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

The real estate and investment trust reported $33.8 million in revenue, up from $28.5 million in the third quarter of 2015, surpassing analyst projections by $110,000.

LTC Properties funds from operations per common share were 76 cents in the third quarter, up from 72 cents in 2015, which matched analyst projections.

Net income was $22.3 million for the quarter, or 57 cents per diluted share, increasing from $18.7 million, or 52 cents per diluted share, for the same period in 2015.

LTC benefited from higher revenues from recent acquisitions, mortgage loan originations and completed development projects. Those were partially offset by higher interest expense resulting from the sale of senior unsecured notes and increased utilization of LTC’s line of credit, as well as additional general and administrative expenditures related to increased investment activity, the company said.

During the first quarter, LTC purchased a parcel of land in Kentucky for $5.4 million, where it will build a 143-bed skilled nursing center. The investment totals $24.3 million, including the land and improvements. It also completed construction of a 66-unit memory care community in California, a 66-unit memory care community in Illinois and an 89-unit assisted living and memory care community in South Carolina.

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.

Shares traded down $1.46, more than 3 percent to $46.09 on Nov. 3.

• Contact Alex Kacik at akacik@pacbiztimes.com.