LTC Properties Reports 5% Boost in Revenues

LTC Properties, an Oxnard real estate investment trust that specializes in long-term health-care facilities, reported that funds from operations for the three months ended March 31 were 43 cents per basic and diluted share, compared with 42 cents for the same period last year.

Funds from operations is the generally accepted measure of real estate investment trust operating performance.

Revenues for the three months were $22.2 million, compared with $21.2 million for the same period in 1998, an increase of approximately 5%. Net income available to common shareholders was $8.7 million for the three months.

During the first quarter, the company originated $5.7 million in new mortgage loans at a yield of 11%. It also repurchased 316,800 shares of its common stock for approximately $4.1 million.

The board of directors has declared a cash dividend of 39 cents per share on its common stock for the second quarter. The dividend will be paid June 30 to stockholders of record as of the close of business June 15.

The board also declared monthly cash dividends of 19.79 cents per share on the 9.5% Series A preferred stock and 18.75 cents per share on the 9% Series B preferred stock for April, May and June. Those dividends are payable on May 15, June 15 and July 15 to stockholders of record as of the close of business on the first day of those three months.

As of March 31, the company had investments in 273 skilled nursing facilities, 92 assisted-living residences and six schools in 36 states.