LTC Properties, Inc. (NYSE:LTC) Q3 2024 Earnings Conference Call October 29, 2024 11:00 AM ET
Company Participants
Wendy Simpson - Chairman of the Board & Chief Executive Officer
Pam Kessler - Co-President & Chief Financial Officer
Clint Malin - Co-President & Chief Investment Officer
Conference Call Participants
Austin Wurschmidt - KeyBanc Capital Markets
Robin Haneland - BMO
Rich Anderson - Wedbush
Michael Carroll - RBC
Operator
Good day, ladies and gentlemen, and welcome to the LTC Properties, Inc. Third Quarter 2024 Earnings Conference Call. My name is Ali, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. And later we will conduct a question-and-answer session. [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 its 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, this event is being recorded.
I would now like to turn the conference over to Wendy Simpson. Ma'am, you may begin.
Wendy Simpson
Thank you, operator, and welcome, everyone to LTC's 2024 third quarter conference call. On the call with me today are Pam Kessler, Co-President and Chief Financial Officer; and Clint Malin, Co-President and Chief Investment Officer.
The third quarter and fourth quarter to date have been positive to LTC, and we are optimistic about the year and 2025. Year-to-date, we have collected $4.1 million in previously unrecorded revenue from former operators related to portfolio transitions in prior years. And we have received more than $98 million related to loan receivable payoffs and paydowns. Additionally, we received net proceeds of nearly $63 million from equity sales under our ATM program.
As a result, we have substantially delevered our balance sheet better positioning LTC to capitalize on new investment opportunities. When thinking about growth opportunities ahead and with the full support of our board, we are actively evaluating RIDEA.
We are currently reviewing several strategic approaches as well as analyzing the infrastructure needed to successfully execute a structure. Clint will provide more detail later. Before I turn the call over, I want to recognize the heroic efforts taken by our operators who are located in areas impacted by the recent hurricanes. They and their employees met the challenge to ensure residents and patients continue to receive the high level of care they need and expect. We've heard stories of great courage throughout the regions and LTC extends its sympathies and support to everyone who has been and still is affected.