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Jun 30, 2023
LTC Properties Q2 2023 Earnings Report
LTC Properties' second quarter results for 2023 were announced.
Key Takeaways
LTC Properties reported a net income available to common stockholders of $6.03 million and a diluted earnings per common share of $0.15 for the second quarter ended June 30, 2023. The results were impacted by higher interest income from financing receivables and mortgage loans, offset by lower interest income from mezzanine loans and higher interest expense. The company also recorded a $12.1 million impairment loss.
Net income available to common stockholders was $6.03 million, or $0.15 per diluted share.
NAREIT FFO attributable to common stockholders was $27.18 million, or $0.66 per diluted share.
The company contributed $45.0 million to a joint venture for the purchase of a 242-unit independent living, assisted living and memory care campus in Ohio.
LTC deferred $600,000 in interest payments during the 2023 second quarter and deferred $300,000 in interest payments in July 2023.
Revenue by Segment
Forward Guidance
LTC expects to complete the sale of two assisted living communities in Pennsylvania during the third quarter of 2023 and anticipates recording a gain on sale of approximately $5.2 million from these non-revenue producing assets.
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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