Skilled Nursing News July 30, 2024
Leaders with LTC Properties (NYSE: LTC) said Medicaid rate increases were one positive aspect from the second financial quarter, even as some of its assets were seeing occupancy issues and ongoing deferrals in rent.
Occupancy “disappointingly deteriorated” among certain assets, including LTC’s skilled nursing facilities, analysts with BMO Capital Markets reported. While overall SNF occupancy was up by 80 basis points between Q2 2024 and Q2 2023 to land at 75.3%, 95% of the Westlake Village, Calif.-based real estate investment trust’s (REIT) June occupancy declined 100 basis points to 77%.
The most surprising drop in occupancy was among LTC’s ALG Senior assisted living properties, and it took up most of LTC’s earnings call on Tuesday. This occupancy decline prompted LTC...
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