Westlake Village-based LTC Properties beat analyst projections of revenue and funds from operations in its 2016 first quarter earnings report.

The publicly traded real estate and investment trust earned $31.88 million in revenue, up from $26.68 million in the first quarter of 2015, surpassing analyst projections by $820,000. LTC Properties funds from operations per common share were 76 cents in the first quarter, up from 65 cents in 2015, outperforming projections by a cent.

Net income was $19.8 million for the quarter, or 53 cents per diluted share, increasing from $16.6 million, or 47 cents per diluted share, for the same period in 2015.

LTC benefited from higher revenues from new mortgage loans, acquisitions and completed development projects, increased utilizations of its credit line and increased investment activity, the company said.

During the first quarter, LTC purchased a newly constructed 126-bed skilled nursing center in Texas for $16 million. Following the quarter’s end, the company acquired two memory care communities in Kansas totaling 120 units for $25 million, a 60-unit memory care community in Kentucky for $14.3 million and originated a $12.3 million mortgage loan for two skilled nursing centers in Michigan totaling 216 beds.

LTC is a real estate investment trust that buys facilities such as nursing homes. Investors in such companies often use funds from operations as a substitute for earnings per share because it takes depreciation and amortization into account.

• Contact Alex Kacik at akacik@pacbiztimes.com.