LTC Properties Declares Preferred-Stock Dividend

LTC Properties in Oxnard, a real estate investment trust, has declared a monthly cash dividend of 19.79 cents per share on its Series A preferred stock.

The dividend will be paid May 15 to stockholders of record on May 1.

The company, which invests in long-term care and other health-care facilities, also announced its operating results for the three months ended March 31.

During the first quarter, funds from operations increased approximately 11.1% on a per-share basis to 40 cents, compared with 36 cents per share for the same period a year earlier. Funds from operations is the generally accepted measure of real estate investment trust operating performance.

Revenue for the quarter increased 33% to $16.48 million from $12.36 million for the three months ended March 31, 1996. Net income available to common shareholders increased to $7.17 million, or 32 cents per share, compared with $5.45 million, or 29 cents per share, for the same period a year earlier.

The increases in funds from operations, revenue and net income resulted from $205.76 million of net investments completed since March 31, 1996. As of March 31 of this year, the company had investments in 258 skilled-nursing facilities and 52 assisted-living residences in 32 states.