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    LTC Reports 2024 Fourth Quarter Results

    2/24/25 4:15:00 PM ET
    $LTC
    Real Estate Investment Trusts
    Real Estate
    Get the next $LTC alert in real time by email

    -- Company Makes Progress Toward RIDEA Strategy --

    LTC Properties, Inc. (NYSE:LTC) ("LTC" or the "Company"), a real estate investment trust that primarily invests in seniors housing and health care properties, today announced operating results for the fourth quarter ended December 31, 2024.

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250224567017/en/

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

     

    December 31,

    (unaudited, amounts in thousands, except per share data)

     

    2024

     

    2023

    Total revenues

     

    $

    52,582

     

    $

    50,195

    Net income available to common stockholders

     

    $

    17,912

     

    $

    28,057

    Diluted earnings per common share

     

    $

    0.39

     

    $

    0.67

     

     

     

     

     

     

     

    NAREIT funds from operations ("FFO") attributable to common stockholders(1)

     

    $

    32,962

     

    $

    23,902

    NAREIT diluted FFO per common share(1)

     

    $

    0.72

     

    $

    0.57

     

     

     

     

     

     

     

    FFO attributable to common stockholders, excluding non-recurring items(1)

     

    $

    29,583

     

    $

    27,463

    Diluted FFO attributable to common stockholders, excluding non-recurring items, per share(1)

     

    $

    0.65

     

    $

    0.66

     

     

     

     

     

     

     

    Funds available for distribution ("FAD")(1)

     

    $

    30,201

     

    $

    30,021

    Diluted FAD per share(1)

     

    $

    0.66

     

    $

    0.72

     

     

     

     

     

     

     

    FAD, excluding non-recurring items(1)

     

    $

    30,201

     

    $

    30,021

    Diluted FAD, excluding non-recurring items, per share(1)

     

    $

    0.66

     

    $

    0.72

    ____________________

    (1)

    NAREIT FFO and FAD are non-GAAP financial measures. A reconciliation of these measures is included in the tables at the end of this press release.

    More detailed financial information is available in the tables at the end of this press release, the Company's Supplemental Operating and Financial Data presentation for the 2024 fourth quarter, and its Form 10-K, as filed with the Securities and Exchange Commission, both of which can be found on LTC's investor relations website at www.ir.ltcreit.com.

    "2024 was a strong year for LTC. We set ambitious goals, and we delivered, often ahead of schedule," said Pam Kessler, LTC's Co-Chief Executive Officer and Co-President. "We are making substantial progress on our RIDEA strategy, with initial transactions expected during the second quarter. Adding RIDEA to our robust suite of offerings for growth-minded operating partners unlocks a strong catalyst for future growth for LTC. Additionally, we would like to recognize the recent promotions of Gibson Satterwhite to Executive Vice President, Asset Management and Michael Bowden to Senior Vice President, Investments. They have been an integral part of the LTC team for nearly ten years, and their expertise will be invaluable as we continue to unlock LTC's long-term growth potential."

    "Our entrance into RIDEA has created significant interest from current and potential operating partners," said Clint Malin, Co-Chief Executive Officer, Co-President and Chief Investment Officer. "As a result, we are expanding our pipeline with interesting opportunities from both inbound inquiries and proactive outreach. We believe RIDEA will become a critical part of LTC's strategy, offering operators a structure that aligns their successes with ours."

    Fourth Quarter 2024 Financial Results:

    • Total revenues increased due to a one-time additional straight-line rental income related to restoring accrual basis accounting for two master leases, rent increases from fair-market rent resets, previously transitioned portfolios and escalations and higher income from a construction loan funding in 2024. These were partially offset by lower revenue from sold properties and mortgage loan payoffs.
    • Expenses decreased primarily due to lower interest expense related to paying down the Company's unsecured revolving line of credit and scheduled principal paydowns on its senior unsecured notes and a decrease in provision for credit losses. These were partially offset by an increase in impairment loss and general and administrative expense.
    • Income from unconsolidated joint ventures increased as a result of a 2024 mortgage loan origination accounted for as an unconsolidated joint venture in accordance with Generally Accepted Accounting Principles.
    • Income allocated to non-controlling interests increased due to consolidated joint ventures formed during 2024.

    2024 Fourth Quarter Portfolio Update:

    Mortgage Loan Payoff and Asset Sale (as previously announced)

    • Received the payoff of a $51.1 million mortgage loan secured by a 203-unit assisted living community in Georgia; and
    • Sold a closed property in Colorado for $5.3 million and recorded a gain on sale of $1.1 million.

    Debt and Equity

    • Entered into a new equity distribution agreement to sell, from time to time, up to $400.0 million in aggregate offering price of shares of the Company's common stock and terminated its existing $200.0 million equity distribution agreement;
    • Repaid $95.8 million under the Company's revolving line of credit;
    • Repaid $5.0 million in scheduled principal paydowns on senior unsecured notes; and
    • Sold an aggregate of 476,370 shares of common stock for $17.5 million of net proceeds under equity distribution agreements.

    Activities Subsequent to December 31, 2024:

    • Sold a 29-unit assisted living community located in Oklahoma for $670,000;
    • Borrowed $15.0 million under the Company's unsecured revolving line of credit; and
    • Repaid $7.0 million in scheduled principal paydowns on senior unsecured notes.

    Balance Sheet and Liquidity:

    At December 31, 2024, LTC's total liquidity was $680.4 million, including $9.4 million of cash on hand, $280.7 million available under the Company's unsecured revolving line of credit, and the potential to access the capital markets through the issuance of $390.3 million of common stock under LTC's equity distribution agreements.

    Conference Call Information

    LTC will conduct a conference call on Tuesday, February 25, 2025, at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time), to provide commentary on its performance and operating results for the quarter ended December 31, 2024. The conference call is accessible by telephone and the internet. Interested parties may access the live conference call via the following:

     

     

     

    Webcast

     

    www.LTCreit.com

    USA Toll-Free Number

     

    (888) 506‑0062

    International Number

     

    (973) 528‑0011

    Conference Access Code

     

    995858

    Additionally, an audio replay of the call will be available one hour after the live call through March 11, 2025 via the following:

     

     

     

    USA Toll-Free Number

     

    (877) 481‑4010

    International Number

     

    (919) 882-2331

    Conference Number

     

    51842

    About LTC

    LTC is a real estate investment trust (REIT) investing in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint-ventures and structured finance solutions including preferred equity and mezzanine lending. LTC's investment portfolio includes 189 properties in 25 states with 30 operating partners. Based on its gross real estate investments, LTC's investment portfolio is comprised of approximately 50% seniors housing and 50% skilled nursing properties. Learn more at www.LTCreit.com.

    Forward-Looking Statements

    This press release includes statements that are not purely historical and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future. All statements other than historical facts contained in this press release are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties. Please see LTC's most recent Annual Report on Form 10‑K and its other publicly available filings with the Securities and Exchange Commission for a discussion of these and other risks and uncertainties. All forward-looking statements included in this press release are based on information available to the Company on the date hereof, and LTC assumes no obligation to update such forward-looking statements. Although the Company's management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements.

    LTC PROPERTIES, INC.

    CONSOLIDATED STATEMENTS OF INCOME

    (amounts in thousands, except per share amounts)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Twelve Months Ended

     

     

     

    December 31,

     

    December 31,

     

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

     

     

     

    (unaudited)

     

    (audited)

     

    Revenues:

     

     

     

     

     

     

     

     

     

     

     

     

     

    Rental income

     

    $

    34,814

     

     

    $

    32,489

     

     

    $

    132,278

     

     

    $

    127,350

     

     

    Interest income from financing receivables (1)

     

     

    7,002

     

     

     

    3,830

     

     

     

    21,663

     

     

     

    15,243

     

     

    Interest income from mortgage loans

     

     

    9,374

     

     

     

    12,308

     

     

     

    45,216

     

     

     

    47,725

     

     

    Interest and other income

     

     

    1,392

     

     

     

    1,568

     

     

     

    10,690

     

     

     

    6,926

     

     

    Total revenues

     

     

    52,582

     

     

     

    50,195

     

     

     

    209,847

     

     

     

    197,244

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Expenses:

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest expense

     

     

    8,365

     

     

     

    12,419

     

     

     

    40,336

     

     

     

    47,014

     

     

    Depreciation and amortization

     

     

    9,194

     

     

     

    9,331

     

     

     

    36,367

     

     

     

    37,416

     

     

    Impairment loss

     

     

    6,953

     

    (2

    )

     

    3,265

     

    (3

    )

     

    6,953

     

    (2

    )

     

    15,775

     

    (4

    )

    (Recovery) provision for credit losses

     

     

    (201

    )

     

     

    3,571

     

     

     

    741

     

     

     

    5,678

     

     

    Transaction costs

     

     

    140

     

     

     

    607

     

     

     

    819

     

     

     

    1,144

     

     

    Property tax expense

     

     

    3,114

     

     

     

    3,518

     

     

     

    12,930

     

     

     

    13,269

     

     

    General and administrative expenses

     

     

    7,227

     

     

     

    5,942

     

     

     

    27,243

     

     

     

    24,286

     

     

    Total expenses

     

     

    34,792

     

     

     

    38,653

     

     

     

    125,389

     

     

     

    144,582

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other operating income:

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gain on sale of real estate, net

     

     

    1,097

     

     

     

    16,751

     

     

     

    7,979

     

     

     

    37,296

     

     

    Operating income

     

     

    18,887

     

     

     

    28,293

     

     

     

    92,437

     

     

     

    89,958

     

     

    Income from unconsolidated joint ventures

     

     

    703

     

     

     

    377

     

     

     

    2,442

     

     

     

    1,504

     

     

    Net income

     

     

    19,590

     

     

     

    28,670

     

     

     

    94,879

     

     

     

    91,462

     

     

    Income allocated to non-controlling interests

     

     

    (1,507

    )

     

     

    (440

    )

     

     

    (3,839

    )

     

     

    (1,727

    )

     

    Net income attributable to LTC Properties, Inc.

     

     

    18,083

     

     

     

    28,230

     

     

     

    91,040

     

     

     

    89,735

     

     

    Income allocated to participating securities

     

     

    (171

    )

     

     

    (173

    )

     

     

    (682

    )

     

     

    (587

    )

     

    Net income available to common stockholders

     

    $

    17,912

     

     

    $

    28,057

     

     

    $

    90,358

     

     

    $

    89,148

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Earnings per common share:

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    $

    0.40

     

     

    $

    0.67

     

     

    $

    2.07

     

     

    $

    2.16

     

     

    Diluted

     

    $

    0.39

     

     

    $

    0.67

     

     

    $

    2.04

     

     

    $

    2.16

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average shares used to calculate earnings per

     

     

     

     

     

     

     

     

     

     

     

     

     

    common share:

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

     

    45,025

     

     

     

    41,701

     

     

     

    43,743

     

     

     

    41,272

     

     

    Diluted

     

     

    45,523

     

     

     

    42,046

     

     

     

    44,241

     

     

     

    41,358

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Dividends declared and paid per common share

     

    $

    0.57

     

     

    $

    0.57

     

     

    $

    2.28

     

     

    $

    2.28

     

     

    ____________________

    (1)

    Represents rental income from acquisitions through sale-leaseback transactions, subject to leases that contain purchase options. In accordance with GAAP, the properties are required to be presented as financing receivables on the Consolidated Balance Sheets and the rental income to be presented as Interest income from financing receivables on the Consolidated Statements of Income.

    (2)

    Represents the impairment loss in connection with the anticipated closure of two assisted living communities totaling 95 units in Ohio and Texas and the subsequent sale of a 29-unit assisted living community located in Oklahoma.

    (3)

    Represents the impairment loss in connection with the negotiations to sell seven assisted living communities totaling 248 units in Texas. These properties were sold during 2024.

    (4)

    Represents the impairment loss related to three assisted living communities totaling 197 units in Florida and Mississippi due to entering into purchase and sale agreements with sales prices lower than the communities' carrying values and (3) above.

    LTC PROPERTIES, INC.

    CONSOLIDATED BALANCE SHEETS

    (audited, amounts in thousands, except per share amounts)

     

     

     

     

     

     

     

     

     

     

    December 31, 2024

     

    December 31, 2023

    ASSETS

     

     

     

     

     

     

    Investments:

     

     

     

     

     

     

    Land

     

    $

    118,209

     

     

    $

    121,725

     

    Buildings and improvements

     

     

    1,212,853

     

     

     

    1,235,600

     

    Accumulated depreciation and amortization

     

     

    (405,884

    )

     

     

    (387,751

    )

    Operating real estate property, net

     

     

    925,178

     

     

     

    969,574

     

    Properties held-for-sale, net of accumulated depreciation: 2024—$1,346; 2023—$3,616

     

     

    670

     

     

     

    18,391

     

    Real property investments, net

     

     

    925,848

     

     

     

    987,965

     

    Financing receivables,(1) net of credit loss reserve: 2024—$3,615; 2023—$1,980

     

     

    357,867

     

     

     

    196,032

     

    Mortgage loans receivable, net of credit loss reserve: 2024—$3,151; 2023—$4,814

     

     

    312,583

     

     

     

    477,266

     

    Real estate investments, net

     

     

    1,596,298

     

     

     

    1,661,263

     

    Notes receivable, net of credit loss reserve: 2024—$477; 2023—$611

     

     

    47,240

     

     

     

    60,490

     

    Investments in unconsolidated joint ventures

     

     

    30,602

     

     

     

    19,340

     

    Investments, net

     

     

    1,674,140

     

     

     

    1,741,093

     

     

     

     

     

     

     

     

    Other assets:

     

     

     

     

     

     

    Cash and cash equivalents

     

     

    9,414

     

     

     

    20,286

     

    Debt issue costs related to revolving line of credit

     

     

    1,410

     

     

     

    1,557

     

    Interest receivable

     

     

    60,258

     

     

     

    53,960

     

    Straight-line rent receivable

     

     

    21,505

     

     

     

    19,626

     

    Lease incentives

     

     

    3,522

     

     

     

    2,607

     

    Prepaid expenses and other assets

     

     

    15,893

     

     

     

    15,969

     

    Total assets

     

    $

    1,786,142

     

     

    $

    1,855,098

     

     

     

     

     

     

     

     

    LIABILITIES

     

     

     

     

     

     

    Revolving line of credit

     

    $

    144,350

     

     

    $

    302,250

     

    Term loans, net of debt issue costs: 2024—$192; 2023—$342

     

     

    99,808

     

     

     

    99,658

     

    Senior unsecured notes, net of debt issue costs: 2024—$1,058; 2023—$1,251

     

     

    440,442

     

     

     

    489,409

     

    Accrued interest

     

     

    3,094

     

     

     

    3,865

     

    Accrued expenses and other liabilities

     

     

    45,443

     

     

     

    43,649

     

    Total liabilities

     

     

    733,137

     

     

     

    938,831

     

     

     

     

     

     

     

     

    EQUITY

     

     

     

     

     

     

    Stockholders' equity:

     

     

     

     

     

     

    Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2024—45,511; 2023—43,022

     

     

    455

     

     

     

    430

     

    Capital in excess of par value

     

     

    1,082,764

     

     

     

    991,656

     

    Cumulative net income

     

     

    1,725,435

     

     

     

    1,634,395

     

    Accumulated other comprehensive income

     

     

    3,815

     

     

     

    6,110

     

    Cumulative distributions

     

     

    (1,851,842

    )

     

     

    (1,751,312

    )

    Total LTC Properties, Inc. stockholders' equity

     

     

    960,627

     

     

     

    881,279

     

    Non-controlling interests

     

     

    92,378

     

     

     

    34,988

     

    Total equity

     

     

    1,053,005

     

     

     

    916,267

     

    Total liabilities and equity

     

    $

    1,786,142

     

     

    $

    1,855,098

     

    ____________________

    (1)

    Represents acquisitions through sale-leaseback transactions, subject to leases that contain purchase options. In accordance with GAAP, the properties are required to be presented as financing receivables on the Consolidated Balance Sheets.

    LTC PROPERTIES, INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (unaudited, amounts in thousands)

     

     

     

     

     

     

     

     

     

     

    Twelve Months Ended

     

     

    December 31,

     

     

    2024

     

     

    2023

     

    OPERATING ACTIVITIES:

     

     

     

     

     

     

    Net income

     

    $

    94,879

     

     

    $

    91,462

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

     

     

    Depreciation and amortization

     

     

    36,367

     

     

     

    37,416

     

    Stock-based compensation expense

     

     

    9,052

     

     

     

    8,481

     

    Impairment loss

     

     

    6,953

     

     

     

    15,775

     

    Gain on sale of real estate, net

     

     

    (7,979

    )

     

     

    (37,296

    )

    Income from unconsolidated joint ventures

     

     

    (2,442

    )

     

     

    (1,504

    )

    Income distributions from unconsolidated joint ventures

     

     

    1,278

     

     

     

    56

     

    Straight-line rental (income) adjustment

     

     

    (2,268

    )

     

     

    2,078

     

    Exchange of prepayment fee for participating interest in mortgage loan

     

     

    —

     

     

     

    (1,380

    )

    Adjustment for collectability of rental income and lease incentives

     

     

    321

     

     

     

    26

     

    Amortization of lease incentives

     

     

    818

     

     

     

    773

     

    Provision for credit losses

     

     

    741

     

     

     

    5,678

     

    Application of interest reserve

     

     

    (233

    )

     

     

    (1,939

    )

    Amortization of debt issue costs

     

     

    1,059

     

     

     

    1,205

     

    Other non-cash items, net

     

     

    95

     

     

     

    95

     

    Change in operating assets and liabilities

     

     

     

     

     

     

    Lease incentives funded

     

     

    (1,924

    )

     

     

    (1,627

    )

    Increase in interest receivable

     

     

    (10,390

    )

     

     

    (9,283

    )

    Decrease in accrued interest payable

     

     

    (771

    )

     

     

    (1,369

    )

    Net change in other assets and liabilities

     

     

    (387

    )

     

     

    (4,244

    )

    Net cash provided by operating activities

     

     

    125,169

     

     

     

    104,403

     

    INVESTING ACTIVITIES:

     

     

     

     

     

     

    Investment in real estate properties

     

     

    (319

    )

     

     

    (43,759

    )

    Investment in real estate capital improvements

     

     

    (13,677

    )

     

     

    (9,686

    )

    Proceeds from sale of real estate, net

     

     

    38,871

     

     

     

    66,274

     

    Investment in financing receivables

     

     

    (97

    )

     

     

    (112,712

    )

    Investment in real estate mortgage loans receivable

     

     

    (21,832

    )

     

     

    (72,230

    )

    Principal payments received on mortgage loans receivable

     

     

    85,906

     

     

     

    10,351

     

    Investments in unconsolidated joint ventures

     

     

    (11,262

    )

     

     

    —

     

    Advances and originations under notes receivable

     

     

    (340

    )

     

     

    (20,377

    )

    Principal payments received on notes receivable

     

     

    13,434

     

     

     

    7,227

     

    Net cash provided by (used in) investing activities

     

     

    90,684

     

     

     

    (174,912

    )

    FINANCING ACTIVITIES:

     

     

     

     

     

     

    Borrowings from revolving line of credit

     

     

    27,200

     

     

     

    277,450

     

    Repayment of revolving line of credit

     

     

    (185,100

    )

     

     

    (105,200

    )

    Principal payments on senior unsecured notes

     

     

    (49,160

    )

     

     

    (49,160

    )

    Proceeds from common stock issued

     

     

    83,107

     

     

     

    53,777

     

    Distributions paid to stockholders

     

     

    (100,530

    )

     

     

    (94,764

    )

    Distributions paid to non-controlling interests

     

     

    (109

    )

     

     

    —

     

    Financing costs paid

     

     

    (569

    )

     

     

    (68

    )

    Cash paid for taxes in lieu of shares upon vesting of restricted stock

     

     

    (1,533

    )

     

     

    (1,619

    )

    Other

     

     

    (31

    )

     

     

    —

     

    Net cash (used in) provided by financing activities

     

     

    (226,725

    )

     

     

    80,416

     

    (Decrease) increase in cash and cash equivalents

     

     

    (10,872

    )

     

     

    9,907

     

    Cash and cash equivalents, beginning of period

     

     

    20,286

     

     

     

    10,379

     

    Cash and cash equivalents, end of period

     

    $

    9,414

     

     

    $

    20,286

     

    See LTC's most recent Annual Report on Form 10‑K for Supplemental Cash Flow Information

    Supplemental Reporting Measures

    FFO and FAD are supplemental measures of a real estate investment trust's ("REIT") financial performance that are not defined by U.S. generally accepted accounting principles ("GAAP"). Investors, analysts and the Company use FFO and FAD as supplemental measures of operating performance. The Company believes FFO and FAD are helpful in evaluating the operating performance of a REIT. Real estate values historically rise and fall with market conditions, but cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. We believe that by excluding the effect of historical cost depreciation, which may be of limited relevance in evaluating current performance, FFO and FAD facilitate like comparisons of operating performance between periods. Occasionally, the Company may exclude non-recurring items from FFO and FAD in order to allow investors, analysts and management to compare the Company's operating performance on a consistent basis without having to account for differences caused by unanticipated items.

    FFO, as defined by the National Association of Real Estate Investment Trusts ("NAREIT"), means net income available to common stockholders (computed in accordance with GAAP) excluding gains or losses on the sale of real estate and impairment write-downs of depreciable real estate, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. The Company's computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or have a different interpretation of the current NAREIT definition from that of the Company; therefore, caution should be exercised when comparing the Company's FFO to that of other REITs.

    We define FAD as FFO excluding the effects of straight-line rent, amortization of lease inducement, effective interest income, deferred income from unconsolidated joint ventures, non-cash compensation charges, capitalized interest and non-cash interest charges. GAAP requires rental revenues related to non-contingent leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. This method results in rental income in the early years of a lease that is higher than actual cash received, creating a straight-line rent receivable asset included in the consolidated balance sheet. At some point during the lease, depending on its terms, cash rent payments exceed the straight-line rent which results in the straight-line rent receivable asset decreasing to zero over the remainder of the lease term. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a mortgage loan based on the initial origination value. Similar to the accounting methodology of straight-line rent, the actual interest rate is higher than the stated interest rate in the early years of the mortgage loan thus creating an effective interest receivable asset included in the interest receivable line item in the consolidated balance sheet and reduces down to zero when, at some point during the mortgage loan, the stated interest rate is higher than the actual interest rate. FAD is useful in analyzing the portion of cash flow that is available for distribution to stockholders. Investors, analysts and the Company utilize FAD as an indicator of common dividend potential. The FAD payout ratio, which represents annual distributions to common shareholders expressed as a percentage of FAD, facilitates the comparison of dividend coverage between REITs.

    While the Company uses FFO and FAD as supplemental performance measures of the cash flow generated by operations and cash available for distribution to stockholders, such measures are not representative of cash generated from operating activities in accordance with GAAP, and are not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income available to common stockholders.

    Reconciliation of FFO and FAD

    The following table reconciles GAAP net income available to common stockholders to each of NAREIT FFO attributable to common stockholders and FAD (unaudited, amounts in thousands):

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Twelve Months Ended

     

     

     

    December 31,

     

    December 31,

     

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    GAAP net income available to common stockholders

     

    $

    17,912

     

     

    $

    28,057

     

     

    $

    90,358

     

     

    $

    89,148

     

     

    Add: Impairment loss

     

     

    6,953

     

     

     

    3,265

     

     

     

    6,953

     

     

     

    15,775

     

     

    Add: Depreciation and amortization

     

     

    9,194

     

     

     

    9,331

     

     

     

    36,367

     

     

     

    37,416

     

     

    Less: Gain on sale of real estate, net

     

     

    (1,097

    )

     

     

    (16,751

    )

     

     

    (7,979

    )

     

     

    (37,296

    )

     

    NAREIT FFO attributable to common stockholders

     

     

    32,962

     

     

     

    23,902

     

     

     

    125,699

     

     

     

    105,043

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (Less) Add: Non-recurring items (1)

     

     

    (3,379

    )

     

     

    3,561

     

     

     

    (8,907

    )

     

     

    3,823

     

     

    FFO attributable to common stockholders, excluding non-recurring items

     

    $

    29,583

     

     

    $

    27,463

     

     

    $

    116,792

     

     

    $

    108,866

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    NAREIT FFO attributable to common stockholders

     

    $

    32,962

     

     

    $

    23,902

     

     

     

    125,699

     

     

     

    105,043

     

     

    Non-cash income:

     

     

     

     

     

     

     

     

     

     

     

     

     

    (Less) Add: Straight-line rental (income) adjustment

     

     

    (2,829

    )

     

     

    443

     

     

     

    (2,268

    )

     

     

    2,078

     

     

    Add: Amortization of lease incentives

     

     

    192

     

     

     

    189

     

     

     

    818

     

     

     

    799

     

     

    Add: Other non-cash contra-revenue

     

     

    —

     

     

     

    —

     

     

     

    321

     

    (2

    )

     

    —

     

     

    Less: Effective interest income

     

     

    (2,184

    )

     

     

    (215

    )

     

     

    (8,591

    )

     

     

    (6,739

    )

     

    Net non-cash income

     

     

    (4,821

    )

     

     

    417

     

     

     

    (9,720

    )

     

     

    (3,862

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Non-cash expense:

     

     

     

     

     

     

     

     

     

     

     

     

     

    Add: Non-cash compensation charges

     

     

    2,261

     

     

     

    2,131

     

     

     

    9,052

     

     

     

    8,479

     

     

    (Less) Add: (Recovery) provision for credit losses

     

     

    (201

    )

     

     

    3,571

     

     

     

    741

     

     

     

    5,678

     

     

    Net non-cash expense

     

     

    2,060

     

     

     

    5,702

     

     

     

    9,793

     

     

     

    14,157

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Funds available for distribution (FAD)

     

    $

    30,201

     

     

    $

    30,021

     

     

     

    125,772

     

     

     

    115,338

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Less: Non-recurring income (1)

     

     

    —

     

     

     

    —

     

     

     

    (7,756

    )

     

     

    (1,570

    )

     

    Funds available for distribution (FAD), excluding non-recurring items

     

    $

    30,201

     

     

    $

    30,021

     

     

    $

    118,016

     

     

    $

    113,768

     

     

    ____________________

    (1)

    See the reconciliation of non-recurring items on the following page for further detail.

    (2)

    Represents the straight-line rent receivable write-off of $321 related to converting a lease to fair market rent.

    Reconciliation of FFO and FAD (continued)

    The following table continues the reconciliation between GAAP net income available to common stockholders and each of NAREIT FFO attributable to common stockholders and FAD by reconciling the non-recurring items (unaudited, amounts in thousands):

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Twelve Months Ended

     

     

     

    December 31,

     

    December 31,

     

     

     

    2024

     

     

    2023

     

    2024

     

     

    2023

     

     

    Reconciliation of non-recurring adjustments to NAREIT FFO:

     

     

     

     

     

     

     

     

     

     

     

     

     

    Provision for credit losses reserve recorded upon origination

     

    $

    —

     

     

    $

    —

     

    $

    1,635

     

    (1

    )

    $

    1,832

     

    (1

    )

    Recovery for credit losses related to loan payoffs

     

     

    (511

    )

    (1

    )

     

    —

     

     

    (1,738

    )

    (1

    )

     

    —

     

     

    Provision for credit losses related to effective interest receivable write-off on partial principal paydown

     

     

    —

     

     

     

    —

     

     

    613

     

    (2

    )

     

    —

     

     

    Provision for credit losses related to the write-off of loan receivables

     

     

    290

     

    (3

    )

     

    3,561

    (4

    )

     

    290

     

    (3

    )

     

    3,561

     

    (4

    )

    (Deduct) Add: Total (recovery) provision for credit losses non-recurring adjustments

     

     

    (221

    )

     

     

    3,561

     

     

    800

     

     

     

    5,393

     

     

    Add: Straight-line rent receivable write-off

     

     

    —

     

     

     

    —

     

     

    321

     

    (5

    )

     

    —

     

     

    Deduct: Mortgage interest income related to the exit IRR received

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    (1,570

    )

    (6

    )

    Deduct: Other income from former operators

     

     

    —

     

     

     

    —

     

     

    (4,052

    )

    (7

    )

     

    —

     

     

    Deduct: Rental income related to sold properties

     

     

    —

     

     

     

    —

     

     

    (2,818

    )

    (8

    )

     

    —

     

     

    Deduct: One-time additional straight-line income

     

     

    (3,158

    )

    (9

    )

     

    —

     

     

    (3,158

    )

    (9

    )

     

    —

     

     

    Total non-recurring adjustments to NAREIT FFO

     

    $

    (3,379

    )

     

    $

    3,561

     

    $

    (8,907

    )

     

    $

    3,823

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Reconciliation of non-recurring adjustments to FAD:

     

     

     

     

     

     

     

     

     

     

     

     

     

    Deduct: Mortgage interest income related to the exit IRR received

     

    $

    —

     

     

    $

    —

     

    $

    (886

    )

    (10

    )

    $

    (1,570

    )

    (6

    )

    Deduct: Other income from former operators

     

     

    —

     

     

     

    —

     

     

    (4,052

    )

    (7

    )

     

    —

     

     

    Deduct: Rental income related to sold properties

     

     

    —

     

     

     

    —

     

     

    (2,818

    )

    (8

    )

     

    —

     

     

    Total non-recurring cash adjustments to FAD

     

    $

    —

     

     

    $

    —

     

    $

    (7,756

    )

     

    $

    (1,570

    )

     

    ____________________

    (1) A 1% credit loss reserve is taken upon origination of financing transactions, then decreased as the balance is paid down through scheduled principal payments and payoffs.

    a. Recorded a $511 provision for credit losses recovery related to a $51,111 mortgage loan paid off during 4Q 2024.

    .

    b. During 2024, LTC recorded a provision for credit losses reserve of $1,635 related to the $163,460 acquisition of properties accounted for as financing receivables, offset by provision for credit losses recovery of $1,738 related to five mortgage loan payoffs totaling $182,892.

    c. During 2023, LTC recorded a provision for credit losses reserve of $1,832 related to the $121,321 acquisition of properties accounted for as financing receivables and the origination of two mortgage loans totaling $61,861.

    (2)

    The effective interest receivable write-off related to a partial principal paydown on a mortgage loan.

    (3)

    The $290 notes receivable write-off was in connection with the pending closure of a 56-unit assisted living community located in Texas.

    (4)

    The $3,561 notes receivable write-off was in connection with the pending sale of seven properties in Texas, which were sold in 2024, and transition of three properties to new operators. The note was related to these 10 assisted living communities under a master lease.

    (5)

    Represents the straight-line rent receivable write-off related to a lease that converted to fair market rent during 2Q 2024. The straight-line rent write-off is a contra-revenue on the Consolidated Statements of Income.

    (6)

    The exit IRR income was received upon the payoff of two mezzanine loans in 2023 and was not previously recorded.

    (7)

    Represents income received from former operators related to portfolio transitions in prior years.

    (8)

    Represents rent through the initial lease term, which was received upon sale of an 80-unit assisted living community covered under the lease ($441) and the rent credit received in connection with the sale of a 110-unit assisted living community in Wisconsin ($2,377). The rent credit was provided to the operator during the new construction lease-up.

    (9)

    Represents a one-time additional straight-line rental income related to restoring accrual basis accounting for two master leases during the fourth quarter of 2024.

    (10)

    The exit IRR income was received upon the payoff of three mortgage loans in 2024. The exit IRR was previously recorded ratably over the term of the loan through effective interest income.

    Reconciliation of FFO and FAD (continued)

    The following table continues the reconciliation between GAAP net income available to common stockholders and each of NAREIT FFO attributable to common stockholders and FAD (unaudited, amounts in thousands, except per share amounts):

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Twelve Months Ended

     

     

     

    December 31,

     

    December 31,

     

     

     

    2024

     

    2023

     

    2024

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    NAREIT Basic FFO attributable to common stockholders per share

     

    $

    0.73

     

    $

    0.57

     

    $

    2.87

     

    $

    2.55

     

    NAREIT Diluted FFO attributable to common stockholders per share

     

    $

    0.72

     

    $

    0.57

     

    $

    2.84

     

    $

    2.54

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    NAREIT Diluted FFO attributable to common stockholders

     

    $

    33,133

     

    $

    23,902

     

    $

    126,381

     

    $

    105,630

     

    Weighted average shares used to calculate NAREIT diluted FFO per share attributable to common stockholders

     

     

    45,824

     

     

    41,787

     

     

    44,537

     

     

    41,614

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic FFO attributable to common stockholders, excluding non-recurring items, per share

     

    $

    0.66

     

    $

    0.66

     

    $

    2.67

     

    $

    2.64

     

    Diluted FFO attributable to common stockholders, excluding non-recurring items, per share

     

    $

    0.65

     

    $

    0.66

     

    $

    2.64

     

    $

    2.63

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Diluted FFO attributable to common stockholders, excluding non-recurring items

     

    $

    29,754

     

    $

    27,463

     

    $

    117,474

     

    $

    109,453

     

    Weighted average shares used to calculate diluted FFO, excluding non-recurring items, per share attributable to common stockholders

     

     

    45,824

     

     

    41,787

     

     

    44,537

     

     

    41,614

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic FAD per share

     

    $

    0.67

     

    $

    0.72

     

    $

    2.88

     

    $

    2.79

     

    Diluted FAD per share

     

    $

    0.66

     

    $

    0.72

     

    $

    2.84

     

    $

    2.79

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Diluted FAD

     

    $

    30,372

     

    $

    30,194

     

    $

    126,454

     

    $

    115,925

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average shares used to calculate diluted FAD per share

     

     

    45,824

     

     

    42,046

     

     

    44,537

     

     

    41,614

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic FAD, excluding non-recurring items, per share

     

    $

    0.67

     

    $

    0.72

     

    $

    2.70

     

    $

    2.76

     

    Diluted FAD, excluding non-recurring items, per share

     

    $

    0.66

     

    $

    0.72

     

    $

    2.67

     

    $

    2.75

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Diluted FAD, excluding non-recurring items

     

    $

    30,372

     

    $

    30,194

     

    $

    118,698

     

    $

    114,355

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average shares used to calculate diluted FAD, excluding non-recurring items, per share

     

     

    45,824

     

     

    42,046

     

     

    44,537

     

     

    41,614

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250224567017/en/

    For more information contact:

    Mandi Hogan

    (805) 981‑8655

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