<SEC-DOCUMENT>0001157523-10-004018.txt : 20100714
<SEC-HEADER>0001157523-10-004018.hdr.sgml : 20100714
<ACCEPTANCE-DATETIME>20100714160113
ACCESSION NUMBER:		0001157523-10-004018
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100714
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100714
DATE AS OF CHANGE:		20100714

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LTC PROPERTIES INC
		CENTRAL INDEX KEY:			0000887905
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				710720518
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11314
		FILM NUMBER:		10952274

	BUSINESS ADDRESS:	
		STREET 1:		31365 OAK CREST DRIVE
		STREET 2:		SUITE 200
		CITY:			WESTLAKE VILLIAGE
		STATE:			CA
		ZIP:			91361
		BUSINESS PHONE:		805-981-8655

	MAIL ADDRESS:	
		STREET 1:		31365 OAK CREST DRIVE
		STREET 2:		SUITE 200
		CITY:			WESTLAKE VILLIAGE
		STATE:			CA
		ZIP:			91361
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a6360102.htm
<DESCRIPTION>LTC PROPERTIES, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2010 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 10pt">
    <hr style="width: 100%; height: 1.0 pt; color: #000000; text-align: center">
    <hr style="width: 100%; height: 1.0 pt; color: #000000; text-align: center">


    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman">UNITED STATES</font><br><font style="font-size: 16pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 12pt; font-family: Times New Roman">Washington,
      D.C. 20549</font><br><font style="font-family: Times New Roman"><b>______________</b></font><br><br><font style="font-size: 18pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman">CURRENT
      REPORT PURSUANT TO SECTION 13 OR 15(D)</font><br><font style="font-size: 12pt; font-family: Times New Roman">OF
      THE SECURITIES EXCHANGE ACT OF 1934</font><br><br><br><font style="font-size: 10pt; font-family: Times New Roman">Date
      of report: July 14, 2010</font><br><font style="font-size: 10pt; font-family: Times New Roman">(Date
      of earliest event reported)</font><br><br><br><br><font style="font-size: 18pt; font-family: Times New Roman"><b>LTC&#160;PROPERTIES,&#160;INC.</b></font><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      name of Registrant as specified in its charter)</font><br><br><br>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Maryland
          </p>
        </td>
        <td valign="bottom" style="width: 34%; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1-11314
          </p>
        </td>
        <td valign="bottom" style="width: 33%; padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            71-0720518
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            incorporation or organization)
          </p>
        </td>
        <td valign="top" style="width: 34%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission file number)
          </p>
        </td>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>

    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            31365 Oak Crest Drive, Suite 200
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Westlake Village, CA&#160;&#160;91361
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of principal executive offices)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <font style="font-size: 10pt; font-family: Times New Roman">(805)
      981-8655</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><font style="font-size: 10pt; font-family: Times New Roman">(Registrant&#8217;s
      telephone number, including area code)</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (see General Instruction A.2. below):</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c)) </font>
    </p>
    <hr style="width: 100%; text-align: center; height: 1.0 pt; color: #000000">
    <hr style="width: 100%; text-align: center; height: 1.0 pt; color: #000000">


    <p>

    </p>
    <div style="width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: justify">
      <b>Item 1.01. &#8212; Entry into a Material Definitive Agreement</b>
    </p>
    <p style="text-align: justify">
      On July 14, 2010, LTC Properties, Inc. announced that it entered into a
      three-year note purchase and private shelf agreement with affiliates and
      managed accounts of Prudential Investment Management, Inc. (individually
      and collectively, &#8220;Prudential&#8221;).&#160;&#160;The agreement provides for the
      issuance of up to an aggregate of $100 million in senior unsecured
      promissory notes to Prudential and one or more of its affiliates and
      managed accounts.&#160;&#160;Pursuant to the agreement, the Company sold to
      Prudential $25 million aggregate principal amount of 5.26% senior
      unsecured notes due July 14, 2015 and $25 million aggregate principal
      amount of 5.74% senior unsecured notes due January 14, 2019.&#160;&#160;The
      Company expects to use the proceeds of the notes to pay down its
      unsecured revolving line of credit and for general corporate purposes.
    </p>
    <p style="text-align: justify">
      Any additional notes sold by the Company to Prudential under the
      agreement will be in amounts, at fixed interest rates and have maturity
      dates (each note to have final maturity not greater than 10 years and
      with a weighted average maturity not greater than 7 years from the date
      of issuance) subject to agreement by the Company and Prudential.&#160;&#160;The
      notes sold under the agreement are subject to covenants that are
      substantially similar to the covenants in the Company&#8217;s existing credit
      facility, including maintenance of a borrowing base and financial
      coverage ratios. Other similar covenants include limitations on the
      Company&#8217;s and its subsidiaries&#8217; abilities to (i) incur liens, (ii) make
      investments, (iii) engage in mergers or consolidations or sell its
      property, and (iv) enter agreements that restrict its subsidiaries&#8217;
      ability to make dividend payments or loans to the Company.&#160;&#160;The
      agreement also restricts the Company&#8217;s ability to redeem preferred stock
      except with the proceeds from the sale of capital stock.&#160;&#160;Covenants in
      the agreement relating to the maintenance of a borrowing base will lapse
      if the Company&#8217;s credit agreement no longer requires the Company to
      maintain a borrowing base.&#160;&#160;The Company&#8217;s obligations under the notes
      are fully and unconditionally guaranteed by certain of its
      subsidiaries.&#160;&#160;Guarantors under the agreement will be released from
      their guarantees if the guarantors no longer guarantee the Company&#8217;s
      obligations under its credit agreement.
    </p>
    <p style="text-align: justify">
      The foregoing description of the agreement and the notes is qualified in
      its entirety by reference to the provisions of the agreement and the
      notes, which will be filed as exhibits to the Company&#8217;s next Quarterly
      Report on Form 10-Q.&#160;&#160;&#160;
    </p>
    <p style="text-align: justify">
      A copy of the press release is filed as Exhibit 99.1 to this Form&#160;8-K
      and is incorporated herein by reference.
    </p>
    <p>
      <br>
      <b>Item 2.03. &#8212; Creation of a Direct Financial Obligation or an
      Obligation under an Off-Balance Sheet Arrangement of a Registrant</b>
    </p>
    <p style="text-align: justify">
      The information set forth under Item 1.01 is incorporated herein by
      reference.
    </p>
    <div style="width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Item 9.01. &#8212; Financial Statements and Exhibits</b>
    </p>
    <p>
      (a) Financial Statements of Business Acquired.
    </p>
    <p>
      None.
    </p>
    <p>
      (b) Pro Forma Financial Information
    </p>
    <p>
      None.
    </p>
    <p>
      (d) Exhibits.
    </p>
    <p>
      99.1&#160;&#160;&#160;&#160;&#160;Press Release issued July 14, 2010.
    </p>
    <p style="text-align: center">
      <br>
      <br>
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURE</b></font>
    </p>
    <p style="text-align: left">
      <br>
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of </font>Section 13 or 15(d) of the <font style="font-size: 10pt; font-family: Times New Roman">Securities
      Exchange Act of 1934, the Registrant has duly caused this report to be
      signed on its behalf by the undersigned, hereunto duly authorized.</font>
    </p>
    <p style="text-align: left">
      <br>

    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            LTC PROPERTIES, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 5%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated:
          </p>
        </td>
        <td valign="top" style="width: 45%; text-align: left; padding-left: 0.0px">
          July 14, 2010
        </td>
        <td valign="top" style="width: 4%; text-align: left; padding-left: 0.0px">
          By:
        </td>
        <td valign="top" style="width: 46%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>/s/&#160;&#160;WENDY L. SIMPSON</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="width: 46%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Wendy L. Simpson
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="width: 46%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            CEO &amp; President
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
</html>
<!--<!DOCTYPE html
     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6360102ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2010 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>LTC
      Completes Sale of $25M of 5.26% Senior Unsecured Notes Due 2015 and $25M
      of 5.74% Senior Unsecured Notes Due 2019 to Prudential</b></font>
    </p>
    <p>
      WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--July 14, 2010--LTC
      Properties, Inc. (NYSE:LTC) announced today that it completed the sale
      to affiliates and managed accounts of Prudential Investment Management,
      Inc. (individually and collectively &#8220;Prudential&#8221;) of $25 million
      aggregate principal amount of 5.26% senior unsecured term notes due 2015
      and $25 million aggregate principal amount of 5.74% senior unsecured
      term notes due 2019 (collectively the &#8220;Series A Notes&#8221;). The Company
      also announced that it entered into an uncommitted private shelf
      agreement with Prudential which provides for the possible issuance of up
      to an additional $50 million of senior unsecured fixed-rate term notes
      during the three-year issuance period. The Company expects to use
      proceeds of the Series A Notes to pay down its unsecured revolving line
      of credit and for general corporate purposes.
    </p>
    <p>
      The Series A Notes will not be and have not been registered under the
      Securities Act of 1933, as amended, and may not be offered or sold in
      the United States absent registration or an applicable exemption from
      registration requirements. The foregoing descriptions of the shelf
      agreement with Prudential are qualified in their entirety by reference
      to the provisions of the shelf agreement which will be filed as exhibits
      to our next Quarterly Report on Form 10-Q.
    </p>
    <p>
      KeyBanc Capital Markets and BMO Capital Markets advised the Company in
      this transaction.
    </p>
    <p>
      The Company is a self-administered real estate investment trust that
      primarily invests in long-term care and other health care related
      facilities through mortgage loans, facility lease transactions and other
      investments. For more information on LTC Properties, Inc., visit the
      Company&#8217;s website at <u>www.LTCProperties.com</u>.
    </p>
    <p>
      This press release includes statements that are not purely historical
      and are &#8220;forward looking statements&#8221; within the meaning of Section 27A
      of the Securities Act of 1933, as amended, and Section 21E of the
      Securities Exchange Act of 1934, as amended, including statements
      regarding the Company&#8217;s expectations, beliefs, intentions or strategies
      regarding the future. All statements other than historical facts
      contained in this press release are forward looking statements. These
      forward looking statements involve a number of risks and uncertainties.
      All forward looking statements included in this press release are based
      on information available to the Company on the date hereof, and the
      Company assumes no obligation to update such forward looking statements.
      Although the Company&#8217;s management believes that the assumptions and
      expectations reflected in such forward looking statements are
      reasonable, no assurance can be given that such expectations will prove
      to have been correct. The actual results achieved by the Company may
      differ materially from any forward looking statements due to the risks
      and uncertainties of such statements.
    </p>
    <p>

    </p>
    <p>
      CONTACT:<br>LTC Properties, Inc.<br>Wendy L. Simpson, CEO &amp; President<br>Pam
      Kessler, SVP &amp; CFO<br>805-981-8655
    </p>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
