LTC Sells $83 Million in Complex Securities
LTC Properties Inc., an Oxnard real estate investment trust specializing in long-term care and other health-care facilities, has sold $83 million of complex, mortgage-backed securities known as real estate mortgage investment conduits (REMICs).
The REMICs were part of a $127.7-million package of the securities that were ranked according to their credit ratings. The REMICs sold by the trust were the highest-rated in the group, and have an average yield of 8.9%. LTC said it would use the proceeds to repay debt and to fund existing mortgage loan commitments.
The remaining $44.7 million in lower-rated REMICs, with yields of about 11% to 11.25%, were retained by LTC.
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