LTC Properties buys back $11 million of 8% preferreds

By Susanna Moon

Chicago, Jan. 15 - LTC Properties, Inc. said it repurchased $11 million of its 8% series F cumulative preferred stock.

The company paid $22.03 per share for a 500,000-share block of the preferred stock, which has a liquidation value of $25.00 per share.

LTC said the purchase was funded with cash on hand, which had been yielding about 4¼%.

Beginning Feb. 23, the company may redeem outstanding series F preferreds in whole or from time to time in part for $25.00 per share in cash plus accrued dividends, according to a company news release.

About 6.14 million shares of the preferred stock remain outstanding.

LTC is a Malibu, Calif., real estate investment trust that invests primarily in long-term care and other health care facilities.

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