LTC Properties Inc. reported an increase in its third-quarter earnings and exceeded Wall Street expectations on funds from operations.

The Westlake Village company, a health care properties real estate investment trust, posted a 15 percent increase in net income to $18.7 million (52 cents a share) in the quarter ended Sept. 30, compared to $16.2 million (46 cents) a year earlier. The company attributed the increase to higher revenues from recent acquisitions, completed developments and mortgage loan originations.

The company said it had normalized funds from operations during the period of $27 million, or 73 cents per share, beating analysts’ expectations for funds from operations of 69 cents. Funds from operations is a closely watched REIT measure that takes net income and adds back items such as depreciation and amortization.

During third quarter, the company completed its $142 million acquisition of a 10-property portfolio that provides 891 units of independent, assisted living and memory care services in Wisconsin and Illinois. It also acquired a newly constructed, 60-unit memory care property located in Florida for $14.3 million, and purchased a $2 million land parcel in California where it intends to construct and equip a 66‐unit memory care property for a total commitment of $12.6 million.

“LTC’s long-term strategy of opportunistic investment in a wide range of properties, geographies and operators has served the company well, as demonstrated by our third quarter results. Our investment activities continued subsequent to the end of the quarter, as we completed three transactions that we are confident will further our long-term growth,” said Wendy Simpson, LTC’s chairman and chief executive, in a prepared statement.

Earnings were reported after markets closed on Monday. Shares closed Tuesday up 6 cents or a fraction of a percent to $43.30 on the New York Stock Exchange.