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Sunday, Jun 26, 2022

LTC Declares Higher Earnings, Lower Debt

The Westlake Village-based company had net income of $7.7 million, or 33 cents per share. For the same period in 2009, net income was $6.8 million or 30 cents per share.

The company also announced that during the second quarter it paid off a $7.6 million mortgage secured by an assisted living property in California. In addition, since the quarter ended, the company paid off a $41 million unsecured revolving line of credit. The money used to pay off this obligation came from the sale of unsecured short-term bonds.

At the end of the second quarter, LTC had investments in 95 skilled nursing properties, 99 assisted living properties, 12 other properties and two schools located in 29 states.

In midday trading Monday, shares of LTC rose to $25.06, an increase of 41 cents or 2 percent since its Friday close.

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