LTC Properties’ Funds From Operations Slip

LTC Properties Inc. in Oxnard said that for the three months that ended Dec. 31, funds from operations amounted to $7.9 million, or 30 cents per diluted share, compared with $9.3 million, or 34 cents, for the previous year.

Funds from operations are the generally accepted measure of a real estate investment trust’s operating performance.

Revenue for the three months was $20.4 million, compared with $20.7 million for the same period in 1999.

Net loss after preferred dividends was $3 million, or 11 cents per diluted share, compared with a loss of $9.3 million, or 34 cents per diluted share, for the three months that ended Dec. 31, 1999.

For all of 2000, funds from operations totaled $37.6 million, or $1.44 per diluted share, compared with $45.2 million, or $1.64 per diluted share, for the same period in 1999.

Revenue for the 12 months was $87.1 million versus $87.7 million for the same period in 1999. Net income available to common shareholders was $16.6 million, or 63 cents per diluted share, compared with $16.7 million, or 61 cents per diluted share, for all of 1999.

LTC also announced 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 January, February and March.

As of Dec. 31, LTC had investments in 249 skilled nursing facilities, 94 assisted living residences and four schools in 36 states.