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.

LTC’s portfolio includes investments in 103 skilled nursing facilities, 97 assisted living residences and one school in 30 states. The company primarily invests in long-term care and other health care related facilities through mortgage loans, facility lease transactions and other investments. The company says it made the tender offer insight of “anticipated investment opportunities” and to offer stockholders a chance to sell shares without the usual transaction costs of open market sales.