LTC Q3 net income $22.05M ($0.54 EPS) vs $13.16M ($0.32) YoY; FFO $0.65

LTC PROPERTIES INC

2023-Q3 EPS reported $1.48 revenue$147,049,000

Net income $22.05M vs $13.16M; diluted EPS $0.54 vs $0.32; NAREIT FFO $0.65 vs $0.60.
Originated $17M mezzanine loan (8.75% yield, 12% IRR); committed $19.5M mortgage for MI construction.
Sold five assisted living communities for $14.1M; entered agreements to sell seven Brookdale properties for ~$27.2M.
Brookdale re-lease: new master lease starts Jan'24 with initial rent $8.0M, 2% escalations; amended post-Q3 to add 7 properties, rent $9.3M.
Prestige Healthcare: deferred interest paid via LC draw; Jan'24 min current pay rate set at 8.5% (contractual 10.8% unchanged).

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 0.85

LTC PROPERTIES INC reported the third quarter ended September 30, 2023 results: net income $ 22,050, EPS $ 0.54.

Period: the third quarter ended September 30, 2023
Net income: $ 22,050
EPS: $ 0.54
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 third quarter ended September 30, 2023.

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Source: SEC EDGAR

accession 0001558370-23-016862

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