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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