LTC PROPERTIES INC
For the period ended Mar 31, 2024. Filed Apr 29, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 29, 2024
LTC$44.47-1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows
(amounts in thousands, unaudited)
| | | | | | | | | |
|---|---|---|---|---|---|---|---|---|
| · · Three Months Ended March 31, | ||||||||
| · 2024 · 2023 | ||||||||
| OPERATING ACTIVITIES: · · · · · · | ||||||||
| Net income | | $24,689 | | $33,561 | | | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | |
| Depreciation and amortization | | 9,095 | | 9,210 | | | ||
| Stock-based compensation expense | | 2,202 | | 2,088 | | | ||
| Impairment loss | | | — | | | 434 | | |
| Gain on sale of real estate, net | | (3,251) | | (15,373) | | | ||
| Income from unconsolidated joint ventures | | (376) | | (376) | | | ||
| Income distributions from unconsolidated joint ventures | | | 112 | | | — | | |
| Straight-line rental adjustment | | | 550 | | 465 | | | |
| Exchange of prepayment fee for participating interest in mortgage loan | | | — | | | (1,380) | | |
| Amortization of lease incentives | | | 233 | | | 209 | | |
| Provision for credit losses | | 24 | | 1,731 | | | ||
| Application of interest reserve | | | (52) | | | (1,149) | | |
| Amortization of debt issue costs | | | 267 | | | 300 | | |
| Other non-cash items, net | | 24 | | 23 | | | ||
| Change in operating assets and liabilities | | | | | | | | |
| Lease incentives funded | | | (1,395) | | | — | | |
| Increase in interest receivable | | (2,220) | | (2,079) | | | ||
| Increase (decrease) in accrued interest payable | | 996 | | (1,112) | | | ||
| Net change in other assets and liabilities | | (9,948) | | (8,513) | | | ||
| Net cash provided by operating activities | | 20,950 | | 18,039 | | | ||
| INVESTING ACTIVITIES: | | | | | | | | |
| Investment in real estate properties | | (315) | | — | | | ||
| Investment in real estate capital improvements | | (1,329) | | (2,608) | | | ||
| Proceeds from sale of real estate, net | | 25,306 | | 31,616 | | | ||
| Investment in financing receivables | | | — | | | (112,712) | | |
| Investment in real estate mortgage loans receivable | | (3,128) | | (53,226) | | | ||
| Principal payments received on mortgage loans receivable | | 125 | | 125 | | | ||
| Advances and originations under notes receivable | | — | | (605) | | | ||
| Principal payments received on notes receivable | | 550 | | 5,180 | | | ||
| Net cash provided by (used in) investing activities | | 21,209 | | (132,230) | | | ||
| FINANCING ACTIVITIES: | | | | | | | | |
| Borrowings from revolving line of credit | | 10,300 | | 162,700 | | | ||
| Repayment of revolving line of credit | | (35,500) | | (22,600) | | | ||
| Principal payments on senior unsecured notes | | | (6,000) | | | (7,000) | | |
| Proceeds from common stock issued | | 4,453 | | 1,777 | | | ||
| Distributions paid to stockholders | | (24,616) | | (23,563) | | | ||
| Distributions paid to non-controlling interests | | (109) | | (406) | | | ||
| Financing costs paid | | (402) | | (20) | | | ||
| Cash paid for taxes in lieu of shares upon vesting of restricted stock | | | (1,532) | | | (1,538) | | |
| Other | | (29) | | — | | | ||
| Net cash (used in) provided by financing activities | | (53,435) | | 109,350 | | | ||
| Decrease in cash and cash equivalents | | (11,276) | | (4,841) | | | ||
| Cash and cash equivalents, beginning of period | | 20,286 | | 10,379 | | | ||
| Cash and cash equivalents, end of period | | $9,010 | | $5,538 | | | ||
| | | | | | | | | |
| Supplemental disclosure of cash flow information: | | | | | | | | |
| Interest paid | | $9,782 | | $11,421 | | | ||
| Non-cash investing and financing transactions: | | | | | | | | |
| Contribution from non-controlling interest | | $— | | $3,831 | | | ||
| Exchange of mezzanine loan and related prepayment fee for participating interest in mortgage loan | | $— | | $(8,841) | | | ||
| Reserves withheld at financing and mortgage loan receivable origination | | $— | | $(5,147) | | | ||
| Accretion of interest reserve recorded as mortgage loan receivable | | $52 | | $1,149 | | | ||
| Increase (decrease) in fair value of interest rate swap agreements | | $378 | | $(1,362) | | | ||
| Distributions paid to non-controlling interests | | $439 | | $— | | | ||
| Distributions paid to non-controlling interests related to property sale | | $2,305 | | $— | | | ||
| Mortgage loan receivable reserve withheld at origination | | $— | | $750 | | | ||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.