Earnings: Marcus & Millichap Beats Estimates, LTC Properties’ Revenue Declines

Marcus & Millichap Inc. beat Wall Street estimates on earnings and revenue for the fourth quarter.The Calabasas commercial real estate brokerage reported on Thursday net income of $23.6 million (59 cents a share) for the quarter ending Dec. 31, compared with net income of $20.7 million (52 cents) in the same period a year earlier. Revenue increased 5 percent to $250 million.Analysts on average expected earnings of 15 cents on revenue of $162 million, according to investment news website Benzinga.com.Chief Executive Hessam Nadji said that positive COVID-19 vaccine news, investor urgency to close transactions before the end of last year and low interest rates all contributed to transaction activity at Marcus.“For the year, the company successfully preserved its strong balance sheet, added to its roster of experienced professionals, completed four strategic acquisitions, implemented a number of technology enhancements and outpaced the market by a healthy margin,” Nadji said in a statement.Shares of Marcus (MMI) closed Friday up $1.60, or just more than 4 percent, to $39.73 on the New York Stock Exchange.<hr/>­­­­­­­­­­­­­­­­­­­­­­LTC Properties Inc. had a minimal revenue decrease in the fourth quarter while its net income rose.The Westlake Village real estate investment trust that invests in senior living facilities reported on Thursday net income of $17.5 million (45 cents a share) for the quarter ending Dec. 31, compared with net income of $12.4 million (31 cents) in the same period a year earlier. Revenue dropped less than a percent to $46.3 million.The company attributed the change in quarterly earnings to lower interest and property tax expenses; a $3 million impairment loss related to a memory care community located in Colorado; and decreased rental income from abated and deferred rent, partially offset by higher rental income from acquisitions, completed development projects and lease escalations.Shares of LTC (LTC) closed Friday down 11 cents, or a fraction of a percent, to $40.68 on the New York Stock Exchange.