LTC Properties Inc. Announces the Proposed Offering of Two Million Shares of Common Stock

Business Wire, July 16, 1998

OXNARD, Calif.--(BUSINESS WIRE)--July 16, 1998--LTC Properties Inc. (NYSE:LTC) Thursday announced the commencement of a public offering of two million shares of common stock.

The offering will be made pursuant to an effective shelf registration statement filed previously with the Securities and Exchange Commission.

The underwriters for the proposed offering will be Schroder & Co. Inc. as lead-manager, and J.C. Bradford & Co., Crowell, Weedon & Co., Morgan Keegan & Company Inc., and Sutro & Co. Inc. as co-managers. It is anticipated that the underwriters will be granted an over-allotment option to purchase up to 300,000 additional shares of common stock. The offering is expected to be priced at the end of this month.

The company intends to use the net proceeds from the offering to pay down borrowings outstanding under its existing credit facility.

The offering of these securities will be made only by means of a prospectus. This communication shall not constitute an offer to sell, nor the solicitation of an offer to sell, nor the solicitation of an offer to buy, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the securities under the laws of any such state.

A prospectus relating to the offering may be obtained from Schroder & Co. Inc., 787 Seventh Ave., New York, N.Y. 10019.

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