LTC Properties Q4 net income $28.1M, FFO $0.57/diluted; resolves Brookdale, cuts leverage to 5.5x

LTC PROPERTIES INC

2023-FY EPS reported $2.16 revenue$197,244,000

Net income $28.1M (diluted EPS $0.67) vs $17.8M ($0.44) a year ago; NAREIT FFO per share $0.57 vs $0.72.
Completed resolution of original Brookdale master lease (35 communities), more than fully replacing income; received all 2023 contractual interest from Prestige mortgage loan.
Reduced debt to adjusted EBITDA ratio from 6.0x to 5.5x; repaid $60M on revolver; subsequently extended revolver maturity to Nov 2026.
Sold 9 assisted living communities for $16.8M net gain; recorded $3.6M provision for credit losses on ALG master lease (12 properties).

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 fourth quarter ended December 31, 2023 results: net income $28,057, EPS $0.67.

Period: fourth quarter ended December 31, 2023
Net income: $28,057
EPS: $0.67
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 fourth quarter ended December 31, 2023.

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Source: SEC EDGAR

accession 0001558370-24-001244

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