LTC Properties Inc. Announces the Pending Sale of 2 Million Shares of Series C Convertible Preferred Stock

Business Wire, August 12, 1998

OXNARD, Calif.--(BUSINESS WIRE)--Aug. 12, 1998--LTC Properties Inc. (NYSE:LTC) Wednesday announced that it has agreed to sell and National Health Investors Inc. (NYSE:NHI) has agreed to purchase 2 million shares of LTC's Series C convertible preferred stock at a price of $19.25 per share.

The Series C preferred stock will be convertible into 2 million shares of LTC common stock, will have an annual coupon of 8.5 percent 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 sometime in August 1998. The proceeds will be used for the repayment of debt and other general corporate purposes.

The company is a self-administered real estate investment trust that invests primarily in long-term-care and other health-care-related facilities through mortgage loans, facility-lease transactions and other investments.

    CONTACT: LTC Properties Inc., Oxnard
              Andre Dimitriadis or James J. Pieczynski, 805/981-8655