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Monday, Jun 17, 2024

LTC Beats Estimates

Earnings and revenue for health care facility landlord LTC Properties Inc. exceeded Wall Street expectations for the fourth quarter and the full year. The Westlake Village real estate investment trust focused on senior housing and health care properties reported that in the quarter ended Dec. 31, funds from operations rose to $31 million (78 cents a share) from $28 million (74 cents a share) for the same period a year ago. Quarterly revenue grew to $42 million from $37.4 million a year ago. Analysts on average expected 54 cents a share on revenue of $34.3 million, according to Thomson Financial Network. The REIT’s full-year funds from operations of $118 million ($3.06 a share) increased from $101 million ($2.77 a share). That exceeded analysts who estimated full-year earnings of $2.21 a share. Full-year revenue climbed to $162 million from $136 million a year ago, surpassing analysts’ estimations of $133 million. The company also mentioned during its earnings call that it plans to begin to have a presence in the independent living segment by working with operators of its facilities to possibly add those units, and also considering purchases of facilities. The REIT (LTC) reported earnings late Wednesday. Shares closed Thursday up 4 cents, or a fraction of a percent, to $47.17 on the New York Stock Exchange.

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