LTC Properties, Inc. (NYSE:LTC) Q2 2024 Earnings Call July 30, 2024 11:00 AM ET

Company Participants

Wendy Simpson - President and Chief Executive Officer
Clint Malin - Co-President and Chief Investment Officer
Pam Kessler - Co-President and Chief Financial Officer

Conference Call Participants

Juan Sanabria - BMO Capital Markets
Austin Wurschmidt - KeyBanc Capital Markets
Rich Anderson - Wedbush
Michael Carroll - RBC Capital Markets

Operator

Good day and welcome to the LTC Properties, Inc. Second Quarter 2024 Earnings Call. [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 the Securities and Exchange Commission, from time to time, including the company’s most recent 10-K dated December 31, 2023. 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 that 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 2024 second quarter conference call. On the call with me today are Clint Malin, Co-President and Chief Investment Officer; and Pam Kessler, Co-President and Chief Financial Officer.

The second quarter went generally according to plan. We did encounter a challenge with respect to occupancy issues at select assisted living communities operated by ALG Senior, but we very quickly provided solutions that are in the best interest of LTC, our partner and our shareholders. With the full cooperation of ALG, we were able to neutralized the impact to LTC, while enhancing our portfolio and providing us with additional security. Clint will explain as part of his portfolio review.

As with other REITs, over the years, we have responded to challenges presented by industry and operator-specific headwinds. Our track record demonstrates that we’ve done so with expediency and transparency, and the ALG situation is no different. Our philosophy and mission have not changed, and we remain committed to our 2024 guidance and future growth.

Clint Malin

Thank you, Andy. I’ll first discuss the steps we took to address the occupancy issues underlying some of our ALG investments. At a high level, we provided rent assistance for two of our investments at the end of the second quarter and in exchange, reconfigured mortgage loans due from affiliates of ALG into two joint venture investments.