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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report: August 12, 1998
(Date of earliest event reported)
LTC PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
MARYLAND 1-11314 71-0720518
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
300 ESPLANADE DRIVE, SUITE 1860
OXNARD, CALIFORNIA 93030
(Address of principal executive offices, including zip code)
(805) 981-8655
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On August 12, 1998, LTC Properties, Inc. (the "Company") announced
that it has agreed to sell and National Health Investors, Inc. ("NHI") has
agreed to purchase 2,000,000 shares of LTC's Series C Convertible Preferred
Stock (the "Series C Preferred Stock") at a price of $19.25 per share.
The Series C Preferred Stock will be convertible into 2,000,000
shares of LTC common stock, will have an annual coupon of 8.5% payable
quarterly and will have a liquidation preference of $19.25 per share.
Definitive documents are being prepared and it is anticipated that
the transaction will close in late August or early September 1998. The
proceeds will be used for the repayment of debt and other general corporate
purposes.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LTC PROPERTIES, INC.
Date: August 25, 1998 By /s/ JAMES J. PIECZYNSKI
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James J. Pieczynski
President and Chief Financial Officer
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