LTC Properties Reports 1st-Quarter Profit Surge

LTC Properties Inc., an Oxnard real estate investment trust, said its first-quarter profit more than doubled to $2.45 million from $1.12 million the same quarter a year earlier. The profit surge was on a revenue of $5.56 million, up 65% from $3.37 million a year earlier.

LTC attributed the results from the quarter that ended March 31 to $127 million in new loans and purchases of nursing-home properties completed during the past year. The company provides long-term financing for nursing homes, or purchases them and leases them to other operators.