LTC Properties, Inc. (NYSE:LTC) experienced a 46.8% increase in net income available to stockholders in the second quarter to $11.3 million and $0.37 per diluted share, compared to the second quarter of the previous year’s $7.7 million and $0.33 per diluted share, meeting analysts’ expectations.
Total revenues rose 18.2% to $21.2 million in the second quarter ending on June 30, 2011, up from the previous year’s $17.9 million, with rental income increasing 22.5%.
Diluted funds from operations (FFO) also went up in the second quarter to $17.2 million, 35.9% more than in the second quarter 2010. Diluted per share FFO rose to $0.53 from $0.49.
In the second quarter, the net value of LTC’s real estate investments increased to $567.1 million, from just under $516 million in the same period of 2010.
As of the end of the second quarter, LTC had investments in 89 skilled nursing properties, 102 assisted living properties, 14 other senior housing properties, and two schools. Since June 30, the company purchased a $10 million, 140-bed skilled nursing property located in Texas.
Written by Alyssa Gerace