LTC Properties Invests in Long-Term Care Sites

LTC Properties, based in Oxnard, announced record investments for 1996 totaling $205 million.

The entire amount was invested in the long-term care sector. Of the sum, $154 million, or 75%, went to skilled-nursing facilities, and the balance was invested in assisted-living residences.

The skilled-nursing investments included $69 million to acquire 20 facilities with 2,650 beds operated by six firms. LTC also provided $85 million in mortgage loans on 31 skilled-nursing facilities with 4,077 beds operated by 20 firms.

The assisted-living investments consisted of $38 million to acquire 18 residences with 674 units operated by three companies. The company also provided $13 million in mortgage loans on nine residences with 333 units operated by three firms.

LTC also released its fourth-quarter and year-end report for the period ending Dec. 31. Revenues for the quarter increased 49% to $15.35 million, up from $10.27 million for the three months ended Dec. 31, 1995. Net income increased to $5.84 million or 29 cents per share, compared with $5.15 million or 28 cents per share for the same period a year earlier.

Revenues for calendar 1996 were $54.93 million, versus $35.56 million for the same period in 1995. Net income increased to $22.53 million or $1.17 per share for the year, versus $20.04 million or $1.10 a share for 1995.

As of Dec. 31, the company had investments in 248 skilled-nursing facilities and 35 assisted-living residences in 32 states.