LTC Properties Reports 3-Month Increase in FFO

LTC Properties in Oxnard announced that during the three months ended June 30, funds from operations was 44 cents per basic share and 43 cents per diluted share, an increase of approximately 10% from 39 cents per diluted share for the same period a year earlier.

FFO is the generally accepted measure of real estate investment trust operating performance. The amount available to common shareholders for the second quarter increased by 26% to $11.9 million, versus $9.4 million for the second quarter of 1997.

Net income available to common shareholders was $17.1 million or 59 cents per diluted share, compared with $8 million or 35 cents per diluted share for the same period a year earlier. The most recent figure includes a gain of approximately $8.1 million from the sale of a skilled nursing facility.

For the quarter, the company completed $115.2 million of new net investments.

On June 30, LTC had investments in 279 skilled nursing facilities, 92 assisted living residences and three schools in 37 states.