LTC Properties Reports Revenue Drop for Quarter

LTC Properties Inc. in Oxnard said that for the three months ended Sept. 30, funds from operations totaled $9 million, or 35 cents a share, compared with $11.4 million, or 42 cents a share a year earlier.

The company reported revenue of $21.5 million, down from $22.8 million for the same period in 1999.

Net income available to common shareholders was $6.5 million, or 25 cents a diluted share, compared with $8.2 million, or 30 cents a diluted share for the three months ended Sept. 30, 1999.

LTC also announced it would not pay a fourth-quarter dividend. The company said it expects to pay dividends next year.

As of Sept. 30, LTC, a real estate investment trust, had investments in 250 skilled nursing facilities, 95 assisted-living residences and six schools in 36 states.