The following is a summary of the LTC Properties, Inc. (LTC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• LTC Properties reported a total investment of $260 million in 2023 and asset sales of $77 million.

• For Q1 2024, the company forecasts FFO per share to range between $0.65 and $0.66.

• An increase of $1.8 million in total rental revenue is related to property sales and operator transitions.

• Interest income from mortgage loans increased by $1.2 million due to mortgage loan originations in 2023 and a construction loan funding in 2024.

• Net income saw a decrease by $8.9 million due to a dip in the gains from real estate sales.

Business Progress:

• For 2024, LTC Properties is focusing on strategic long-term growth and capital allocation to provide risk-adjusted returns for shareholders.

• The company is planning to benefit from favorable demographic trends, better margins, rising occupancy rates in the senior housing and care industry.

• LTC is evaluating multiple investment opportunities to enhance shareholder value.

• The company expects to receive repayments for loans totaling about $80 million from two loans maturing in Q4.

• LTC is in conversation for converting loans to long-term equity ownership with operators.

• No more dispositions are planned for financing growth considering the sufficient dispositions carried out in the past 24 months.

• The company has renegotiated a lease with HMG leading to increased rent and extended lease term, underlining its confidence in the partner's operational improvements.

• The forecasted market-based lease rent for 2024 stands at $3.3 million.

More details: LTC Properties Inc IR

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