LTC Properties’ Revenue Rises from Year-Ago Level

LTC Properties in Oxnard has announced increases in funds from operations, revenue and net income for the first quarter of 1996 as compared with the first quarter of 1995.

Funds from operations, the basis by which real estate investment trusts are measured, increased to $6.7 million, or 36 cents per share, from $5.6 million, or 31 cents per share, for the comparable quarter of 1995. The figures represent a 16.1% increase on a per-share basis.

The results for both the current and prior period reflect the new definition of funds from operations as prescribed by the National Assn. of Real Estate Investment Trusts, which the company adopted effective Jan. 1.

Revenue for the three months ended March 31 increased approximately 64.7% to $12.4 million, from $7.5 million for the first quarter of 1995. For the first quarter of 1996, the company had net income of $5.45 million, or 29 cents per share, as compared with $4.7 million, or 26 cents per share, for the same period a year ago.

Officials said increases in the company’s operating results were due to an additional $186 million of gross investments in long-term care facilities that were completed since March 31, 1995.