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LTC Properties (NYSE:LTC) Q2 FFO per share rose during the quarter and beat Wall Street expectations as its rental income increased both from the prior quarter and a year ago.
Contributing to rental income was $1.2M of lease termination fee received in connection with the sale of a 74-unit assisted living community and rent received from properties that transitioned from the former Senior Lifestyle and Senior Care portfolios.
Q2 FFO of $0.64, exceeding the $0.62 consensus, increased from $0.60 in Q1 and from $0.57 in the year-ago quarter.
Q2 rental income of $31.6M vs. $30.3M in Q1 and $29.8M in Q2 2021.
Q2 total revenue of $43.0M topped the $37.9M consensus estimate and rose from $40.8M in the prior quarter and $38.1M in the year-ago quarter.
LTC (LTC) shares are gaining 0.8% in Thursday after-hours trading.
Q2 total expenses of $27.0M vs. $26.8M in Q1 and $25.6M in Q2 2021.
Q2 operating income of $54.1M, including $38.1M net gain on sale of real estate, vs. $14.1M in the prior quarter and $18.0M a year earlier.
During Q2, LTC (LTC) provided a temporary reduction of rent totaling $600K to Anthem and provided a $900K temporary reduction of rent for Q3 to $1.8M. However, LTC expects to receive total annual cash rent from Anthem in 2022 of ~$10.8M. Anthem has paid its agreed-upon rent of $600K for the month of July 2022.
The company also provided $702K of net deferred rent, which excludes the deferred rent provided to Anthem, and $1.2M of abated rent.
Conference call on July 29 at 11:00 AM ET.
Earlier, LTC Properties (LTC) FFO of $0.64 beats by $0.02, revenue of $43.02M beats by $5.14M
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