LTC Q3 2021 net income $10.9M; FFO $17.7M down 22% YoY on lease defaults

LTC PROPERTIES INC

2021-Q3 EPS reported $1.09 revenue$115,881,000

Net income $10.9M ($0.28 diluted EPS) vs $12.1M in Q3 2020; NAREIT FFO $17.7M ($0.45/share) down from $22.8M.
Rental income hit by unpaid lease obligations from Senior Care and Senior Lifestyle non-payment; partially offset by $5.5M straight-line rent write-off in 2020.
Transitions: re-leased 6 assisted living communities (Wisconsin, Pennsylvania, Nebraska); sold Washington SNF for $7.7M with $2.6M gain.
Settlement with Senior Care: $3.25M payment to facilitate transition of 11 SNFs to HMG; transition completed post-Q3.
Post-Q3: funded $27M and $12.5M loans, provided $25M working capital loan to HMG, and granted rent deferrals/abatements.

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