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LTC Properties

LTC Properties Inc is a healthcare facility real estate investment trust. The company operates one segment that works to invest in seniors housing and healthcare facilities through mortgage loans, property lease transactions, and other investments. Its real estate investments includes different types of properties such as Independent living communities, Assisted living communities, Memory care communities, Skilled nursing centers and other types of properties.

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LTC Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTC#NYSE">LTC</a>) reported quarterly earnings of $0.78 per share which beat the analyst consensus estimate of $0.70 by 11.43 percent. This is a 20 percent increase over earnings of $0.65 per share from the same period last year. The company reported quarterly sales of $55.783 million which beat the analyst consensus estimate of $52.141 million by 6.99 percent. This is a 13.14 percent increase over sales of $49.303 million the same period last year.

Earnings

Earnings Beats

LTC Properties Q3 2024 FFO $0.78 Beats $0.70 Estimate, Sales $55.783M Beat $52.141M Estimate

LTC Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTC#NYSE">LTC</a>) is preparing to release its quarterly earnings on Monday, 2024-10-28. Here's a brief overview of what investors should keep in mind before the announcement.
Analysts expect LTC Properties to report an earnings per share (EPS) of $0.68.
Investors in LTC Properties are eagerly awaiting the company's announcement, hoping for news of surpassing estimates and positive guidance for the next quarter.
It's worth noting for new investors that stock prices can be heavily influenced by future projections rather than just past performance.
<h3>Overview of Past Earnings</h3>
During the last quarter, the company reported an EPS missed by $0.01, leading to a 6.09% drop in the share price on the subsequent day.
Here's a look at LTC Properties's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.66</td>
<td>0.64</td>
<td></td>
<td>0.64</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.65</td>
<td>0.69</td>
<td>0.57</td>
<td>0.65</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-6.0%</td>
<td>2.0%</td>
<td>-0.0%</td>
<td>-2.0%</td>
</tr>
</tbody>
</table>

<h3>Performance of LTC Properties Shares</h3>
Shares of LTC Properties were trading at $35.79 as of October 24. Over the last 52-week period, shares are up 13.71%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. 
<h3>Insights Shared by Analysts on LTC Properties</h3>
For investors, grasping market sentiments and expectations in the industry is vital. This analysis explores the latest insights regarding LTC Properties.
Analysts have provided LTC Properties with 2 ratings, resulting in a consensus rating of Neutral. The average one-year price target stands at $38.5, suggesting a potential 7.57% upside.
<h3>Peer Ratings Overview</h3>
The following analysis focuses on the analyst ratings and average 1-year price targets of Sila Realty Trust, Diversified Healthcare and Global Medical REIT, three prominent industry players, providing insights into their relative performance expectations and market positioning.
<ul>
<li>Sila Realty Trust received a Buy consensus from analysts, with an average 1-year price target of $28.5, implying a potential 20.37% downside.</li>
<li>For Diversified Healthcare, analysts project an Buy trajectory, with an average 1-year price target of $4.5, indicating a potential 87.43% downside.</li>
<li>Global Medical REIT received a Buy consensus from analysts, with an average 1-year price target of $11.88, implying a potential 66.81% downside.</li>
</ul>
<h3>Snapshot: Peer Analysis</h3>
The peer analysis summary outlines pivotal metrics for Sila Realty Trust, Diversified Healthcare and Global Medical REIT, demonstrating their respective standings within the industry and offering valuable insights into their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>LTC Properties</td>
<td>Neutral</td>
<td>3.88%</td>
<td>$46.87M</td>
<td>2.16%</td>
</tr>
<tr>
<td>Sila Realty Trust</td>
<td>Buy</td>
<td>-3.14%</td>
<td>$37.70M</td>
<td>0.31%</td>
</tr>
<tr>
<td>Diversified Healthcare</td>
<td>Buy</td>
<td>7.27%</td>
<td>$67.33M</td>
<td>-4.45%</td>
</tr>
<tr>
<td>Global Medical REIT</td>
<td>Buy</td>
<td>-5.79%</td>
<td>$26.98M</td>
<td>-0.64%</td>
</tr>
</tbody>
</table>

Key Takeaway:
LTC Properties ranks in the middle for revenue growth among its peers. It has the highest gross profit compared to others. The return on equity of LTC Properties is also higher than its peers.
<h3>Delving into LTC Properties's Background</h3>
LTC Properties Inc is a healthcare facility real estate investment trust. The company operates one segment that works to invest in seniors housing and healthcare facilities through mortgage loans, property lease transactions, and other investments. Its real estate investments includes different types of properties such as Independent living communities, Assisted living communities, Memory care communities, Skilled nursing centers and other types of properties.
<h3>Breaking Down LTC Properties's Financial Performance</h3>
Market Capitalization Analysis: The company's market capitalization is below the industry average, suggesting that it is relatively smaller compared to peers. This could be due to various factors, including perceived growth potential or operational scale.
Positive Revenue Trend: Examining LTC Properties's financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 3.88% as of 30 June, 2024, showcasing a substantial increase in top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Real Estate sector.
Net Margin: The company's net margin is a standout performer, exceeding industry averages. With an impressive net margin of 38.29%, the company showcases strong profitability and effective cost control.
Return on Equity (ROE): LTC Properties's financial strength is reflected in its exceptional ROE, which exceeds industry averages. With a remarkable ROE of 2.16%, the company showcases efficient use of equity capital and strong financial health.
Return on Assets (ROA): The company's ROA is a standout performer, exceeding industry averages. With an impressive ROA of 1.03%, the company showcases effective utilization of assets.
Debt Management: LTC Properties's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 0.97.
<a href="https://www.benzinga.com/quote/LTC/earnings">To track all earnings releases for LTC Properties visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Insights Ahead: LTC Properties's Quarterly Earnings

Litecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ltc/usd">LTC</a>) topped the biggest gainers list Tuesday after digital asset trading and management firm Canary Capital filed for an exchange-traded fund (ETF) tracking the proof-of-work (PoW) cryptocurrency's price.&nbsp;
What happened: The coin, created from the hard fork of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) in 2011, was up over 7% as of this writing, outperforming all the cryptocurrencies in the market, including Bitcoin itself.
LTC experienced a whopping 149% increase in trading volume over the last 24 hours, as buying pressure catapulted the coin to its highest value in two and a half months.
The rally was spurred by an S-1 <a href="https://www.sec.gov/Archives/edgar/data/2039461/000199937124013330/litecoin-s1_101524.htm">filing </a>submitted by Canary Capital on Tuesday—a prerequisite for issuers to file to offer new securities.
The proposed Canary Litecoin ETF aims to provide exposure to the price movement of LTC held by the trust.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41322645/mark-cuban-defends-kamala-harris-crypto-knowledge-appears-to-take-dig-at-trump-for-selling">Mark Cuban Defends Kamala Harris&#8217; Crypto Knowledge, Appears To Take Dig At Trump For Selling Tokens And Merchandise: &#8216;Unlike Your Guy, She Doesn&#8217;t Pretend&#8217;</a>
The application for a Litecoin ETF comes a week after Canary Capital filed for a <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41243775/xrp-etf-buzz-increases-as-canary-capital-pursues-sec-for-greenlight-on-its-fund-will-the-g">similar investment vehicle that tracks the price</a> of payment-focused cryptocurrency XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>).
While Litecoin was originally <a href="https://litecoin.org/">intended </a>to be a payment method, it has since evolved into a tool for speculation and investment, trading regularly in the market.
Interestingly, the Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) network's underlying technology is derived from Litecoin.
Billy Markus, the co-creator of Dogecoin, said in a 2021 interview with Benzinga that the auxiliary proof-of-work or AuxPOW, announced in 2014 after it was suggested by Litecoin&nbsp;creator Charlie Lee, allowed Dogecoin to be&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/21/04/20804274/dogecoin-co-creator-says-meme-crypto-has-been-one-of-the-most-secure-coins-for-years" target="_blank" rel="noreferrer noopener">merge-mined with any Scrypt coin.&nbsp;</a>
Like Bitcoin, Litecoin <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38690567/this-bitcoin-offshoot-tops-digital-payments-escapes-sec-scrutiny-but-remains-undervalued-t">has evaded scrutiny from U.S. regulators</a> on the contentious security vs. commodity debate, a factor possibly motivating issuers to file for ETF applications.
Why It Matters: The much-touted decentralized finance (DeFi) project was launched by Trump last month, with<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41303639/donald-trump-says-his-crypto-project-world-liberty-financial-will-start-selling-tokens-on-"> the sale of the project's governance token</a> WLFI set for Tuesday.&nbsp;
Price Action: At the time of writing, Litecoin was exchanging hands at $71.72, up 7.31% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.  
Photo by DIAMOND VISUALS on Shutterstock
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Wedbush analyst Richard Anderson reiterates LTC Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTC#NYSE">LTC</a>) with a Outperform and maintains $40 price target.

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Wedbush Reiterates Outperform on LTC Properties, Maintains $40 Price Target

Litecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ltc/usd">LTC</a>) has witnessed an extended downturn in recent weeks, but a prominent cryptocurrency analytics firm anticipated the sentiment to turn bullish for the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)-inspired token.
What Happened: According to an X post on Monday, Santiment noted a substantial 36% decline in Litecoin&#8217;s market value from its April peak. Surprisingly, small traders, or wallets holding between 0.1 and 1 LTC, continued to increase during this time.
However, in a dramatic development, the total number of wallets in the aforementioned cohort plunged by 45,200, indicating that small traders were finally capitulating on the proof-of-work cryptocurrency.
&#8220;Small fish impatiently &#8216;jumping ship&#8217; is often a turnaround sign for an asset to begin turning bullish once again,&#8221; Santiment added. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x26a1;&#xFE0F; Litecoin has not been lighting social forums on fire with its market value dropping -36% since its April 1st peak. A sudden liquidation of 45.2K net 0.1-1 LTC wallets indicate that small traders are finally capitulating out of the OG crypto asset. Small fish impatiently… <a href="https://t.co/qiZ9B72eG6">pic.twitter.com/qiZ9B72eG6</a>
&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1828269348802437299?ref_src=twsrc%5Etfw">August 27, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40569179/elon-musk-cheers-pro-bitcoin-el-salvador-president-nayib-bukeles-free-speech-guarantee-ami">Elon Musk Cheers Pro-Bitcoin El Salvador President Nayib Bukele&#8217;s Free Speech Guarantee Amid Pavel Durov&#8217;s Arrest</a>
Why It Matters: Forked out of Bitcoin, Litecoin was one of the earliest altcoins on the market, and is often dubbed &#8220;the silver to Bitcoin&#8217;s gold.&#8221;
Aside from Bitcoin, Litecoin is one of the few cryptocurrencies <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40454074/solana-a-security-sec-concerns-reportedly-led-to-pause-in-etf-filing-process">that have evaded a &#8220;security&#8221; probe</a> by U.S. regulators. It&#8217;s also the most used cryptocurrency for payments, <a href="https://bitpay.com/stats/">according </a>to the world&#8217;s largest crypto payment service provider, BitPay.
However, these fundamental advantages have failed to significantly boost the cryptocurrency&#8217;s market valuation. As of this writing, Litecoin was one of the few billion-dollar capitalization tokens with year-to-date losses, totaling 13%.
In contrast, Bitcoin has surged 48%, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) have grown 17% and 54%, respectively.
Despite the current market downturn, Santiment&#8217;s analysis suggests that Litecoin could be on the verge of a turnaround. This could be a crucial development for investors and traders to watch in the coming weeks.
Price Action:&nbsp;Litecoin was exchanging hands at $80.97 at the time of publication, falling marginally by 0.19% in the last 24 hours, according to data&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">from Benzinga Pro</a>.&nbsp;
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This Bitcoin Offshoot Could Turn Bullish Again Despite Continued Losses, Says Analytics Firm: 'Small Fish Impatiently Jumping Ship Is Often A Turnaround Sign'

Although U.S. stocks closed lower on Friday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company&#8217;s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/">Benzinga&#8217;s insider transactions </a>platform.
<h3 class="wp-block-heading">Aehr Test Systems</h3>
<ul>
<li>The Trade: Aehr Test Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEHR#NASDAQ">AEHR</a>) Director Howard T Slayen <a href="https://www.benzinga.com/quote/AEHR/analyst-ratings">acquired a total of 20,000 shares</a> at an average price of $15.50. To acquire these shares, it cost around $310,000.</li>
<li>What's Happening: On July 16, Aehr Test Systems reported better-than-expected fourth-quarter financial results and issued FY25 revenue guidance above estimates..</li>
<li>What Aehr Test Systems Does: Aehr Test Systems is engaged in test systems for burning-in and testing logic, optical, and memory integrated circuits. Increased quality and reliability needs of the Automotive and Mobility integrated circuit markets.</li>
</ul>
<h3 class="wp-block-heading">LTC Properties</h3>
<ul>
<li>The Trade: LTC Properties, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTC#NYSE">LTC</a>) Director David L Gruber acquired a total of 6,000 shares at &lt;/em&gt;&lt;/a&gt; an average price of $35.73. To acquire these shares, it cost around $214,520.</li>
<li>What's Happening: On July 29, LTC Properties posted upbeat quarterly sales.</li>
<li>What LTC Properties Does: LTC Properties Inc is a healthcare facility real estate investment trust. The company operates one segment that works to invest in seniors housing and healthcare facilities through mortgage loans, property lease transactions, and other investments.</li>
</ul>
<h3 class="wp-block-heading">AMREP</h3>
<ul>
<li>The Trade: AMREP Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXR#NYSE">AXR</a>) 10% owner Rainey E. Lancaster <a href="https://www.benzinga.com/sec/insider-trades/">bought a total of 10,000 shares</a> at an average price of $25.60. To acquire these shares, it cost around $256,000.</li>
<li>What's Happening: On July 23, AMREP reported a decline in FY24 EPS.</li>
<li>What AMREP Does: Amrep Corp through its subsidiaries is engaged in the Real estate business. Its activities include land sales and lease activities, which involve obtaining approvals and selling both developed and undeveloped lots to homebuilders, commercial users, and others, as well as investments in commercial and investment properties.</li>
</ul>
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Insiders Buying LTC Properties And 2 Other Stocks

LTC Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTC#NYSE">LTC</a>) reported quarterly earnings of $0.65 per share which missed the analyst consensus estimate of $0.66 by 1.52 percent. The company reported quarterly sales of $50.116 million which beat the analyst consensus estimate of $49.275 million by 1.71 percent. This is a 3.88 percent increase over sales of $48.246 million the same period last year.

Earnings Misses

LTC Properties Q2 2024 FFO $0.65 Misses $0.66 Estimate, Sales $50.116M Beat $49.275M Estimate

U.S. residential home prices <a href="https://www.benzinga.com/money/best-reits">accelerated in February</a>.
Prices defied the gravitational pull of high mortgage costs and surpassed analysts&#8217; expectations as reduced supply and robust economic momentum continued to drive up property valuations.
U.S. house prices saw a 1.2% month-over-month growth in February 2024, the largest increase in a single month since April 2022, significantly outpacing expectations of a 0.1% growth, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/30120316/image-255-1024x495.png" alt="" class="wp-image-315865" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/30120316/image-255-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/30120316/image-255-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/30120316/image-255-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/30120316/image-255-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/30120316/image-255.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Home Prices &#8216;Rebounded&#8217;</h3>
Across the nine census divisions, the seasonally adjusted monthly price changes from January 2024 to February 2024 ranged from a 0.4% growth in the West South Central division to a 3.0% growth in the New England division.
For the broader country, single-family house prices increased by 7% from February 2023 to February 2024, marking the highest one-year increase since November 2022. All census divisions reported positive 12-month changes, ranging from 3.7% in the West South Central division to 10.8% in the Middle Atlantic division.
Dr. Anju Vajja, deputy director for FHFA's division of research and statistics, noted, "U.S. house prices rebounded with an increase in February, after declining slightly in January.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Region</td>
<td>FHFA HPI (MoM Chg) </td>
<td>FHFA HPI (YoY Chg)</td>
</tr>
<tr>
<td>U.S.</td>
<td>1.2%</td>
<td>7.0%</td>
</tr>
<tr>
<td>Pacific</td>
<td>1.3%</td>
<td>6.6%</td>
</tr>
<tr>
<td>Mountain</td>
<td>0.4%</td>
<td>4.4%</td>
</tr>
<tr>
<td>West North Central</td>
<td>1.1%</td>
<td>7.3%</td>
</tr>
<tr>
<td>West South Central</td>
<td>0.4%</td>
<td>3.7%</td>
</tr>
<tr>
<td>East North Central</td>
<td>0.9%</td>
<td>8.9%</td>
</tr>
<tr>
<td>East South Central</td>
<td>1.2%</td>
<td>4.9%</td>
</tr>
<tr>
<td>New England</td>
<td>3.0%</td>
<td>10.5%</td>
</tr>
<tr>
<td>Middle Atlantic</td>
<td>2.6%</td>
<td>10.8%</td>
</tr>
<tr>
<td>South Atlantic</td>
<td>1.4%</td>
<td>7.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Source: FHFA</figcaption></figure>
Separately, S&amp;P Global released a report Tuesday, tracking the 20-city home price index. It revealed a similar trend nationwide: 
<ul>
<li>Prices up 7.3% year-on-year, the highest since October 2022 and surpassing expectations of a 6.7% increase.</li>
<li>San Diego (11.4%), Chicago (8.9%), and Detroit (8.9%) saw the largest one-year price increases.</li>
<li>19 of the 20 markets saw month-on-month increases; San Diego (1.7%), San Francisco (1.7%), and Portland (1.2%) recorded the sharpest rises</li>
<li>The Tampa housing market was the only one to experience a decrease.</li>
</ul>
<h3 class="wp-block-heading">All-Time Highs</h3>
Brian D. Luke, head of commodities, real and digital assets at S&amp;P Dow Jones Indices, remarked, "Following last year's decline, U.S. home prices are at or near all-time highs. Our National Composite rose by 6.4% in February, the fastest annual rate since November 2022. Our 10- and 20-City Composite indices are currently at all-time highs. "
He added, "San Diego has been the best-performing market following the trough in home prices observed in early 2023. With Los Angeles rising for 13 consecutive months to record another new high, Southern California has outperformed its surrounding neighbors."
Market Reactions: Real estate stocks, as tracked by the Vanguard Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>), inched 0.8% lower on Tuesday, weighed down by a broader negative sentiment on Wall Street as traders took a more cautious stance ahead of Wednesday&#8217;s Federal Open Market Committee (FOMC) meeting. 
NexPoint Residential Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NXRT#NYSE">NXRT</a>), Redfin Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDFN#NYSE">RDFN</a>), LTC Properties, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTC#NYSE">LTC</a>), Kite Realty Group Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRG#NYSE">KRG</a>) and Brixmor Property Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRX#NYSE">BRX</a>) recorded the daily largest gains, ranging from 1.7% to 3.5%. 
Conversely, SBA Communications Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SBAC#NYSE">SBAC</a>), The Macerich Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAC#NYSE">MAC</a>), Sun Communities, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUI#NYSE">SUI</a>), Orion Office REIT Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ONL#NYSE">ONL</a>) and Opendoor Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OPEN#NYSE">OPEN</a>) posted the widest daily losses ranging from 6.2% to 3.3%. 
Now Read: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/04/38485545/top-3-real-estate-stocks-that-are-set-to-fly-in-april">Top 3 Real Estate Stocks That Are Set To Fly In April</a>

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US Home Prices Rocket In February For Strongest One-Month Increase In 2 Years: Real Estate Stocks React

LTC Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTC#NYSE">LTC</a>) reported quarterly earnings of $0.69 per share which beat the analyst consensus estimate of $0.66 by 4.55 percent. This is a 4.55 percent increase over earnings of $0.66 per share from the same period last year. The company reported quarterly sales of $33.549 million which missed the analyst consensus estimate of $50.951 million by 34.15 percent. This is a 5.72 percent increase over sales of $31.735 million the same period last year.

LTC Properties Q1 2024 FFO $0.69 Beats $0.66 Estimate, Sales $33.549M Miss $50.951M Estimate

Real estate investment trusts (REITs) own, operate, or finance income-generating real estate. REITs allow individuals to invest in various types of real estate without having to directly own or manage the properties. REITs typically focus on a specific type of real estate, such as residential, commercial, or industrial, and they are required to distribute a large percentage of their taxable income to shareholders in the form of dividends, making them attractive for income-seeking investors.
Let's take a look at two REITs with yields up to 7.1% that have been growing their dividends in recent years.
<h2 class="wp-block-heading">CubeSmart</h2>
CubeSmart (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CUBE#NYSE">CUBE</a>) is the third largest owner and operator of self storage facilities in the United States. It currently owns or manages <a href="https://s201.q4cdn.com/604002580/files/doc_presentations/2024/Mar/04/cube-ir-presentation-march-2024-final.pdf">1,406 self storage properties</a> across 178 markets in 41 states and the District of Columbia.
CubeSmart currently pays a quarterly dividend of $0.51 per share, equating to an annualized dividend of $2.04 per share, which gives its stock a yield of about 4.4% at the time of this writing.
On top of having a high yield, CubeSmart is a dividend-growth star, as its <a href="https://investors.cubesmart.com/news--events/news-details/2023/CubeSmart-Announces-4.1-Increase-in-Quarterly-Common-Dividend/default.aspx">4.1% hike in December</a> marked the 14th consecutive year in which it has raised its annual dividend payment.
<h2 class="wp-block-heading">Don't Miss:</h2>
<ul>
<li>Investing in real estate just got a whole lot simpler. This <a href="https://www.benzinga.com/go/bezos-landlord">Jeff Bezos-backed startup will allow you to become a landlord</a> in just 10 minutes, and you only need $100.</li>
<li>Elon Musk Is Bullish On Austin. Here&#8217;s <a href="https://www.benzinga.com/go/musk-austin">How To Invest In The City&#8217;s Growth Before He Floods It With New Tech Workers</a>.</li>
</ul>
<h2 class="wp-block-heading">LTC Properties</h2>
LTC Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTC#NYSE">LTC</a>) is a REIT that invests primarily in senior housing and healthcare properties. Its portfolio currently consists of <a href="https://irp.cdn-website.com/86b996c9/files/uploaded/Investor%20Presentation%20April%202024.pdf">202 properties</a>, including 124 assisted living facilities and 77 skilled nursing facilities, across 26 states with 30 operating partners.
LTC currently pays a monthly dividend of $0.19 per share, equating to an annualized dividend of $2.28 per share, which gives its stock a yield of about 7.1% at the time of this writing.
On top of being a high yielder, LTC is a reliable dividend payer, as it has maintained its current monthly dividend rate since October 2016.
<h2 class="wp-block-heading">Explore Opportunities Beyond REITs</h2>
While publicly traded REITs offer a convenient way to invest in real estate, we believe that some of the most compelling opportunities lie in the private market. Benzinga's <a href="https://www.benzinga.com/go/real-estate-screener">real estate offering screener</a> features a curated selection of private market real estate offerings from trusted platforms with a track record of strong returns.
Whether you&#8217;re an accredited or non-accredited investor, you can filter opportunities based on your investment criteria, including minimum investment, property type and target return. These offerings provide a unique chance to diversify your portfolio and tap into potential high-yield investments that are not available on public exchanges.
<a href="https://www.benzinga.com/go/real-estate-screener">Browse offerings</a>
<h3 class="wp-block-heading">Latest Private Market Offerings</h3>
<ul>
<li><a href="https://www.benzinga.com/alternative-investments/listing/qoz-fund-iii">QOZ Fund III</a>: Realize massive tax benefits by investing in a portfolio of multifamily development projects with long-term growth potential located in designated Opportunity Zones.</li>
<li><a href="https://www.benzinga.com/alternative-investments/listing/incomeplus-fund">Income Plus Fund:</a> A private real estate fund for investors seeking passive income and appreciation &#8211; Target net annual return of 9% &#8211; 11%.&nbsp;</li>
<li><a href="https://www.benzinga.com/alternative-investments/listing/gold-leaf-farming-lp">Golden Leaf Farming LP</a>: Top-tier almond and pistachio farms with a target cash yield of 13.8%</li>
</ul>
Discover these and other exclusive real estate investment opportunities on Benzinga's offering screener. Dive into the private market and uncover the potential for substantial returns beyond the public REIT market.
Read Next:
<ul>
<li>Want To Grow Your Wealth Passively? <a href="https://www.benzinga.com/go/grow-wealth-passively">These High-Yield Real Estate Notes Might Be Your Holy Grail</a></li>
<li>Miami Is Expected To Take New York's Place As The US Financial Capital. <a href="https://www.benzinga.com/go/miami-financial-capital">Invest In It With $500 Before That Happens</a>.</li>
</ul>
Image Credit: Shutterstock

CUBE

Gain Exposure to Real Estate With These REITs Yielding Up to 7.1%

For investors seeking a steady stream of monthly income, real estate investment trusts (REITs) that pay dividends on a monthly basis emerge as a compelling financial strategy. Let's check out two with yields up to 7.2%.
<h2 class="wp-block-heading">Whitestone REIT</h2>
Whitestone REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSR#NYSE">WSR</a>) owns and manages a portfolio of 55 open-air retail centers containing approximately five million square feet of gross leasable area in some of the fastest growing markets in the U.S., including Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio.
Whitestone currently pays a monthly dividend of $0.04125 per share, equating to an annual dividend of $0.495 per share, which gives its stock a yield of about 4.2% at the time of this writing.
In addition to offering a high yield, Whitestone has a track record of raising its dividend. It has raised its dividend each of the last two years, and its 3% hike in March has it on track for 2024 to mark the third consecutive year with an increase.
<h2 class="wp-block-heading">Don't Miss:</h2>
<ul>
<li>Investing in real estate just got a whole lot simpler. This <a href="https://www.benzinga.com/go/bezos-landlord">Jeff Bezos-backed startup will allow you to become a landlord</a> in just 10 minutes, and you only need $100.</li>
<li>Elon Musk Is Bullish On Austin. Here&#8217;s <a href="https://www.benzinga.com/go/musk-austin">How To Invest In The City&#8217;s Growth Before He Floods It With New Tech Workers</a>.</li>
</ul>
<h2 class="wp-block-heading">LTC Properties</h2>
LTC Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTC#NYSE">LTC</a>) is a REIT that invests primarily in senior housing and healthcare properties. Its portfolio consists of 202 properties, including 124 assisted living facilities and 77 skilled nursing facilities, across 26 states with 29 operating partners as of December 31, 2023.
LTC currently pays a monthly dividend of $0.19 per share, equating to an annualized dividend of $2.28 per share, which gives its stock a yield of about 7.2% at the time of this writing.&nbsp;
LTC has maintained its current monthly dividend rate since October 2016, which means investors should consider it a reliable source of income.
Read Next:
<ul>
<li>Want To Grow Your Wealth Passively? <a href="https://www.benzinga.com/go/grow-wealth-passively">These High-Yield Real Estate Notes Might Be Your Holy Grail</a></li>
<li>Miami Is Expected To Take New York's Place As The US Financial Capital. <a href="https://www.benzinga.com/go/miami-financial-capital">Invest In It With $500 Before That Happens</a>.</li>
</ul>
Image Credit: Shutterstock

These REITs Offer Yields Up to 7.2% and Monthly Dividends

CONF3RENCE 2024 and BLOCKCHANCE are thrilled to announce their union, marking the inception of a flagship Web3 event in the Ruhr area, Europe&#39;s economic powerhouse. BLOCKCHANCE has already demonstrated the possibilities of the German Web3 ecosystem. Together, aiming to build a bridge between traditional economy and Web3, this union propels CONF3RENCE to a leading position on a global level.
Scheduled for May 15th and 16th at Signal Iduna Park in Dortmund, Germany&#39;s largest stadium, CONF3RENCE aims to bridge the traditional economy with the burgeoning Web3 and AI sectors. The event is set to be a pivotal moment for the blockchain community, featuring 150+ speakers and hosting more than 100 partners &amp; exhibitors from around the globe.
Secure your tickets with a 25% discount <a href="https://www.universe.com/embed2/events/648b11a31da4f22187b62961?state=%7B%22currentDiscountCode%22%3A%7B%22code%22%3A%22CNF3NC25%22%7D%7D">here</a>.&nbsp;
Highlights of CONF3RENCE 2024:
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Top-notch speakers from traditional enterprises, finance, science, and politics; European Central Bank, NVIDIA&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>), Animoca Brands, IBM (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ibm#NYSE">IBM</a>), Litecoin&nbsp;(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ltc/usd">LTC</a>) and many more
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Exciting panel discussions and workshops on the most critical topics in the blockchain and AI industries
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Exclusive networking opportunities for making new contacts and exchanging ideas with experts.
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8 million EUR in prizes for our Startup Award, an innovative hackathon, live demos and further exciting interactive elements
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Partnerships with leading industry and finance associations, significant blockchain associations and business clubs enable an unprecedented quality of visitors and opportunities
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Large exhibition area for presenting products and business opportunities to promote innovation and business relationships
</li>
</ul>
CONF3RENCE is more than an event; it&#39;s a mission to unify stakeholders across sectors to foster the implementation of blockchain and AI technologies, showcasing existing applications and exploring new synergies. With its comprehensive program and dedication to innovation, CONF3RENCE is poised to catalyze the growth of blockchain technology and shape the future of digital economies.
Join us in Dortmund for an unprecedented exploration of the potential that lies at the intersection of the traditional economy and the dynamic Web3 and AI industries. CONF3RENCE is your opportunity to be part of the conversation shaping the future of technology and society.
About CONF3RENCE
CONF3RENCE is a leading global forum dedicated to the exploration and promotion of blockchain and AI technologies. Situated in the heart of Europe&#39;s economic powerhouse, the Ruhr area, CONF3RENCE serves as a pivotal platform for bridging the traditional economy with the innovative realms of Web3 and AI.&nbsp;
Website: <a href="https://conf3rence.com/">conf3rence.com</a>&nbsp;
X (Twitter): <a href="https://twitter.com/conf3rence/">twitter.com/conf3rence</a>
LinkedIn: <a href="https://www.linkedin.com/company/conf3rence/">linkedin.com/company/conf3rence/</a>&nbsp;

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NVDA

CONF3RENCE 2024 Unites with BLOCKCHANCE to Create Premier Web3 Event

RBC Capital analyst Michael Carroll reiterates LTC Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTC#NYSE">LTC</a>) with a Sector Perform and maintains $32 price target.

RBC Capital Reiterates Sector Perform on LTC Properties, Maintains $32 Price Target

For investors seeking a steady stream of monthly income, real estate investment trusts (REITs) that pay dividends on a monthly basis emerge as a compelling financial strategy. In this article, we unravel two REITs that pay monthly dividends and have yields of 6% or more.
<h2 class="wp-block-heading">LTC Properties</h2>
LTC Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTC#NYSE">LTC</a>) is a REIT that invests primarily in senior housing and healthcare properties. As of December 31, 2023, its portfolio consists of <a href="https://irp.cdn-website.com/86b996c9/files/uploaded/Q4%202023%20SUPPLEMENTAL%20OPERATING%20AND%20FINANCIAL%20DATA.pdf">202 properties</a>, including 124 assisted living facilities and 77 skilled nursing facilities, across 26 states with 29 operating partners.
LTC currently pays a monthly dividend of $0.19 per share, equating to an annualized dividend of $2.28 per share and giving its stock a yield of about 7.2% at the time of this writing. The company has also maintained this monthly rate since October 2016, making it a very reliable source of income.
<h2 class="wp-block-heading">Don't Miss:</h2>
<ul>
<li>Investing in real estate just got a whole lot simpler. This<a href="https://www.benzinga.com/money/dara-khosrowshahi-backed-startup-lets-you-become-a-landlord-with-100"> Dara Khosrowshahi-backed startup</a> will allow you to become a landlord in just 10 minutes, and you only need $100.</li>
<li>Commercial real estate has historically outperformed the stock market, but few investors have the capital or resources needed to invest in this asset class. A platform backed by industry giant Marcus &amp; Millichap is changing that, <a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate">allowing individuals to invest in commercial real estate with as little as $5,000.</a></li>
</ul>
<h2 class="wp-block-heading">Apple Hospitality</h2>
Apple Hospitality (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APLE#NYSE">APLE</a>) owns and manages a portfolio of upscale, rooms-focused hotels across the United States. As of November 30, 2023, its portfolio consists of <a href="https://s2.q4cdn.com/357237921/files/doc_presentations/2023/Dec/06/investor-presentation-dated-december-2023.pdf">224 hotels</a> with 29,601 guest rooms located across 37 states.
Apple Hospitality currently pays a monthly dividend of $0.08 per share, equating to an annualized dividend of $0.96 per share and giving its stock a yield of about 6% at the time of this writing. It's worth noting that the company suspended its dividend during the Covid-19 pandemic, but it appears to be back on track as a reliable source of monthly income.
<h2 class="wp-block-heading">Read Next:</h2>
<ul>
<li>Commercial real estate has historically outperformed the stock market, but few investors have the capital or resources needed to invest in this asset class. A platform backed by industry giant Marcus &amp; Millichap is changing that, <a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate">allowing individuals to invest in commercial real estate with as little as $5,000.&nbsp;</a></li>
<li>Collecting passive income from real estate just got a whole lot simpler. A new <a href="https://www.benzinga.com/money/dara-khosrowshahi-backed-startup-lets-you-become-a-landlord-with-100">real estate fund backed by Dara Khosrowshahi</a> gives you instant access to a diversified portfolio of rental properties, and you only need $100 to get started.</li>
</ul>
Image Credit: Shutterstock<a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate"></a>

APLE

Generate Monthly Income From These REITs Yielding 6% or More

LTC Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTC#NYSE">LTC</a>) reported quarterly earnings of $0.57 per share. This is a 20.83 percent decrease over earnings of $0.72 per share from the same period last year. The company reported quarterly sales of $50.20 million which beat the analyst consensus estimate of $49.69 million by 1.02 percent. This is a 4.92 percent increase over sales of $47.84 million the same period last year.

LTC Properties Q4 FFO $0.57 Down From $0.72 YoY, Sales $50.20M Beat $49.69M Estimate

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Earnings Scheduled For February 15, 2024

When analysts initiate coverage on a stock, it means the analyst will begin to provide research on a stock and make investment recommendations on it for the first time. This move is important because it typically leads to an increase in trading volume and interest among investors. It can ultimately help shares of those stocks to move higher, depending upon the rating given.
Usually, the analyst will start with two or three similar stocks at one time. But every once in a while, an analyst will begin coverage on a larger group within a subsector.
This week, on January 30, 2024, was one of those instances, as ten healthcare real estate investment trusts (REITs) had coverage initiated by a single analyst, but only six of the ten were rated "Buys."&nbsp;
Sabra Health Care REIT Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBRA#NASDAQ">SBRA</a>) is an Irvine, California-based healthcare REIT that owns 410 properties across the U.S. Its portfolio consists of Senior Nursing Facilities (SNF), Senior Housing, Behavioral Health and Specialty Hospitals with eight-year weighted average lease terms (WALT). Signature Healthcare is its largest tenant, with a rent concentration of 9%.
Sabra CEO Rick Matros recently told analysts that occupancy gains and easing labor pressures are driving rent coverage higher and Medicaid reimbursements are likely to increase. Thirteen SNF and two Senior Housing facilities were sold during Q3 2023 with the net proceeds used to reduce the outstanding balance on Sabra's revolving credit facility.
On January 30, Deutsch bank analyst Omotayo Okusanya initiated coverage on Sabra Health Care with a Buy rating and announced a price target of $21. Earlier in the month, Mizuho analyst Vikram Malhotra also maintained a Buy rating on Sabra Health, while raising the target price from $15 to $17.
Sabra Health Care has a total return of -5.00% in 2024.
<h2 class="wp-block-heading">Don't Miss:</h2>
<ul>
<li>Investing in real estate just got a whole lot simpler. This<a href="https://www.benzinga.com/money/bezos-landlord-100-dollars"> Jeff Bezos-backed startup</a> will allow you to become a landlord in just 10 minutes, and you only need $100.</li>
<li>Passive income investments are one of the most trusted methods for riding out a recession, so it's no surprise that people are turning to these <a href="https://www.benzinga.com/money/godwin-capital-notes">high-yield commercial real estate notes that pay a fixed 10% &#8211; 12%.</a></li>
</ul>
Welltower Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WELL#NYSE">WELL</a>) is a Toledo, Ohio, based healthcare REIT that owns interests in housing for seniors, post-acute communities and outpatient medical properties. It does this by providing capital to the operators who run these facilities. Welltower was founded in 1970 under the original name of Health Care Fund and was incorporated as a REIT in 1985. Welltower is a member of the S&amp;P 500.
Welltower has a total portfolio of 2017 properties, consisting of Senior Housing, Outpatient Medical and Long-Term/Post-Acute care across the U.S. The average age of the facilities is 20 years.
Deutsch bank analyst Omotayo Okusanya initiated coverage on Welltower with a Buy rating and announced a $115 price target. Earlier in the month Keybanc analyst Todd Thomas had maintained an overweight rating while raising the price target from $90 to $95.
Welltower was one of the 15 best-performing REITs of 2023, with a total return of 39.64%, but thus far in 2024 the total return is -3.40%.
Ventas Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTR#NYSE">VTR</a>) is a Chicago-based diversified healthcare REIT with approximately 1,400 properties that include senior living communities, life science, research and innovation properties, medical office buildings, outpatient facilities and skilled nursing facilities. Ventas has been in business for over 20 years and is a member of the S&amp;P 500.
Deutsch bank analyst Omotayo Okusanya initiated coverage on Ventas with a Buy rating and announced a price target of $60. On January 16, 2023, Bank of America Securities analyst Joshua Dennerlein upgraded Ventas from Neutral to Buy and raised the price target from $48 to $53.
Ventas has a total return of -4.90% in 2024.
National Health Investors Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NHI#NYSE">NHI</a>) is a Murfreesboro, Tennessee-based healthcare REIT that specializes in sale-leaseback, joint-venture, mortgage and mezzanine financing of senior housing and medical investments. Its portfolio of 192 properties consists of independent living, assisted living, memory care communities, skilled nursing facilities, medical office buildings and specialty hospitals. National Health Investors was incorporated in 1991.
Deutsch bank analyst Omotayo Okusanya initiated coverage on National Health Investors with a Buy rating and announced a price target of $6.
National Health Investors has a total return in 2024 of -2.66%.
Omega Healthcare Investors Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OHI#NYSE">OHI</a>) is a Hunt Valley, MD triple-net equity healthcare REIT that provides financing, capital and leasing to 66 different operators in 883 senior housing, skilled nursing and assisted living facilities across 42 states throughout the U.S. and the United Kingdom. Omega Healthcare Investors has no part in the day-to-day management of these facilities, which are run by the operators.
Deutsch bank analyst Omotayo Okusanya initiated coverage on Omega Healthcare Investors with a Buy rating and announced a price target of $36.
Omega Healthcare has a total return of -5.02% in 2024.
Three other healthcare REITs, Healthcare Realty Trust Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HR#NYSE">HR</a>), LTC Properties Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTC#NYSE">LTC</a>) and Healthpeak Properties Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PEAK#NYSE">PEAK</a>) also had coverage initiated on January 30 and received Hold Ratings. Price targets for the three were $18, $34 and $21 respectively.
Medical Properties Trust Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPW#NYSE">MPW</a>), which is already down 36% in 2024, was tagged with a Sell rating and a price target of $2.
Healthcare REITs have shown improvements in occupancy and ability to restructure leases with operators, but not all healthcare REITs have been equal in making these changes, and that is reflected in the various ratings by Okusanya.
Investors should keep in mind that analysts are only correct about 50% of the time, and it's best for investors to perform their own due diligence before making purchase or sell transactions.
<h2 class="wp-block-heading">Read Next:</h2>
<ul>
<li>Elon Musk has reportedly bought 6,000 acres of land just outside of Austin.<a href="https://www.benzinga.com/real-estate/23/05/32537165/elon-musk-is-bullish-on-austin-heres-how-to-invest-in-the-citys-growth-before-he-floods-it-with-new"> Here&#8217;s how to invest in the city&#8217;s growth</a> before he floods it with new tech workers.</li>
<li>Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." <a href="https://www.benzinga.com/money/3-high-yield-investments-boost-income">Here are 3 high-yield investments to add significant income to your portfolio</a>.</li>
<li>Collecting passive income from real estate just got a whole lot simpler. A new<a href="https://www.benzinga.com/money/bezos-landlord-100-dollars"> real estate fund backed by Jeff Bezos</a> gives you instant access to a diversified portfolio of rental properties, and you only need $100 to get started.</li>
</ul>

PEAK

SBRA

WELL

Analyst Initiates Coverage On 10 Healthcare REITs, But Which Ones Are Buys?

Deutsche Bank analyst Omotayo Okusanya initiates coverage on LTC Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTC#NYSE">LTC</a>) with a Hold rating and announces Price Target of $34.

Initiation

Deutsche Bank Initiates Coverage On LTC Properties with Hold Rating, Announces Price Target of $34

Real estate investment trusts (REITs) have had a rough time this year, as higher interest rates and fears of a recession have weighed upon the share prices of the stocks. Analysts have been adjusting earnings estimates lower for some time.
But REITs are reporting third-quarter earnings this week, and several are proving the consensus estimates wrong with better funds from operations (FFO) and revenue than expected. Take a look at three REITs that recently beat the Street estimates with improving numbers.
Empire State Realty Trust Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) is a New York City-based diversified REIT that owns and operates a portfolio of office, retail and multifamily properties in the New York metro area. Empire State Realty owns the Empire State Building, one of the world's most famous buildings. As of Sept. 30, Empire's portfolio included 8.6 million rentable square feet of office space, 700,000 rentable square feet of retail space and 727 residential units in three multifamily properties.
On Oct. 25, Empire State Realty Trust delivered its third-quarter operating results. FFO of $0.25 per share was above the consensus estimate of $0.23 and 19.05% above FFO of $0.21 per share in the third quarter of 2022. Rental revenue of $151.46 million was 2.14% higher than revenue of $148.29 million in the third quarter of 2022. Total revenue of $191.53 million beat the estimates of $185.39 million and was 4.3% higher than revenue of $183.29 million in the third quarter of 2022.
Empire State also updated its full-year 2023 FFO guidance range to $0.85-$0.87 per share. The consensus is for $0.86.
On Oct. 2, Empire State announced it acquired two properties in the Williamsburg section of Brooklyn, New York, for an aggregate purchase price of $26.4 million.
Empire State Realty Trust jumped 8% following the earnings report.
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KKR Real Estate Finance Trust Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KREF#NYSE">KREF</a>) is a New York City-based mortgage REIT (mREIT) that provides customized and structured collateralized loans to commercial real estate projects. Its portfolio of 71 loans across the U.S. is worth $7.87 billion. Of its loan portfolio, 55% is multifamily and industrial properties and the average loan amount is $124 million.
On Oct. 23, KKR Real Estate Finance Trust reported its third-quarter operating results. Mortgage REITs use earnings per share (EPS) rather than FFO in operating results. Non-generally accepted accounting principles (GAAP) EPS of $0.25 beat the estimates by $0.14. Revenue of $50.1 million beat the estimates of $42.9 million, although it was down 2.1% year-over-year.
After the earnings report came out, both Raymond James and JMP Securities maintained Outperform ratings on KKR Real Estate, with Raymond James analyst Stephen Lewis lowering the price target from $15 to $14.50 and JMP analyst Steven Delaney lowering the price target from $14 to $13. Based on the $13 price, the potential appreciation is 23.6% from its most recent closing price of $10.51.&nbsp;&nbsp;
LTC Properties Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTC#NYSE">LTC</a>) is a Westlake, California-based healthcare REIT that owns and leases 208 healthcare properties, comprising 50% senior housing and 50% skilled nursing facilities. LTC Properties' revenue is derived from triple-net leases, mortgages and mezzanine loans from its 29 operators across 27 states.
On Oct. 26, LTC Properties delivered its third-quarter operating results. FFO of $0.65 per share was slightly above the consensus estimate of $0.64 but $0.05 above FFO of $0.60 per share in the third quarter of 2022. Revenue of $49.3 million was ahead of estimates of $47.98 million and 13.3% higher than revenue of $43.5 million in the third quarter of 2022. LTC also reported that although expenses were slightly higher year over year, it had reduced its expenses by 24.5% from the second quarter of 2023.
Analysts have covered LTC Properties extensively in recent weeks. On Oct. 3, Wedbush Securities analyst Richard Anderson initiated coverage on LTC Properties with an Outperform rating and announced a $36 price target. On Sept. 28, Berenberg Capital Markets analyst Connor Siversky initiated coverage on LTC Properties with a Buy rating and a $36 price target. On Sept. 20, Jefferies analyst Joe Dickstein initiated coverage on LTC Properties with a Hold rating and announced a $29 price target.
Weekly REIT Report: REITs are one of the most misunderstood investment options, making it difficult for investors to spot incredible opportunities until it's too late. Benzinga's in-house real estate research team has been working hard to identify the greatest opportunities in today's market, which you can gain access to for free by signing up for the <a href="https://www.benzinga.com/money/reit-newsletter">Weekly REIT Report.</a>

ESRT

KREF

3 REITs That Just Beat Analysts' Estimates

LTC Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTC#NYSE">LTC</a>) reported quarterly earnings of $0.65 per share which beat the analyst consensus estimate of $0.64 by 1.56 percent. This is a 8.33 percent increase over earnings of $0.60 per share from the same period last year. The company reported quarterly sales of $49.30 million which beat the analyst consensus estimate of $47.98 million by 2.76 percent. This is a 13.33 percent increase over sales of $43.50 million the same period last year.

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