secwatch.observer — SEC 8-K summary
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Issuer:     LTC PROPERTIES INC (LTC)
CIK:        0000887905
Form:       8-K
Filed at:   2021-10-28T23:59:59+00:00
Accession:  0001104659-21-131053
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/887905/000110465921131053/0001104659-21-131053-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/887905/000110465921131053/tm2126594d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-21-131053

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