LTC Properties reports increase in net income
Westlake Village-based LTC Properties announced a 15.7 percent increase in net income to $20.6 million, or 53 cents per diluted share, for the quarter ended Dec. 31.
Revenues increased from $30.8 million for the fourth quarter of 2015 to $34.8 million for the fourth quarter of 2016, attributed in part to higher investing activities. Interest expense and general and administrative expenses also increased during the quarter, the company said in an earnings release Feb. 23.
For the full year, revenues increased 18 percent to $133.5 million for a net income of $84.1 million, up from $73.1 million in 2015.
LTC primarily invests in senior housing and health care properties. Transactions during the quarter included $1.6 million for a parcel of land for a memory care facility, bringing the project total up to $14.5 million.
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