LTC Properties Posts Strong Income Gains
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LTC Properties Inc., an Oxnard-based real estate investment trust that invests in nursing homes and other health care facilities, reported strong income gains for the fourth quarter and year ended Dec. 31.
The company posted earnings of $15.3 million for 1994, more than double the $6.85-million profit reported in 1993. Revenues for the year jumped to $27.6 million, up 74% from $15.8 million for 1993.
For the fourth quarter, the company posted a net income of $4.48 million, compared to $1.95 million during the same three-month period in 1993. Revenues rose to $8 million, up 84% from $4.32 million a year earlier.
LTC Properties attributed its earnings gains to the strong performance of skilled-nursing facilities the company acquired last year. During 1994, the company completed investments totaling $165 million, including $120 million spent on mortgage loans for 62 nursing facilities with a total of 6,949 beds.
Through Dec. 31, the company’s portfolio included investments in 177 skilled-nursing facilities.
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