WESTLAKE VILLAGE, Calif. (AP) _ LTC Properties Inc. (LTC) on Thursday reported a key measure of profitability in its second quarter. The results missed Wall Street expectations.
The Westlake Village, California-based real estate investment trust said it had funds from operations of $29.7 million, or 75 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 76 cents per share.
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 $20.4 million, or 51 cents per share.
The real estate investment trust posted revenue of $46.3 million in the period. Its adjusted revenue was $38.3 million, topping Street forecasts. Four analysts surveyed by Zacks expected $30.5 million.
The company's shares have climbed 13% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $47.05, a rise of 11% in the last 12 months.