LTC beats on revenues, meets on profits
Westlake Village-based LTC Properties beat revenue estimates in the second quarter as its funds from operations were up 17.8 percent to $22.5 million, or 64 cents per common diluted share, meeting Wall Street expectations.
LTC is a real estate investment trust that buys facilities such as nursing homes. Investors in such companies often use funds from operations as a substitute for earnings per share because it takes depreciation and amortization into account.
LTC’s revenues were $29.2 million, up 13.8 percent from $25.7 million one year ago. A survey of five analysts by Thomson Financial Network predicted $25.4 million.
During the second quarter, LTC said it sold two assisted living properties with a total of 133 units and one school, generating net proceeds of $7.7 million and resulting in a net gain of $1.1 million.
The company owns 101 skilled nursing properties, 104 assisted living properties, nine “range of care” properties, one school, five parcels of land under development and four parcels of land held-for-use.
LTC’s shares were down slightly to $38.40 in after-hours trading after the news was announced Aug. 6.