LTC Properties Inc. reported first-quarter results Monday that met Wall Street expectations.
The Westlake Village real estate investment trust specializing in health care facilities reported funds from operations, a crucial metric for REITs, of $30.8 million for the quarter ended March 31, compared to $28.3 million for the same quarter a year ago. Net income totaled $21.5 million (54 cents a share) for the quarter. Revenue increased 10 percent to $35 million.
Analysts on average expected 54 cents on revenue of $34.9 million, according to Thomson Financial Network.
During the quarter, the company raised $100 million by selling 15-year senior unsecured notes to a group of institutional investors in a private placement. The notes bear annual interest at 4.5 percent and mature in 2032. The proceeds were used to repay the balance of an unsecured line of credit.
Shares of LTC (LTC) closed Monday down 41 cents or nearly 1 percent at $46.94 on the New York Stock Exchange.