LTC Properties (NYSE:LTC) posted on Thursday Q4 funds from operations per share that fell more than expected even as the health care REIT’s total expenses rose during the quarter.
Q4 FFO per share of $0.57, trailing the $0.67 average analyst estimate, fell from $0.65 in Q3 and $0.72 in the year-earlier quarter.
Revenue of $50.2M, vs. $49.7M expected, rose from $49.3M in the prior quarter and $47.8M a year before.
LTC edged up 0.7% in after-hours trading.
Rental income advanced to $32.5M from $31.6M in Q3 and retreated from $34.7M in Q4 2022.
Expenses totaled $38.7M compared with $31.9M in Q3 and $30.0M last year.
During the quarter, LTC (LTC) recorded a $3.6M provision for credit losses related to the write-off of a note receivable under the two-year ALG Senior master lease covering 12 properties.
Conference call on Feb. 16 at 8:00 a.m. ET.
Earlier, LTC Properties (LTC) reports Q4 results.
