LTC Properties’ net income dropped more than 90 percent from the second quarter of 2019 to the second quarter of 2020, as the Westlake Village-based senior-housing property investment trust wrote off $17.7 million in rent.

LTC’s stock dropped after the July 31 earnings announcement. It opened at $38.38 on Aug. 1 and was at $36.78 by the afternoon.

The company attributed the loss to a shortfall in May and June 2020 rent payments, which it called a non-recurring write-off. Excluding the loss in rent, the funds from operations came out at $0.76 per diluted common share, which beat the Zacks Consensus Estimate of $0.71.

The company also took a $600,000 loss on the liquidation of an unconsolidated joint venture with an affiliate of LTC’s Senior Lifestyle. The loss was partially offset by higher rental and interest income from 2020 acquisitions and mortgage funding.