LTC Properties Q2 Profit, Revenues Rise - Quick Facts

(RTTNews) - LTC Properties Inc. (LTC) reported an increase of 17.6% in Funds from Operations or FFO to $22.5 million in the second quarter from $19.1 million last year. FFO per share was $0.64 , up from $0.57in the prior year.

Normalized FFO increased by 16.9% to $22.5 million from $19.2 million in the previous year while Normalized FFO per share grew to $0.64 from $0.57 reported a year ago.

The increase in FFO and normalized FFO was due to higher revenues from 2013 mortgage loan originations, acquisitions and completed property developments

On average, seven analysts polled by Thomson Reuters expected the company to report FFO of $0.64 per share for the quarter. Analysts' estimates typically exclude special items.

Net income available to common stockholders increased by 44.6% to $17.3 million or $0.50 per share from $12.0 million or $0.36 per share a year earlier. The increase was due to higher revenues from 2013 mortgage loan originations, acquisitions and completed property developments, and a gain on sale.

Revenues rose to $29.23 million from $25.68 million last year. Analysts expected revenues of $25.41 million.