Wendy Simpson, CEO of LTC Properties (NYSE: LTC), said she decided to step down from the role after 25 years, noting that a “very capable team” has been built over the years to handle day-to-day operations.

“I am confident that the senior leadership team will continue to build a thriving business for years to come,” Simpson told Skilled Nursing News. “I’m ready to hand the baton.”

Incoming co-CEOs Clint Malin and Pam Kessler will continue LTC’s succession plan, Simpson told Skilled Nursing News.

This will mean “business as usual” for the Westlake Village, California-based real estate investment trust (REIT), she said, with the added focus on their RIDEA platform, which refers to the restructuring of some triple-net leases under the REIT Investment Diversification and Empowerment Act (RIDEA) for senior living properties.

“Clint and Pam will be the driving forces for this new initiative and deserve the recognition. The team has worked together successfully for quite some time, and they will continue to work toward growing the company now and into the future,” said Simpson.

LTC leadership will continue working to identify new investments and establish the REIT’s new RIDEA platform that will provide stakeholder value, she said.

Simpson said leadership will continue to seek relationships with nursing home operators in a growth mindset as well – partners whose culture is based on providing the highest quality of care and service.

LTC appointed Kessler and Malin to the roles of co-CEO on Monday. The two leaders are also keeping their current titles as co-presidents of the company, and currently serve as CFO and chief investment officer, respectively.

The leadership change will not accompany sweeping changes in terms of M&A, Simpson said, as the team has been working together for many years on a common vision and goal. Simpson’s role as executive chairman for the LTC board will still allow her to provide guidance and perspective to a team that has worked together for a number of years.

The company also named Cece Chikhale to the role of CFO. The appointments are part of a succession plan from LTC Properties and are slated to go into effect Dec. 31.

There’s no timeline for finding Malin’s replacement, Simpson said.

Leadership will consider both internal and external candidates who have a significant understanding of REIT business and the nursing home sector, Simpson said adding_, “and, importantly, [a candidate] who shares our values. We plan to work through this quickly, while making certain we have the right candidate.”