Financial Performance - Total revenues for Q4 2024 increased to 52.582million,up4.850.195 million in Q4 2023[2] - Net income available to common stockholders decreased to 17.912million,down36.128.057 million in Q4 2023[2] - Diluted earnings per share (EPS) for Q4 2024 was 0.39,adeclineof42.10.67 in Q4 2023[2] - NAREIT funds from operations (FFO) attributable to common stockholders rose to 32.962million,anincreaseof37.823.902 million in Q4 2023[2] - Net income for the twelve months ended December 31, 2024, was 94,879thousand,comparedto91,462 thousand in 2023, representing an increase of about 3.4%[19] - Net cash provided by operating activities increased to 125,169thousandin2024from104,403 thousand in 2023, a rise of approximately 19.9%[19] - Funds available for distribution (FAD) for the twelve months ended December 31, 2024, was 125,772thousand,upfrom115,338 thousand in 2023, reflecting an increase of about 9.5%[24] - NAREIT Basic FFO attributable to common stockholders per share increased to 0.73forQ42024,upfrom0.57 in Q4 2023, representing a 28.1% increase[28] - Total NAREIT Diluted FFO attributable to common stockholders was 33,133,000forQ42024,comparedto23,902,000 in Q4 2023, reflecting a 38.7% growth[28] Liquidity and Capital Structure - Total liquidity as of December 31, 2024, was 680.4million,including9.4 million in cash and 280.7millionavailableundertheunsecuredrevolvinglineofcredit[7]−Thecompanyrepaid95.8 million under its revolving line of credit during the quarter[8] - Total assets decreased from 1,855,098thousandin2023to1,786,142 thousand in 2024, a decline of approximately 3.7%[17] - Total liabilities decreased from 938,831thousandin2023to733,137 thousand in 2024, a reduction of approximately 21.9%[17] - Common stock issued increased from 43,022 shares in 2023 to 45,511 shares in 2024, an increase of about 5.8%[17] - The company’s capital in excess of par value increased from 991,656thousandin2023to1,082,764 thousand in 2024, an increase of about 9.2%[17] - The total equity increased from 916,267thousandin2023to1,053,005 thousand in 2024, reflecting a growth of approximately 14.9%[17] Operational Highlights - LTC Properties sold a closed property in Colorado for 5.3million,recordingagainonsaleof1.1 million[8] - The company reported a gain on sale of real estate, net of 7,979thousandin2024,comparedtoalossof37,296 thousand in 2023[19] - LTC's investment portfolio consists of 189 properties across 25 states, with a balanced allocation of approximately 50% in seniors housing and 50% in skilled nursing properties[10] - Dividends declared and paid per common share remained stable at 0.57forbothQ42024andQ42023[14]CreditLossesandAdjustments−Thecompanyrecordedaprovisionforcreditlossesreserveof1,635,000 related to a 163,460,000acquisitionofpropertiesin2024[27]−Thecompanyreportedarecoveryforcreditlossesrelatedtoloanpayoffsof511,000 for a 51,111,000mortgageloanpaidoffduringQ42024[27]−Thecompanyexperiencedaprovisionforcreditlossesrecoveryof1,738,000 related to five mortgage loan payoffs totaling 182,892,000during2024[27]−Thetotalnon−recurringadjustmentstoNAREITFFOamountedto(3,379,000) for Q4 2024, compared to $(8,907,000) for the full year 2023[28] Future Outlook - The company plans to initiate initial transactions under its RIDEA strategy in Q2 2025, which is expected to drive future growth[4]
LTC Properties(LTC)2025-02-24 21:24