LTC Properties saw its net income drop almost 80% in a year as it missed estimates and saw decreased rental income.

The Westlake Village-based real estate investment trust, which specializes in health care and senior living properties, reported $13.6 million in net income, or 35 cents per diluted share, for the first quarter of 2021. In the first quarter of 2020, its income was $63.4 million, or $1.60 per diluted share, the year before.

Its share price didn’t take a significant hit, though. It closed at $42.53 on April 28, the day before the earnings release, and at $42.25 the next day.

LTC Properties attributed most of the decling to a one-time $43.9 million sale in the first quarter of 2020, but it still saw lower funds from operations in the first quarter of 2021 than it did in the same period of 2020.  LTC Properties recorded $24.3 million in funds from operations during the first quarter of 2021, a 16.8% drop from a year earlier.

The company had a net loss on sales of $773,000 in the most recent quarter, as well as a $758,000 non-recurring, non-cash write-off of straight-line rent as a result of shifting an operator’s lease to cash-based accounting. LTC Properties also saw Senior Lifestyle, one of its tenants, not pay rent this quarter, and had decreased rental income from programs LTC came up with to help operators as they deal with increased COVID-19-related costs.