WESTLAKE VILLAGE, Calif. (AP) — WESTLAKE VILLAGE, Calif. (AP) — LTC Properties Inc. (LTC) on Thursday reported a key measure of profitability in its fourth quarter. The results missed Wall Street expectations.
The Westlake Village, California-based real estate investment trust said it had funds from operations of $23.9 million, or 57 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 69 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $28.1 million, or 67 cents per share.
The real estate investment trust, based in Westlake Village, California, posted revenue of $50.2 million in the period. Its adjusted revenue was $32.5 million, also missing Street forecasts. Three analysts surveyed by Zacks expected $32.6 million.
For the year, the company reported funds from operations of $105 million. Revenue was reported as $127.4 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LTC at https://www.zacks.com/ap/LTC