WESTLAKE VILLAGE, Calif. (AP) _ LTC Properties Inc. (LTC) on Thursday reported a key measure of profitability in its third quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Westlake Village, California, said it had funds from operations of $30.9 million, or 77 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 77 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 $27.1 million, or 68 cents per share.
The real estate investment trust posted revenue of $47.1 million in the period. Its adjusted revenue was $38.7 million, falling short of Street forecasts. Three analysts surveyed by Zacks expected $38.9 million.
The company's shares have increased 24% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $51.85, an increase of 21% in the last 12 months.