LTC Properties Q4 FFO Rises

(RTTNews) - LTC Properties Inc. (LTC) reported 13.8% increase in the fourth quarter Funds from Operations or 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 $21.9 million, versus $17.7 million reported a year ago, while normalized FFO per was $0.62, compared to $0.57 per share in the prior year.

The increase in FFO and normalized FFO was due to higher revenues from mortgage loan originations, acquisitions and completed property developments. On average, seven analysts polled by Thomson Reuters expected the company to report FFO of $0.61 per share for the quarter. Analysts' estimates typically exclude special items.

Net income available to common stockholders was $13.7 million or $0.40 per share, higher than the $11.9 million or $0.39 per share a year earlier.

Revenues rose to $28.59 million from $24.13 million last year. Analysts expected revenues of $26.58 million.