LTC Properties, Inc. (NYSE:LTC) Q3 2020 Earnings Conference Call October 30, 2020 11:00 AM ET Company Participants Wendy Simpson - Chairman & CEO Pam Kessler - Co-President & CFO Clint Malin - Co-President & CIO Mark Parkinson - President & CEO, ACHA Conference Call Participants Juan Sanabria - BMO Capital Markets Jordan Sadler - KeyBanc Michael Carroll - RBC Capital Markets Daniel Bernstein - Capital One Omotayo Okusanya - Mizuho Operator Good day and welcome to the LTC Properties' Third Quarter 2020 Confe ...

ಷ Weatherly Court Capital One остовек 2020 INVESTMENTS Execution of Growth Strategy 4 Real Estate Activities Acquisitions and Loan Originations 5 Joint Ventures 6 De Novo Development/Renovations 7 Lease-Up and Lease-Up History 8-9 Capital Recycling 10 PORTFOLIO Portfolio Overview 11 Portfolio Metrics 12 Portfolio Diversification Geography, MSA, Age of Portfolio 13-14 Operators 15-16 Maturity 17 FINANCIAL Enterprise Value 18 Debt Metrics 19 Debt Maturity 20 Financial Data Summary, Dividends & Total Return 21 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition period from ____ to ____ Commission file number 1-11314 LTC PROPERTIES, INC. (Exact name of Registrant as specified in its charter) (State or other ...

| --- | --- | --- | --- | --- | |-------|-------|-------|-------|-----------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weatherly Court Medford, OR | BMO Real Assets Conference SEPTEMBER 2020 INVESTMENTS Execution of Growth Strategy 4 Real Estate Activities Acquisitions and Loan Originations 5 Joint Ventures 6 De Novo Development/Renovations 7 Lease-Up and Lease-Up History 8-9 Capital Recycling 10 PORTFOLIO Portfolio Overview 11 Portfolio ...

LTC Properties, Inc. (NYSE:LTC) Q2 2020 Earnings Conference Call July 31, 2020 11:00 AM ET Company Participants Wendy Simpson - Chairman and Chief Executive Officer Pam Kessler - Co-President and Chief Financial Officer Clint Malin - Co-President and Chief Investment Officer Lynne Katzmann - Founder and Chief Executive Officer, Juniper Communities Conference Call Participants Daniel Bernstein - Capital One Connor Siversky - Berenberg Omotayo Okusanya - Mizuho Operator Good day, and welcome to the LTC Proper ...

[PART I -- Financial Information](index=3&type=section&id=PART%20I%20--%20Financial%20Information) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the quarterly period ended June 30, 2020, encompassing balance sheets, income, equity, and cash flow statements with detailed notes [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2020, total assets slightly decreased to **$1.510 billion**, driven by reduced real property investments, while liabilities and equity remained stable Consolidated Balance Sheet Highlights (in thousands of USD) | Account | June 30, 2020 (unaudited) | December 31, 2019 (audited) | | :--- | :--- | :--- | | **Total Assets** | **$1,510,172** | **$1,514,209** | | Real property investments, net | $1,115,593 | $1,136,816 | | Cash and cash equivalents | $50,370 | $4,244 | | **Total Liabilities** | **$722,867** | **$728,783** | | Bank borrowings | $89,900 | $93,900 | | Senior unsecured notes, net | $599,565 | $599,488 | | **Total Equity** | **$787,305** | **$785,426** | [Consolidated Statements of Income and Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) Q2 2020 net income attributable to LTC significantly decreased to **$1.87 million** due to a **$17.7 million** write-off, while six-month net income increased to **$65.5 million** from real estate sales Income Statement Highlights (in thousands of USD, except per share) | Metric | Q2 2020 | Q2 2019 | Six Months 2020 | Six Months 2019 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $28,481 | $46,266 | $74,891 | $91,722 | | Rental Income | $20,275 | $38,277 | $58,310 | $75,901 | | Gain on sale of real estate, net | $189 | $500 | $44,043 | $500 | | Net Income Attributable to LTC | $1,870 | $20,446 | $65,503 | $40,792 | | Diluted EPS | $0.05 | $0.51 | $1.66 | $1.02 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2020, operating cash flow decreased to **$55.6 million**, investing activities provided **$61.8 million** from real estate sales, and financing used **$71.4 million** Six Months Ended June 30 Cash Flow Summary (in thousands of USD) | Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $55,647 | $61,672 | | Net cash provided by (used in) investing activities | $61,848 | $(44,075) | | Net cash used in financing activities | $(71,369) | $(17,046) | | **Increase in cash** | **$46,126** | **$551** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail significant accounting policies, including a **$17.7 million** straight-line rent write-off, a **$44.0 million** gain from property sales, COVID-19 rent deferrals, and operator concentrations - Due to payment failures by Senior Lifestyle Corporation, LTC wrote off **$17.7 million** of straight-line rent receivable and lease incentives and placed the operator on a cash basis effective July 2020[33](index=33&type=chunk)[40](index=40&type=chunk) - The company sold 21 properties from the former Preferred Care portfolio in Q1 2020 for net proceeds of approximately **$72.1 million**, resulting in a gain on sale of **$44.0 million**[37](index=37&type=chunk)[47](index=47&type=chunk) - In response to the COVID-19 pandemic, the company agreed to rent deferrals for certain operators totaling **$930,000** for April through June 2020[42](index=42&type=chunk) - The company's Board of Directors authorized a stock repurchase plan in Q1 2020 and purchased **615,827 shares** for **$18.0 million** before terminating the plan on March 25, 2020, due to market uncertainty from COVID-19[62](index=62&type=chunk) - As of June 30, 2020, two operators, Prestige Healthcare and Senior Lifestyle Corporation, accounted for **19.9%** and **11.4%** of total revenue, respectively, representing a significant concentration[76](index=76&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses performance, highlighting a **$17.7 million** write-off, a **$44.0 million** gain from property sales, COVID-19 rent deferrals, and a Q2 2020 FFO of **$0.31 per share** - The COVID-19 pandemic has adversely impacted operators through increased costs and potential occupancy declines, leading LTC to grant rent deferrals totaling **$0.9 million** for April-June 2020[93](index=93&type=chunk) - Senior Lifestyle Corporation's failure to pay full rent for May and June 2020 led LTC to write off **$17.7 million** in straight-line rent and lease incentives, placing the operator on a cash basis[103](index=103&type=chunk) - The company completed the sale of the 24-property Preferred Care portfolio, generating combined net proceeds of **$77.9 million** and a total gain of approximately **$44.0 million**[106](index=106&type=chunk) Comparison of Operating Results (in thousands of USD) | Line Item | Q2 2020 | Q2 2019 | Difference | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Rental income | $20,275 | $38,277 | $(18,002) | $17.7M write-off of straight-line rent & sale of Preferred Care portfolio | | Gain on sale of real estate, net | $189 | $500 | $(311) | N/A | | Net income | $1,952 | $20,534 | $(18,582) | Primarily driven by the decrease in rental income | NAREIT FFO Reconciliation (in thousands of USD, except per share) | Metric | Q2 2020 | Q2 2019 | Six Months 2020 | Six Months 2019 | | :--- | :--- | :--- | :--- | :--- | | GAAP net income available to common stockholders | $1,773 | $20,352 | $65,225 | $40,606 | | **NAREIT FFO attributable to common stockholders** | **$12,001** | **$29,712** | **$41,268** | **$59,573** | | **Diluted FFO per share** | **$0.31** | **$0.75** | **$1.05** | **$1.50** | [Quantitative and Qualitative Disclosures about Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes in market risk occurred during the first six months of 2020, though the COVID-19 pandemic may negatively impact business and operations - There were no material changes in market risk during the first six months of 2020[169](index=169&type=chunk) - The company acknowledges that the COVID-19 pandemic may negatively impact its business and results of operations, introducing a new risk factor[169](index=169&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of June 30, 2020, with no material changes to internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period[170](index=170&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[171](index=171&type=chunk) [PART II -- Other Information](index=44&type=section&id=PART%20II%20--%20Other%20Information) [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various ordinary course legal proceedings, which management does not expect to materially impact its financial condition or operations - The company is involved in various claims and lawsuits arising from the ordinary course of business, but does not expect them to be material[174](index=174&type=chunk) - LTC believes that liability for claims related to property operations rests with its lessees and borrowers, per legal principles and lease/mortgage agreements[174](index=174&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor details the adverse impact of the COVID-19 pandemic on business, particularly through increased operator costs, reduced occupancy, and potential rent collection difficulties - A new risk factor has been added detailing the adverse effects of the COVID-19 pandemic on the company's business, financial condition, and results of operations[175](index=175&type=chunk) - The pandemic impacts operators by increasing their costs and potentially reducing occupancy, which could harm their ability to meet financial obligations to LTC, including rent payments[177](index=177&type=chunk) - The company has already provided rent deferrals and acknowledges that local, state, or federal initiatives could further affect its ability to collect rent or enforce remedies[177](index=177&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the reporting period - None [Exhibits](index=46&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents, CEO/CFO certifications, and XBRL financial data - The filing includes CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[184](index=184&type=chunk) - Corporate governance documents, such as bylaws, and financial data in XBRL format are included as exhibits[184](index=184&type=chunk)

LTC Properties, Inc. (NYSE:LTC) Q1 2020 Earnings Conference Call May 4, 2020 11:00 AM ET Company Participants Wendy Simpson - Chairman, CEO & President Pamela Kessler - Executive Vice President, Chief Financial Officer and Secretary Clint Malin - Executive Vice President and Chief Investment Officer Conference Call Participants Tayo Okusanya - Mizuho Securities Rick Anderson - SMBC John Kim - BMO Capital Markets Michael Carroll - RBC Capital Markets Jordan Sadler - KeyBanc Capital Markets Connor Siversk ...

PART I [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The financial statements for the quarter ended March 31, 2020, detail the company's financial position, performance, and cash flows, highlighting a significant increase in net income to $63.7 million primarily due to a real estate sale [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2020, total assets slightly increased to $1.52 billion, driven by a rise in cash, while total liabilities decreased and total equity increased Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$1,524,785** | **$1,514,209** | | Real estate investments, net | $1,372,241 | $1,390,915 | | Cash and cash equivalents | $30,888 | $4,244 | | **Total Liabilities** | **$718,730** | **$728,783** | | Bank borrowings | $89,900 | $93,900 | | Senior unsecured notes, net | $599,527 | $599,488 | | **Total Equity** | **$806,055** | **$785,426** | [Consolidated Statements of Income and Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) For the three months ended March 31, 2020, net income significantly increased to $63.7 million, primarily due to a $43.9 million gain on real estate sale, with diluted EPS rising to $1.60 Q1 2020 vs Q1 2019 Income Statement (in thousands, except per share data) | Metric | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Total Revenues | $46,410 | $45,456 | | Rental income | $38,035 | $37,624 | | Interest income from mortgage loans | $7,777 | $7,311 | | Total Expenses | $26,773 | $26,114 | | Gain on sale of real estate, net | $43,854 | $— | | **Net Income** | **$63,722** | **$20,427** | | **Diluted EPS** | **$1.60** | **$0.51** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2020, operating activities provided $23.9 million, investing activities generated $51.7 million mainly from property sales, and financing activities used $48.9 million for dividends and stock repurchases, resulting in a $26.6 million cash increase Q1 2020 vs Q1 2019 Cash Flows (in thousands) | Activity | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $23,854 | $26,787 | | Net cash provided by (used in) investing activities | $51,660 | $(28,416) | | Net cash (used in) provided by financing activities | $(48,870) | $5,688 | | **Increase in cash** | **$26,644** | **$4,059** | - Key financing activities in Q1 2020 included a **$18.0 million stock repurchase** and **$23.2 million in distributions paid to stockholders**[18](index=18&type=chunk) [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, including the adoption of new credit loss standards, updates on real estate investments such as the $43.9 million gain from the Preferred Care portfolio sale, debt obligations, and equity activities like the terminated stock repurchase plan - The company adopted ASU 2016-13 (Credit Losses) on January 1, 2020, which did not have a material impact on the financial statements as historical reserves approximated the new expected credit loss model's output[25](index=25&type=chunk) - In Q1 2020, the company completed the sale of 21 properties from the Preferred Care portfolio, generating net proceeds of approximately **$71.9 million** and a gain of **$43.9 million**[38](index=38&type=chunk) - Due to the COVID-19 pandemic, the company granted rent deferrals totaling **$772,000** for April 2020, representing about **7%** of April's contractual rent[43](index=43&type=chunk) - Two major operators, Prestige Healthcare and Senior Lifestyle Corporation, accounted for **17.7%** and **10.9%** of total revenue, respectively, highlighting significant operator concentration[81](index=81&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's healthcare REIT strategy, the significant impact of COVID-19 on operators, and an overview of its real estate portfolio, attributing the large net income increase to a gain on sale while confirming sufficient liquidity despite pandemic risks [Executive Overview and COVID-19](index=23&type=section&id=Executive%20Overview%20and%20COVID-19) The company, a healthcare REIT, acknowledges the significant adverse impact of the COVID-19 pandemic on its operators, leading to increased costs and potential occupancy declines, and responded by providing rent deferrals - The company's primary business is investing in seniors housing and health care properties through sale-leasebacks, mortgage financing, and other structured finance solutions[90](index=90&type=chunk) - The COVID-19 pandemic is adversely affecting operators through rising costs and potential decreases in occupancy, with the full extent of the impact remaining uncertain[95](index=95&type=chunk)[96](index=96&type=chunk) - LTC granted rent deferrals totaling **$0.8 million** for April 2020 to assist certain operators, of which **$0.1 million** was returned[95](index=95&type=chunk) [Real Estate Portfolio and Operator Updates](index=26&type=section&id=Real%20Estate%20Portfolio%20and%20Operator%20Updates) As of March 31, 2020, the real estate portfolio totaled $1.7 billion, primarily in owned properties (84.8%) split between Assisted Living (51.7%) and Skilled Nursing (47.2%), with updates on key operator activities including the Preferred Care portfolio sale and Senior Care's emergence from bankruptcy Gross Investment Portfolio as of March 31, 2020 (in thousands) | Investment Type | Gross Investment | Percentage | | :--- | :--- | :--- | | Owned Properties | $1,438,177 | 84.8% | | Mortgage Loans | $256,959 | 15.2% | | **Total Portfolio** | **$1,695,136** | **100.0%** | - The sale of the 24 properties leased to Preferred Care was completed in Q1 2020, generating total net proceeds of **$77.9 million** and a gain of **$44.0 million**[106](index=106&type=chunk) - Senior Care Centers emerged from bankruptcy in March 2020 and affirmed its master lease with LTC, and is current on all rent and other payments[107](index=107&type=chunk) [Operating Results and Funds From Operations (FFO)](index=34&type=section&id=Operating%20Results%20and%20Funds%20From%20Operations%20(FFO)) Net income available to common stockholders for Q1 2020 significantly increased to $63.4 million, primarily due to a $43.9 million gain on real estate sale, while NAREIT FFO attributable to common stockholders was $29.2 million, or $0.74 per diluted share Reconciliation of Net Income to FFO (in thousands) | Metric | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | GAAP net income available to common stockholders | $63,370 | $20,254 | | Add: Depreciation and amortization | $9,669 | $9,607 | | Less: Gain on sale of real estate, net | $(43,854) | $— | | **NAREIT FFO attributable to common stockholders** | **$29,185** | **$29,861** | FFO Per Share | Metric | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Diluted FFO per share | $0.74 | $0.75 | [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2020, the company maintained strong liquidity with $30.9 million in cash and $510.1 million available on its credit facility, sufficient for obligations, despite terminating a stock repurchase plan due to COVID-19 uncertainty - Total liquidity includes **$30.9 million** in cash and **$510.1 million** available on the unsecured revolving line of credit[140](index=140&type=chunk) - A stock repurchase plan was authorized in Q1 2020, under which **615,827 shares** were purchased for approximately **$18.0 million**, but the plan was terminated on March 25, 2020, due to COVID-19 related uncertainty[153](index=153&type=chunk) - The company has a **$200 million** At-The-Market (ATM) program available, with no shares issued under it as of March 31, 2020[155](index=155&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) While no material changes in market risk occurred in Q1 2020, the company highlights the COVID-19 pandemic as a new significant risk factor with potential negative impacts on its business and operations - There were no material changes in market risk during Q1 2020, but the company noted that COVID-19 could negatively impact business and operations[160](index=160&type=chunk) [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of the end of the period, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2020[162](index=162&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[163](index=163&type=chunk) PART II -- Other Information [Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various claims and lawsuits in the ordinary course of business, which are not anticipated to have a material impact on its financial condition or results of operations, as liability for property-related claims rests with lessees and borrowers - The company is party to various claims and lawsuits arising in the ordinary course of business, which are not expected to be material[166](index=166&type=chunk) [Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) This section introduces a significant new risk factor detailing how the COVID-19 pandemic is adversely affecting and is expected to continue to adversely affect the business, operations, and financial condition of the company and its operators, potentially impacting revenues and cash flows - A new risk factor was added detailing the adverse effects of the COVID-19 pandemic on the company's business, results of operations, and financial condition[167](index=167&type=chunk) - The pandemic poses risks to operators through potential large-scale infections, delayed move-ins, and rising operating costs, which could impair their ability to pay rent to LTC[169](index=169&type=chunk) - The rapid development and fluidity of the pandemic create material uncertainty and risk, heightening many of the existing risk factors disclosed in the 2019 Form 10-K[172](index=172&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2020, the company repurchased 615,827 shares of common stock for approximately $18.0 million at an average price of $29.25 per share, before the Board of Directors terminated the plan on March 25, 2020 Q1 2020 Stock Repurchase Activity | Metric | Value | | :--- | :--- | | Total Shares Purchased (Plan) | 615,827 | | Average Price Paid per Share | $29.25 | | Total Purchase Price | ~$18.0 million | - The Board of Directors terminated the stock repurchase plan on March 25, 2020[175](index=175&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, CEO/CFO certifications required by the Sarbanes-Oxley Act, and Interactive Data Files (XBRL) - Lists exhibits filed with the report, including Articles of Restatement, Bylaws, and CEO/CFO certifications under Sarbanes-Oxley Sections 302 and 906[178](index=178&type=chunk)

LTC Properties, Inc. (NYSE:LTC) Q4 2019 Earnings Conference Call February 21, 2020 11:00 AM ET Company Participants Wendy Simpson - Chairman, President & CEO Pamela Kessler - EVP, CFO & Corporate Secretary Clint Malin - EVP & CIO Conference Call Participants Jordan Sadler - KeyBanc Capital Markets Piljung Kim - BMO Capital Markets Richard Anderson - SMBC Daniel Bernstein - Capital One Securities Connor Siversky - Berenberg Operator Good day, and welcome to the LTC Properties, Inc. 4Q '19 Analyst and Investo ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 1-11314 LTC PROPERTIES, INC. (Exact name of Registrant as specified in its charter) Maryland (State or other jurisdiction of incorporation or organi ...