In Tough Business Climate, LTC Properties Reduces Dividend
LTC Properties Inc. in Oxnard says it will reduce the quarterly dividend on its common stock from 39 cents to 29 cents per share, effective the first quarter of this year.
Company officials also said they expect funds from operations for LTC’s first quarter ending March 31 to be on target with a previously announced 41 to 43 cents-per-share range.
LTC officials said that despite well-publicized difficulties in the nursing-home industry, no fundamental changes have occurred in the performance of the company’s portfolio since it last reported earnings.
However, because of the current environment and the pricing of the company’s stock, LTC directors have decided to reduce the quarterly per-share dividend.
Even if first-quarter operating funds come in at the lower figure of 41 cents, it will still result in a payout ratio of approximately 70%, officials said.
The 29-cent cash dividend will be paid March 31 to shareholders of record on March 15.
LTC is a real estate investment trust that focuses primarily on long-term health care institutions.
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