WESTLAKE VILLAGE, Calif. – WESTLAKE VILLAGE, Calif. (AP) _ LTC Properties Inc. (LTC) on Wednesday reported a key measure of profitability in its second quarter. The results met Wall Street expectations.
The real estate investment trust, based in Westlake Village, California, said it had funds from operations of $29.6 million, or 75 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 75 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $68.7 million, or $1.73 per share.
The real estate investment trust posted revenue of $41.5 million in the period. Its adjusted revenue was $33.9 million.
The company's shares have declined roughly 3 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $42.34, a fall of 16 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on LTC at https://www.zacks.com/ap/LTC