Westlake Village real estate investment trust LTC Properties Inc. will offer 3 million shares in a planned public offering of common stock, the company said Thursday.

The company said it plans to use the proceeds to pay down existing debt and to fund acquisitions and planned property developments. Its current portfolio is made up of senior living and health-care related properties,

Wells Fargo Securities, KeyBanc Capital Markets, BMO Capital Markets and RBC Capital Markets will act as joint book-running managers. The offering will be made under an existing shelf registration.

At the end of March, LTC had investments in 90 skilled nursing properties, 104 assisted living properties, nine other senior housing properties and two schools. It also has five parcels of land under development for new assets.

Shares gained 41 cents, or less than 1 percent, to close at $46.10 on the New York Stock Exchange.