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Tuesday, Oct 3, 2023

LTC Founder, Chairman Dies

Andre C. Dimitriadis, founder and executive chairman of LTC Properties Inc., has died after a long battle with a chronic illness. He was 72. Dimitriadis founded the Westlake Village real estate investment trust in 1992 and served as chairman and chief executive until March 2007, when he took the role of executive chairman. His death was announced Wednesday. Prior to founding LTC, he worked as chief financial officer for Beverly Enterprises, American Medical International and Western Airlines. Dimitriadis held a bachelor’s in electrical engineering from Robert College, a master’s in computer science from Princeton University, and an M.B.A. in finance and Ph.D. in Economics from New York University’s Stern School of Business. “His passionate and energetic leadership over the past two decades will be remembered by those of us who were so fortunate to work with him,” said Wendy Simpson, who succeeded Dimitriadis as chief executive in 2007. LTC primarily owns and manages long-term care and other health care properties, but also has a lending arm. At the beginning of the year, LTC had investments in 89 skilled nursing properties, 102 assisted living properties, 14 other senior housing properties and two schools. Shares lost $1.18, or more than 3 percent, to close at $36.40 on the New York Stock Exchange.

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