LTC Q1 net income falls 27% to $24.1M; FFO per share rises to $0.69

LTC PROPERTIES INC

2024-Q1 EPS reported $0.56 revenue$51,366,000

Net income available to common stockholders of $24.1M ($0.56 diluted EPS) vs $32.9M ($0.80) year ago.
NAREIT FFO per share of $0.69 vs $0.66; FAD of $31.3M vs $30.1M.
Sold seven assisted living communities for net gain of $3.3M; sold JV interest for $23.1M.
After quarter end: originated $12.7M mortgage loan at 9.15% and amended HMG master lease (11 SNFs) with rent increasing to $9.0M in 2024.
HMG agreed to repay $11.9M working capital note; LTC repaid $25.2M on credit line and raised $4.5M via equity issuance.

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 0.9

LTC PROPERTIES INC reported first quarter ended March 31, 2024 results: net income $24,065, EPS $0.56 per diluted share.

Period: first quarter ended March 31, 2024
Net income: $24,065
EPS: $0.56 per diluted share
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 first quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0001558370-24-006116

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