LTC Properties, Inc. (NYSE: LTC) ("LTC" or the "Company") announces today operating results for the quarter ended December 31, 2013. The Company reported an increase of 13.8% in Funds from Operations ("FFO") to $20.0 million in the quarter ended December 31, 2013, from $17.5 million in the comparable 2012 period. FFO per diluted common share was $0.57 for the quarters ended December 31, 2013 and 2012. Normalized FFO increased by 24.3% to $21.9 million in the fourth quarter of 2013 from $17.7 million in the fourth quarter of 2012. Normalized FFO per diluted common share was $0.62 and $0.57 for the quarters ended December 31, 2013 and 2012, respectively. The increase in FFO and normalized FFO was due to higher revenues from mortgage loan originations, acquisitions and completed property developments.
Net income available to common stockholders for the quarter ended December 31, 2013 was $13.7 million or $0.40 per diluted share as compared to $11.9 million or $0.39 per diluted share for the same period in 2012. The increase in net income available to common stockholders for the quarter ended December 31, 2013 was primarily due to mortgage loan originations, acquisitions and completed property developments offset by non-cash provisions for loan loss reserves related to a mortgage loan origination and the write-off of straight-line rent in accordance with Generally Accepted Accounting Principles.