 

 

 

15,708

 

 

 

 

(8,036

)

 

 

 

 

 

 

 

 

 

 

 

 

Non-cash expense:

 

 

 

 

 

 

 

 

 

 

 

Add: Non-cash compensation charges

 

1,781

 

 

 

1,627

 

 

 

 

7,012

 

 

 

 

6,565

 

Less: Capitalized interest

 

 

 

 

(167

)

 

 

 

(354

)

 

 

 

(608

)

Net non-cash expense

 

1,781

 

 

 

1,460

 

 

 

 

6,658

 

 

 

 

5,957

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds available for distribution (FAD)

 

30,746

 

 

 

31,590

 

 

 

$

116,926

 

 

 

$

120,666

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Non-recurring income

 

 

 

 

(2,111

)(1)

 

 

 

(373

)(1)

 

 

 

(3,461

)(4)

Funds available for distribution (FAD), excluding non-recurring items

$

30,746

 

 

$

29,479

 

 

$

 

116,553

 

 

$

 

117,205

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Represents the gain from insurance proceeds related to previously sold properties.

 

 

 

 

 

 

(2) Represents the write-off of straight-line rent related to Senior Lifestyle, Genesis Healthcare, Inc. and another operator.

 

 

 

 

 

 

(3) Represents the write-off of straight-line rent due to a lease termination and transition of two senior housing communities to a new operator.

(4) Represents deferred rent repayment from an operator and (1) above

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NAREIT Basic FFO attributable to common stockholders per share

$

0.78

 

 

$

0.82

 

 

$

 

2.41

 

 

$

 

3.10

 

NAREIT Diluted FFO attributable to common stockholders per share

$

0.78

 

 

$

0.81

 

 

$

 

2.41

 

 

$

 

3.08

 

 

 

 

 

 

 

 

 

 

 

 

 

NAREIT Diluted FFO attributable to common stockholders

$

30,542

 

 

$

32,489

 

 

$

 

94,560

 

 

$

 

123,136

 

Weighted average shares used to calculate NAREIT diluted FFO per share

 

 

 

 

 

 

 

 

 

 

 

attributable to common stockholders

 

39,327

 

 

 

39,939

 

 

 

 

39,269

 

 

 

 

39,921

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted FFO attributable to common stockholders, excluding non-recurring items

$

30,542

 

 

$

30,378

 

 

$

 

117,823

 

 

$

 

121,601

 

Weighted average shares used to calculate diluted FFO, excluding

 

 

 

 

 

 

 

 

 

 

 

non-recurring items, per share attributable to common stockholders

 

39,327

 

 

 

39,939

 

 

 

 

39,438

 

 

 

 

39,921

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted FAD

$

30,849

 

 

$

31,683

 

 

$

 

117,348

 

 

$

 

121,057

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares used to calculate diluted FAD per share

 

39,327

 

 

 

39,939

 

 

 

 

39,438

 

 

 

 

39,921

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted FAD, excluding non-recurring items

$

30,849

 

 

$

29,572

 

 

$

 

116,975

 

 

$

 

117,596

 

Weighted average shares used to calculate diluted FAD, excluding

 

 

 

 

 

 

 

 

 

 

 

non-recurring items, per share

 

39,327

 

 

 

39,939

 

 

 

 

39,438

 

 

 

 

39,921

 

 

 

 

 

 

 

 

 

 

 

 

 

LTC PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(audited, amounts in thousands, except per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

December 31, 2019

 

ASSETS

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

Land

 

$

127,774

 

 

$

126,703

 

 

Buildings and improvements

 

 

1,324,227

 

 

 

1,295,899

 

 

Accumulated depreciation and amortization

 

 

(349,643

)

 

 

(312,642

)

 

Operating real estate property, net

 

 

1,102,358

 

 

 

1,109,960

 

 

Properties held-for-sale, net of accumulated depreciation: 2020—$0; 2019—$35,113

 

 

 

 

 

26,856

 

 

Real property investments, net

 

 

1,102,358

 

 

 

1,136,816

 

 

Mortgage loans receivable, net of loan loss reserve: 2020—$2,592; 2019—$2,560

 

 

257,251

 

 

 

254,099

 

 

Real estate investments, net

 

 

1,359,609

 

 

 

1,390,915

 

 

Notes receivable, net of loan loss reserve: 2020—$146; 2019—$181

 

 

14,465

 

 

 

17,927

 

 

Investments in unconsolidated joint ventures

 

 

11,340

 

 

 

19,003

 

 

Investments, net

 

 

1,385,414

 

 

 

1,427,845

 

 

 

 

 

 

 

 

 

 

Other assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

7,772

 

 

 

4,244

 

 

Debt issue costs related to bank borrowings

 

 

1,324

 

 

 

2,164

 

 

Interest receivable

 

 

32,746

 

 

 

26,586

 

 

Straight-line rent receivable

 

 

24,452

 

 

 

45,703

 

 

Lease incentives

 

 

2,462

 

 

 

2,552

 

 

Prepaid expenses and other assets

 

 

5,316

 

 

 

5,115

 

 

Total assets

 

$

1,459,486

 

 

$

1,514,209

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Bank borrowings

 

$

89,900

 

 

$

93,900

 

 

Senior unsecured notes, net of debt issue costs: 2020—$658; 2019—$812

 

 

559,482

 

 

 

599,488

 

 

Accrued interest

 

 

4,216

 

 

 

4,983

 

 

Accrued expenses and other liabilities

 

 

30,082

 

 

 

30,412

 

 

Total liabilities

 

 

683,680

 

 

 

728,783

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2020—39,242; 2019—39,752

 

 

392

 

 

 

398

 

 

Capital in excess of par value

 

 

852,780

 

 

 

867,346

 

 

Cumulative net income

 

 

1,388,775

 

 

 

1,293,482

 

 

Cumulative distributions

 

 

(1,474,545

)

 

 

(1,384,283

)

 

Total LTC Properties, Inc. stockholders’ equity

 

 

767,402

 

 

 

776,943

 

 

Non-controlling interests

 

 

8,404

 

 

 

8,483

 

 

Total equity

 

 

775,806

 

 

 

785,426

 

 

Total liabilities and equity

 

$

1,459,486

 

 

$

1,514,209

 

 

 


ę Business Wire 2021
All news about LTC PROPERTIES, INC.
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06/25LTC PROPERTIES, INC.(NYSE : LTC) dropped from Russell 3000 Growth Index
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06/25LTC PROPERTIES, INC.(NYSE : LTC) dropped from Russell 2500 Growth Index
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06/25LTC PROPERTIES, INC.(NYSE : LTC) dropped from Russell 3000E Growth Index
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More news
Financials (USD)
Sales 2021 168 M - -
Net income 2021 62,9 M - -
Net Debt 2021 653 M - -
P/E ratio 2021 24,5x
Yield 2021 5,82%
Capitalization 1 542 M 1 542 M -
EV / Sales 2021 13,1x
EV / Sales 2022 12,3x
Nbr of Employees 24
Free-Float 98,0%
Chart LTC PROPERTIES, INC.
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LTC Properties, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends LTC PROPERTIES, INC.
Short TermMid-TermLong Term
TrendsBullishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 9
Last Close Price 39,17 $
Average target price 39,43 $
Spread / Average Target 0,66%
EPS Revisions
Managers and Directors
Wendy L. Simpson Chairman & Chief Executive Officer
Pamela J. Shelley-Kessler Co-President, Chief Financial Officer & Secretary
Clint B. Malin Co-President & Chief Investment Officer
Michael Bowden Vice President-Investments
Timothy J. Triche Independent Director
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