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LTC Properties (NYSE:LTC) faced a setback as it posted Q4 Funds From Operations (FFO) that fell below expectations, amidst a surge in total expenses for the health care Real Estate Investment Trust (REIT).
The Q4 FFO per share stood at $0.57, which was lower than the average analyst estimate of $0.67, marking a slip from $0.65 in the previous quarter and $0.72 in the same quarter of the previous year.
Surpassing the anticipated $49.7M, the revenue amounted to $50.2M in Q4, climbing from $49.3M in the previous quarter and $47.8M a year earlier.
Following the announcement, LTC inched up by 0.7% in after-hours trading.
Rental income saw an increase, reaching $32.5M from $31.6M in Q3, but a decline from $34.7M in Q4 2022.
Notably, the expenses totaled $38.7M, a notable jump from $31.9M in the previous quarter and $30.0M in the same quarter last year.
During the quarter, LTC recorded a $3.6M provision for credit losses, pertaining to the write-off of a note receivable under the two-year ALG Senior master lease, which covers 12 properties.
An upcoming conference call is scheduled for February 16 at 8:00 a.m. ET.
Prior to this, LTC Properties reported the Q4 results.
