LTC Properties Q3 FFO Up 14%

(RTTNews) - LTC Properties Inc. (LTC) reported 14.0% increase in the third quarter Funds from Operations FFO to $20.0 million from the prior year's $17.5 million FFO per share was $0.57, flat with last year .

Normalized FFO was $20.0 million, versus $17.6 million reported a year ago, while normalized FFO per was $0.57, flat with prior year.

The increase in FFO and normalized FFO was due to higher revenues resulting from acquisitions and completed property developments and a decrease in interest expense partially offset by higher weighted average shares outstanding.

On average, six analysts polled by Thomson Reuters expected the company to report FFO of $0.57 per share for the quarter. Analysts' estimates typically exclude special items.

Net income available to common stockholders was $16.4 million or $0.47 per share, higher than the $11.6 million or $0.38 per share a year earlier. The increase in net income was primarily due to the gain on sale of six skilled nursing properties with a total of 230 beds and higher revenues from acquisitions and completed property developments.

Revenues rose to $25.83 million from $23.40 million last year. Analysts expected revenues of $25.61 million.

As previously announced, the company increased its monthly cash dividend on its common stock to $0.17 per share for the fourth quarter of 2013, about a 9.7% increase from the previous $0.155 per share.

The company also announced that it locked rate on $70.0 million of senior unsecured promissory notes. The notes would bear interest at an annual fixed rate of 3.99% and mature in 8 years. The Company expects the sale of the notes to occur on or around November 20, 2013 and to use the proceeds to pay down its unsecured revolving line of credit.

Additionally, the company announces the completion and opening of a 77-unit combination assisted living and memory care property in Wichita, Kansas in October 2013. The total project cost for the property was approximately $10.6 million.