ElderTrust Announces Loan Extensions.Business Editors/Health & Medical Writers WILMINGTON, Del.--(BUSINESS WIRE)--Jan. 13, 2003 ElderTrust (NYSE NYSE See: New York Stock Exchange :ETT ETT Empresa de Trabajo Temporal (Spain) ETT European Transactions on Telecommunications ETT Exercise Treadmill Test ETT Embedded Training Team ETT Exercise Tolerance Test (cardiology) ), an equity healthcare REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). , today announced guidance with respect to maturing loans. As previously announced, two loans totaling $19.5 million had been extended to January 10, 2003. Today the Company announced that these two loans have been further extended to February 10, 2003 to allow for further negotiation with the lender as to their resolution. Based upon discussions held to date, the Company currently expects that one loan, totaling $4.6 million that is secured by the Wayne property, will be paid down to $3.5 million and that the maturity date will be extended to December 1, 2004. No agreement has yet been reached as to the second loan, totaling $14.9 million and secured by the Harston and Pennsburg properties. Resolution of this loan is still under discussion and may include, among other alternatives, a further extension as a cash flow mortgage, sale or a title transfer via a "deed in lieu of foreclosure A Deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e., the borrower) conveys all interest in a real property to the mortgagee (i.e., the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. " transaction. ElderTrust is a real estate investment trust that invests in real estate properties used in the healthcare services industry, principally along the East Coast of the United States The "Eastern Seaboard," or "Atlantic Seaboard" are terms referring to the easternmost coastal states in the United States. They touch the Atlantic Ocean and stretch up to Canada. . Since commencing operations in January 1998, the Company has acquired 32 properties. Certain matters discussed within this press release may be deemed to be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Although ElderTrust believes the expectations reflected in such forward-looking statements are reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from ElderTrust's expectations include the extent to which Genesis Health Ventures, Inc., the Company's principal tenant, continues to make lease payments to the Company, the Company's ability to extend mortgage loans totaling approximately $19.5 million that mature on February 10, 2003, real estate conditions, changes in the economic conditions and other risks detailed from time to time in the Company's SEC reports and filings. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. For more information on ElderTrust, visit ElderTrust's Web site at www.eldertrust.com. |
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