LTC Properties Announces Increase in Dividend

The board of directors for LTC Properties Inc. in Oxnard has set the company’s quarterly cash dividend at 39 cents per share on its outstanding common stock, representing an increase of 2.5 cents above the amount paid in the previous quarter.

The dividend, which will be paid June 30 to shareholders of record on June 15, continues the company’s six-year history of increased dividends. As a result of the increase, the annualized rate of distribution will be $1.56 per share.

The announcement came as LTC reported that for the three months ended March 31 its funds from operations--a measure of how well a real estate investment trust is doing--was 43 cents per basic share and 42 cents per diluted share. This represents an increase of approximately 11% from 38 cents per diluted share for the same period a year earlier.

The funds from operations available to common shareholders in the first quarter increased by 23% to $11.16 million, from $9.09 million in the first quarter of 1997. Net income available to common shareholders increased to $8.55 million, or 33 cents per diluted share, compared with $6.1 million or 27 cents per diluted share, for the same period a year earlier.

The company said it completed new investments of $47.6 million during the quarter.

As of March 31, LTC had investments in 275 skilled nursing facilities and 81 assisted living residences in 34 states. The company invests in long-term care and other health care facilities.