LTC Properties Reports Profit Jump to $5.2 Million

LTC Properties Inc., an Oxnard real estate investment trust, said its profit in the second quarter that ended June 30 was $5.2 million, up 37% from $3.8 million a year earlier. The gain was on revenues of $8.56 million, up 36% from $6.3 million last year.

For the six months that ended June 30, LTC’s profit was $9.9 million, up 57% from $6.3 million in the same period a year ago. Revenues for the six months were $16.1 million, up 35% from $11.9 million.

The company said it has expanded its portfolio of properties and mortgage loans. In the second quarter, the company acquired seven nursing homes for $18.7 million subject to mortgage loans totaling $13.4 million.