LTC Properties nets $32.6 million in direct placement of stock

By Sheri Kasprzak

New York, July 12 - LTC Properties, Inc. said it has received agreements for a direct placement for net proceeds of $32.6 million.

The company has agreed to sell 1.5 million shares to a group of institutional investors.

The full details of the offering could not be determined by press time Tuesday, but according to a statement from LTC, the deal is scheduled to close July 15.

LTC has 21,649,449 common shares outstanding and issued.

Cohen & Steers Capital Advisors, LLC was the placement agent.

The proceeds will be used for general corporate purposes, including acquisitions.

Based in Malibu, Calif., LTC is a real estate investment trust focused on the purchase of long-term care and other health care facilities.

On Tuesday, the company's stock closed down $0.53 at $22.96.

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