LTC Properties Reports 105% Q3 Net Income Increase, Rent Revenue Jumps

LTC Properties, Inc. (NYSE:LTC) reported a net income available to stockholders of $11.5 million, or $0.38 per diluted share, for the quarter ended Sept. 30, 2011, a 105% increase over the previous year’s $5.6 million, or $0.22 per diluted share.

LTC reported modified funds from operation (FFO) available to common stockholders of $16.6 million, or $0.54 per diluted share, up 38% from 2010’s $12 million, and $0.48 per diluted share.

Total revenue also saw an increase to $21.4 million, up from $18.4 million in the same period of 2010, while expenses rose to nearly $9 million, up from $6.8 million. Rental revenues went up 21% to $19.6 million.

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By Sept. 30, 2011, LTC had investments in 89 skilled nursing properties, 102 assisted living properties, 14 other senior housing properties and two schools, with properties located in 30 states.

View the third quarter earnings report here.

Written by Alyssa Gerace

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