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LTC Declares Monthly, 3rd-Quarter Dividends

July 28, 1998|BARBARA MURPHY

LTC Properties in Oxnard has declared monthly cash dividends of 19.79 cents a share on the 9.5% Series A Cumulative Preferred Stock and 18.75 cents a share on the 9% Series B Preferred Stock for July, August and September.

The dividends are payable Aug. 15, Sept. 15 and Oct. 15 to stockholders of record on Aug. 1, Sept. 1 and Oct. 1.

In addition, the board of directors declared a third-quarter dividend of 39 cents per share on its common stock. The dividend will be paid Sept. 30 to shareholders of record as of Sept. 15.

During the three months ended June 30, the company completed new investments of approximately $115.2 million, bringing total investments for the first six months of 1998 to $158.8 million.

LTC also announced a public offering of 2 million shares of common stock. The offering will be made pursuant to a statement filed with the Securities and Exchange Commission.

The company intends to use the net proceeds from the offering to pay down loans outstanding under its existing credit facility. A prospectus relating to the offering may be obtained from Schroder & Co., 787 Seventh Ave., New York, N.Y. 10019.

The company is a real estate investment trust dealing primarily in long-term care and other health-care-related facilities through mortgage loans, facility lease transactions and other investments.

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