Clint Malin (OTC:MLLNF), Co-President and Chief Investment Officer of LTC Properties Inc . (NYSE:NYSE:LTC), recently sold 6,000 shares of the company's common stock. The shares were sold at a price of $38.75 each, amounting to a total transaction value of $232,500. Following this sale, Malin retains ownership of 158,585 shares in the real estate investment trust.
This transaction was reported in a filing with the Securities and Exchange Commission, highlighting Malin's continued involvement with the company while adjusting his investment in its stock. LTC Properties, headquartered in Westlake Village, California, focuses on investments in senior housing and healthcare properties.
In other recent news, LTC Properties has reported an increase in net income and liquidity in its Third Quarter 2024 financial results. The real estate investment trust collected $4.1 million in previously unrecorded revenue and raised nearly $63 million through equity sales. Furthermore, net income available to common shareholders rose by $7.1 million year-to-date, and fully diluted FFO per share increased to $0.78 from $0.65.
These are recent developments, highlighting the company's strong performance. LTC Properties also reported a significant boost to its balance sheet and is exploring a potential shift towards a REIT Investment Diversification and Empowerment Act (RIDEA) structure. The company's liquidity has reached approximately $286 million, with a pro forma debt to annualized adjusted EBITDA ratio of 4.2 times.
The company is also focusing on external growth opportunities and plans to fund a $26.1 million mortgage loan in early 2025. Analysts from LTC Properties anticipate a $1.1 million gain in Q4 from a Colorado property sale and are optimistic about growth opportunities despite challenges from recent hurricanes.
InvestingPro Insights
As Clint Malin adjusts his position in LTC Properties, investors might find additional context from recent financial data and expert analysis valuable. According to InvestingPro, LTC Properties boasts a market capitalization of $1.78 billion, reflecting its significant presence in the senior housing and healthcare property sector.
The company's financial health appears robust, with InvestingPro data showing an impressive gross profit margin of 92.64% for the last twelve months as of Q3 2023. This high margin suggests LTC Properties maintains strong profitability from its core operations, which is crucial in the capital-intensive real estate sector.
Furthermore, LTC Properties offers a substantial dividend yield of 5.89%, which may be attractive to income-focused investors. An InvestingPro Tip highlights that the company has maintained dividend payments for 23 consecutive years, demonstrating a commitment to shareholder returns that aligns with its REIT structure.
Another InvestingPro Tip notes that LTC Properties is trading near its 52-week high, with the stock price at 99.02% of its peak. This performance, coupled with a one-year price total return of 31.51%, indicates strong investor confidence in the company's prospects.
For those interested in a deeper analysis, InvestingPro offers 7 additional tips on LTC Properties, providing a more comprehensive view of the company's financial position and market performance.
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