WESTLAKE VILLAGE, Calif. (AP) _ LTC Properties Inc. (LTC) on Thursday reported a key measure of profitability in its second quarter.
The real estate investment trust, based in Westlake Village, California, said it had funds from operations of $29.7 million, or 76 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 $1.8 million, or 5 cents per share.
The real estate investment trust posted revenue of $28.5 million in the period. Its adjusted revenue was $38 million.
The company's shares have decreased 13% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $38.80, a decrease of 17% in the last 12 months.