Health care facilities investment firm LTC Properties Inc. reported a 10 percent drop in net income for the fourth quarter when compared with the previous year. Westlake Village-based LTC’s net income for the period ending Dec. 31 was $6.9 million or $0.30 per share, on revenues of $18 million. For the same period in 2006, net income was $7.7 million or $0.33 per share on revenues of $18.4 million. For the full 2007 fiscal year, the company reported net income of $30.8 million or $1.32 per share on revenues of $74.8 million. That was a drop of 50 percent when compared to the net income of $61.6 million or $2.51 per share on revenues of $73.2 million in 2006. The previous year, however, included a gain of $32.6 million from the sale of five properties and cost savings from discontinued operations related to properties sold. The company also repurchased $1.4 million or 67,123 shares of LTC’s common stock in the last quarter of 2007. Those purchases were made on the open market at an average cost of $21.58 per share. LTC had investments in 108 skilled nursing properties, 94 assisted living properties and two schools in 29 states at the close of last year.
