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Ltc Properties Inc (LTC) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Ltc Properties Inc

CIK: 887905 Ticker: LTC

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

For more information contact:

Wendy Simpson

Pam Kessler

(805) 981-8655

 

LTC REPORTS 2020 FIRST QUARTER RESULTS

AND DISCUSSES RECENT ACTIVITIES

 

WESTLAKE VILLAGE, CALIFORNIA, May 4, 2020-- LTC Properties, Inc. (NYSE: LTC), a real estate investment trust that primarily invests in seniors housing and health care properties, today announced operating results for its first quarter ended March 31, 2020.

 

Net income available to common stockholders was $63.4 million, or $1.60 per diluted share, for the 2020 first quarter, compared with $20.3 million, or $0.51 per diluted share, for the same period in 2019. The improvement was primarily due to a $43.9 million net gain on sale of properties and higher rental and interest income in the 2020 first quarter, partially offset by lower income from investment in unconsolidated joint ventures and higher general and administrative expenses.

 

Funds from Operations (“FFO”) was $29.2 million for the 2020 first quarter, compared with $29.9 million for the comparable 2019 period. FFO per diluted common share was $0.74 and $0.75 for the quarters ended March 31, 2020 and 2019, respectively. The decrease in FFO and FFO per diluted common share was primarily due to lower income from unconsolidated joint ventures and higher general and administrative expenses during 2020 first quarter, partially offset by higher rental and interest income.

 

LTC completed the following transactions during the first quarter of 2020:

 

·Acquired a 140-bed skilled nursing center in Longview, Texas for approximately $13.5 million, and entered into a 10-year master lease with an initial cash yield of 8.5% escalating 2% annually with two, five-year renewal options;

 

·Completed the sale of its Preferred Care, Inc. portfolio with the sale of 21 skilled nursing centers, as previously announced. These properties included 2,411 beds in Arizona, Colorado, Iowa, Kansas and Texas, generated net proceeds of $71.9 million, had a combined net book value of $29.1 million and resulted in gain on sale of approximately $43.9 million;

 

·Completed construction of a 78-unit seniors housing community in Oregon; and

 

·Purchased 615,827 shares of its common stock at an average price of $29.25 per share, including commissions, for a total investment of approximately $18.0 million under the stock repurchase plan which was approved by LTC’s Board of Directors on March 12, 2020. In order to preserve liquidity and financial flexibility in light of impact of the national COVID-19 pandemic, LTC’s Board of Directors made the strategic decision to terminate the stock repurchase plan on March 25, 2020.

 


The following information was filed by Ltc Properties Inc (LTC) on Monday, May 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Ltc Properties Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parenthetical)
Consolidated Statements Of Income And Comprehensive Income
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Summary Of Commitments (Details)
Debt Obligations
Debt Obligations (Tables)
Debt Obligations - Bank Borrowings Terms (Details)
Debt Obligations - Borrowings And Repayments (Details)
Debt Obligations - Summary (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Equity
Equity (Tables)
Equity - Class Of Stock Disclosures - Common Stock And Shelf Registrations (Details)
Equity - Class Of Stock Disclosures - Dividends And Aoci (Details)
Equity - Noncontrolling Interest (Details)
Equity - Options (Details)
Equity - Restricted Stock (Details)
Equity - Restricted Stock And Performance-Based Stock Units (Details)
Equity - Share Repurchase Plan (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
General
General (Details)
General (Policies)
General (Tables)
Investment In Unconsolidated Joint Ventures
Investment In Unconsolidated Joint Ventures (Tables)
Investment In Unconsolidated Joint Ventures - Investment (Details)
Lease Incentives
Lease Incentives (Details)
Lease Incentives (Tables)
Major Operators
Major Operators (Details)
Major Operators (Tables)
Notes Receivable
Notes Receivable (Tables)
Notes Receivable - Components (Details)
Notes Receivable - Notes Receivable Activity (Details)
Real Estate Investments
Real Estate Investments (Tables)
Real Estate Investments - Acquisitions And Developments (Details)
Real Estate Investments - Base Rents (Details)
Real Estate Investments - Development And Improvement Projects (Details)
Real Estate Investments - Lease (Details)
Real Estate Investments - Mortgage Loan (Details)
Real Estate Investments - Mortgage Loans Activity (Details)
Real Estate Investments - Operator Changes (Details)
Real Estate Investments - Owned Properties (Details)
Real Estate Investments - Property Sales (Details)
Real Estate Investments - Types Of Property Development And Improvement (Details)
Subsequent Events
Subsequent Events - Equity (Details)
Subsequent Events - Investment In Unconsolidated Joint Ventures (Details)

Material Contracts, Statements, Certifications & more

Ltc Properties Inc provided additional information to their SEC Filing as exhibits

Ticker: LTC
CIK: 887905
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-20-004970
Submitted to the SEC: Mon May 04 2020 6:31:18 AM EST
Accepted by the SEC: Mon May 04 2020
Period: Tuesday, March 31, 2020
Industry: Real Estate Investment Trusts

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