WESTLAKE VILLAGE, Calif. (AP) — WESTLAKE VILLAGE, Calif. (AP) — LTC Properties Inc. (LTC) on Wednesday 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 $33.7 million, or 69 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 $23.4 million, or 48 cents per share.
The real estate investment trust, based in Westlake Village, California, posted revenue of $95.4 million in the period. Its adjusted revenue was $26.3 million.
LTC expects full-year funds from operations in the range of $2.75 to $2.79 per share.
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