LTC Q1 net income $32.9M, FFO $0.66; invests $179M in seniors housing

LTC PROPERTIES INC

2023-Q1 EPS reported $0.80 revenue$49,500,000

Net income $32.9M ($0.80 EPS) vs $14.3M ($0.36) YoY; NAREIT FFO $27.2M ($0.66).
Invested $179.4M: $117.5M JV for 11 ALF/MC communities (7.25% yield) and $61.9M in mortgage loans.
Sold four properties for $37.2M: two SNFs ($21.3M, gain $15.3M) and two ALFs ($15.9M).
Provided $645k rent abatement in Q1; agreed to defer up to $1.5M interest on Michigan loan.
Expects $9.7M GAAP and $8.8M cash interest income from ALG Senior JV in 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

LTC PROPERTIES INC reported first quarter ended March 31, 2023 results: net income $32,929, EPS $0.80.

Period: first quarter ended March 31, 2023
Net income: $32,929
EPS: $0.80
Result: reported results

Exact text from the filing

LTC Properties, Inc. (NYSE: LTC) ("LTC" or the "Company"), a real estate investment trust that primarily invests in seniors housing and health care properties, today announced operating results for the first quarter ended March 31, 2023. Three Months Ended March 31, 2023 2022 (unaudited) Net income available to common stockholders $ 32,929 $ 14,275 Diluted earnings per common share $ 0.80 $ 0.36

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Source: SEC EDGAR

accession 0001104659-23-051359

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