Advertisement

LTC Properties’ Funds From Operations Drops

Share via

LTC Properties in Oxnard said funds from operations, the generally accepted measure of how real estate investment trusts are performing, were $9.3 million or 34 cents per basic and diluted share for the three months ended Dec. 31.

For the same period a year earlier, funds from operations were 43 cents per diluted share.

Company officials said revenues for the quarter were adversely affected by a change in operators in some of the company’s facilities.

For the year, funds from operations were $45.1 million or $1.64 per diluted share, compared with $47.5 million or $1.71 per diluted share for the previous year.

Advertisement

During the fourth quarter, the company recorded a charge for income statement purposes of $14.9 million. When that charge is excluded, net income available to common shareholders is $5.6 million or 21 cents per diluted share for the last three months of the year and $31.6 million or $1.16 per diluted share for the year.

As of Dec. 31, the company had investments in 266 skilled-nursing facilities, 96 assisted-living residences and six schools in 36 states.

The company is a self-administered real estate investment trust that invests in long-term care and other health-care-related facilities through mortgage loans and facility lease transactions.

Advertisement
Advertisement