secwatch.observer — SEC 8-K summary
======================================

Issuer:     LTC PROPERTIES INC (LTC)
CIK:        0000887905
Form:       8-K
Filed at:   2024-02-15T23:59:59+00:00
Accession:  0001558370-24-001244
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/887905/000155837024001244/0001558370-24-001244-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/887905/000155837024001244/ltc-20240215x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-001244

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer