-- Company Significantly Improves Liquidity
through Balance Sheet De-levering --
LTC Properties, Inc. (NYSE: LTC) (“LTC” or the
“Company”), a real estate investment trust that primarily
invests in seniors housing and health care properties, today
announced operating results for the third quarter ended September
30, 2024.
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Three Months Ended
September 30,
(unaudited, amounts in thousands, except
per share data)
2024
2023
Total revenues
$
55,783
$
49,303
Net income available to common
stockholders
$
29,165
$
22,050
Diluted earnings per common share
$
0.66
$
0.54
NAREIT funds from operations ("FFO")
attributable to common stockholders(1)
$
34,556
$
26,679
NAREIT diluted FFO per common share(1)
$
0.78
$
0.65
FFO attributable to common stockholders,
excluding non-recurring items(1)
$
30,383
$
26,679
Diluted FFO attributable to common
stockholders, excluding non-recurring items, per share(1)
$
0.68
$
0.65
Funds available for distribution
("FAD")(1)
$
34,721
$
27,213
Diluted FAD per share(1)
$
0.78
$
0.66
FAD, excluding non-recurring items(1)
$
30,228
$
27,213
Diluted FAD, excluding non-recurring
items, per share(1)
$
0.68
$
0.66
_______________ (1)
NAREIT FFO and FAD are non-GAAP financial
measures. A reconciliation of these measures is included in the
tables at the end of this press release.
More detailed financial information is available in the tables
at the end of this press release, the Company’s Supplemental
Operating and Financial Data presentation for the 2024 third
quarter, and its Form 10-Q, as filed with the Securities and
Exchange Commission, both of which can be found on LTC’s investor
relations website at www.ir.ltcreit.com.
“Our third quarter was positive, and we are optimistic about the
future. By de-levering our balance sheet, we are building
sufficient growth capital to take advantage of investment
opportunities as they arise,” said Wendy Simpson, LTC’s Chairman
and Chief Executive Officer. “The seniors housing and care market
continues to improve, and LTC is strategically positioned to
generate accretive growth. I believe we have the right team, the
right strategy, and the access to capital needed to ensure a bright
future.”
Third Quarter 2024 Financial Results:
- Total revenues increased as the result of income received from
previously transitioned portfolios, higher income from loan
originations, construction loan funding in 2024, and rent
increases, partially offset by lower revenue from sold
properties.
- Expenses declined primarily due to a decrease in interest
expense related to paying down the Company’s unsecured revolving
line of credit and scheduled principal paydowns on its senior
unsecured notes, and depreciation expense, partially offset by an
increase in general and administrative expense.
- Income from unconsolidated joint ventures increased as a result
of a 2024 mortgage loan origination.
- Income allocated to non-controlling interests increased due to
consolidated joint ventures formed during 2024.
2024 Third Quarter Portfolio Update:
Investment
- As previously announced, committed to fund a $26.1 million
mortgage loan for the construction of a 116-unit independent
living, assisted living and memory care community in Illinois. The
borrower contributed $12.3 million of equity to initially fund the
construction. The equity is expected to be fully drawn in early
2025, then LTC will begin funding the commitment. The loan term is
approximately six years at a current rate of 9.0% and an IRR of
9.5%.
Mortgage Loan Payoff, Asset Sale, and
Note Receivable Paydown
- Received $29.3 million from the payoff of a mortgage loan
secured by a 189-bed skilled nursing center in Louisiana;
- As previously announced, sold an 80-unit assisted living
community in Texas to the operator for $8.0 million and recorded a
gain on sale of $3.6 million. The operator paid $441,000 in rent
through the remainder of the initial lease term; and
- As previously announced, received $10.4 million from paydown of
the HMG Healthcare working capital note.
Other Revenue
- Recorded $4.1 million of income from former operators related
to portfolio transitions in prior years.
Debt and Equity
- Exercised the accordion feature under the Company’s credit
agreement increasing its unsecured revolving line of credit by
$25.0 million, bringing total commitments to $525.0 million ($425.0
million unsecured revolving line of credit and $100.0 million of
term loans);
- Repaid $41.6 million under its unsecured revolving line of
credit;
- Repaid $34.2 million in scheduled principal paydowns on its
senior unsecured notes; and
- Sold 1,543,100 shares of common stock for $54.7 million in net
proceeds under its equity distribution agreements.
Activities Subsequent to September 30, 2024:
- Received the payoff of a $51.1 million mortgage loan secured by
a 203-unit independent living, assisted living and memory care
community in Georgia;
- Sold a closed property in Colorado for $5.3 million and
anticipate recording a gain on sale of approximately $1.1 million
in the fourth quarter;
- Sold 226,370 shares of common stock for $7.9 million in net
proceeds under its equity distribution agreements; and
- Repaid $93.8 million under the Company’s unsecured revolving
line of credit.
Balance Sheet and Liquidity:
At September 30, 2024, LTC’s liquidity was $229.5 million,
including $35.0 million of cash on hand, $184.9 million available
under the Company’s unsecured revolving line of credit, and the
potential to access the capital markets through the issuance of
$9.6 million of common stock under LTC’s equity distribution
agreements.
Subsequent to September 30, 2024, LTC’s current liquidity is
$285.5 million, including $5.4 million of cash on hand, $278.6
million available under its unsecured revolving line of credit, and
the potential to access the capital markets through the issuance of
$1.5 million of common stock under LTC’s equity distribution
agreements.
Conference Call
Information
LTC will conduct a conference call on Tuesday, October 29, 2024,
at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time), to provide
commentary on its performance and operating results for the quarter
ended September 30, 2024. The conference call is accessible by
telephone and the internet. Interested parties may access the live
conference call via the following:
Webcast
www.LTCreit.com
USA Toll-Free Number
(888) 506‑0062
International Number
(973) 528‑0011
Conference Access Code
235941
Additionally, an audio replay of the call will be available one
hour after the live call through November 12, 2024 via the
following:
USA Toll-Free Number
(877) 481‑4010
International Number
(919) 882-2331
Conference Number
51263
About LTC
LTC is a real estate investment trust (REIT) investing in
seniors housing and health care properties primarily through
sale-leasebacks, mortgage financing, joint-ventures and structured
finance solutions including preferred equity and mezzanine lending.
LTC’s investment portfolio includes 189 properties in 25 states
with 29 operating partners. Based on its gross real estate
investments, LTC’s investment portfolio is comprised of
approximately 50% seniors housing and 50% skilled nursing
properties. Learn more at www.LTCreit.com.
Forward-Looking
Statements
This press release includes statements that are not purely
historical and are “forward-looking statements” within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
including statements regarding the Company’s expectations, beliefs,
intentions or strategies regarding the future. All statements other
than historical facts contained in this press release are
forward-looking statements. These forward-looking statements
involve a number of risks and uncertainties. Please see LTC’s most
recent Annual Report on Form 10‑K, its subsequent Quarterly Reports
on Form 10‑Q, and its other publicly available filings with the
Securities and Exchange Commission for a discussion of these and
other risks and uncertainties. All forward-looking statements
included in this press release are based on information available
to the Company on the date hereof, and LTC assumes no obligation to
update such forward-looking statements. Although the Company’s
management believes that the assumptions and expectations reflected
in such forward-looking statements are reasonable, no assurance can
be given that such expectations will prove to have been correct.
The actual results achieved by the Company may differ materially
from any forward-looking statements due to the risks and
uncertainties of such statements.
LTC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF
INCOME
(unaudited, amounts in thousands,
except per share amounts)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
Revenues:
Rental income
$
32,258
$
31,589
$
97,464
$
94,861
Interest income from financing
receivables(1)
7,001
3,832
14,661
11,413
Interest income from mortgage loans
10,733
12,247
35,842
35,417
Interest and other income
5,791
1,635
9,298
5,358
Total revenues
55,783
49,303
157,265
147,049
Expenses:
Interest expense
10,023
12,674
31,971
34,595
Depreciation and amortization
9,054
9,499
27,173
28,085
Impairment loss
—
—
—
12,510
Provision for credit losses
215
189
942
2,107
Transaction costs
33
329
679
537
Property tax expense
3,186
3,271
9,816
9,751
General and administrative expenses
6,765
5,959
20,016
18,344
Total expenses
29,276
31,921
90,597
105,929
Other operating income:
Gain on sale of real estate, net
3,663
4,870
6,882
20,545
Operating income
30,170
22,252
73,550
61,665
Income from unconsolidated joint
ventures
692
375
1,739
1,127
Net income
30,862
22,627
75,289
62,792
Income allocated to non-controlling
interests
(1,496
)
(430
)
(2,332
)
(1,287
)
Net income attributable to LTC Properties,
Inc.
29,366
22,197
72,957
61,505
Income allocated to participating
securities
(201
)
(147
)
(511
)
(440
)
Net income available to common
stockholders
$
29,165
$
22,050
$
72,446
$
61,065
Earnings per common share:
Basic
$
0.66
$
0.54
$
1.67
$
1.48
Diluted
$
0.66
$
0.54
$
1.65
$
1.48
Weighted average shares used to
calculate earnings per
common share:
Basic
43,868
41,153
43,313
41,127
Diluted
44,394
41,211
43,839
41,185
Dividends declared and paid per common
share
$
0.57
$
0.57
$
1.71
$
1.71
_______________ (1)
Represents rental income from acquisitions
through sale-leaseback transactions, subject to leases that contain
purchase options. In accordance with GAAP, the properties are
required to be presented as financing receivables on the
Consolidated Balance Sheets and the rental income to be presented
as Interest income from financing receivables on the Consolidated
Statements of Income.
LTC PROPERTIES, INC.
CONSOLIDATED BALANCE
SHEETS
(amounts in thousands, except per
share amounts)
September 30, 2024
December 31, 2023
(unaudited)
(audited)
ASSETS
Investments:
Land
$
118,382
$
121,725
Buildings and improvements
1,217,954
1,235,600
Accumulated depreciation and
amortization
(398,080
)
(387,751
)
Operating real estate property, net
938,256
969,574
Properties held-for-sale, net of
accumulated depreciation: 2024—$1,794; 2023—$3,616
4,058
18,391
Real property investments, net
942,314
987,965
Financing receivables,(1) net of credit
loss reserve: 2024—$3,615; 2023—$1,980
357,889
196,032
Mortgage loans receivable, net of credit
loss reserve: 2024—$3,638; 2023—$4,814
360,776
477,266
Real estate investments, net
1,660,979
1,661,263
Notes receivable, net of credit loss
reserve: 2024—$482; 2023—$611
47,691
60,490
Investments in unconsolidated joint
ventures
30,602
19,340
Investments, net
1,739,272
1,741,093
Other assets:
Cash and cash equivalents
35,040
20,286
Debt issue costs related to revolving line
of credit
1,548
1,557
Interest receivable
58,421
53,960
Straight-line rent receivable
18,677
19,626
Lease incentives
3,584
2,607
Prepaid expenses and other assets
15,095
15,969
Total assets
$
1,871,637
$
1,855,098
LIABILITIES
Revolving line of credit
$
240,150
$
302,250
Term loans, net of debt issue costs:
2024—$229; 2023—$342
99,771
99,658
Senior unsecured notes, net of debt issue
costs: 2024—$1,098; 2023—$1,251
445,402
489,409
Accrued interest
3,757
3,865
Accrued expenses and other liabilities
41,120
43,649
Total liabilities
830,200
938,831
EQUITY
Stockholders’ equity:
Common stock: $0.01 par value; 60,000
shares authorized; shares issued and outstanding: 2024—45,034;
2023—43,022
450
430
Capital in excess of par value
1,062,374
991,656
Cumulative net income
1,707,352
1,634,395
Accumulated other comprehensive income
3,639
6,110
Cumulative distributions
(1,825,996
)
(1,751,312
)
Total LTC Properties, Inc. stockholders’
equity
947,819
881,279
Non-controlling interests
93,618
34,988
Total equity
1,041,437
916,267
Total liabilities and equity
$
1,871,637
$
1,855,098
_______________ (1)
Represents acquisitions through
sale-leaseback transactions, subject to leases that contain
purchase options. In accordance with GAAP, the properties are
required to be presented as financing receivables on the
Consolidated Balance Sheets.
LTC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(unaudited, amounts in
thousands)
Nine Months Ended
September 30,
2024
2023
OPERATING ACTIVITIES:
Net income
$
75,289
$
62,792
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
27,173
28,085
Stock-based compensation expense
6,791
6,349
Impairment loss
—
12,510
Gain on sale of real estate, net
(6,882
)
(20,545
)
Income from unconsolidated joint
ventures
(1,739
)
(1,127
)
Income distributions from unconsolidated
joint ventures
839
—
Straight-line rental adjustment
561
1,635
Exchange of prepayment fee for
participating interest in mortgage loan
—
(1,380
)
Adjustment for collectability of rental
income and lease incentives
321
26
Amortization of lease incentives
626
584
Provision for credit losses
942
2,107
Application of interest reserve
(233
)
(1,788
)
Amortization of debt issue costs
791
900
Other non-cash items, net
71
71
Change in operating assets and
liabilities
Lease incentives funded
(1,794
)
(1,023
)
Increase in interest receivable
(7,124
)
(8,605
)
Decrease in accrued interest payable
(108
)
(1,341
)
Net change in other assets and
liabilities
(3,645
)
(318
)
Net cash provided by operating
activities
91,879
78,932
INVESTING ACTIVITIES:
Investment in real estate properties
(319
)
(43,759
)
Investment in real estate capital
improvements
(9,908
)
(5,053
)
Proceeds from sale of real estate, net
33,641
51,410
Investment in financing receivables
(97
)
(112,712
)
Investment in real estate mortgage loans
receivable
(19,078
)
(72,260
)
Principal payments received on mortgage
loans receivable
34,474
301
Investments in unconsolidated joint
ventures
(11,262
)
—
Advances and originations under notes
receivable
(340
)
(19,258
)
Principal payments received on notes
receivable
13,268
7,077
Net cash provided by (used in) investing
activities
40,379
(194,254
)
FINANCING ACTIVITIES:
Borrowings from revolving line of
credit
19,200
274,450
Repayment of revolving line of credit
(81,300
)
(42,200
)
Principal payments on senior unsecured
notes
(44,160
)
(44,160
)
Proceeds from common stock issued
65,629
1,777
Distributions paid to stockholders
(74,684
)
(70,767
)
Distributions paid to non-controlling
interests
(109
)
(1,217
)
Financing costs paid
(516
)
(19
)
Cash paid for taxes in lieu of shares upon
vesting of restricted stock
(1,533
)
(1,619
)
Other
(31
)
—
Net cash (used in) provided by financing
activities
(117,504
)
116,245
Increase in cash and cash equivalents
14,754
923
Cash and cash equivalents, beginning of
period
20,286
10,379
Cash and cash equivalents, end of
period
$
35,040
$
11,302
Supplemental disclosure of cash flow
information:
Interest paid
$
31,288
$
35,036
Non-cash investing and financing
transactions:
Contribution from non-controlling
interest
$
61,025
$
12,964
Investment in financing receivables
$
(163,460
)
$
—
Exchange of mezzanine loan and related
prepayment fee for participating interest in mortgage loan
$
—
$
(8,841
)
Exchange of mortgage loans for controlling
interests in joint ventures accounted for as financing
receivables
$
102,435
$
—
Reserves withheld at financing and
mortgage loan receivable origination
$
—
$
(5,147
)
Accretion of interest reserve recorded as
mortgage loan receivable
$
233
$
1,788
Decrease in fair value of interest rate
swap agreements
$
(2,471
)
$
(123
)
Distributions paid to non-controlling
interests
$
2,313
$
—
Distributions paid to non-controlling
interests related to property sale
$
2,305
$
—
Mortgage loan receivable reserve withheld
at origination
$
—
$
1,506
Supplemental Reporting
Measures
FFO and FAD are supplemental measures of a real estate
investment trust’s (“REIT”) financial performance that are not
defined by U.S. generally accepted accounting principles (“GAAP”).
Investors, analysts and the Company use FFO and FAD as supplemental
measures of operating performance. The Company believes FFO and FAD
are helpful in evaluating the operating performance of a REIT. Real
estate values historically rise and fall with market conditions,
but cost accounting for real estate assets in accordance with GAAP
assumes that the value of real estate assets diminishes predictably
over time. We believe that by excluding the effect of historical
cost depreciation, which may be of limited relevance in evaluating
current performance, FFO and FAD facilitate like comparisons of
operating performance between periods. Occasionally, the Company
may exclude non-recurring items from FFO and FAD in order to allow
investors, analysts and management to compare the Company’s
operating performance on a consistent basis without having to
account for differences caused by unanticipated items.
FFO, as defined by the National Association of Real Estate
Investment Trusts (“NAREIT”), means net income available to common
stockholders (computed in accordance with GAAP) excluding gains or
losses on the sale of real estate and impairment write-downs of
depreciable real estate, plus real estate depreciation and
amortization, and after adjustments for unconsolidated partnerships
and joint ventures. The Company’s computation of FFO may not be
comparable to FFO reported by other REITs that do not define the
term in accordance with the current NAREIT definition or have a
different interpretation of the current NAREIT definition from that
of the Company; therefore, caution should be exercised when
comparing the Company’s FFO to that of other REITs.
We define FAD as FFO excluding the effects of straight-line
rent, amortization of lease inducement, effective interest income,
deferred income from unconsolidated joint ventures, non-cash
compensation charges, capitalized interest and non-cash interest
charges. GAAP requires rental revenues related to non-contingent
leases that contain specified rental increases over the life of the
lease to be recognized evenly over the life of the lease. This
method results in rental income in the early years of a lease that
is higher than actual cash received, creating a straight-line rent
receivable asset included in the consolidated balance sheet. At
some point during the lease, depending on its terms, cash rent
payments exceed the straight-line rent which results in the
straight-line rent receivable asset decreasing to zero over the
remainder of the lease term. Effective interest method, as required
by GAAP, is a technique for calculating the actual interest rate
for the term of a mortgage loan based on the initial origination
value. Similar to the accounting methodology of straight-line rent,
the actual interest rate is higher than the stated interest rate in
the early years of the mortgage loan thus creating an effective
interest receivable asset included in the interest receivable line
item in the consolidated balance sheet and reduces down to zero
when, at some point during the mortgage loan, the stated interest
rate is higher than the actual interest rate. FAD is useful in
analyzing the portion of cash flow that is available for
distribution to stockholders. Investors, analysts and the Company
utilize FAD as an indicator of common dividend potential. The FAD
payout ratio, which represents annual distributions to common
shareholders expressed as a percentage of FAD, facilitates the
comparison of dividend coverage between REITs.
While the Company uses FFO and FAD as supplemental performance
measures of the cash flow generated by operations and cash
available for distribution to stockholders, such measures are not
representative of cash generated from operating activities in
accordance with GAAP, and are not necessarily indicative of cash
available to fund cash needs and should not be considered an
alternative to net income available to common stockholders.
Reconciliation of FFO and
FAD
The following table reconciles GAAP net income available to
common stockholders to each of NAREIT FFO attributable to common
stockholders and FAD (unaudited, amounts in thousands):
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
GAAP net income available to common
stockholders
$
29,165
$
22,050
$
72,446
$
61,065
Add: Impairment loss
—
—
—
12,510
Add: Depreciation and amortization
9,054
9,499
27,173
28,085
Less: Gain on sale of real estate, net
(3,663
)
(4,870
)
(6,882
)
(20,545
)
NAREIT FFO attributable to common
stockholders
34,556
26,679
92,737
81,115
(Less) Add: Non-recurring items
(4,173
)
(1)
—
(5,528
)
(1)
262
(1)
FFO attributable to common stockholders,
excluding non-recurring items
$
30,383
$
26,679
$
87,209
$
81,377
NAREIT FFO attributable to common
stockholders
$
34,556
$
26,679
92,737
81,115
Non-cash income:
(Less) Add: straight-line rental (income)
adjustment
(37
)
747
561
1,635
Add: amortization of lease incentives
188
171
626
610
Add: Other non-cash contra-revenue
—
—
321
(2)
—
Less: Effective interest income
(2,470
)
(2,696
)
(6,407
)
(6,524
)
Net non-cash income
(2,319
)
(1,778
)
(4,899
)
(4,279
)
Non-cash expense:
Add: Non-cash compensation charges
2,269
2,123
6,791
6,348
Add: Provision for credit losses
215
(3)
189
942
(3)
2,107
(3)
Net non-cash expense
2,484
2,312
7,733
8,455
Funds available for distribution (FAD)
$
34,721
$
27,213
95,571
85,291
Less: Non-recurring income
(4,493
)
(1)
—
(7,756
)
(1)
(1,570
)
(1)
Funds available for distribution (FAD),
excluding non-recurring items
$
30,228
$
27,213
$
87,815
$
83,721
_______________
(1)
See the reconciliation of non-recurring
items on the following page for further detail.
(2)
Represents the straight-line rent
receivable write-off of $321 related to converting a lease to fair
market rent.
(3)
Includes provision for credit losses
reserve recorded upon origination of acquisitions accounted for as
financing receivables, and mortgage loans, offset by mortgage loan
payoffs. See the reconciliation of non-recurring items on the
following page for further detail.
Reconciliation of FFO and FAD
(continued)
The following table continues the reconciliation between GAAP
net income available to common stockholders and each of NAREIT FFO
attributable to common stockholders and FAD by reconciling the
non-recurring items (unaudited, amounts in thousands):
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
Reconciliation of
non-recurring adjustments to NAREIT FFO:
Provision for credit losses reserve
recorded upon origination
$
—
$
—
$
1,635
(1)
$
1,832
(1)
Provision for credit losses recovery
related to loan payoffs
(293
)
(1)
—
(1,227
)
(1)
—
Provision for credit losses related to
effective interest receivable write-off on partial principal
paydown
613
(2)
—
613
(2)
—
Add: Total provision for credit losses
non-recurring adjustments
320
—
1,021
1,832
Add: Straight-line rent receivable
write-off
—
—
321
(5)
—
Deduct: Mortgage interest income related
to the exit IRR received
—
—
—
(1,570
)
(8)
Deduct: Other income from former
operators
(4,052
)
(3)
—
(4,052
)
(3)
—
Deduct: Rental income related to sold
properties
(441
)
(4)
—
(2,818
)
(6)
—
Total non-recurring
adjustments to NAREIT FFO
$
(4,173
)
$
—
$
(5,528
)
$
262
Reconciliation of
non-recurring adjustments to FAD:
Deduct: Mortgage interest income related
to the exit IRR received
$
—
$
—
$
(886
)
(7)
$
(1,570
)
(8)
Deduct: Other income from former
operators
(4,052
)
(3)
—
(4,052
)
(3)
—
Deduct: Rental income related to sold
properties
(441
)
(4)
—
(2,818
)
(6)
—
Total non-recurring cash
adjustments to FAD
$
(4,493
)
$
—
$
(7,756
)
$
(1,570
)
_______________
(1)
A 1% credit loss reserve is taken upon
origination of financing transactions, then decreased as the
balance is paid down through scheduled principal payments and
payoffs.
- Recorded a $293 provision for credit losses recovery related to
a $29,347 mortgage loan paid off during 3Q 2024.
- During 2024, LTC recorded a provision for credit losses reserve
of $1,635 related to the $163,460 acquisition of properties
accounted for as financing receivables, offset by a provision for
credit losses recovery of $1,227 related to the four mortgage loan
payoffs totaling $131,781.
- During 2023, LTC recorded a provision for credit losses reserve
of $1,832 related to the $121,321 acquisition of properties
accounted for as financing receivables and originated two mortgage
loans totaling $61,861.
(2)
The effective interest receivable
write-off related to a partial principal paydown on a mortgage
loan.
(3)
Represents income received from former
operators related to portfolio transitions in prior years.
(4)
Represents rent through the initial lease
term, which was received upon sale of an 80-unit assisted living
community covered under the lease.
(5)
Represents the straight-line rent
receivable write-off related to a lease that converted to fair
market rent during 2Q 2024. The straight-line rent write-off is a
contra-revenue on the Consolidated Statements of Income.
(6)
Represents (3) from above and the rent
credit received in connection with the sale of a 110-unit assisted
living community in Wisconsin. The rent credit was provided to the
operator during new construction lease-up.
(7)
The exit IRR income was received upon the
payoff of three mortgage loans in 2024. The exit IRR was previously
recorded ratably over the term of the loan through effective
interest income.
(8)
The exit IRR income was received upon the
payoff of two mezzanine loans in 2023 and was not previously
recorded.
Reconciliation of FFO and FAD
(continued)
The following table continues the reconciliation between GAAP
net income available to common stockholders and each of NAREIT FFO
attributable to common stockholders and FAD (unaudited, amounts in
thousands, except per share amounts):
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
NAREIT Basic FFO attributable to common
stockholders per share
$
0.79
$
0.65
$
2.14
$
1.97
NAREIT Diluted FFO attributable to common
stockholders per share
$
0.78
$
0.65
$
2.11
$
1.97
NAREIT Diluted FFO attributable to common
stockholders
$
34,757
$
26,826
$
93,248
$
81,555
Weighted average shares used to calculate
NAREIT diluted FFO per share attributable to common
stockholders
44,696
41,469
44,133
41,440
Basic FFO attributable to common
stockholders, excluding non-recurring items, per share
$
0.69
$
0.65
$
2.01
$
1.98
Diluted FFO attributable to common
stockholders, excluding non-recurring items, per share
$
0.68
$
0.65
$
1.99
$
1.97
Diluted FFO attributable to common
stockholders, excluding non-recurring items
$
30,584
$
26,826
$
87,720
$
81,817
Weighted average shares used to calculate
diluted FFO, excluding non-recurring items, per share attributable
to common stockholders
44,696
41,469
44,133
41,440
Basic FAD per share
$
0.79
$
0.66
$
2.21
$
2.07
Diluted FAD per share
$
0.78
$
0.66
$
2.18
$
2.07
Diluted FAD
$
34,922
$
27,360
$
96,082
$
85,731
Weighted average shares used to calculate
diluted FAD per share
44,696
41,469
44,133
41,440
Basic FAD, excluding non-recurring items,
per share
$
0.69
$
0.66
$
2.03
$
2.04
Diluted FAD, excluding non-recurring
items, per share
$
0.68
$
0.66
$
2.00
$
2.03
Diluted FAD, excluding non-recurring
items
$
30,429
$
27,360
$
88,326
$
84,161
Weighted average shares used to calculate
diluted FAD, excluding non-recurring items, per share
44,696
41,469
44,133
41,440
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241028692923/en/
For more information contact: Mandi Hogan (805) 981‑8655
LTC Properties (NYSE:LTC)
過去 株価チャート
から 10 2024 まで 11 2024
LTC Properties (NYSE:LTC)
過去 株価チャート
から 11 2023 まで 11 2024
