Earnings call transcript Q2 2023

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Operator

Good morning and welcome to the LTC Properties, Inc. Quarterly Earnings Call. At this time, all participants are in a listen-only mode and we will open the floor for your questions and comments after the presentation. [Operator Instructions]

Before management begins its presentation, please note that today's comments, including the question-and-answer session, may include forward-looking statements subject to risks and uncertainties that may cause actual results and events to differ materially.

December are Commission LTC including from most XX-K uncertainties Securities filings the and recent Exchange and time dated risks detailed Properties' in with company's These XXXX. XX, to time, reflect obligation no date update statements after revise LTC events presentation. undertakes circumstances to or this these or forward-looking to of the is this Please event note being recorded.

now Simpson. ahead. Please like turn conference the to would go I over Wendy to

Wendy Simpson

and and by Investment Quarter operator, you, Co-President Financial Conference Pam welcome joined I am Officer. LTC's Clint Second Thank and everyone XXXX Call. Chief Kessler, Malin, Chief Officer; and to Co-President

driven to The substantial date first used accretive income. sales. half investments investments than a of XXXX future line and more down these future. put activity was year fund asset produce growth our to plan using and We To in quarter to have the and pay by primarily the current this work billion generating to we through year, expected line this investment dollars future new

number our A detail the far With from total $XXX when this world. the of producing we subsequent will the activity completed of so COVID pipeline million later, about $XXX spoke last changed that lease quarter, mostly have been being investment Clint in non-revenue quarter majority up significant we investments million. and second assets have these bringing to year

and at rents that this and around asset stock to during and around to primary our properties Pam operators Clint specifics LTC. not our identified an could give want progress beginning establishing address focus of will team knows still and are two our price with mission to overhang of more the operators on at remarks. rest revenue I LTC completing you senior that and for some believe their focus call be is producing who issues our management I focus of working permanent guidance that the Right XXXX now, is their the sales, need our for on currently

As certain million certain Brookdale between confident this we FFO outstanding million a sales reduce leases new proceeds lease. on we will to of the properties, which not non-renewal line was XXXX sales credit, are $XX to used made Anticipated experience of year. $XX Brookdale, of of the in accretive to that our will from investments properties pre-fund and decrease already

in in cost-based As to operators that complex periods. COVID paid, cause true-up Medicaid to for Michigan Michigan fourth not calculations. be for the can prior quarters rates flow the an very expert Medicaid rebase and Clint of results and rules XXXX. expected Prestige, qualify is due until a cash reimbursement has This did able two years, system true-ups shortfalls regarding XXXX which witness have now is to which to as may

whereby a later. $XX.X first a XXXX, our in net in throughout expect which a $XX have the a Brookdale the their draw proceeds have receive we until to of we pertaining will Prestige to million expected $XX million sales to of sales of resulting includes of asset range sales and in $XX.X the gain million million proceeds portfolio. of our remainder generated we collect the due Prestige portion more are which funded. Prestige in XXXX, XXX% interest path on true-ups year, formulated Pam letter credit discuss of Since with Working from will LTC the may the include of

of our at $X.X in loans mezzanine IRR Additionally, of rate million exit weighted a generating $XX.X we XX%. payoffs from received million income average

briefly I'd specifics, landscapes. quarter like talking what about seeing the Before C L T to across on we're skilled second private pay comment some and

growth and as coverage occupancy and side, the pay private a On we're of rates. improved seeing result

seeing some be are rates operators will reduced we're to new be which beneficial deal agency rates Medicare a with also usage, side, help skilled continue bring X.X% down costs. as operator challenges. The the proposed On to increase. should Anecdotally, occupancy

long-term FAD remaining Moving was share. our our the payout monthly second our with XX% to quarter $X.XX remained results, at for goal dividend XX% per payout historical ratio at back and our

the FFO share, in current will we of anticipate that non-recurring portfolio range $X.XX to to eight our of shortly. excluding reflecting $X.XX be discuss quarter, primarily items Pam which an property third For per operator, LTC transition a the will

period in and optimizing put As us recover reducing continues industry LTC in our our by position cash up leverage refocus by position portfolio additional XXXX. to is and growth focused in uncertainty, to our a on its the from future of shoring on generate to a to protracted now

call welcome Managing former spent the of elected board he for over where Equity more than KeyBank, Head to member Before decades. I'd to Markets LTC's Director and Gruber, newly two like Pam, turning David Capital

known and utilizing We XX strategy to growth. expertise perspective his implement as years and continue have look for we for sustained David forward our continued to

hand to the over Now mic I'll Pam.

Pam Kessler

Thank you, Wendy.

of total current and the by a second income mezzanine For of quarter during in line The reduction revenue interest quarter of the and acquisitions was of $X.X income related the Rental in unconsolidated in XXXX. from revenue quarter compared interest income other interest the the receivables XXXX, by by years. joint with higher primarily payoff driven were improvement for the revenue prior loans higher to income year prior second from million originations million of of The $X.X loan two increase was first accounted $XXX,XXX partially to with period. related and ventures and million in financing $X.X total offset XXXX. as increased mortgage

and outstanding as million $XX credit, expense million last our of the interest XXXX the on higher related quarter. second increased line primarily revolving notes as issuance during $X.X senior unsecured quarter, of well by Interest year's of from balance rates second higher to a

related assisted XXXX, quarter sale. second currently of the are During negotiating which recorded for we communities a impairment loss million we living $XX.X to two a

the minimal rent. these of producing and non-revenue is produces One properties other

expense just second of quarter, $X.XX higher by on from were impairment interest estate, the income gain I Net to FFO Fully second $XX XXXX a common partially NAREIT diluted million, interest the XXXX new by up offset sale available real income from shareholders per share loss to $X.XX decrease higher and investments. the decreased due for quarter. in for primarily mentioned

Excluding share non-recurring for the was non-recurring by offset with interest as FFO per increase excluding income $X.XX The quarter expense second mentioned. in compared was FFO investments second for to higher XXXX $X.XX partially the due items items new XXXX quarter. from interest higher already

divestitures. our detail I'll and expected investment our will Next, discuss recent activity. Clint

previously the $X.X community million. of sold as announced, XX a Florida living unit XXXX for second in During we assisted quarter and

New living During the quarter we in community Jersey $X million. also XX unit assisted for a sold

two Pennsylvania in units XXX entered for a with Additionally, communities we million. assisted to $XX.X into an combined sell living agreement

complete recognizing the to a expect sale on approximately million. quarter We sale third this XXXX during and $X.X gain anticipate of

producing to non-revenue All of these assets LTC. were

million under our which We XXXX in for revolving principal of was borrowed $X repaid and million second payments quarter regular investments. line our million unsecured under $XX.X primarily during notes the senior also paid second second quarter. We our scheduled common dividends used in for credit $XX.X unsecured quarter, XXXX the

total approximately of million. pay senior million roughly hand, million our on to the of credit $XX.X investment $XX unsecured under about $XXX $XXX the million of and and our gives notes. we quarter, fund have liquidity outstanding on under our $XX scheduled million with cash end in to approximately ATM. Subsequent available of million second $XXX available repay us our principal downs $X a we million $XX line Currently million on line borrowed This

annualized our used as be Wendy EBITDA credit. ratio the are this of was adjusted the to to XXXX X.X These for in of range debt fixed real estate will line times million our of adjusted mentioned, and charge marketing. proceeds quarter pay coverage At million our anticipate annualized from year sales we we X.X times. later end was second to Additionally, receiving actively the down proceeds $XX $XX assets

additional Regarding whom we $XXX,XXX operator of in the in XXXX second providing was July. and have been was abatements abated the quarter for $XXX,XXX abated an

continue $XXX,XXX operator rent in in We anticipate receiving XXXX. from to this

We are independent care living living, memory options properties evaluating provide and the for assisted services. still two that

call, in in agreed due Prestige payments per mortgage in $XXX,XXX interest discussed $X.X May we Michigan XX a to the by and deferred interest in a quarter as located payments $XXX,XXX from $XXX,XXX Healthcare. operated Accordingly, second total on July. we nursing quarter's through on Additionally, and centers month September million skilled in of or last secured defer by

challenges Michigan Wendy earlier. spoke reimbursement structure about in

Medicaid As specifically of relates it rate increase as to will XX% XXXX. prior October anticipate get and XXXX reimbursement Prestige, fourth effective retroactive X, quarters to as well approximate years we an in Prestige we payments the expect Prestige related will receive which settlement rate

We are occupancy and the increases settlement impact PRESTIGE challenges. to of on in continuing to of the portfolio continued these assess light payments rate the work with

assisted eight of announced, in Regarding portfolio quarter, living been the combined providing and have an a we transitioned with during LTC Michigan, assistance, existing remaining previously XXX operator second Illinois this operator. of whom for as to communities units Ohio, the total we

transition, of $XXX,XXX deferred repayment not As $X.X rent we've rent, of recorded. May, part rent received and the million April represents the was of previously deferred from which year, $XXX,XXX of XXXX and which prior of deferred

Since improved. the fair cash this four the is has market will in to of rent, occupancy Therefore, two-year on upon Cash month rent year. September stabilized be transition assets again rent new agreed LTC. which under accretive establish we based is lease can when beginning of mutually lease, these the

to the Now over turn I'll call Clint.

Clint Malin

transactions. a quarter announced, $XX.X investment Thank total invested previously in million with separate second our you, Pam. Starting activity, as two of we

a units care XXXX living, Living. existing Ohio, The in independent built first is campus, venture housing million has of between including acquisition and living in $XX operated investment and joint services. assisted XXX The was Encore by seniors million $XX.X our was which a partner, XXXX campus Senior and a memory

during of JV allocation a at lease year $X.X price who to has years per annually years. an escalating IRR expected established with is and The the be year XX LTCs the at is The of a is option exercisable X.XX% approximately on three. Initial the beginning in fourth seller, our of investment. an yield purchase X.XX%, initial rent partner, third lease term million

in also lease committed fund $X.X We to incentives. million

center, for a was five built and is renovated beds Resorts. loan Illinois. at in XXXX a $XX.X an is licensed rate purchase and loan The term of nursing XXXX senior was the years existing is operative for Ignite The second originally million by skilled transaction in Medical in center X.XX%. XXX partner, of origination our interest The which

units original units. loan that XXXX independent the include approximately as a for which partner of Gallery additional sky is campus the is well funded end a will bridge. memory an XXX Georgia Living existing XX% built recapitalization is assisted After we mezzanine construction million existing the living, connected occupied, quarter the complete, in of care our $XX as campus living, to the operative of XX by will construction be by that and When campus the in

minimum detailed a such total with is term LTC's those inclusive IRR approximately XX%. rate XX% exit at loan borrower The and five X.XX% of of work an with years the with with know as project approximately I mortgage investments who senior just Making the equals partners of initial us existing allows to operators respect. we cost XX%. of investing investment growth-minded the

portfolios $X.XX the rent them million fourth and and on one each to brief quarters contractual We for in the in already million We XXXX. a $X.XX comments Encore first few in our up second Next received receive rent transitioned transition in Pam to third set and of from quarter fixed that HMG excluding for million equals quarter. noted. the recently expect we million the $X $X.XX

to rent properties for than transferred of projected $XXX,XXX. Encore, all be other the Regarding expected the transition XXXX is properties to

properties on Brookdale, selling seller now XX leasing. into proceeds we living our $XX XXXX, lease million portfolio. assisted have plan will Moving of underway cost is calls be the more financing Currently, on sale of properties in expires $XX we We well transaction those the now and process million be clarity XX, estimate for range. in and currently and that our we'll December to the whose the XX net the to after

used previously As proceeds be indicated, down line. net pay to will our

completion. provide will additional call as the nears process our details We on next quarter's

and EBITDARM reported living insight properties X.XXx transitioned in X our fee and respectively after coverage was for portfolio using our exclude or XX. October which QX May trailing some to EBITDAR on management XX-month portfolio. as for X% a numbers, X.XXx Now assisted

related Because these Excluding our respectively. not pay include future coverage given increases. upside received occupancy the to rate readers, stimulus potential recent were was X.XXx funds operators, and by coverage does this metrics in and X.XXx private

portfolio, as coverage was X.XXx EBITDAR nursing EBITDARM skilled our and and For X.XXx respectively. reported

was EBITDAR coverage X.X% Pro X.XXx funds Excluding X.XXx. stimulus Medicare proposed operators, received our basket respectively. by forma the funds, X.XXx, coverage increase, stimulus would market rate skilled and excluding been have for nursing

for are numbers pay trends our approximately which recent now total skilled of same-store XX same-store operators our provide us June I'll are these on of voluntary same-store data general expedited nursing are a basis, occupancy our include XX% approximately some as and this portfolio. provide and units and XX% our of Because to private beds.

occupancy was at XX, X% XX January XX% XXXX, Private at pay XX. XX March June and at XX%

June, our January. For nursing XX% was occupancy March, XX% skilled in portfolio, in in and average XX% monthly

comparative occupancy approximately XXXX average XX%. For XX%, in our purposes, occupancy private our skilled was nursing approximately was pay and

As so second quarter on far to during of investing the bringing resulted during $XXX $XXX first we discussed we've completing described today, our million focus pipeline majority our quarter the that total year million. this investment in the our call,

to expect quarter. our We third in the close remaining pipeline

remaining planned is the strategic growth sales our always investment drive and looking focus reducing as asset the housing accretion, market, leverage drive well half are and year through for capital continuing of for the we a and remains ways assets. additional are solid while releasing Brookdale at primary the so So as accretion. and to opportunities care to to LTC additional of ways seniors growth on identifying second completing partner identify we the

closing I'll Wendy remarks. call for turn Now back the to her

Wendy Simpson

Pam and Clint. you, Thank

years the we care that the of with LTC to player work to many so With expect bringing down and far stability, shareholders we growth. so to to in this is and level market more year are on housing proud be are typical of debt great to our come. are a partner provide and operators choice our for of prepared done sustainable drive focusing XXXX. growth portfolios now We a believe a in we've we major We seniors our gaining

your everyone ongoing for now you we questions. to Thank support. are take Operator, ready

Operator

Capital from Certainly. Austin coming pose [Operator from Instructions] Markets. Wurschmidt Your KeyBanc your first is question. Please question

Your is line live.

Austin Wurschmidt

good Hey, morning everybody.

the sell? discussed the of assets if drove to states, that had exiting that So roughly Brookdale XX think you you decided clarify could just change you wondering of what I number changed and believe, any was there ultimately assets to decision? so three if I XX% that and

Clint Malin

the Sure, for you thank questions. change. did It

XX% the and projecting estimate, at evolve to brokers the us going that opposed a asset things and now sales as as an to XX% of and are we've on through state-by-state process evolution were initial XX% basis, was now process but We for of process look engaging to it's and the we we're just at run continued our

Austin Wurschmidt

or sell, assets in look based or level really been improvement that I more was interest interest So on the ultimately just the in you has there some planned that of guess fundamentals in decided to to assets the but keep? operators would to release had

Clint Malin

interested combination things. through so process in A with just states really various different were evolution of and It's and the different that parties. engagement an eight

nothing ultimately so what know, on You specific. this, fell out

Austin Wurschmidt

the or specific XXXX activity the this Got investment year half you planned it. Brookdale does the that expand expect to and from Brookdale comment referenced transactions from you the Can in repayment just done impact plus year? And back don't then on any you encompass dilution that of is and the debt that the FFO. various impact to you've

Pam Kessler

only received if we you're Austin, income that Pam. same That's a the of this already. year reinvestment anticipating next did proceeds releasing just, we it's the looking and are Brookdale. at Brookdale silo, Hi through year That's combination the the rates of the we

Austin Wurschmidt

you. Thank it. Got

Operator

question, Please your Your line from Capital next Sanabria BMO Juan live. your coming Markets. question pose is from is

Juan Sanabria

just moving it to be Wendy more give the I detail are there? It us Pam. $X.XX, second to on a the normalized a provided Hi. the question what quarter from was pieces bridge Could behind bit may $X.XX for FFO think the you little what

Pam Kessler

Yes, sure.

a have that primarily, to we this to quarter happen of quarter guiding transition the September. next guided that's reset had assets due to market it's is eight and the a what So that decrease what we're in will

that Our on in process guidance portfolio, nothing August. setting could is September that be now next currently change that in for for at the quarter because right rents we'll but rents of for the

Juan Sanabria

the back, in uptake an correct? that be of when there'd kind that so then, And is fall comes

Pam Kessler

up, that going gradually, Yes, expecting got we a, gradually upward. it's like to it's trend are so in to, will it's lease

Juan Sanabria

on pipeline, just to quarter to you left curious the what's and then third on like piece stepping loans traditional in sounds where back back transact, could more focus curious revert coming pricing versus but seeing said Okay. just, more the to that we you've dispositions, on just temporarily the the focused in fee acquisitions you're see it if simple been months? is recent you're And in

Clint Malin

development talked We've the in just be of we pay a now in have would more Well, private a the pipeline. our remaining, on going which into community. have investing course about Sure. all right getting of transaction to assets. That's accumulation we of pandemic what last the we during project and shorter remaining we've and the investments the paying our at have of down do focus line duration Brookdale and sort transition this accomplish the years year on this tried few one

So half had into XXXX. this first the very and extent compared prior this early I as positive half able good back through get the be acquisitions opportunities very more the of capital second think at which the we've in is to accomplish we've to deploying loaded we looking to of year. have a we'll and second year been But half this we that in the the typically year the been in years, has and year year of more year,

Juan Sanabria

you. Thank

Clint Malin

you. Thank

Operator

your Siversky Your next Wells question is question. with coming Please Fargo. from pose Connor

is line live. Your

Connor Siversky

out Quick abated one rent. morning there. on Good

been mean end correctly, provided year, was So it that If this only to we I during agreement the XXXK I abatement June? that the supposed right? have go has QX the extended end was at of this QX. have operator of through to

Pam Kessler

correct. that's Yes,

Connor Siversky

you color extend of to that agreement? to as to the kind give any decision there Is Okay. materialized what

Pam Kessler

and want a it the to on just of it long-term, what community quarter-by-quarter. I just it made we going mean, sense do we care basis now as quarterly doing evaluate to take with and that that versus we've been

Connor Siversky

operating inland and in markets, versus Okay, as it to not I'm question the see where things, nursing assets, senior a perhaps housing, skilled to for labor think you could the labor coastal understood. we're see, Clint, And discretionary do pertains relate side a bigger how markets impact? or standing a the senior you more housing, perhaps also pressure where whether but then development maybe looks just the moving of front it have of could minimum do you ruling potential of wondering as staffing to in in complexion and

Clint Malin

the comes in. really to it when phased Well, how ruling it I more down think is and defined is

that So I minimum think large in reduced to labor It on a out private operators that's staffing is well increases Use both there. it's lot normalizing. say in agency conversations has across by cases improving. that's the does relation seem the biggest with pay side issue are as eliminated. the country, skilled of it in been as pay the and I buildings initiative would of

mean, obviously was in half So the XXXX. trends in than in we and a the it better this across board of this easy positive staffing just industry, are seeing first year from never but standpoint. I

Connor Siversky

see bifurcation labor easier though But in that markets? do any that between Okay. you the source to we be I areas. sense might coastal mean, get

Clint Malin

it's in be You're going going find definitely wage, undoubtedly, coastal competition it's wages going challenging and be more to more to higher jobs. markets probably for in to

So those in you're that going to kind see competition I by think markets. more of definition

Connor Siversky

good weekend. Okay, a understood. Have

Clint Malin

Great.

same. you much. the Thank do You very

Operator

coming is from question pose your Valiquette next with Please Steve question. Your Barclays.

live. is line Your

Amin Jazayeri

Steve Jazayeri quarter. Amin strong which Congratulations on reflect coverage you ratios is Valiquette. the March for on this Hi, a reported,

have side. and However, have on the the reported the companies a growth acute in [ph] deceleration lot volume that in June provider registered quarter of

into from So June how operating on the commentary growth the wondering, post-acute that's I for your quarter? just side translating was on volume partners any there is

Pam Kessler

for you increase have the not over Pam. Well, dramatically the seen the noticed a what it the in this has improve been had -- as occupancy the this occupancy Hi, rate had it is to I'm -- would catalyst year. for skilled And course of be we decelerating. nationwide sure decelerated

going nursing, it's occupancy pre-COVID long to to skilled upward toward continue think rates. grind a back slow be I

of recovery long-term side the the was the care been is lag the housing that recovery pandemic than slower on accelerated and talking really recovery community-based we've It's much the the think is senior toward care. -- and over home I as trend and because but about most years,

long-term nursing. skilled So side an into the care that's the made for of census incursion

Amin Jazayeri

I Okay. up appreciate a color. And just quick follow that that. from

actually here, PHE Given ago being or few that June there the how in sense in and any July? this the any or a any on how sense being is months ended on what's color business happening is impacting

Pam Kessler

what's is range It's long will to with returning many I with on there, guess new to have I years hazard it's take. we're something all not what continuing and the up determine at what anyone's trajectory How the was norm as going It's the time. a side census. mean, on good our to in that that funding to I'm range, Federal pick funding mine away. for on it the that NIC out the pre-COVID point. especially skilled states data of to going anticipated working the with right now guess the No, just stepped all this kind slack a But the and how, what's lower and rates occupancy long long taking really of with the it's we're watch what operators now is right even think and as of Government

Amin Jazayeri

taking and have thank you my right, a great weekend. for questions All

Pam Kessler

Thanks, you too.

Operator

next RBC Please Michael with question Markets. from is Your question. Capital Carroll coming pose your

Your line is live.

Michael Carroll

amount rent your know, Prestige, to kind deferred of about comments of True-Up there's want how so a them year? highlighting they on you quarter. receive I big True-Up that mean, a the far thanks. I fourth that of Yes, this in of payment mean, payment to could we for going equal that touch could I expecting? are the kind be

Clint Malin

Mike. Hi

the which the for and unique mentioned rate settlements, the is these which right then -- retroactive of now in estimates in rate Pam rebasing there's rates delay period. of XX%, So increase, extended because we of Michigan have the

range right now it's in range XXXX, would annualized million to would yet in is Medicaid estimates of the have probably the approximately QX be say revenues. be finalized. we XX% which for $X I So

settlement back to cost ended number it's the So a goes XXXX. the a fiscal in year substantial that's that or and that report

You'll it settlement in again range -- QX could in relates and the the million much million current of could be delayed dollars. to XXXX these $XX QX XXXX. retroactive another estimates, settlement, meaningful of year are be see that to Very in that fiscal a but $X but

of However, skilled there lot seen are with a the reimbursement Michigan one portfolio buildings, in it's biggest in other been that states Medicaid challenge in we this and with Prestige been has just of we've challenged nuances see is other and nursing. growth of occupancy as

So being key able census is in to a Prestige grow this for element portfolio.

Michael Carroll

dollar Okay. this all pay payment guess get year? back they should your rent And fourth assume will far quarter, that that then of large million if to do they the I $X-ish deferred that use in we so True-Up

Clint Malin

deferred I them state have. premature would assume There are that there other has are the going so We're they that. think it's on, expenses too like to taxes bed right through payment items negotiations that with now.

a we're resolution and going like update process So we as Prestige with get that. any what through looks information we'll clarity more it's on that on you and right now

Pam Kessler

and interest XXXX. in that we they going What I've the get said, owe are us to repeat, I

a making. or letter the the and that's that's credit have claim We of announcement we're

Michael Carroll

from that lease know type I next the semantics on just more and going expiration to establishing that rent That's value today expiration? HMG, Okay. they're have the schedule that to mean, transitioning payment to related you're then is XXXX. is year, rent permanent you helpful. a them because way be for going to I And that be market think fair this about you're

Clint Malin

Yes.

Michael Carroll

rent year really And thinking that about Have it them started do you idea to could have we be? go is rent next in about an talking what where new could of XXXX? or that

Clint Malin

We're in that looking discussions at asset and selling them or regarding two. with that an active might include

when it's effective. with component September, going to get that and Medicaid rates you the become something of engaged the until the rates was be X, would state have The we them. forward that announcing what been actively bridge those So big

So was to big to rates. being with that of wait happened element see a able what those

Michael Carroll

Okay.

Clint Malin

that. HMG and We are definitely engaged on with working

Michael Carroll

then be there you And abate that proceeds prime sell sales can assets all? and know targets. continuing as you're two for have you properties those rent. we the looking are us could should properties. think that asset remind about are the guys within question, the to what the Brookdale now? other you Are to what Okay. assuming just that sale I'm the I last assets in Those portfolio near-term right potential

Clint Malin

No there are buildings our would we have potentially that portfolio at that in look transition selling. we

how because we So provide is have that we and deciding to selling at the look to be an potential to don't looking at right will now, them derive additional could we but estimate is the there assets, if then income those alternative the wait can't long selling appropriate recovery or on be.

is So it yet. that a possibility, but made decision we've not

Pam Kessler

it million which sales an Brookdale then total, $XX more was only and between for additional the guidance proceeds, our in Mike, And proceeds.

year, do hugely every but wasn't our decisions. disposition portfolio significant look it we So at make year and this

Michael Carroll

you. Okay. Thank

Clint Malin

Thank you.

Operator

floor like would back There at time. Simpson this now are to questions closing Wendy for any no additional to the I queue in turn remarks. over

Wendy Simpson

listen all call our wish for I to Thank all you a good the to time weekend. spending and you

Operator

does today's This call. Thank conference you. conclude

have You your and this may disconnect lines Thank a your wonderful participation. you phone time day. for at

LTC Properties (LTC) 28 Jul 232023 Q2 Earnings call transcript