LTC Properties(LTC)2025-02-24 21:24Financial Performance - Total revenues for Q4 2024 increased to $52.582 million, up 4.8% from $50.195 million in Q4 2023[2] - Net income available to common stockholders decreased to $17.912 million, down 36.1% from $28.057 million in Q4 2023[2] - Diluted earnings per share (EPS) for Q4 2024 was $0.39, a decline of 42.1% compared to $0.67 in Q4 2023[2] - NAREIT funds from operations (FFO) attributable to common stockholders rose to $32.962 million, an increase of 37.8% from $23.902 million in Q4 2023[2] - Net income for the twelve months ended December 31, 2024, was $94,879 thousand, compared to $91,462 thousand in 2023, representing an increase of about 3.4%[19] - Net cash provided by operating activities increased to $125,169 thousand in 2024 from $104,403 thousand in 2023, a rise of approximately 19.9%[19] - Funds available for distribution (FAD) for the twelve months ended December 31, 2024, was $125,772 thousand, up from $115,338 thousand in 2023, reflecting an increase of about 9.5%[24] - NAREIT Basic FFO attributable to common stockholders per share increased to $0.73 for Q4 2024, up from $0.57 in Q4 2023, representing a 28.1% increase[28] - Total NAREIT Diluted FFO attributable to common stockholders was $33,133,000 for Q4 2024, compared to $23,902,000 in Q4 2023, reflecting a 38.7% growth[28] Liquidity and Capital Structure - Total liquidity as of December 31, 2024, was $680.4 million, including $9.4 million in cash and $280.7 million available under the unsecured revolving line of credit[7] - The company repaid $95.8 million under its revolving line of credit during the quarter[8] - Total assets decreased from $1,855,098 thousand in 2023 to $1,786,142 thousand in 2024, a decline of approximately 3.7%[17] - Total liabilities decreased from $938,831 thousand in 2023 to $733,137 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 $991,656 thousand in 2023 to $1,082,764 thousand in 2024, an increase of about 9.2%[17] - The total equity increased from $916,267 thousand in 2023 to $1,053,005 thousand in 2024, reflecting a growth of approximately 14.9%[17] Operational Highlights - LTC Properties sold a closed property in Colorado for $5.3 million, recording a gain on sale of $1.1 million[8] - The company reported a gain on sale of real estate, net of $7,979 thousand in 2024, compared to a loss of $37,296 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 $0.57 for both Q4 2024 and Q4 2023[14] Credit Losses and Adjustments - The company recorded a provision for credit losses reserve of $1,635,000 related to a $163,460,000 acquisition of properties in 2024[27] - The company reported a recovery for credit losses related to loan payoffs of $511,000 for a $51,111,000 mortgage loan paid off during Q4 2024[27] - The company experienced a provision for credit losses recovery of $1,738,000 related to five mortgage loan payoffs totaling $182,892,000 during 2024[27] - The total non-recurring adjustments to NAREIT FFO amounted to $(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]