LTC Q1 net income $14.3M ($0.36 EPS); FFO $0.60/share; acquires 4 SNFs for $51.5M

LTC PROPERTIES INC

2022-Q1 EPS reported $0.36 revenue$40,787,000

Net income $14.3M, up from $13.6M; diluted EPS $0.36 vs $0.35 YoY.
NAREIT FFO $23.6M ($0.60/share) down from $24.3M ($0.62/share) YoY.
Originated $25M mezzanine loan at 8% with 11% IRR for 5 seniors housing properties in OR/MT.
Completed acquisitions: 4 TX transitional care centers for $51.5M; expects $1M rent in each of Q3 and Q4 2022.
Reduced Anthem Memory Care Q2 rent estimate to $2.1M from $2.7M; expects $10.8M total cash rent in 2022.

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