WESTLAKE VILLAGE, Calif. (AP) — WESTLAKE VILLAGE, Calif. (AP) — LTC Properties Inc. (LTC) on Monday reported a key measure of profitability in its first quarter.
The Westlake Village, California-based real estate investment trust said it had funds from operations of $29.9 million, or 65 cents per share, in the period.
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 $20.5 million, or 45 cents per share.
The real estate investment trust, based in Westlake Village, California, posted revenue of $49 million in the period. Its adjusted revenue was $31.4 million.
LTC expects full-year funds from operations in the range of $2.65 to $2.69 per share.
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