LTC Properties’ Funds From Operations Dips

LTC Properties in Oxnard said that for the three months ended March 31, funds from operations was 41 cents per share, compared with 43 cents per diluted share a year earlier.

Funds from operations is the generally accepted measure of performance for real estate investment trusts.

Revenue for the three months were $22.5 million, compared with $22.2 million for the same period in 1999. Net income available to common shareholders was $6.9 million, compared with $8.7 million for the three months ended March 31, 1999.

Chairman and Chief Executive Andre C. Dimitriadis said the quarterly results were affected by the “turmoil that has happened in the nursing home and assisted-living industries.” Of the seven biggest nursing home companies, Dimitriadis said, four have filed for bankruptcy and a fifth is about to file.

Last year, LTC spent about $20 million on new investments, compared with $200 million the year before, Dimitriadis said.

On March 31, the company had investments in 263 skilled-nursing facilities, 96 assisted-living residences and six schools in 36 states. The company is a real estate investment trust that primarily invests in long-term care and other health care facilities through mortgage loans, facility lease transactions and other investments.