LTC Properties(LTC) - 2025 Q2 - Quarterly Results

Financial Performance - Total revenues for Q2 2025 increased by $10.1 million to $60.24 million compared to $50.12 million in Q2 2024[1] - Net income available to common stockholders decreased by $4.3 million to $14.94 million, down from $19.19 million in the previous year[1] - Diluted earnings per share fell to $0.32 from $0.44 year-over-year[1] - NAREIT funds from operations (FFO) attributable to common stockholders decreased to $23.38 million, down from $28.24 million in Q2 2024[1] - Total revenues for the three months ended June 30, 2025, increased to $60,240,000, compared to $50,116,000 for the same period in 2024, representing a growth of 20.4%[18] - Net income attributable to LTC Properties, Inc. for the six months ended June 30, 2025, was $35,772,000, down from $43,591,000 in 2024, reflecting a decrease of 18.0%[18] - Earnings per common share (diluted) for the three months ended June 30, 2025, was $0.32, compared to $0.44 for the same period in 2024, a decline of 27.3%[18] - Total expenses for the three months ended June 30, 2025, were $44,544,000, up from $31,017,000 in 2024, marking an increase of 43.8%[18] - GAAP net income available to common stockholders for Q2 2025 was $14,938,000, down from $19,188,000 in Q2 2024, representing a decrease of 22.5%[28] - NAREIT FFO attributable to common stockholders for Q2 2025 was $23,382,000, a decline of 17.2% compared to $28,244,000 in Q2 2024[28] - Funds available for distribution (FAD) for Q2 2025 was $25,623,000, down 13.5% from $29,548,000 in Q2 2024[28] - Core FFO for Q2 2025 increased to $31,393,000, up 7.7% from $29,266,000 in Q2 2024[28] - Basic FAD per share for Q2 2025 was $0.56, a decrease from $0.68 in Q2 2024, reflecting a decline of 17.6%[32] Investments and Acquisitions - The company raised its 2025 full-year guidance to include $400 million of completed and anticipated near-term investments[3] - The SHOP portfolio is expected to more than double in size due to these investments[3] - LTC originated a $42.3 million mortgage loan with a fixed yield of 8.5% secured by a 250-unit community in Florida[7] - The company expects to close investments totaling approximately $320 million over the next 60 days, with an anticipated average year-one yield of 7%[9] - The company acquired a 67-unit seniors housing community in California for $35.2 million, with an estimated year-one yield of 7%[7] - The company acquired properties valued at $163,460,000 in 2024, with $102,435,000 received from the payoff of three mortgage loans[31] Financial Guidance - The company raised its full year 2025 guidance for GAAP net income attributable to LTC Properties, Inc. to a range of $3.45 to $3.48 per share[33] - Diluted NAREIT FFO attributable to common stockholders is guided to be between $2.48 and $2.51 per share for 2025[33] - Diluted Core FFO is expected to be in the range of $2.67 to $2.71 per share for the full year 2025[33] - Diluted FAD guidance for 2025 is set between $2.70 and $2.73 per share[33] - SHOP NOI for the full year 2025 is projected to be between $10,400 and $15,600, or annualized between $17,300 and $35,700[34] - SHOP FAD capital expenditures for 2025 are estimated to be between $660,000 and $920,000, or annualized between $1.2 million and $1.4 million per unit[34] - General and administrative expenses for 2025 are expected to be between $29 million and $29.8 million[34] - The company anticipates incremental RIDEA ramp-up and execution costs of approximately $1.1 million to $1.5 million, with $823,000 expensed in the first half of 2025[34] - The guidance excludes additional investments beyond those closed to date or expected to close in the next 60 days[34] Liquidity and Cash Flow - As of June 30, 2025, total liquidity was reported at $640.4 million, including $256.4 million available under its unsecured revolving line of credit[10] - Cash and cash equivalents at the end of the period on June 30, 2025, were $7,609,000, a decrease from $9,414,000 at the beginning of the period[23] - The company reported a net cash provided by operating activities of $59,598,000 for the six months ended June 30, 2025, compared to $58,026,000 in 2024, reflecting a modest increase of 2.7%[23] Credit Losses - The company reported a provision for credit losses of $3,439,000 for the six months ended June 30, 2025, compared to $727,000 in 2024, indicating a significant increase in credit loss provisions[18] Non-Recurring Items - Non-recurring items added $8,011,000 to NAREIT FFO in Q2 2025, compared to $1,022,000 in Q2 2024[29] Other Information - The company’s investments in real estate properties for the six months ended June 30, 2025, included $41,535,000 in mortgage loans receivable[23] - The total assets as of June 30, 2025, were $1,795,357,000, compared to $1,786,142,000 as of December 31, 2024, showing a slight increase of 0.6%[21] - The company has converted Anthem's and New Perspective's triple-net portfolios of 13 properties with a total of 832 units into its new SHOP segment[34]