LTC Properties Inc. reported on Thursday second-quarter funds from operations that beat analyst estimates while missing on revenue. The Westlake Village owner of senior housing posted FFO of $19.1 million (47 cents a share) for the quarter ended June 30, compared to $17.6 million (56 cents) in the same period a year earlier. Revenue rose 16.1 percent to $24.5 million. Analyst has expected FFO of 57 cents a share on revenue of $25.3 million, according to Thomson Financial. LTC is a real estate investment trust that develops and invests in long-term care and other health care properties. Funds from operations is a key REIT metric that adds amortization and depreciation expenses back into net income to get a better picture of cash flow. Earlier this week, LTC entered into a $141 million mortgage loan agreement with Prestige Healthcare of Louisville. Prestige, which operates skilled nursing facilities in seven states, received the loan to secure 24 independent-living units and 15 properties with 2,092 licensed skilled-nursing beds. At the end of June, LTC had investments in 90 skilled-nursing facilities, 104 assisted-living facilities and 11 other properties. LTC shares gained 10 cents, or less than 1 percent, to close at $37.59 on the New York Stock Exchange.
