LTC Properties Profits from Nursing Home Sale

LTC Properties in Oxnard announced that during the three months ending Sept. 30, Funds from Operations--the generally accepted measure of operating performance for a real estate investment trust--was 44 cents per basic share and 43 cents per diluted share.

This represents an increase of approximately 10% from 39 cents per diluted share for the same period a year earlier. Funds from Operations available to common shareholders for the third quarter increased 27% to $12.3 million versus $9.6 million for the third quarter of 1997.

Net income available to common shareholders was $3.5 million or 13 cents per diluted share, compared with $7.5 million or 31 cents per diluted share for the same period a year earlier. The net income included a gain of $1.7 million on the sale of two skilled nursing facilities.

Those facilities, containing 322 beds and located in California, were sold for gross proceeds of $5.1 million, $1.3 million more than the company paid for them in 1994.

During the quarter, LTC completed $19.6 million of new net investments.

In addition, the board of directors declared a cash dividend of 39 cents per share on its common stock for the fourth quarter. The dividend will be paid Dec. 31 to shareholders of record as of Dec. 15.

The board also declared monthly cash dividends of 19.79 cents per share on the 9.5% Series A Cumulative Preferred Stock and 18.75 cents per share on the 9.0% Series B Preferred Stock for October, November and December. The dividends are payable on Nov. 15, Dec. 15 and Jan. 15 to stockholders of record on Nov. 1, Dec. 1 and Jan. 1, respectively.