Real estate investment trust LTC Properties Inc. had record annual investments and development commitments of $414 million for 2015, REIT representatives announced Feb. 22 as they shared operating results for the fourth quarter of 2015 as well as recent investment activity.

Funds from operations, or FFO, and normalized FFO increased 21.9% to $27.8 million for the fourth quarter, up from $22.8 million for the comparable 2014 period. FFO per diluted common share and normalized FFO per diluted common share were $0.74 for the fourth quarter, compared with $0.64 for the same period in 2014, representing a 15.6% increase.

The improvement in FFO and normalized FFO was mainly due to higher revenues from mortgage loan originations, acquisitions, completed development projects and income from an unconsolidated joint venture, according to the REIT. These were partially offset by higher interest expense resulting from the sale of senior unsecured notes and increased use of LTC’s line of credit, as well as additional general and administrative expenditures related to increased investment activity.

Net income available to common stockholders was $17.8 million, or $0.48 per diluted share, for the fourth quarter, compared with $20.0 million, or $0.57 per diluted share, for the same period in 2014. Net income available to common stockholders decreased mainly as a result of a $2.3 million impairment charge related to a contingent agreement to sell an assisted living community, partially offset by a gain of $0.6 million related to the sale of a skilled nursing center in the 2015 fourth quarter, according to the REIT.

Completed investments during the fourth quarter included a parcel of land in Illinois for $2.8 million. LTC has entered into a development commitment to construct and equip a 66-unit memory care property, for a total commitment of $14.8 million, including the land purchase.

Among the loans that LTC originated in the fourth quarter was a $2.9 million mezzanine loan to develop a senior housing community consisting of a total of 99 assisted living, independent living and memory care units. For accounting purposes, this loan was recorded as an unconsolidated joint venture, LTC said.