LTC Properties, Inc. (NYSE:LTC) Q2 2023 Earnings Conference Call July 28, 2023 11:00 AM ET
Company Participants
Wendy Simpson - Chairman and CEO
Pam Kessler - CFO, Co-President and Corporate Secretary
Clint Malin - CIO and Co-President
Conference Call Participants
Austin Wurschmidt - KeyBanc Capital Markets
Juan Sanabria - BMO Capital Markets
Connor Siversky - Wells Fargo
Amin Jazayeri - Barclays
Michael Carroll - RBC Capital Markets
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.
These risks and uncertainties are detailed in LTC Properties' filings with Securities and Exchange Commission from time to time, including the company's most recent 10-K dated December 31, 2022. LTC undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this presentation. Please note this event is being recorded.
I would now like to turn the conference over to Wendy Simpson. Please go ahead.
Wendy Simpson
Thank you, operator, and welcome everyone to LTC's 2023 Second Quarter Conference Call. I am joined by Pam Kessler, Co-President and Chief Financial Officer; and Clint Malin, Co-President and Chief Investment Officer.
The first half of 2023 was driven by substantial investment activity generating growth this year and in the future. To date this year, we have put more than a quarter billion dollars to work through new investments to produce accretive current and future income. We used our line to fund these investments and plan to pay down the line primarily using future expected asset sales.
A significant number of these assets have been non-revenue producing mostly from being in lease up when COVID changed the world. With our second quarter and subsequent investment activity that Clint will detail later, we have completed the majority of the $100 million pipeline we spoke about last quarter, bringing total investments so far this year to $258 million.
Right now, the senior management team at LTC knows that our primary mission for the rest of 2023 is to focus and that focus is on completing our identified asset sales, working with operators who still need some guidance around their focus and establishing permanent rents for properties that are not currently revenue producing to LTC. I believe issues around two of our operators could be an overhang on our stock price and I want to address our progress at the beginning of this call and Pam and Clint will give you more specifics during their remarks.