SCHEDULE 13D
Amendment No. 8
LTC Properties, Inc.
common stock
Cusip # 502175102
Filing Fee: No
Cusip # 502175102
Item 1: Reporting Person - FMR Corp. - (Tax ID: 04-2507163)
Item 4: PF
Item 6: Commonwealth of Massachusetts
Item 7: None
Item 8: None
Item 9: 1,809,900
Item 10: None
Item 11: 1,809,900
Item 13: 11.64%
Item 14: HC
PREAMBLE
The filing of this Schedule 13D is not, and should not be deemed to be,
an admission that such Schedule 13D is required to be filed. See the
discussion under Item 2. The Schedule 13D, dated August 27, 1992, and amended
March 19, 1993, July 7, 1993, September 13, 1993, December 30, 1993, March 28,
1994, and July 20, 1994, filed by FMR Corp. ("FMR") with respect to the Common
Stock, $0.01 par value per share (the "Shares") of LTC Properties, Inc., is
hereby amended as set forth below. The Shares to which it relates are owned
by eight funds managed by Fidelity Management & Research Company.
Item 1. Security and Issuer.
This statement relates to shares of the common stock, $0.01 par value
(the "Shares") of LTC Properties, Inc., a Maryland corporation (the
"Company"). The principal executive offices of the Company are located at Ft.
Smith, AZ 72903.
Item 2. Identity and Background.
This statement is being filed by FMR Corp., a Massachusetts Corporation
("FMR"). FMR is a holding company one of whose principal assets is the
capital stock of a wholly-owned subsidiary, Fidelity Management & Research
Company ("Fidelity"), which is also a Massachusetts corporation. Fidelity is
an investment adviser which is registered under Section 203 of the Investment
Advisers Act of 1940 and which provides investment advisory services to more
than 30 investment companies which are registered under Section 8 of the
Investment Company Act of 1940 and serves as investment adviser to certain
other funds which are generally offered to limited groups of investors (the
"Fidelity Funds"). Fidelity Management Trust Company ("FMTC"), a wholly-owned
subsidiary of FMR Corp. and a bank as defined in Section 3(a)(6) of the
Securities Exchange Act of 1934, serves as trustee or managing agent for
various private investment accounts, primarily employee benefit plans and
serves as investment adviser to certain other funds which are generally
offered to limited groups of investors (the "Accounts"). Various directly or
indirectly held subsidiaries of FMR are also engaged in investment management,
venture capital asset management, securities brokerage, transfer and
shareholder servicing and real estate development. The principal offices of
FMR, Fidelity, and FMTC are located at 82 Devonshire Street, Boston,
Massachusetts 02109.
Edward C. Johnson 3d owns 24.9% of the outstanding voting common stock
of FMR. Mr. Johnson 3d is Chairman of FMR Corp. The business address and
principal occupation of Mr. Johnson 3d is set forth in Schedule A hereto.
The Shares to which this statement relates are owned directly by seven
of the Fidelity Funds.
The name, residence or business address, principal occupation or
employment and citizenship of each of the executive officers and directors of
FMR are set forth in Schedule A hereto.
Within the past five years, none of the persons named in this Item 2 or
listed on Schedule A has been convicted in any criminal proceeding (excluding
traffic violations or similar misdemeanors) or has been a party to any civil
proceeding and as a result thereof was or is subject to any judgment, decree
or final order enjoining future violations of, or prohibiting or mandating
activities subject to federal or state securities laws or finding any
violations with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
The Fidelity Funds which own or owned Shares purchased in the aggregate
2,576,200 Shares for cash in the amount of approximately $29,420,732,
including brokerage commissions. The Fidelity Funds used their own assets in
making such purchase and no part of the purchase price is represented by
borrowed funds. Proceeds from 766,300 Shares sold aggregated approximately
$234,488. The attached Schedule B sets forth Shares purchased and/or sold
since July 9, 1994.
Item 4. Purpose of Transaction.
The purpose of Fidelity in having the Fidelity Funds purchase Shares
(see Item 5 below) is to acquire an equity interest in the Company in pursuit
of specified investment objectives established by the Board of Trustees of the
Fidelity Funds.
Fidelity, may continue to have the Fidelity Funds purchase Shares
subject to a number of factors, including, among others, the availability of
Shares of sale at what they consider to be reasonable prices and other
investment opportunities that may be available to the Fidelity Funds and
Accounts.
Fidelity, intends to review continuously the equity position of the
Fidelity Funds and Accounts in the Company. Depending upon future evaluations
of the business prospects of the Company and upon other developments,
including, but not limited to, general economic and business conditions and
money market and stock market conditions, Fidelity may determine to cease
making additional purchases of Shares or to increase or decrease the equity
interest in the Company by acquiring additional Shares, or by disposing of all
or a portion of the Shares.
Fidelity does not have any present plan or proposal which relates to or
would result in (i) an extraordinary corporate transaction, such as a merger,
reorganization, liquidation, or sale of transfer of a material amount of
assets involving the Company or any of its subsidiaries, (ii) any change in
the Company's present Board of Directors or management, (iii) any material
changes in the Company's present capitalization or dividend policy or any
other material change in the Company's business or corporate structure, (iv)
any change in the Company's charter or by-laws, or (v) the Company's common
stock becoming eligible for termination of its registration pursuant to
Section 12(g)(4) of the 1934 Act.
Item 5. Interest in Securities of Issuer.
Although Item 5 assumes that FMR and Fidelity, beneficially own all
1,809,900 Shares, reference is made to Item 2 for a disclaimer of beneficial
ownership with respect to the securities which are "beneficially owned" by the
other corporations.
(a) FMR beneficially owns, through Fidelity, as investment adviser to
the Fidelity Funds, 1,809,900 Shares, or approximately 11.64% of the
outstanding Shares of the Company. The number of Shares held by the Fidelity
Funds includes 300,000 Shares of common stock resulting from the assumed
conversion of 3,000,000 principal amount of the 9.75% Convertible Subordinated
Debentures (100 of common stock for each $1000 principal amount of the
debenture). Neither FMR, Fidelity, FMTC, Edward C. Johnson 3d, nor any of its
affiliates nor, to the best knowledge of FMR, any of the persons name in
Schedule A hereto, beneficially owns any other Shares. The combined holdings
of FMR, Fidelity, are 1,809,900 Shares, or approximately 11.64% of the
outstanding Shares of the Company.
(b) FMR, through is control of Fidelity, investment adviser to the
Fidelity Funds, and the Funds each has sole power to dispose of the Shares.
Neither FMR nor Mr. Johnson has the sole power to vote or direct the voting of
the 1,809,900 Shares owned directly by the Fidelity Funds, which power resides
with the Funds' Boards of Trustees. Fidelity carries out the voting of the
Shares under written guidelines established by the Funds' Board of Trustees.
(c) Except as set forth in Schedule B, neither FMR, or any of its
affiliates, nor, to the best knowledge of FMR, any of the persons named in
Schedule A hereto has effected any transaction in Shares during the past sixty
(60) days.
Item 6. Contract, Arrangements, Understandings or Relationships With
Respect to Securities
of the Issuer.
Neither FMR nor any of its affiliates nor, to the best knowledge of FMR,
any of the persons named in Schedule A hereto has any joint venture, finder's
fee, or other contract or arrangement with any person with respect to any
securities of the Company.
Item 7. Material to be Filed as Exhibits.
Not Applicable.
This statement speaks as of its date, and no inference should be drawn
that no change has occurred in the facts set forth herein after the date
hereof.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
FMR Corp.
DATE: July 27, 1994 By: /s/Arthur Loring
Arthur Loring
Vice President-Legal
SCHEDULE A
The name and present principal occupation or employment of each
executive officer and director of FMR Corp. are set forth below. The business
address of each person is 82 Devonshire Street, Boston, Massachusetts 02109,
and the address of the corporation or organization in which such employment is
conducted is the same as his business address. All of the persons listed
below are U.S. citizens.
POSITION WITH
PRINCIPAL
NAME FMR CORP. OCCUPATION
Edward C. Johnson 3d President, Chairman of the
Director, CEO Board and CEO, FMR
Chairman &
Mng. Director
J. Gary Burkhead Director President-Fidelity
Caleb Loring, Jr. Director, Director, FMR
Mng. Director
James C. Curvey Director, Sr. V.P., FMR
Sr. V.P.
William L. Byrnes Vice Chairman Vice Chairman, FIL
Director & Mng.
Director
Robert C. Pozen Sr. V.P. & Gen'l Sr. V.P. & Gen'l
Counsel Counsel, FMR
Mark Peterson Exec. Exec.
V.P.-Management V.P.-Management
Resources Resources, FMR
Denis McCarthy Sr. Vice Pres. - Vice Pres., Chief
Chief Financial Financial Officer,
Officer FMR
SCHEDULE B
LTC Properties, Inc.
Three Fidelity Fund(s) purchased Shares since July 9, 1994 at the dates and at
the prices set forth below. The transactions were made for cash in open
market transactions or with other investment companies with the same or an
affiliated investment advisor.
DATE SHARES PRICE
07-11-94 100,000 $13.75
07-12-94 50,000 13.75
07-13-94 1,300 13.88
07-14-94 16,900 13.88
07-20-94 100,000 14.00
07-21-94 82,200 14.00
07-22-94 71,500 14.12
SCHEDULE B
LTC Properties, Inc.
One Fidelity Fund(s) sold Shares since July 9, 1994 at the dates and at the
prices set forth below. The transactions were made for cash in open market
transactions or with other investment companies with the same or an affiliated
investment advisor.
DATE SHARES PRICE
07-14-94 16,900 $13.88
