The following is a summary of the LTC Properties, Inc. (LTC) Q4 2023 Earnings Call Transcript:
Financial Performance:
LTC reported $262 million in investments and $77 million in sales proceeds, resulting in net gains of $37 million in 2023.
The company completed the transition of the Brookdale portfolio, generating anticipated revenue of $0.5 million more than the original lease.
The FAD payout ratio for Q4 was 79% while maintaining a monthly dividend payout of $0.19 per share.
LTC projects that FFO will be in the range of $0.69 to $0.70 per share for Q1 2024. Fully diluted FFO per share was $0.57 compared with $0.72 in Q4 2023.
The company reduced its leverage significantly, ahead of expectations, and continued to observe a strong demand for seniors housing as occupancy increased for the 10th consecutive quarter.
Business Progress:
LTC sold 9 properties with a combined total of 408 units for $29.6 million and received proceeds of $24.6 million net of transaction costs.
The company repaid $60 million under an unsecured revolving line of credit, reducing its debt to annualized adjusted EBITDA for real estate from 6x to 5.5x.
Moving into 2024, LTC has a stronger and diversified portfolio coupled with a robust balance sheet, better positioning the company for future growth.
LTC is actively rebuilding its pipeline with accretive and strategic investments and is progressing well on the transition of its remaining assets to a new operator by the end of the year.
The company's investment outlook shows a run rate between 63-64 and plans to increase its investment portfolio across various segments.
More details: LTC Properties Inc IR
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