August 13, 2022
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LTC shares up after report of rising earnings for Q2

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Westlake Village-based real estate investment trust LTC Properties reported net income of nearly $55 million, or $1.36 per diluted share, for the second quarter ended June 30.

That was up from $18.1 million, or 46 cents per diluted share, for the same period last year.

Funds from operations attributable to common stockholders were $25.3 million for the second quarter of 2022, compared with $22.1 million for the same period last year. The company reported 64 cents per diluted common share for the second quarter of 2022, compared with 57 cents a year earlier.

The company’s stock closed at $43.21 on Aug. 1, up 5.4% from its closing price before its July 28 earnings release.

LTC owns properties in the health care and senior living industries. During the most recent quarter, it acquired four skilled nursing centers in Texas with a total of 339 beds for $51.5 million and leased the centers to an affiliate of Ignite Medical Resorts, a LTC operating partner. 

Also during the second quarter, the company originated two mortgage loans for $35.9 million secured by four assisted living communities and a land parcel. The four assisted living communities in North Carolina have a total of 217 units. They are operated by an existing LTC partner, the company reported on July 28.

Other transactions included LTC selling three assisted living communities and a skilled nursing center; repaying $101.9 million under the company’s revolving line of credit; and providing a temporary reduction of rent totaling $600,000 to Anthem.

LTC has an investment portfolio that includes 202 properties in 29 states with 32 operating partners.