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REIT Launches Stock Buy-back

OXNARD, CA-LTC Properties Inc., an owner of assisted living facilities, will buy back up to 1.5 million shares of its stock at $8.50 per share, or about 8% of the company's outstanding common stock.

By Bob Howard | Updated on September 23, 2002

OXNARD, CA-LTC Properties Inc. says it is offering to buy back up to 1.5 million shares of its common stock at $8.50 per share, or about 8% of the real estate investment trust’s common stock.

LTC, which owns investments in 200 skilled nursing and assisted living homes, says the offer to purchase is dated Sept. 23 and will expire on Monday, Oct. 21, unless extended. On September 18, the last full trading day before LTC announced its tender offer, the closing price per share of its stock was $7.08. As of Sept. 18, 2002, the company had nearly 18.4 million shares outstanding.

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