LTC Properties reports first quarter earnings
Westlake Village-based LTC Properties, a real estate investment trust that primarily invests in seniors housing and health care properties, announced operating results for the first quarter ended March 31.
LTC generated revenues worth $49 million in the first quarter of 2025, down from $51.3 million in the first quarter of 2024, which the company attributed to the repayment of $2.4 million of rent credit received in connection with the sale of a 110-unit assisted living community.
Net income was at $20.5 million for the quarter, down from $24 million in the same quarter a year ago. This equates to an earnings per share of 45 cents, down from 56 cents in the first quarter of 2024.
The drop in net income could be attributed to LTC’s big first quarter, which included the transitioning of 12 properties under Anthem’s triple-net leases into the new seniors housing operating portfolio under the RIDEA structure.
An additional property with New Perspective is expected to transition later in the second quarter, the company said in a press release. The combined existing gross book value totals $176.1 million.
Other key stats include receiving $16 million, including a 13% exit IRR of $3.0 million, from the redemption of a preferred equity investment in a joint venture that owns a 267-unit independent and assisted living community in Washington, as well as closing on a 39-unit assisted living community in Ohio for $1 million.
