LTC Properties, Inc. (NYSE:LTC) released results of operations for the three months ended March 31, 2009 earlier this month and announced that net income allocable to common stockholders for the first quarter was $8.0 million or $0.35 per diluted share which includes $0.6 million related to the repurchase of 109,484 share of preferred stock, as described below, and $0.2 million related to the prepayment of a mortgage loan. For the same period in 2008, net income allocable to common stockholders was $8.2 million or $0.36 per diluted share which includes $1.0 million related to the repurchase of 636,300 share of preferred stock, as described below. Revenues for the three months ended March 31, 2009, were $17.7 million versus $17.8 million for the same period last year.
The company expects that the deterioration in the credit markets should exert downward pressure on prices of long term healthcare properties and is concerned about the lack of buying and selling of properties as the credit markets are stalled. At March 31, 2009, LTC had $21.7 million of cash on hand and $80.0 million available on its unsecured line of credit with no scheduled maturities other than the maturity date of July 17, 2011. At March 31, 2009, LTC had investments in 100 skilled nursing properties, 101 assisted living properties and two schools in 30 states.
For the full 10-Q earnings release, click here.