LTC reports slight increase in income for Q1
Westlake Village-based LTC Properties saw its net income and total assets rise in the first quarter compared to a year earlier, the company said in its April 28 earnings release.
For the three months ended March 31, LTC had net income of $14.3 million, or 36 cents per diluted share, up from $13.6 million, or 35 cents per diluted share, for the same quarter last year.
The company reported total assets of $1.54 billion at the end of the first quarter, an increase from $1.5 billion for the same quarter in 2021.
The company’s funds from operations took a slight hit, with LTC reporting $23.6 million for the quarter, or 60 cents per diluted common share, a decrease from $24.3 million, or 62 cents per diluted common share, a year earlier.
LTC, a real estate investment trust that invests in senior housing and health care properties, said its first quarter results were impacted by lower rental income and higher interest income from mortgage loans because of mortgage loan originations in 2021. The company also noted higher general and administrative expenses because of higher incentive compensation, plus higher non-cash compensation charges and “increases in costs due to inflationary pressures.”
LTC’s investment portfolio includes more than 200 properties in 29 states with 35 operating partners, according to the company. Based on its gross real estate investments, LTC’s portfolio is comprised of about 50% seniors housing and 50% skilled nursing properties.