LTC Properties Inc. reported a modest decline in its second-quarter earnings despite rising revenue.
The Westlake Village company, a health care properties real estate investment trust, posted a 1.7 percent decrease in net income to $17 million (48 cents a share) in the quarter ended June 30, compared to $17.3 million (50 cents) a year earlier. The company attributed the decrease to a gain on a property sale that had been recognized in the second quarter of last year.
LTC’s revenue rose 10.8 percent to $32 million and its funds from operations rose 6.5 percent to $24 million, up from $22.5 million in the same period last year. The company said it benefited from mortgage loan originations and completed development projects.
During the quarter, LTC agreed to buy a 10-property portfolio for $142 million. The properties, which provide residents with independent, assisted living and memory care services, total 891 units and are located in Wisconsin and Illinois. At the end of the quarter, LTC had 208 investments located in 29 states, comprising 97 skilled nursing homes, 93 assisted living properties, seven range-of-care properties, one school, five parcels of land under development and five parcels of land held for use.
Earnings were reported after markets closed on Wednesday. Shares closed Thursday down 33 cents or less than 1 percent to $43.49 on the New York Stock Exchange.