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LTC Reports 2017 First Quarter Results

May 9, 2017

WESTLAKE VILLAGE, CA–LTC Properties, Inc. (NYSE: LTC), a real estate investment trust that primarily invests in seniors housing and health care properties, today announced operating results for its first quarter ended March 31, 2017.

Net income available to common stockholders was $21.4 million, or $0.54 per diluted share, for the 2017 first quarter compared with $19.8 million, or $0.53 per diluted share, for the same period in 2016. Funds from Operations (“FFO”) increased 8.7% to $30.8 million for the 2017 first quarter, up from $28.3 million for the comparable 2016 period. FFO per diluted common share was $0.78 and $0.76 for the quarters ended March 31, 2017 and 2016, respectively. The increase in net income available to common stockholders per share and FFO per share was primarily due to higher revenues from prior year acquisitions, mortgage loan originations and completed development projects, partially offset by higher interest expense resulting from the sale of senior unsecured notes in May and July of 2016 and February 2017, the issuance of shares and lower capitalized interest from development projects, as well as additional general and administrative expenditures related to performance-based equity awards.

As previously announced, LTC completed the following during the first quarter of 2017:
• Amended its shelf agreement with affiliates and managed accounts of Prudential Investment Management, Inc. (or Prudential) to increase its shelf commitment to $337.5 million;
• Sold 15-year senior unsecured notes in the aggregate amount of $100.0 million to a group of institutional investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual fixed rate of 4.5%, have scheduled principal payments and mature on February 16, 2032. The proceeds were used to repay the outstanding balance of the unsecured line of credit; and
• Sold 312,881 shares of common stock for $14.6 million in net proceeds under its equity distribution agreement. The proceeds were used to repay the outstanding balance of the unsecured line of credit.

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