LTC Properties Inc. said its revenue increased in the third quarter largely due to increased rental fees from recently acquired properties.
The Westlake Village owner of senior facilities reported net income of $11.6 million (38 cents a share) compared to $11.5 million (38 cents) in the same period a year earlier. Revenue rose 11 percent to $23.8 million.
LTC operates as a real estate investment trust, developing and investing in long-term care and other health-care related properties. LTC reported 57 cents a share in funds from operations, a key REIT metric that adds amortization and depreciation expenses back into net income to get a better picture of cash flow.
The FFO figure met the consensus estimate of analysts polled by Thomson Reuters.
At the end of September, LTC had two parcels of land under development and investments in 89 skilled nursing properties, 102 assisted living properties, 14 other senior housing properties and two schools.
LTC shares lost 77 cents, or more than 2 percent, to close at $31.78 on the New York Stock Exchange.