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LTC Properties, Inc., a real estate investment trust ( REIT ), was incorporated on May 12, 1992 in the State of Maryland and commenced operations on August 25, 1992. Historically we have invested primarily in seniors housing and health care properties primarily through ownership, sale-leasebacks, mortgage financing, joint ventures, construction financing and structured finance solutions includi…
14.53% operating margin is respectable but not wide. ROIC at 2.12%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 24.7%, still solid. Margins contracted 80.6pp, which offsets some of the top-line progress.
ROIC dropped from 9.21% to 2.12%, capital efficiency is deteriorating. Net debt of $830M represents 6.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$308M
▲ +24.7% YoY
Net Income (TTM)
$119M
▲ +29.6% YoY
Op. Margin
14.55%
▼ -80.6pp YoY
ROIC
1.90%
▼ -7.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$129M
▲ +14.7% YoY
Op. Cash Flow (TTM)
$137M
▲ +8.0% YoY
Net Debt
$848M
Cash & Equiv.
$22M
5Y CAGR: +13.9%
5Y CAGR: +3.3%
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