LTC Properties to Sell Stock to National Health

LTC Properties in Oxnard has agreed to sell 2 million shares of its Series C convertible preferred stock to National Health Investors for $19.25 a share.

The stock will be convertible into 2 million shares of LTC common stock and will have a liquidation preference of $19.25 a share.

The transaction is expected to close by the end of this month. Proceeds will be used by LTC to pay off debts and for general corporate purposes.

LTC is a real estate investment trust that invests primarily in health-care-related facilities through mortgage loans, facility-lease transactions and other investments.

National Health Investors, based in Tennessee, also is a health-care real estate investment trust.