LTC Properties Inc. said Tuesday its revenue increased in the first quarter largely due to increased rental fees from recently acquired properties, but it still fell just short of analyst estimates. The Westlake Village owner of senior facilities reported net income of $12.1 million (40 cents a share) in the quarter ended March 30, compared to $12 million (40 cents) in the same period a year earlier. Revenue rose 10 percent to $25.7 million. The real estate investment trust develops and investing in long-term care and other health-care related properties. LTC reported 59 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 narrowly missed the consensus estimate of 60 cents by six analysts polled by Thomson/First Call. At the end of March, LTC had investments in 90 skilled nursing properties, 104 assisted living properties, nine other senior housing properties and two schools. It also has five parcels of land under development for new assets. LTC shares gained 28 cents, or less than 1 percent, to close at $46.50 on the New York Stock Exchange.
