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Mar 31, 2024
LTC Properties Q1 2024 Earnings Report
LTC reported first quarter results and discussed recent activities
Key Takeaways
LTC Properties reported a net income available to common stockholders of $24.065 million and a diluted earnings per common share of $0.56 for the first quarter of 2024. The results were impacted by higher rental revenue, higher interest income from mortgage loans, lower interest and other income, higher interest expense, a decrease in provision for credit losses, and a $3.3 million net gain on sale.
Completed sale and re-lease process for 10 assisted living communities under the ALG Senior master lease.
Sold its interest in a joint venture investment in a 110-unit assisted living community in Wisconsin for $23.1 million.
Originated a $12.7 million mortgage loan to Ignite Medical Resorts, secured by a skilled nursing and assisted living campus in Texas, subsequent to March 31, 2024.
Executed a term sheet with HMG Healthcare to amend the master lease covering 11 skilled nursing centers in Texas, extending the term through December 2028, subsequent to March 31, 2024.
Revenue by Segment
Forward Guidance
After solid execution in 2023 during which LTC further optimized and strengthened their portfolio, they entered this year stronger and in a better position to concentrate on growing their company.
Positive Outlook
- Further optimized portfolio in 2023
- Strengthened portfolio in 2023
- Entered this year stronger
- In a better position to concentrate on growing the company
- Senior management team is devoting the majority of their time on producing strategic, long-term and sustainable growth
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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