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Dec 31, 2023
LTC Properties Q4 2023 Earnings Report
LTC reported an increase in net income and earnings per share for Q4 2023, while also reducing leverage and resolving portfolio challenges.
Key Takeaways
LTC Properties reported a net income available to common stockholders of $28.06 million, or $0.67 per diluted share, for the fourth quarter of 2023. The company substantially reduced leverage and addressed portfolio challenges, positioning it for future growth.
Net income available to common stockholders was $28.06 million, or $0.67 per diluted share.
NAREIT FFO attributable to common stockholders was $23.90 million, or $0.57 per diluted share.
The company completed the process for the original Brookdale master lease, fully replacing the income generated.
LTC repaid $60.0 million under its revolving line of credit, reducing debt to adjusted EBITDA ratio to 5.5x.
Revenue by Segment
Forward Guidance
LTC more than fully replaced the rent generated by the original Brookdale portfolio, reached a permanent solution for one of transitioned portfolios, received all of the contractual interest owed under the Prestige mortgage loan ahead of schedule, and reduced leverage earlier than expected, successfully positioning LTC for growth in 2024 and beyond.
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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