LTC Properties’ Funds From Operations Up 9%

LTC Properties in Oxnard reported that funds from operations for the year ended Dec. 31 increased approximately 9% on a diluted basis to $1.71 per share, up from $1.57 per share for the same period a year earlier.

Funds from operations is the generally accepted way to measure operating performance by real estate investment trusts.

Revenues for the year were $89.3 million versus $73.4 million for 1997, an increase of approximately 22%. Net income available to common shareholders increased to $37.6 million, or $1.39 per diluted share, from $29.6 million, or $1.25 per diluted share, for 1997.

For the quarter ended Dec. 31, funds from operations were 44 cents per basic share and 43 cents per diluted share. This represents an increase of approximately 5% from the same period a year earlier. Funds from operations available to common shareholders for the fourth quarter of 1998 increased 15% to $12.1 million .

Net income available to common shareholders was $8.4 million, or 30 cents per diluted share, compared with $7.9 million, or 31 cents per diluted share, for the same period a year earlier.

As of Dec. 31, the company had investments in 274 skilled nursing facilities, 90 assisted-living residences and six schools in 36 states.