Shares of LTC Properties (LTC) surged over 5% on Monday after the healthcare real estate investment trust reported better-than-expected earnings results for the third quarter of 2024.
The company's adjusted funds from operations (AFFO), a key profitability metric for REITs, came in at $0.68 per diluted share for the quarter ended September 30. This represented an increase from $0.65 per share in the year-ago period and matched the $0.68 estimate from analysts polled by Capital IQ.
LTC Properties also posted revenue of $55.8 million for the quarter, up from $49.3 million a year earlier and comfortably beating the consensus analyst forecast of $46 million.
Following the earnings release, LTC's stock initially rose around 2% in after-hours trading on Monday before extending its gains to over 5% by midday on Tuesday.
The strong earnings performance and subsequent stock rally suggest that investors were encouraged by LTC Properties' ability to grow its AFFO and top-line results during the quarter, which likely exceeded market expectations.
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