Menu
Montecito
PacPremier
Loading...
You are here:  Home  >  Banking & Finance  >  Current Article

LTC Properties earnings rebound from pandemic lows

By   /   Thursday, July 29th, 2021  /   Comments Off on LTC Properties earnings rebound from pandemic lows

    Print       Email

LTC Properties saw its net income soar a year after the pandemic caused serious interruptions to the real estate investment trust’s business model.

On July 29, the Westlake Village-based REIT reported its net income for the second quarter of 2021 at $18.1 million, or 46 cents per share — an increase of more than 900% over the same quarter of the previous year, when LTC recorded $1.8 million in income of 5 cents per share. In the second quarter of 2020, LTC wrote off $17.7 million in income because of decreased rental income.

The REIT, which owns senior living and nursing home properties, also reported that it sold three Wisconsin properties and a closed community in Nebraska for a total of $35.9 million. LTC had a net gain of $5.4 million from the sales.

LTC also paid down $41 million on its unsecured revolving line of credit, entered into lease agreements with current partners and a partner new to the company, and sold a skilled nursing center in Washington for $7.7 million. The company expects to see $2.6 million in proceeds from that sale.

LTC shares closed at $38.76 on July 29 and were trading just a few cents lower after the earnings release.

    Print       Email

About the author

Staff Writer at Pacific Coast Business Times, Inc.

You might also like...

Paso’s Pearce Services continues acquisition spree

Read More →