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Ventura County Review

LTC Proposes to Sell Common Stock Shares

March 08, 1994|Jack Searles

LTC Properties Inc., an Oxnard-based real estate investment trust, has proposed to sell up to 4.6 million shares of common stock to fund $35 million in investment commitments, repay $11 million in debt and make additional investments.

LTC invests in long-term nursing facilities nationwide, mainly by making mortgage loans secured by the properties.

The company said $32 million of the investments to be funded by the stock sale will be in mortgages while $3 million will be in sale-lease back deals.

LTC expects to receive an average annual yield of 10.8% on the loans, which will be secured by 17 nursing homes in eight states.

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