LTC Shares Drop Despite Quarterly Growth

Westlake Village real estate investment trust LTC Properties Inc. (LTC) met analysts’ expectations on earnings and exceeded them on revenue for its third quarter. The REIT, which invests in senior housing and health care properties, reported funds from operations grew to $29.7 million (76 cents a share) for the period ended Sept. 30, from $26.6 million (72 cents) from the same period a year ago. That met analysts’ estimates of 76 cents a share. Funds from operations is a metric used by REITs to define cash flow. LTC reported revenue increased to $41 million compared to $35 million a year ago, beating analysts’ forecast of $33.64 million. Shares closed Wednesday at $47.55, down 90 cents, or 1.86 percent, on the New York Stock Exchange.