LTC Properties to sell $48.1 million of its stock

LTC Properties to sell $48.1 million of its stock

WESTLAKE VILLAGE, Calif. — LTC Properties Inc., a real estate investment trust, said Tuesday that it agreed to sell $48.1 million worth of its stock to certain institutional investors.

The company, which invests in long-term care and other health care facilities through mortgage loans, said it will sell 1,970,000 common shares at $24.70 per share in a direct placement.

The transaction is expected to close Aug. 6.

Proceeds will be used to redeem shares of its series E preferred stock and partially redeem shares of its series F preferred stock and for general corporate purposes.

CSCA Capital Advisors LLC acted as the placement agent and Weeden & Co. Inc. will act as settlement agent, the company said.