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/ BARBARA MURPHY

LTC Properties Sets Date for Spinoff Distribution

September 15, 1998|BARBARA MURPHY

LTC Properties in Oxnard has announced a record date of today and an anticipated distribution date of Sept. 30 for its spinoff of LTC Healthcare, a recently formed Nevada corporation in which LTC Properties owns a 99% nonvoting common stock interest.

One share of Healthcare will be distributed for each 10 shares of LTC Properties' outstanding common stock. It is expected that the Healthcare common stock will begin trading on the Pacific Exchange by Oct. 1.

Healthcare was organized to make real estate, health care and other investments that cannot be made by LTC Properties, mainly because it is limited in the transactions it can participate in as a real estate investment trust. The executive officers of LTC Properties will manage both LTC Properties and Healthcare.

LTC Properties will continue to operate as a real estate investment trust after the distribution, focusing primarily on investing in long-term care and other health-care-related facilities through mortgage loans, facility lease transactions and other investments.

Healthcare will operate as a separate, publicly traded company.

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