-- Company Makes Progress Toward RIDEA Strategy
--
LTC Properties, Inc. (NYSE: LTC) (“LTC” or the
“Company”), a real estate investment trust that primarily
invests in seniors housing and health care properties, today
announced operating results for the fourth quarter ended December
31, 2024.
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Three Months Ended
December 31,
(unaudited, amounts in thousands, except
per share data)
2024
2023
Total revenues
$
52,582
$
50,195
Net income available to common
stockholders
$
17,912
$
28,057
Diluted earnings per common share
$
0.39
$
0.67
NAREIT funds from operations ("FFO")
attributable to common stockholders(1)
$
32,962
$
23,902
NAREIT diluted FFO per common share(1)
$
0.72
$
0.57
FFO attributable to common stockholders,
excluding non-recurring items(1)
$
29,583
$
27,463
Diluted FFO attributable to common
stockholders, excluding non-recurring items, per share(1)
$
0.65
$
0.66
Funds available for distribution
("FAD")(1)
$
30,201
$
30,021
Diluted FAD per share(1)
$
0.66
$
0.72
FAD, excluding non-recurring items(1)
$
30,201
$
30,021
Diluted FAD, excluding non-recurring
items, per share(1)
$
0.66
$
0.72
____________________
(1)
NAREIT FFO and FAD are non-GAAP financial
measures. A reconciliation of these measures is included in the
tables at the end of this press release.
More detailed financial information is available in the tables
at the end of this press release, the Company’s Supplemental
Operating and Financial Data presentation for the 2024 fourth
quarter, and its Form 10-K, as filed with the Securities and
Exchange Commission, both of which can be found on LTC’s investor
relations website at www.ir.ltcreit.com.
“2024 was a strong year for LTC. We set ambitious goals, and we
delivered, often ahead of schedule,” said Pam Kessler, LTC’s
Co-Chief Executive Officer and Co-President. “We are making
substantial progress on our RIDEA strategy, with initial
transactions expected during the second quarter. Adding RIDEA to
our robust suite of offerings for growth-minded operating partners
unlocks a strong catalyst for future growth for LTC. Additionally,
we would like to recognize the recent promotions of Gibson
Satterwhite to Executive Vice President, Asset Management and
Michael Bowden to Senior Vice President, Investments. They have
been an integral part of the LTC team for nearly ten years, and
their expertise will be invaluable as we continue to unlock LTC’s
long-term growth potential.”
“Our entrance into RIDEA has created significant interest from
current and potential operating partners,” said Clint Malin,
Co-Chief Executive Officer, Co-President and Chief Investment
Officer. “As a result, we are expanding our pipeline with
interesting opportunities from both inbound inquiries and proactive
outreach. We believe RIDEA will become a critical part of LTC’s
strategy, offering operators a structure that aligns their
successes with ours.”
Fourth Quarter 2024 Financial Results:
- Total revenues increased due to a one-time additional
straight-line rental income related to restoring accrual basis
accounting for two master leases, rent increases from fair-market
rent resets, previously transitioned portfolios and escalations and
higher income from a construction loan funding in 2024. These were
partially offset by lower revenue from sold properties and mortgage
loan payoffs.
- Expenses decreased primarily due to lower interest expense
related to paying down the Company’s unsecured revolving line of
credit and scheduled principal paydowns on its senior unsecured
notes and a decrease in provision for credit losses. These were
partially offset by an increase in impairment loss and general and
administrative expense.
- Income from unconsolidated joint ventures increased as a result
of a 2024 mortgage loan origination accounted for as an
unconsolidated joint venture in accordance with Generally Accepted
Accounting Principles.
- Income allocated to non-controlling interests increased due to
consolidated joint ventures formed during 2024.
2024 Fourth Quarter Portfolio Update:
Mortgage Loan Payoff and Asset Sale (as
previously announced)
- Received the payoff of a $51.1 million mortgage loan secured by
a 203-unit assisted living community in Georgia; and
- Sold a closed property in Colorado for $5.3 million and
recorded a gain on sale of $1.1 million.
Debt and Equity
- Entered into a new equity distribution agreement to sell, from
time to time, up to $400.0 million in aggregate offering price of
shares of the Company’s common stock and terminated its existing
$200.0 million equity distribution agreement;
- Repaid $95.8 million under the Company’s revolving line of
credit;
- Repaid $5.0 million in scheduled principal paydowns on senior
unsecured notes; and
- Sold an aggregate of 476,370 shares of common stock for $17.5
million of net proceeds under equity distribution agreements.
Activities Subsequent to December 31, 2024:
- Sold a 29-unit assisted living community located in Oklahoma
for $670,000;
- Borrowed $15.0 million under the Company’s unsecured revolving
line of credit; and
- Repaid $7.0 million in scheduled principal paydowns on senior
unsecured notes.
Balance Sheet and Liquidity:
At December 31, 2024, LTC’s total liquidity was $680.4 million,
including $9.4 million of cash on hand, $280.7 million available
under the Company’s unsecured revolving line of credit, and the
potential to access the capital markets through the issuance of
$390.3 million of common stock under LTC’s equity distribution
agreements.
Conference Call
Information
LTC will conduct a conference call on Tuesday, February 25,
2025, at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time), to
provide commentary on its performance and operating results for the
quarter ended December 31, 2024. The conference call is accessible
by telephone and the internet. Interested parties may access the
live conference call via the following:
Webcast
www.LTCreit.com
USA Toll-Free Number
(888) 506‑0062
International Number
(973) 528‑0011
Conference Access Code
995858
Additionally, an audio replay of the call will be available one
hour after the live call through March 11, 2025 via the
following:
USA Toll-Free Number
(877) 481‑4010
International Number
(919) 882-2331
Conference Number
51842
About LTC
LTC is a real estate investment trust (REIT) investing in
seniors housing and health care properties primarily through
sale-leasebacks, mortgage financing, joint-ventures and structured
finance solutions including preferred equity and mezzanine lending.
LTC’s investment portfolio includes 189 properties in 25 states
with 30 operating partners. Based on its gross real estate
investments, LTC’s investment portfolio is comprised of
approximately 50% seniors housing and 50% skilled nursing
properties. Learn more at www.LTCreit.com.
Forward-Looking Statements
This press release includes statements that are not purely
historical and are “forward-looking statements” within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
including statements regarding the Company’s expectations, beliefs,
intentions or strategies regarding the future. All statements other
than historical facts contained in this press release are
forward-looking statements. These forward-looking statements
involve a number of risks and uncertainties. Please see LTC’s most
recent Annual Report on Form 10‑K and its other publicly available
filings with the Securities and Exchange Commission for a
discussion of these and other risks and uncertainties. All
forward-looking statements included in this press release are based
on information available to the Company on the date hereof, and LTC
assumes no obligation to update such forward-looking statements.
Although the Company’s management believes that the assumptions and
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct. The actual results achieved by the
Company may differ materially from any forward-looking statements
due to the risks and uncertainties of such statements.
LTC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF
INCOME
(amounts in thousands, except per
share amounts)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2024
2023
2024
2023
(unaudited)
(audited)
Revenues:
Rental income
$
34,814
$
32,489
$
132,278
$
127,350
Interest income from financing receivables
(1)
7,002
3,830
21,663
15,243
Interest income from mortgage loans
9,374
12,308
45,216
47,725
Interest and other income
1,392
1,568
10,690
6,926
Total revenues
52,582
50,195
209,847
197,244
Expenses:
Interest expense
8,365
12,419
40,336
47,014
Depreciation and amortization
9,194
9,331
36,367
37,416
Impairment loss
6,953
(2
)
3,265
(3
)
6,953
(2
)
15,775
(4
)
(Recovery) provision for credit losses
(201
)
3,571
741
5,678
Transaction costs
140
607
819
1,144
Property tax expense
3,114
3,518
12,930
13,269
General and administrative expenses
7,227
5,942
27,243
24,286
Total expenses
34,792
38,653
125,389
144,582
Other operating income:
Gain on sale of real estate, net
1,097
16,751
7,979
37,296
Operating income
18,887
28,293
92,437
89,958
Income from unconsolidated joint
ventures
703
377
2,442
1,504
Net income
19,590
28,670
94,879
91,462
Income allocated to non-controlling
interests
(1,507
)
(440
)
(3,839
)
(1,727
)
Net income attributable to LTC Properties,
Inc.
18,083
28,230
91,040
89,735
Income allocated to participating
securities
(171
)
(173
)
(682
)
(587
)
Net income available to common
stockholders
$
17,912
$
28,057
$
90,358
$
89,148
Earnings per common share:
Basic
$
0.40
$
0.67
$
2.07
$
2.16
Diluted
$
0.39
$
0.67
$
2.04
$
2.16
Weighted average shares used to
calculate earnings per
common share:
Basic
45,025
41,701
43,743
41,272
Diluted
45,523
42,046
44,241
41,358
Dividends declared and paid per common
share
$
0.57
$
0.57
$
2.28
$
2.28
____________________
(1)
Represents rental income from acquisitions
through sale-leaseback transactions, subject to leases that contain
purchase options. In accordance with GAAP, the properties are
required to be presented as financing receivables on the
Consolidated Balance Sheets and the rental income to be presented
as Interest income from financing receivables on the Consolidated
Statements of Income.
(2)
Represents the impairment loss in
connection with the anticipated closure of two assisted living
communities totaling 95 units in Ohio and Texas and the subsequent
sale of a 29-unit assisted living community located in
Oklahoma.
(3)
Represents the impairment loss in
connection with the negotiations to sell seven assisted living
communities totaling 248 units in Texas. These properties were sold
during 2024.
(4)
Represents the impairment loss related to
three assisted living communities totaling 197 units in Florida and
Mississippi due to entering into purchase and sale agreements with
sales prices lower than the communities’ carrying values and (3)
above.
LTC PROPERTIES, INC.
CONSOLIDATED BALANCE
SHEETS
(audited, amounts in thousands,
except per share amounts)
December 31, 2024
December 31, 2023
ASSETS
Investments:
Land
$
118,209
$
121,725
Buildings and improvements
1,212,853
1,235,600
Accumulated depreciation and
amortization
(405,884
)
(387,751
)
Operating real estate property, net
925,178
969,574
Properties held-for-sale, net of
accumulated depreciation: 2024—$1,346; 2023—$3,616
670
18,391
Real property investments, net
925,848
987,965
Financing receivables,(1) net of credit
loss reserve: 2024—$3,615; 2023—$1,980
357,867
196,032
Mortgage loans receivable, net of credit
loss reserve: 2024—$3,151; 2023—$4,814
312,583
477,266
Real estate investments, net
1,596,298
1,661,263
Notes receivable, net of credit loss
reserve: 2024—$477; 2023—$611
47,240
60,490
Investments in unconsolidated joint
ventures
30,602
19,340
Investments, net
1,674,140
1,741,093
Other assets:
Cash and cash equivalents
9,414
20,286
Debt issue costs related to revolving line
of credit
1,410
1,557
Interest receivable
60,258
53,960
Straight-line rent receivable
21,505
19,626
Lease incentives
3,522
2,607
Prepaid expenses and other assets
15,893
15,969
Total assets
$
1,786,142
$
1,855,098
LIABILITIES
Revolving line of credit
$
144,350
$
302,250
Term loans, net of debt issue costs:
2024—$192; 2023—$342
99,808
99,658
Senior unsecured notes, net of debt issue
costs: 2024—$1,058; 2023—$1,251
440,442
489,409
Accrued interest
3,094
3,865
Accrued expenses and other liabilities
45,443
43,649
Total liabilities
733,137
938,831
EQUITY
Stockholders’ equity:
Common stock: $0.01 par value; 60,000
shares authorized; shares issued and outstanding: 2024—45,511;
2023—43,022
455
430
Capital in excess of par value
1,082,764
991,656
Cumulative net income
1,725,435
1,634,395
Accumulated other comprehensive income
3,815
6,110
Cumulative distributions
(1,851,842
)
(1,751,312
)
Total LTC Properties, Inc. stockholders’
equity
960,627
881,279
Non-controlling interests
92,378
34,988
Total equity
1,053,005
916,267
Total liabilities and equity
$
1,786,142
$
1,855,098
____________________
(1)
Represents acquisitions through
sale-leaseback transactions, subject to leases that contain
purchase options. In accordance with GAAP, the properties are
required to be presented as financing receivables on the
Consolidated Balance Sheets.
LTC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(unaudited, amounts in
thousands)
Twelve Months Ended
December 31,
2024
2023
OPERATING ACTIVITIES:
Net income
$
94,879
$
91,462
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
36,367
37,416
Stock-based compensation expense
9,052
8,481
Impairment loss
6,953
15,775
Gain on sale of real estate, net
(7,979
)
(37,296
)
Income from unconsolidated joint
ventures
(2,442
)
(1,504
)
Income distributions from unconsolidated
joint ventures
1,278
56
Straight-line rental (income)
adjustment
(2,268
)
2,078
Exchange of prepayment fee for
participating interest in mortgage loan
—
(1,380
)
Adjustment for collectability of rental
income and lease incentives
321
26
Amortization of lease incentives
818
773
Provision for credit losses
741
5,678
Application of interest reserve
(233
)
(1,939
)
Amortization of debt issue costs
1,059
1,205
Other non-cash items, net
95
95
Change in operating assets and
liabilities
Lease incentives funded
(1,924
)
(1,627
)
Increase in interest receivable
(10,390
)
(9,283
)
Decrease in accrued interest payable
(771
)
(1,369
)
Net change in other assets and
liabilities
(387
)
(4,244
)
Net cash provided by operating
activities
125,169
104,403
INVESTING ACTIVITIES:
Investment in real estate properties
(319
)
(43,759
)
Investment in real estate capital
improvements
(13,677
)
(9,686
)
Proceeds from sale of real estate, net
38,871
66,274
Investment in financing receivables
(97
)
(112,712
)
Investment in real estate mortgage loans
receivable
(21,832
)
(72,230
)
Principal payments received on mortgage
loans receivable
85,906
10,351
Investments in unconsolidated joint
ventures
(11,262
)
—
Advances and originations under notes
receivable
(340
)
(20,377
)
Principal payments received on notes
receivable
13,434
7,227
Net cash provided by (used in) investing
activities
90,684
(174,912
)
FINANCING ACTIVITIES:
Borrowings from revolving line of
credit
27,200
277,450
Repayment of revolving line of credit
(185,100
)
(105,200
)
Principal payments on senior unsecured
notes
(49,160
)
(49,160
)
Proceeds from common stock issued
83,107
53,777
Distributions paid to stockholders
(100,530
)
(94,764
)
Distributions paid to non-controlling
interests
(109
)
—
Financing costs paid
(569
)
(68
)
Cash paid for taxes in lieu of shares upon
vesting of restricted stock
(1,533
)
(1,619
)
Other
(31
)
—
Net cash (used in) provided by financing
activities
(226,725
)
80,416
(Decrease) increase in cash and cash
equivalents
(10,872
)
9,907
Cash and cash equivalents, beginning of
period
20,286
10,379
Cash and cash equivalents, end of
period
$
9,414
$
20,286
See LTC’s most recent Annual Report on Form
10‑K for Supplemental Cash Flow Information
Supplemental Reporting
Measures
FFO and FAD are supplemental measures of a real estate
investment trust’s (“REIT”) financial performance that are not
defined by U.S. generally accepted accounting principles (“GAAP”).
Investors, analysts and the Company use FFO and FAD as supplemental
measures of operating performance. The Company believes FFO and FAD
are helpful in evaluating the operating performance of a REIT. Real
estate values historically rise and fall with market conditions,
but cost accounting for real estate assets in accordance with GAAP
assumes that the value of real estate assets diminishes predictably
over time. We believe that by excluding the effect of historical
cost depreciation, which may be of limited relevance in evaluating
current performance, FFO and FAD facilitate like comparisons of
operating performance between periods. Occasionally, the Company
may exclude non-recurring items from FFO and FAD in order to allow
investors, analysts and management to compare the Company’s
operating performance on a consistent basis without having to
account for differences caused by unanticipated items.
FFO, as defined by the National Association of Real Estate
Investment Trusts (“NAREIT”), means net income available to common
stockholders (computed in accordance with GAAP) excluding gains or
losses on the sale of real estate and impairment write-downs of
depreciable real estate, plus real estate depreciation and
amortization, and after adjustments for unconsolidated partnerships
and joint ventures. The Company’s computation of FFO may not be
comparable to FFO reported by other REITs that do not define the
term in accordance with the current NAREIT definition or have a
different interpretation of the current NAREIT definition from that
of the Company; therefore, caution should be exercised when
comparing the Company’s FFO to that of other REITs.
We define FAD as FFO excluding the effects of straight-line
rent, amortization of lease inducement, effective interest income,
deferred income from unconsolidated joint ventures, non-cash
compensation charges, capitalized interest and non-cash interest
charges. GAAP requires rental revenues related to non-contingent
leases that contain specified rental increases over the life of the
lease to be recognized evenly over the life of the lease. This
method results in rental income in the early years of a lease that
is higher than actual cash received, creating a straight-line rent
receivable asset included in the consolidated balance sheet. At
some point during the lease, depending on its terms, cash rent
payments exceed the straight-line rent which results in the
straight-line rent receivable asset decreasing to zero over the
remainder of the lease term. Effective interest method, as required
by GAAP, is a technique for calculating the actual interest rate
for the term of a mortgage loan based on the initial origination
value. Similar to the accounting methodology of straight-line rent,
the actual interest rate is higher than the stated interest rate in
the early years of the mortgage loan thus creating an effective
interest receivable asset included in the interest receivable line
item in the consolidated balance sheet and reduces down to zero
when, at some point during the mortgage loan, the stated interest
rate is higher than the actual interest rate. FAD is useful in
analyzing the portion of cash flow that is available for
distribution to stockholders. Investors, analysts and the Company
utilize FAD as an indicator of common dividend potential. The FAD
payout ratio, which represents annual distributions to common
shareholders expressed as a percentage of FAD, facilitates the
comparison of dividend coverage between REITs.
While the Company uses FFO and FAD as supplemental performance
measures of the cash flow generated by operations and cash
available for distribution to stockholders, such measures are not
representative of cash generated from operating activities in
accordance with GAAP, and are not necessarily indicative of cash
available to fund cash needs and should not be considered an
alternative to net income available to common stockholders.
Reconciliation of FFO and
FAD
The following table reconciles GAAP net income available to
common stockholders to each of NAREIT FFO attributable to common
stockholders and FAD (unaudited, amounts in thousands):
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2024
2023
2024
2023
GAAP net income available to common
stockholders
$
17,912
$
28,057
$
90,358
$
89,148
Add: Impairment loss
6,953
3,265
6,953
15,775
Add: Depreciation and amortization
9,194
9,331
36,367
37,416
Less: Gain on sale of real estate, net
(1,097
)
(16,751
)
(7,979
)
(37,296
)
NAREIT FFO attributable to common
stockholders
32,962
23,902
125,699
105,043
(Less) Add: Non-recurring items (1)
(3,379
)
3,561
(8,907
)
3,823
FFO attributable to common stockholders,
excluding non-recurring items
$
29,583
$
27,463
$
116,792
$
108,866
NAREIT FFO attributable to common
stockholders
$
32,962
$
23,902
125,699
105,043
Non-cash income:
(Less) Add: Straight-line rental (income)
adjustment
(2,829
)
443
(2,268
)
2,078
Add: Amortization of lease incentives
192
189
818
799
Add: Other non-cash contra-revenue
—
—
321
(2
)
—
Less: Effective interest income
(2,184
)
(215
)
(8,591
)
(6,739
)
Net non-cash income
(4,821
)
417
(9,720
)
(3,862
)
Non-cash expense:
Add: Non-cash compensation charges
2,261
2,131
9,052
8,479
(Less) Add: (Recovery) provision for
credit losses
(201
)
3,571
741
5,678
Net non-cash expense
2,060
5,702
9,793
14,157
Funds available for distribution (FAD)
$
30,201
$
30,021
125,772
115,338
Less: Non-recurring income (1)
—
—
(7,756
)
(1,570
)
Funds available for distribution (FAD),
excluding non-recurring items
$
30,201
$
30,021
$
118,016
$
113,768
____________________
(1)
See the reconciliation of non-recurring
items on the following page for further detail.
(2)
Represents the straight-line rent
receivable write-off of $321 related to converting a lease to fair
market rent.
Reconciliation of FFO and FAD
(continued)
The following table continues the reconciliation between GAAP
net income available to common stockholders and each of NAREIT FFO
attributable to common stockholders and FAD by reconciling the
non-recurring items (unaudited, amounts in thousands):
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2024
2023
2024
2023
Reconciliation of
non-recurring adjustments to NAREIT FFO:
Provision for credit losses reserve
recorded upon origination
$
—
$
—
$
1,635
(1
)
$
1,832
(1
)
Recovery for credit losses related to loan
payoffs
(511
)
(1
)
—
(1,738
)
(1
)
—
Provision for credit losses related to
effective interest receivable write-off on partial principal
paydown
—
—
613
(2
)
—
Provision for credit losses related to the
write-off of loan receivables
290
(3
)
3,561
(4
)
290
(3
)
3,561
(4
)
(Deduct) Add: Total (recovery) provision
for credit losses non-recurring adjustments
(221
)
3,561
800
5,393
Add: Straight-line rent receivable
write-off
—
—
321
(5
)
—
Deduct: Mortgage interest income related
to the exit IRR received
—
—
—
(1,570
)
(6
)
Deduct: Other income from former
operators
—
—
(4,052
)
(7
)
—
Deduct: Rental income related to sold
properties
—
—
(2,818
)
(8
)
—
Deduct: One-time additional straight-line
income
(3,158
)
(9
)
—
(3,158
)
(9
)
—
Total non-recurring
adjustments to NAREIT FFO
$
(3,379
)
$
3,561
$
(8,907
)
$
3,823
Reconciliation of
non-recurring adjustments to FAD:
Deduct: Mortgage interest income related
to the exit IRR received
$
—
$
—
$
(886
)
(10
)
$
(1,570
)
(6
)
Deduct: Other income from former
operators
—
—
(4,052
)
(7
)
—
Deduct: Rental income related to sold
properties
—
—
(2,818
)
(8
)
—
Total non-recurring cash
adjustments to FAD
$
—
$
—
$
(7,756
)
$
(1,570
)
____________________
(1) A 1% credit loss reserve is taken upon origination of financing
transactions, then decreased as the balance is paid down through
scheduled principal payments and payoffs.
a. Recorded a $511 provision for
credit losses recovery related to a $51,111 mortgage loan paid off
during 4Q 2024.
.
b. During 2024, LTC recorded a
provision for credit losses reserve of $1,635 related to the
$163,460 acquisition of properties accounted for as financing
receivables, offset by provision for credit losses recovery of
$1,738 related to five mortgage loan payoffs totaling $182,892.
c. During 2023, LTC recorded a
provision for credit losses reserve of $1,832 related to the
$121,321 acquisition of properties accounted for as financing
receivables and the origination of two mortgage loans totaling
$61,861.
(2)
The effective interest receivable write-off related to a partial
principal paydown on a mortgage loan.
(3)
The $290 notes receivable write-off was in connection with the
pending closure of a 56-unit assisted living community located in
Texas.
(4)
The $3,561 notes receivable write-off was in connection with the
pending sale of seven properties in Texas, which were sold in 2024,
and transition of three properties to new operators. The note was
related to these 10 assisted living communities under a master
lease.
(5)
Represents the straight-line rent receivable write-off related to a
lease that converted to fair market rent during 2Q 2024. The
straight-line rent write-off is a contra-revenue on the
Consolidated Statements of Income.
(6)
The exit IRR income was received upon the payoff of two mezzanine
loans in 2023 and was not previously recorded.
(7)
Represents income received from former operators related to
portfolio transitions in prior years.
(8)
Represents rent through the initial lease term, which was received
upon sale of an 80-unit assisted living community covered under the
lease ($441) and the rent credit received in connection with the
sale of a 110-unit assisted living community in Wisconsin ($2,377).
The rent credit was provided to the operator during the new
construction lease-up.
(9)
Represents a one-time additional straight-line rental income
related to restoring accrual basis accounting for two master leases
during the fourth quarter of 2024.
(10)
The exit IRR income was received upon the payoff of three mortgage
loans in 2024. The exit IRR was previously recorded ratably over
the term of the loan through effective interest income.
Reconciliation of FFO and FAD
(continued)
The following table continues the reconciliation between GAAP
net income available to common stockholders and each of NAREIT FFO
attributable to common stockholders and FAD (unaudited, amounts in
thousands, except per share amounts):
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2024
2023
2024
2023
NAREIT Basic FFO attributable to common
stockholders per share
$
0.73
$
0.57
$
2.87
$
2.55
NAREIT Diluted FFO attributable to common
stockholders per share
$
0.72
$
0.57
$
2.84
$
2.54
NAREIT Diluted FFO attributable to common
stockholders
$
33,133
$
23,902
$
126,381
$
105,630
Weighted average shares used to calculate
NAREIT diluted FFO per share attributable to common
stockholders
45,824
41,787
44,537
41,614
Basic FFO attributable to common
stockholders, excluding non-recurring items, per share
$
0.66
$
0.66
$
2.67
$
2.64
Diluted FFO attributable to common
stockholders, excluding non-recurring items, per share
$
0.65
$
0.66
$
2.64
$
2.63
Diluted FFO attributable to common
stockholders, excluding non-recurring items
$
29,754
$
27,463
$
117,474
$
109,453
Weighted average shares used to calculate
diluted FFO, excluding non-recurring items, per share attributable
to common stockholders
45,824
41,787
44,537
41,614
Basic FAD per share
$
0.67
$
0.72
$
2.88
$
2.79
Diluted FAD per share
$
0.66
$
0.72
$
2.84
$
2.79
Diluted FAD
$
30,372
$
30,194
$
126,454
$
115,925
Weighted average shares used to calculate
diluted FAD per share
45,824
42,046
44,537
41,614
Basic FAD, excluding non-recurring items,
per share
$
0.67
$
0.72
$
2.70
$
2.76
Diluted FAD, excluding non-recurring
items, per share
$
0.66
$
0.72
$
2.67
$
2.75
Diluted FAD, excluding non-recurring
items
$
30,372
$
30,194
$
118,698
$
114,355
Weighted average shares used to calculate
diluted FAD, excluding non-recurring items, per share
45,824
42,046
44,537
41,614
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250224567017/en/
For more information contact: Mandi Hogan (805) 981‑8655
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