LTC Properties Inc., which provides senior housing and invests in health care properties, reported first-quarter earnings that beat analysts’ expectations.
The Westlake Village real estate investment trust said its funds from operations for the quarter ended March 31 were $28.3 million, up about 21 percent compared to the prior-year’s $23.4 million. On a per-share basis, they were 76 cents, exceeding predictions by Thompson Financial Network analysts of 75 cents. Funds from operations is a metric used by REITs to define cash flow.
Revenue was $38.6 million for the quarter, up from $31.5 million a year ago, according to LTC. That also beat the $31 million of quarterly revenue analysts estimated.
LTC announced that over the three-month period it bought a 126-bed skilled nursing center in Texas for $16 million and that it added the property to an existing master lease agreement that will initially yield cash at 8.5 percent.
As of March 31, LTC had 222 investments in 30 states made up of 104 assisted living communities, 99 skilled nursing centers, seven care-providing communities, a school, a behavioral health care hospital, six land parcels under development and four parcels of land held-for-use.
Shares gained 34 cents, or nearly 1 percent, to close at $47.52 on the New York Stock Exchange. The company announced results after the market closed Monday.