LTC Properties, Inc. reported significant financial performance improvements in its third quarter and year-to-date results for 2024, as detailed in its 10-Q filing. For the three months ended September 30, 2024, total revenues reached $55.8 million, up from $49.3 million in the same period of 2023, marking an increase of $6.5 million. This growth was attributed to higher rental income from transitioned portfolios, lease amendments, and extensions. Net income for the quarter was $30.9 million, compared to $22.6 million in Q3 2023, reflecting an increase of $8.2 million. The net income available to common stockholders also rose to $29.2 million from $22.1 million year-over-year.
For the nine months ended September 30, 2024, total revenues increased to $157.3 million from $147.0 million in the prior year, while net income grew to $75.3 million from $62.8 million. The company reported a notable rise in operating income, which reached $73.6 million, up from $61.7 million in the same period of 2023. Earnings per share for Q3 2024 were $0.66, compared to $0.54 in Q3 2023, and for the nine months, earnings per share increased to $1.67 from $1.48.
LTC Properties' real property investments decreased to $942.3 million as of September 30, 2024, from $988.0 million at the end of 2023. However, financing receivables saw a substantial increase, rising to $357.9 million from $196.0 million, indicating a strategic shift towards financing activities. The company also reported a decrease in mortgage loans receivable, which fell to $360.8 million from $477.3 million.
In terms of strategic developments, LTC Properties engaged in several joint ventures and acquisitions, including a $54.1 million investment in an independent living facility in Ohio and a $41.0 million joint venture for four assisted living facilities in North Carolina. The company also transitioned a 35-property assisted living portfolio to a new operator, with a new master lease that includes a purchase option.
The company maintained a conservative financial approach, with total liabilities decreasing to $830.2 million from $938.8 million at the end of 2023. Total stockholders' equity increased to $947.8 million from $881.3 million, reflecting strong operational performance and strategic asset management. LTC Properties declared monthly cash dividends of $0.19 per share for the remainder of 2024, consistent with the previous year.
Overall, LTC Properties demonstrated robust financial health and strategic growth in its healthcare real estate investments, positioning itself favorably in the market.