First quarter profit up at LTC Properties
Westlake Village-based LTC Properties on May 8 reported $21.4 million in profit for the first quarter of 2017, or 54 cents per diluted share, up from $19.8 million, or 53 cents per diluted share, during the first quarter of 2016.
LTC Properties is a real estate investment trust that buys facilities such as nursing homes.
Profit increased, according to the company, primarily due to higher revenues from prior year acquisitions, mortgage loan originations and completed development projects.
The company also reported cash and cash equivalents of $8.7 million, up from $8 million at the end of 2016.
In addition, LTC Properties sold 15-year senior unsecured notes in the aggregate amount of $100 million to a group of institutional investors, which included Prudential, in a private placement transaction.
The notes bear interest at an annual fixed rate of 4.5 percent, have scheduled principal payments and mature on Feb. 16, 2032. The proceeds were used to repay the outstanding balance of an unsecured line of credit.
The company also sold 312,881 shares of common stock for $14.6 million in net proceeds under its equity distribution agreement. The proceeds were also used to repay the outstanding balance of an unsecured line of credit.
LTC’s shares for the day closed down 0.87 percent to $46.94 a share.
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