LTC Properties, Inc. of Westlake Village announced a drop of about $1 million in net income from the same reporting period in 2008. In the second quarter of 2008, net income was $7.5 million, or $0.33 per diluted share. The REIT invests primarily in the long-term care sector of the healthcare industry. As of December 2007 they owned 61 properties outright in 15 states. They also provide financing to operators who want to purchase or upgrade properties. Revenues for the three months ended June 30 were $17.9 million as compared with $19.8 million for the same period last year. Earlier this month the company announced that it had signed a revised $80 million, three-year unsecured credit agreement which added the potential for an increase of up to $120 million.
