Westlake Village-based LTC Properties saw its net income, total assets and funds from operations drop in the third quarter compared to a year earlier, the company said in its Oct. 28 earnings release.
For the three months ended Sept. 30, LTC had net income of $10.9 million, or 28 cents per diluted share, down from $12.1 million, or 0.31 cents per diluted share, for the same quarter in 2020.
LTC, a real estate investment trust that invests in senior housing and health care properties, saw its total assets take a slight hit, with $1.45 billion at the end of the third quarter, a decrease from $1.47 billion a year earlier.
The company’s funds from operations stood at $17.6 million for the quarter, or 45 cents per diluted common share, down from $22.8 million for the third quarter last year, or 58 cents per diluted common share.
LTC said its results for the third quarter of 2021 were impacted by several factors, including lower rental income because of unpaid lease obligation from Senior Care Centers and Senior Care’s parent company, and Senior Lifestyle Corporation’s non-payment of rent, abated and deferred rent.
LTC said it provided $438,000 of deferred rent and $240,000 of abated rent in October, and has agreed to provide rent deferrals up to $441,000 and abatements up to $240,000 in November and December.
Based on its gross real estate investments, LTC’s portfolio is comprised of about 50% senior housing and 50% skilled nursing properties, according to the company.