LTC Properties Inc. (LTC: Quote) reported that its fourth-quarter Funds from Operations or FFO increased 25.0% to $16.8 million from $13.4 million in the comparable 2010 period. FFO per common share for the fourth quarter increased 7.8% to $0.55 from $0.51 in the year ago quarter.
The Company reported a 29.6% increase in normalized Funds from Operations to $16.9 million for the quarter, from $13.1 million from the comparable 2010 period.
Normalized FFO per common share was $0.55, an increase of 12.2% from $0.49 for the comparable 2010 period. The increase in normalized FFO per common share was due to higher revenues resulting primarily from acquisitions partially offset by an increase in interest expense and higher weighted average diluted shares outstanding.
Net income available to common stockholders was $11.7 million or $0.39 per share, compared to net income available to common stockholders was $9.6 million or $0.37 per share last year.
Revenues for the quarter rose to $22.30 million from $19.82 million in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.54 per share on revenues of $21.71 million for the quarter. Analysts' estimates typically exclude special items.
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by RTT Staff Writer
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