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Jun 30, 2020
LTC Properties Q2 2020 Earnings Report
Reported a decrease in net income primarily due to a non-recurring write-off and a loss on the liquidation of an unconsolidated joint venture, partially offset by higher rental and interest income.
Key Takeaways
LTC Properties reported a decrease in net income for the second quarter of 2020, primarily due to a non-recurring write-off related to Senior Lifestyle and a loss on the liquidation of a joint venture. However, this was partially offset by higher rental and interest income from acquisitions and mortgage funding.
Net income available to common stockholders was $1.8 million, or $0.05 per diluted share.
FFO was $12.0 million, or $0.31 per diluted share.
The decrease in net income was primarily due to a $17.7 million write-off of straight-line rent receivable and lease incentive balances related to Senior Lifestyle.
LTC funded additional loan proceeds of $2.0 million under an existing mortgage loan.
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