LTC Reports Increase in Earnings, Revenue

LTC Properties Inc., an Oxnard-based real estate investment trust, reported broad increases in earnings and revenue for the first quarter that ended March 31.

The company, which invests in nursing homes and other long-term health care facilities, reported a profit of $4.72 million for the first quarter, up 93% from earnings of $2.45 million in the same three-month period a year earlier. Revenue rose 35% to $7.51 million from $5.56 million a year earlier.

The company attributed the improved results to an additional $171 million of gross investments in long-term care facilities completed since March 31, 1994. During the first quarter, the company completed investments of about $37.1 million, including the acquisition of mortgage loans totaling $33.1 million and a skilled-nursing facility for $4 million.