LTC Q1 FFO Down, Revenues Rise - Quick Facts

(RTTNews) - LTC Properties, Inc. (LTC), a real estate investment trust, reported Monday that its first-quarter Funds from Operations or FFO was $29.2 million, compared to $29.9 million a year ago. FFO per share was $0.74, down from last year's $0.75.

The company said the decrease in FFO was primarily due to lower income from unconsolidated joint ventures and higher general and administrative expenses, partially offset by higher rental and interest income.

Net income available to common stockholders was $63.4 million, or $1.60 per share, compared with $20.3 million, or $0.51 per share last year. The results reflected a $43.9 million net gain on sale of properties and higher rental and interest income.

Total revenues grew to $46.41 million from last year's $45.46 million. Rental income increased to $38.04 million, up from $37.62 million last year.