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.