LTC Properties' Good Year Will Yield Dividend

By BARBARA MURPHY

Feb. 3, 1998 12 AM PT

LTC Properties in Oxnard reported gains for both the three months and the 12 months that ended Dec. 31. The board of directors also announced a dividend for shareholders.

For the quarter, funds from operations (FFO), the accepted way to measure real estate investment trust performance, was 42 cents per basic share and 41 cents per diluted share. This was an increase of 8% from the 39 cents per basic share and 38 cents per diluted share for the same period a year earlier.

FFO available to shareholders for the fourth quarter totaled $10.52 million, up from $7.69 million for the fourth quarter of 1996. Net income increased to $7.93 million or 31 cents per diluted share, compared with $6.33 million or 32 cents per diluted share a year earlier.

For the year, FFO totaled $1.65 per share and $1.57 per diluted share. This represents an increase of 9% from the previous year’s $1.52 per basic share and $1.44 per diluted share. Revenues for the year were up 34%, to $73.43 million.

Net income increased to $29.68 million or $1.25 per diluted share for the year. A year earlier, the net income was $28.71 million or $1.49 per share.

The board of directors declared a dividend of 19.79 cents and 18.75 cents per share, respectively, on the series A and series B preferred stock. The dividends will be paid on Feb. 15, March 15 and April 15 to shareholders of record on the first day of each of those months.

On Dec. 31, the company had investments in 274 skilled nursing facilities and 77 assisted-living residences in 34 states.