LTC Q2 net income drops to $6M from $54M; records $12.1M impairment; FFO per share up to $0.66

LTC PROPERTIES INC

2023-Q2 EPS reported $0.95 revenue$97,746,000

Net income $6.0M ($0.15 diluted EPS) vs $54.1M ($1.36) YoY; includes $12.1M impairment on two assisted living communities.
NAREIT FFO per share $0.66 vs $0.64; FAD $27.9M vs $26.8M. Core FFO and FAD excluding non-recurring items also increased.
New investments: $45M JV contribution for Ohio campus (8.25% yield), $16.5M mortgage loan (8.75%), and subsequent $17M mezzanine loan (8.75% initial, 12% IRR).
Operator stress: deferred up to $1.5M in interest on Prestige mortgage; provided $645K rent abatements in Q2, up to $215K/month through year-end 2023.
Liquidity: borrowed $56.3M under revolver in Q2; post-Q2 borrowed $34M and paid $17.2M scheduled principal on senior unsecured notes.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.