Overview

* LTC Q2 revenue rises to $60.24 mln, driven by seniors housing operating portfolio ("SHOP") conversions

* Net income for Q2 declines due to increased transaction and admin costs

* Company raises 2025 guidance, reflecting $400 mln in investments

Outlook

* LTC expects SHOP portfolio to more than double in size

* Company anticipates 2025 increased SHOP NOI between $10.4 mln and $15.6 mln

* LTC projects 2025 increased Core FFO to $2.67-$2.71 per share

Result Drivers

* SHOP CONVERSIONS - Revenue increase driven by conversion of Anthem's and New Perspective's portfolios into SHOP, contributing $2.5 mln in net operating income

* EXPENSE INCREASE - Higher transaction and administrative costs led to a decline in net income, despite gains from SHOP conversions

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 $60.24

Revenue mln

Q2 EPS $0.32

Q2 Net $14.94

Income mln

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the specialized reits peer group is "buy."

* Wall Street's median 12-month price target for LTC Properties Inc ( LTC ) is $36.00, about 4.8% above its August 1 closing price of $34.29

* The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 19 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)