Q2 2024 LTC Properties Inc Earnings Call Transcript
Key Points
- LTC Properties Inc (LTC) successfully managed lease maturities in 2024, including a significant extension with HMG.
- The company converted mortgage loans into joint ventures, gaining majority ownership in 17 assets, enhancing portfolio security.
- LTC Properties Inc (LTC) maintained its full-year guidance for FFO, excluding non-recurring items, demonstrating confidence in financial stability.
- The company has a strong liquidity position with nearly $190 million available, including cash and credit facilities.
- LTC Properties Inc (LTC) committed to funding a $26.1 million mortgage loan for a new seniors' housing community, indicating growth potential.
- Occupancy issues at select assisted living communities operated by ALG Senior required rent deferrals and restructuring.
- LTC Properties Inc (LTC) wrote off $321,000 of straight-line rent receivable due to rental assistance provided.
- The company faced higher general and administrative expenses and provisions for credit loss, impacting net income.
- There is uncertainty regarding the timing of deferred rent recovery, which is not included in current earnings guidance.
- The skilled nursing facility (SNF) occupancy showed a seasonal decline, raising concerns about potential revenue impacts.
Good day and welcome to the LTC Properties, Incorporated second-quarter 2024 earnings call.
(Operator Instructions) Before management begins its presentation. Please note that today's comments, including the question-and-answer session may include forward-looking statements subject to risks and uncertainties that may cause actual results and events to differ materially. These risks and uncertainties are detailed in LTC Properties filings with the Securities and Exchange Commission from time to time, including the Company's most recent 10-K dated December 31, 2023.
LTC undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this presentation. Please note that this event is being recorded.
And I would now like to turn the conference over to Wendy Simpson. Please go ahead.
Thank you, operator, and welcome, everyone, to LTC's 2024 second-quarter conference call. On the call with me
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