secwatch.observer — SEC 8-K summary
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Issuer:     LTC PROPERTIES INC (LTC)
CIK:        0000887905
Form:       8-K
Filed at:   2023-07-27T23:59:59+00:00
Accession:  0001558370-23-012411
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/887905/000155837023012411/0001558370-23-012411-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/887905/000155837023012411/ltc-20230727x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-23-012411

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