LTC Reports 2023 Fourth Quarter Results and Discusses Recent Activities
- None.
- None.
Insights
The recent financial results from LTC Properties, Inc. reflect a strategic positioning that could influence market performance and investor sentiment. The company's net income increase from $17,809 to $28,057, alongside a reduction in leverage, suggests a robust financial health and a proactive management approach to balance sheet optimization. This is particularly noteworthy given the high-interest environment and its impact on the cost of debt for real estate investment trusts (REITs). The repayment of the revolving line of credit, which lowered the debt to EBITDA ratio from 6.0x to 5.5x, indicates a stronger credit profile and possibly improved terms for future borrowing.
However, the reported decrease in NAREIT funds from operations (FFO) from $29,218 to $23,902 raises questions about the operating income stability, which is a key metric for REIT performance assessment. The sale of non-core assets and the transition of portfolios are strategic moves that could lead to a more focused and efficient operation, but they may also reflect challenges in the seniors housing and health care property sectors. The successful replacement of the income from the original Brookdale portfolio demonstrates management's ability to navigate these challenges effectively.
Overall, the financial maneuvers executed by LTC, such as asset sales and debt repayment, suggest a company in transition, aiming for a more streamlined and growth-oriented future. This may appeal to investors looking for companies with a clear strategy for capital allocation and risk management.
The seniors housing and health care property sectors are sensitive to demographic trends, policy changes and economic cycles. LTC's strategic decisions to sell certain assets and reduce leverage are aligned with a broader industry trend of portfolio optimization in response to these external factors. The successful navigation of the COVID-19 pandemic's aftermath, as indicated by the transition of portfolios and the resolution of challenges faced, suggests that LTC is adapting well to the post-pandemic market conditions.
Additionally, the strategic amendments to the mortgage loan with Prestige Healthcare and the sale of the assisted living community in Mississippi reflect a proactive approach to asset management and capital recycling. The potential long-term benefits include a more resilient and adaptable portfolio that can better withstand economic downturns and capitalize on growth opportunities in the sector.
Investors and analysts should monitor the company's ability to maintain and grow its FAD, as this is a critical indicator of its capacity to sustain dividends, a key attraction for REIT investors. The reported stability in FAD, excluding non-recurring items, suggests that LTC's underlying operations remain solid despite the dynamic environment.
LTC's recent financial disclosures provide insight into the company's operational focus and risk management strategies within the REIT sector. The gain on sale of nine assisted living communities and the anticipated gain from the sale of a joint venture investment in Wisconsin indicate an active and potentially profitable asset disposition strategy. These sales could help streamline LTC's portfolio and focus on higher-yielding opportunities, which is a common practice among REITs aiming to enhance shareholder value.
The provision for credit losses and the impairment loss on certain properties signal a prudent approach to asset valuation and risk assessment. As the seniors housing market continues to evolve, particularly in response to demographic shifts and changing consumer preferences, LTC's ability to adjust its portfolio composition will be critical to its long-term success.
Investors should consider the implications of LTC's leasing strategies, such as the two-year lease term with extension options and the initial zero rent period, as these could affect near-term revenue but potentially offer long-term stability and partnership opportunities with operators. The funding of capital improvements and working capital notes at an 8.25% interest rate also reflects LTC's active management of its portfolio and support for its operators, which could lead to enhanced property performance and tenant success.
-- Company Substantially Reduces Leverage Earlier than Expected to Better Position it for Future Growth --
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Three Months Ended |
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December 31, |
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2023 |
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2022 |
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(unaudited) |
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Net income available to common stockholders |
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$ |
28,057 |
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$ |
17,809 |
Diluted earnings per common share |
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$ |
0.67 |
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$ |
0.44 |
NAREIT funds from operations ("FFO") attributable to common stockholders |
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$ |
23,902 |
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$ |
29,218 |
NAREIT diluted FFO per common share |
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$ |
0.57 |
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$ |
0.72 |
FFO attributable to common stockholders, excluding non-recurring items |
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$ |
27,463 |
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$ |
29,218 |
Funds available for distribution ("FAD") |
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$ |
30,021 |
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$ |
30,013 |
FAD, excluding non-recurring items |
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$ |
30,021 |
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$ |
30,013 |
Fourth quarter 2023 financial results were impacted by:
- Lower rental revenue due to transitioned portfolios, the repayment of Anthem’s 2022 temporary rent reduction in the 2022 fourth quarter, and property sales, partially offset by rent received from a 2023 second quarter acquisition, and annual rent escalations;
-
Higher interest income from financing receivables due to the acquisition of 11 assisted living and memory care communities during the 2023 first quarter, which is being accounted for as a financing receivable in accordance with
U.S. Generally Accepted Accounting Principles (“GAAP”); - Higher interest income from mortgage loans resulting from mortgage loan originations in the 2023 first quarter;
- Higher interest expense primarily due to a higher outstanding balance on LTC’s revolving line of credit, and higher interest rates, partially offset by scheduled principal paydowns on LTC’s senior unsecured notes;
- Higher transaction costs related to fees incurred on lease transitions and amendments;
-
A
$16.8 million -
A
$3.6 million Texas , one inSouth Carolina , one inMississippi , one inFlorida and one inGeorgia ). These properties, seven of which were built in the 90s, are primarily located in small rural towns, are non-revenue generating, and were temporarily transitioned to ALG following the COVID pandemic in July 2022, allowing LTC time to find a more permanent solution for the portfolio, as follows:-
Two of the properties located in
Mississippi andFlorida were sold during 2023. -
LTC recorded a
$3.3 million Texas properties in conjunction with ongoing negotiations for their sale.-
Five of these properties are expected to be sold for
$1.6 million -
One of the properties located in
Texas was closed during 2023, and another is expected to be closed. LTC plans to sell these properties for an alternative use.
-
Five of these properties are expected to be sold for
-
LTC is negotiating the terms of an operator transition for the remaining
Texas property. -
Two of the properties located in
Georgia andSouth Carolina were transitioned to an operator new to LTC subsequent to December 31, 2023. The lease term is two years with two one-year extension options. The initial rent for the first six months is zero, after which rent will be based on mutually agreed upon fair market rent. The master lease includes a purchase option that can be exercised in 2027 if the two one-year lease extensions are exercised. Additionally, LTC agreed to fund up to$906,000 $240,000 8.25% , maturing on December 31, 2025.
-
Two of the properties located in
During the fourth quarter of 2023, LTC completed the following transactions:
-
As previously announced in a press release dated January 8, 2024, completed the process for the original
Brookdale master lease covering 35 assisted living communities, which resulted in more than fully replacing the income generated from the original lease through a combination of new leases and pre-investing sales proceeds; -
As previously announced, amended a mortgage loan secured by 15 skilled nursing centers located in
Michigan and operated by Prestige Healthcare (“Prestige”). Effective January 1, 2024, the minimum mortgage interest payment due to LTC is based on an annual current pay rate of8.5% on the outstanding loan balance of$183.3 million 10.8% remains unchanged. The amendment also provides LTC the right to draw on Prestige’s security to pay the difference between the contractual rate and current pay rate. LTC received all 2023 contractual interest of$19.5 million $3.4 million $4.0 million -
Sold a 67-unit assisted living community in
Mississippi for$1.7 million $219,000 -
Paid
$5.0 million -
Repaid
$60.0 million -
Sold 1,609,900 shares of LTC’s common stock for
$52.0 million
Subsequent to December 31, 2023, LTC completed the following transactions:
-
Sold its interest in a joint venture investment in a 110-unit assisted living community in
Wisconsin for$23.1 million 8.1% to LTC in 2023. The purchase price includes repayment of$2.4 million $550,000 $19.6 million $4.0 million - Amended its unsecured revolving line of credit to accelerate the one-year extension option notice date to January 4, 2024. Concurrently, LTC exercised its option to extend the maturity date on its unsecured revolving line of credit to November 19, 2026. All other provisions of the agreement remain unchanged;
-
Repaid
$30.5 million -
Sold 91,100 shares of common stock for
$2.9 million
“2023 was a year of execution for LTC, and due to the hard work of our team, we resolved substantially all of the challenges we faced during the year,” said Wendy Simpson, LTC’s Chairman and Chief Executive Officer. “Importantly, we more than fully replaced the rent generated by our original
Conference Call Information
LTC will conduct a conference call on Friday, February 16, 2024, at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time), to provide commentary on its performance and operating results for the quarter ended December 31, 2023. The conference call is accessible by telephone and the internet. Interested parties may access the live conference call via the following:
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Webcast |
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(888) 506‑0062 |
International Number |
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(973) 528‑0011 |
Conference Access Code |
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662760 |
Additionally, an audio replay of the call will be available one hour after the live call through March 1, 2024 via the following:
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(877) 481‑4010 |
International Number |
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(919) 882-2331 |
Conference Number |
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49667 |
About LTC
LTC is a real estate investment trust (REIT) investing in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint-ventures and structured finance solutions including preferred equity and mezzanine lending. LTC’s investment portfolio includes 201 properties in 26 states with 29 operating partners. Based on its gross real estate investments, LTC’s investment portfolio is comprised of approximately
Forward-Looking Statements
This press release includes statements that are not purely historical and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the Company’s expectations, beliefs, intentions or strategies regarding the future. All statements other than historical facts contained in this press release are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties. Please see LTC’s most recent Annual Report on Form 10‑K, its subsequent Quarterly Reports on Form 10‑Q, and its other publicly available filings with the Securities and Exchange Commission for a discussion of these and other risks and uncertainties. All forward-looking statements included in this press release are based on information available to the Company on the date hereof, and LTC assumes no obligation to update such forward-looking statements. Although the Company’s management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements.
LTC PROPERTIES, INC. CONSOLIDATED STATEMENTS OF INCOME (amounts in thousands, except per share amounts) |
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Three Months Ended |
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Twelve Months Ended |
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December 31, |
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December 31, |
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2023 |
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2022 |
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2023 |
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2022 |
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(unaudited) |
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(audited) |
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Revenues: |
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Rental income |
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$ |
32,489 |
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$ |
34,707 |
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$ |
127,350 |
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$ |
128,244 |
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Interest income from financing receivables(1) |
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3,830 |
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1,405 |
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15,243 |
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1,762 |
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Interest income from mortgage loans |
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12,308 |
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10,488 |
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47,725 |
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40,600 |
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Interest and other income |
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1,568 |
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1,239 |
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6,926 |
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4,547 |
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Total revenues |
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50,195 |
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47,839 |
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197,244 |
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175,153 |
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Expenses: |
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Interest expense |
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12,419 |
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8,830 |
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47,014 |
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31,437 |
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Depreciation and amortization |
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9,331 |
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|
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9,294 |
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37,416 |
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37,496 |
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Impairment loss |
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3,265 |
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2,136 |
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15,775 |
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3,422 |
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Provision for credit losses |
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3,571 |
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74 |
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5,678 |
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|
1,528 |
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Transaction costs |
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|
607 |
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|
|
100 |
|
|
|
1,144 |
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|
|
828 |
|
Property tax expense |
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|
3,518 |
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|
|
3,306 |
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13,269 |
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|
|
15,486 |
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General and administrative expenses |
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5,942 |
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|
6,299 |
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24,286 |
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|
23,706 |
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Total expenses |
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38,653 |
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30,039 |
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144,582 |
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113,903 |
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Other operating income: |
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Gain on sale of real estate, net |
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16,751 |
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21 |
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37,296 |
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|
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37,830 |
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Operating income |
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28,293 |
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17,821 |
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89,958 |
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99,080 |
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Income from unconsolidated joint ventures |
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377 |
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377 |
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1,504 |
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1,504 |
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Net income |
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28,670 |
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18,198 |
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|
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91,462 |
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100,584 |
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Income allocated to non-controlling interests |
|
|
(440 |
) |
|
|
(259 |
) |
|
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(1,727 |
) |
|
|
(560 |
) |
Net income attributable to LTC Properties, Inc. |
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28,230 |
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17,939 |
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89,735 |
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100,024 |
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Income allocated to participating securities |
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(173 |
) |
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(130 |
) |
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(587 |
) |
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(580 |
) |
Net income available to common stockholders |
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$ |
28,057 |
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$ |
17,809 |
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$ |
89,148 |
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$ |
99,444 |
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Earnings per common share: |
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Basic |
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$ |
0.67 |
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$ |
0.44 |
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$ |
2.16 |
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$ |
2.49 |
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Diluted |
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$ |
0.67 |
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$ |
0.44 |
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$ |
2.16 |
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$ |
2.48 |
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Weighted average shares used to calculate earnings per |
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common share: |
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Basic |
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41,701 |
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40,596 |
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41,272 |
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39,894 |
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Diluted |
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42,046 |
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|
40,769 |
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41,358 |
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|
40,067 |
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Dividends declared and paid per common share |
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$ |
0.57 |
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$ |
0.57 |
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$ |
2.28 |
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$ |
2.28 |
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| ____________________________ | ||
(1) |
Represents rental income from acquisitions through sale-leaseback transactions, subject to leases which contain purchase options. In accordance with GAAP, the properties are required to be presented as financing receivables on our Consolidated Balance Sheets and the rental income to be presented as Interest income from financing receivables on our Consolidated Statements of Income. | |
Supplemental Reporting Measures
FFO and FAD are supplemental measures of a real estate investment trust’s (“REIT”) financial performance that are not defined by
FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), means net income available to common stockholders (computed in accordance with GAAP) excluding gains or losses on the sale of real estate and impairment write-downs of depreciable real estate, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. The Company’s computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or have a different interpretation of the current NAREIT definition from that of the Company; therefore, caution should be exercised when comparing our Company’s FFO to that of other REITs.
We define FAD as FFO excluding the effects of straight-line rent, amortization of lease inducement, effective interest income, deferred income from unconsolidated joint ventures, non-cash compensation charges, capitalized interest and non-cash interest charges. GAAP requires rental revenues related to non-contingent leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. This method results in rental income in the early years of a lease that is higher than actual cash received, creating a straight-line rent receivable asset included in our consolidated balance sheet. At some point during the lease, depending on its terms, cash rent payments exceed the straight-line rent which results in the straight-line rent receivable asset decreasing to zero over the remainder of the lease term. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a mortgage loan based on the initial origination value. Similar to the accounting methodology of straight-line rent, the actual interest rate is higher than the stated interest rate in the early years of the mortgage loan thus creating an effective interest receivable asset included in the interest receivable line item in our consolidated balance sheet and reduces down to zero when, at some point during the mortgage loan, the stated interest rate is higher than the actual interest rate. FAD is useful in analyzing the portion of cash flow that is available for distribution to stockholders. Investors, analysts and the Company utilize FAD as an indicator of common dividend potential. The FAD payout ratio, which represents annual distributions to common shareholders expressed as a percentage of FAD, facilitates the comparison of dividend coverage between REITs.
While the Company uses FFO and FAD as supplemental performance measures of our cash flow generated by operations and cash available for distribution to stockholders, such measures are not representative of cash generated from operating activities in accordance with GAAP, and are not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income available to common stockholders.
Reconciliation of FFO and FAD
The following table reconciles GAAP net income available to common stockholders to each of NAREIT FFO attributable to common stockholders and FAD (unaudited, amounts in thousands, except per share amounts):
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Three Months Ended |
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Twelve Months Ended |
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December 31, |
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December 31, |
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2023 |
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2022 |
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2023 |
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2022 |
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GAAP net income available to common stockholders |
|
$ |
28,057 |
|
|
$ |
17,809 |
|
|
$ |
89,148 |
|
|
$ |
99,444 |
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|
Add: Impairment loss |
|
|
3,265 |
|
|
|
2,136 |
|
|
|
15,775 |
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|
|
3,422 |
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Add: Depreciation and amortization |
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|
9,331 |
|
|
|
9,294 |
|
|
|
37,416 |
|
|
|
37,496 |
|
|
Less: Gain on sale of real estate, net |
|
|
(16,751 |
) |
|
|
(21 |
) |
|
|
(37,296 |
) |
|
|
(37,830 |
) |
|
NAREIT FFO attributable to common stockholders |
|
|
23,902 |
|
|
|
29,218 |
|
|
|
105,043 |
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|
|
102,532 |
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Add: Non-recurring items |
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|
3,561 |
|
(1) |
|
— |
|
|
|
3,823 |
|
(3) |
|
824 |
|
(6) |
FFO attributable to common stockholders, excluding non-recurring items |
|
$ |
27,463 |
|
|
$ |
29,218 |
|
|
$ |
108,866 |
|
|
$ |
103,356 |
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NAREIT FFO attributable to common stockholders |
|
$ |
23,902 |
|
|
$ |
29,218 |
|
|
|
105,043 |
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|
|
102,532 |
|
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Non-cash income: |
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|
|
|
|
|
|
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|
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Add: straight-line rental adjustment |
|
|
443 |
|
|
|
406 |
|
|
|
2,078 |
|
|
|
1,369 |
|
|
Add: amortization of lease incentives |
|
|
189 |
|
|
|
212 |
|
|
|
799 |
|
|
|
1,133 |
|
(7) |
Less: Effective interest income |
|
|
(215 |
) |
(2) |
|
(1,910 |
) |
|
|
(6,739 |
) |
|
|
(6,461 |
) |
|
Net non-cash income |
|
|
417 |
|
|
|
(1,292 |
) |
|
|
(3,862 |
) |
|
|
(3,959 |
) |
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|
|
|
|
|
|
|
|
|
|
|
|
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|
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Non-cash expense: |
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|
|
|
|
|
|
|
|
|
|
|
|
||||
Add: Non-cash compensation charges |
|
|
2,131 |
|
|
|
2,013 |
|
|
|
8,479 |
|
|
|
7,964 |
|
|
Add: Provision for credit losses |
|
|
3,571 |
|
(1) |
|
74 |
|
|
|
5,678 |
|
(4) |
|
1,528 |
|
(8) |
Net non-cash expense |
|
|
5,702 |
|
|
|
2,087 |
|
|
|
14,157 |
|
|
|
9,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Funds available for distribution (FAD) |
|
$ |
30,021 |
|
|
$ |
30,013 |
|
|
|
115,338 |
|
|
|
108,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Non-recurring income |
|
|
— |
|
|
|
— |
|
|
|
(1,570 |
) |
(5) |
|
(681 |
) |
(9) |
Funds available for distribution (FAD), excluding non-recurring items |
|
$ |
30,021 |
|
|
$ |
30,013 |
|
|
$ |
113,768 |
|
|
$ |
107,384 |
|
|
| ____________________________ | ||
(1) |
Provision for credit losses includes the |
|
(2) |
Decrease due to the |
|
(3) |
Represents the net of (4) and (5) below. | |
(4) |
Includes the |
|
(5) |
Represents the prepayment fee income and exit IRR income related to the payoff of two mezzanine loans totaling |
|
(6) |
Represents the (7) and (8) offset by (9) below. | |
(7) |
Includes a lease incentive balance write-off of |
|
(8) |
Includes |
|
(9) |
Represents the lease termination fee income of |
|
Reconciliation of FFO and FAD (continued)
The following table continues the reconciliation between GAAP net income available to common stockholders and each of NAREIT FFO attributable to common stockholders and FAD (unaudited, amounts in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
||||||||
|
|
December 31, |
|
December 31, |
|
||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAREIT Basic FFO attributable to common stockholders per share |
|
$ |
0.57 |
|
$ |
0.72 |
|
$ |
2.55 |
|
$ |
2.57 |
|
NAREIT Diluted FFO attributable to common stockholders per share |
|
$ |
0.57 |
|
$ |
0.72 |
|
$ |
2.54 |
|
$ |
2.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAREIT Diluted FFO attributable to common stockholders |
|
$ |
23,902 |
|
$ |
29,348 |
|
$ |
105,630 |
|
$ |
103,112 |
|
Weighted average shares used to calculate NAREIT diluted FFO per share attributable to common stockholders |
|
|
41,787 |
|
|
40,998 |
|
|
41,614 |
|
|
40,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted FFO attributable to common stockholders, excluding non-recurring items |
|
$ |
27,463 |
|
$ |
29,348 |
|
$ |
109,453 |
|
$ |
103,936 |
|
Weighted average shares used to calculate diluted FFO, excluding non-recurring items, per share attributable to common stockholders |
|
|
41,787 |
|
|
40,998 |
|
|
41,614 |
|
|
40,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted FAD |
|
$ |
30,194 |
|
$ |
30,143 |
|
$ |
115,925 |
|
$ |
108,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used to calculate diluted FAD per share |
|
|
42,046 |
|
|
40,998 |
|
|
41,614 |
|
|
40,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted FAD, excluding non-recurring items |
|
$ |
30,194 |
|
$ |
30,143 |
|
$ |
114,355 |
|
$ |
107,964 |
|
Weighted average shares used to calculate diluted FAD, excluding non-recurring items, per share |
|
|
42,046 |
|
|
40,998 |
|
|
41,614 |
|
|
40,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LTC PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (amounts in thousands, except per share, audited) |
||||||||
|
|
|
|
|
|
|
||
|
|
December 31, 2023 |
|
December 31, 2022 |
||||
ASSETS |
|
|
|
|
|
|
||
Investments: |
|
|
|
|
|
|
||
Land |
|
$ |
121,725 |
|
|
$ |
124,665 |
|
Buildings and improvements |
|
|
1,235,600 |
|
|
|
1,273,025 |
|
Accumulated depreciation and amortization |
|
|
(387,751 |
) |
|
|
(389,182 |
) |
Operating real estate property, net |
|
|
969,574 |
|
|
|
1,008,508 |
|
Properties held-for-sale, net of accumulated depreciation: 2023— |
|
|
18,391 |
|
|
|
10,710 |
|
Real property investments, net |
|
|
987,965 |
|
|
|
1,019,218 |
|
Financing receivables,(1) net of credit loss reserve: 2023— |
|
|
196,032 |
|
|
|
75,999 |
|
Mortgage loans receivable, net of credit loss reserve: 2023— |
|
|
477,266 |
|
|
|
389,728 |
|
Real estate investments, net |
|
|
1,661,263 |
|
|
|
1,484,945 |
|
Notes receivable, net of credit loss reserve: 2023— |
|
|
60,490 |
|
|
|
58,383 |
|
Investments in unconsolidated joint ventures |
|
|
19,340 |
|
|
|
19,340 |
|
Investments, net |
|
|
1,741,093 |
|
|
|
1,562,668 |
|
|
|
|
|
|
|
|
||
Other assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
20,286 |
|
|
|
10,379 |
|
Debt issue costs related to revolving line of credit |
|
|
1,557 |
|
|
|
2,321 |
|
Interest receivable |
|
|
53,960 |
|
|
|
46,000 |
|
Straight-line rent receivable |
|
|
19,626 |
|
|
|
21,847 |
|
Lease incentives |
|
|
2,607 |
|
|
|
1,789 |
|
Prepaid expenses and other assets |
|
|
15,969 |
|
|
|
11,099 |
|
Total assets |
|
$ |
1,855,098 |
|
|
$ |
1,656,103 |
|
|
|
|
|
|
|
|
||
LIABILITIES |
|
|
|
|
|
|
||
Revolving line of credit |
|
$ |
302,250 |
|
|
$ |
130,000 |
|
Term loans, net of debt issue costs: 2023— |
|
|
99,658 |
|
|
|
99,511 |
|
Senior unsecured notes, net of debt issue costs: 2023— |
|
|
489,409 |
|
|
|
538,343 |
|
Accrued interest |
|
|
3,865 |
|
|
|
5,234 |
|
Accrued expenses and other liabilities |
|
|
43,649 |
|
|
|
32,708 |
|
Total liabilities |
|
|
938,831 |
|
|
|
805,796 |
|
|
|
|
|
|
|
|
||
EQUITY |
|
|
|
|
|
|
||
Stockholders’ equity: |
|
|
|
|
|
|
||
Common stock: |
|
|
430 |
|
|
|
412 |
|
Capital in excess of par value |
|
|
991,656 |
|
|
|
931,124 |
|
Cumulative net income |
|
|
1,634,395 |
|
|
|
1,544,660 |
|
Accumulated other comprehensive income |
|
|
6,110 |
|
|
|
8,719 |
|
Cumulative distributions |
|
|
(1,751,312 |
) |
|
|
(1,656,548 |
) |
Total LTC Properties, Inc. stockholders’ equity |
|
|
881,279 |
|
|
|
828,367 |
|
Non-controlling interests |
|
|
34,988 |
|
|
|
21,940 |
|
Total equity |
|
|
916,267 |
|
|
|
850,307 |
|
Total liabilities and equity |
|
$ |
1,855,098 |
|
|
$ |
1,656,103 |
|
| ____________________________ | ||
(1) |
Represents acquisitions through sale-leaseback transactions, subject to leases which contain purchase options. In accordance with GAAP, the properties are required to be presented as financing receivables on our Consolidated Balance Sheets. | |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240215693522/en/
Mandi Hogan
(805) 981‑8655
Source: LTC Properties, Inc.
FAQ
What is LTC's net income available to common stockholders for Q4 2023?
What was LTC's diluted earnings per common share for Q4 2023?
What were the key impacts on LTC's financial results in Q4 2023?
What significant transactions did LTC complete post-Q4 2023?
When will LTC conduct a conference call to discuss its performance for Q4 2023?
