Trust Invests $45 Million in 13 Nursing Homes

LTC Properties Inc., an Oxnard-based real estate investment trust, has completed several major deals since Jan. 1.

So far this year, the trust has invested a total of $45 million, mostly in the purchase of 13 long-term-care nursing homes. The trust has also made large mortgage loans to nursing-care providers.

For $26.5 million, LTC bought 10 skilled-nursing facilities in Alabama, Iowa and Texas. The facilities have a total of 1,126 beds.

LTC also paid $5.2 million for three assisted-living facilities in Texas and Washington. These have a total of 108 housing units.

In addition, LTC provided loans totaling $13.3 million to the operators of five skilled-nursing homes in South Carolina and one in Colorado. The homes have a total of 617 beds.

In yet another move, LTC raised about $30 million from the sale of debentures that are convertible into its common stock. The debentures yield an interest of 7.75% and are due to be repaid by 2002. The company will use the proceeds to repay some of its existing debt.

LTC is a self-administered real estate investment trust that was organized to invest in long-term care (thus the initials that make up its name) and other health-care-related facilities.

The company is headed by Andre C. Dimitriadis, its chairman and chief executive, and William McBride III, president and chief operating officer. Both are former financial officers of Beverly Enterprises Inc., the nation’s largest nursing-home operator.

Since its founding in 1992, the trust’s stock has risen from an initial $10 a share to the $16.50 range currently. Its annual dividend has climbed from $1 to $1.26 a share.