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LTC Properties reports higher net income for second quarter

By   /   Thursday, August 10th, 2017  /   Comments Off on LTC Properties reports higher net income for second quarter

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LTC Properties, a Westlake Village-based real estate investment trust, reported $25.3 million in net income or 64 cents per diluted share for the second quarter of 2017 on Aug. 9.

That was up from $22.1 million, or 58 cents per diluted share, for the second quarter of 2016.

The company had higher revenues in 2017 due to prior year acquisitions, mezzanine loan originations, completed development projects and a $5.1 million sale involving four assisted living communities.

During the second quarter of 2017, the company acquired two California properties — a 107-unit assisted living community and a senior housing community with 73 units — for $38.8 million.

Shares closed at $50.22 on Aug. 9 and were trading at $48.74, down 2.95 percent, as of 10:25 a.m. PST.

• Contact Robert Shutt at [email protected]

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