Dividend-News

Daily dividend news for investors in dividend stocks


LTC Properties: A 5.1% Yielding Monthly Paying REIT Best Left Untouched

Published Sun, 17 Mar 2019 14:43:15 -0400 on Seeking Alpha

LTC Properties (LTC) is one of those rare monthly dividend paying stocks that gets investors all excited on Seeking Alpha. Additionally, the company's yield at 5.1% is nothing to sneeze at either. We look at this one today and explain why we have enough going on under the hood to stay away at this point.
The Business
LTC Properties is a diversified healthcare REIT with investments predominantly in skilled nursing facilities (SNFs) and assisted living senior homes. At the year-end December 2018, LTC portfolio included 197 properties valued at over $1.67 billion.

Source: LTC Properties Q4-2018 Supplemental
The healthcare facilities are all over the United States; however, just like many other operators we cover, there is an abnormal concentration in Texas which accounts for roughly one-sixth of the total portfolio.

Source: LTC Properties Q4-2018 Supplemental

Source: LTC Properties Q4-2018 Supplemental
Where the Plot Thickens
As with other investments in this space, the view from up high looks fine, but the devil truly does reside in the details. LTC Properties has a concentrated profile of operators and tenants with the top 5 accounting for about 55% of the total income. The largest tenant, Prestige Healthcare, accounts for 18.0 percent of its annual income. We have highlighted the top 5 and one additional tenant that we shall go on to discuss.

Source: LTC Properties Q4-2018 Supplemental
Problem - Tenant 1
If... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
SABRA HEALTHCARE REIT 21.54   195.8 0.11 1.80 8.31

SABRA HEALTHCARE REIT - SBRA
SABRA HEALTHCARE REIT - SBRA  


Older articles featuring Sabra Healthcare Reit (SBRA):
Dividend Challenger Highlights: Week Of August 11
5%+ Dividend Yield Portfolio: Grinding Along In 2019 (July 2019 Review)
My Dividend Growth Portfolio At The Half Year Mark
These Are The Top 3 Sectors For Dividend Growth Investors Now
61 Of 3,835 Stocks Held By Goldman Sachs Pay Solid Dividends
5%+ Dividend Yield Portfolio: Coping With Existential Dread (May 2019 Review)
Dividend Income Update May 2019
Dividend Challenger Highlights: Week Of May 26
5%+ Dividend Yield Portfolio: The Number Of Stocks To Own (Apr 2019 Review)
My 4% Dividend Yield Portfolio: Q1'19 Summary And Plans For The Coming Months

More