LTC Properties Inc (LTC)

LTC Declares Its Monthly Common Stock Cash Dividend for the Third Quarter of 2026July 1, 2026 9:30 AM
Business Wire LTC Properties Inc. (NYSE: LTC) (“LTC” or the “Company”), announced today that it had declared a monthly cash dividend of $0.19 per common share per month for the third quarter of 2026. Distribution dates are outlined in the table below. Record Date Payment Date Amount July 23, 2026 July 31, 2026 $0.19 per common share August 21, 2026 August 31, 2026 $0.19 per common share September 22, 2026 September 30, 2026 $0.19 per common share About LTC Properties LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, principally investing through SHOP, as well as triple-net leases, and joint ventures. The Company’s portfolio includes nearly 190 properties throughout the United States. Based on gross real estate investments, nearly 70% of the Company’s assets are seniors housing communities with the remainder skilled nursing centers. Learn more at www.ltcreit.com. Forward Looking Statements This press release includes statements that are not purely historical and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the Company’s expectations, beliefs, intentions or strategies regarding the future. All statements other than historical facts contained in this press release are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties. Please see LTC’s most recent Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, and its other publicly available filings with the Securities and Exchange Commission for a discussion of these and other risks and uncertainties. All forward-looking statements included in this press release are based on information available to the Company on the date hereof, and LTC assumes no obligation to update such forward-looking statements. Although the Company’s management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260701904373/en/ For more information contact:
Mandi Hogan
(805) 981-8655 Original: LTC Declares Its Monthly Common Stock Cash Dividend for the Third Quarter of 2026

LTC Enhances Capital Structure by Increasing Commitments Under Its Credit Facility to $1.1 BillionJune 30, 2026 4:50 PM
Business Wire LTC Properties, Inc. (NYSE:LTC) (“LTC” or the “Company”), a real estate investment trust that primarily invests in seniors housing and health care properties, announced today that it has increased commitments under its credit facility to $1.1 billion from $800 million. LTC entered into a second amendment to its July 21, 2025 Credit Agreement (the “Agreement”) to increase the aggregate commitment of its lenders by $300 million to a total of $1.1 billion, through the exercise of the Agreement’s accordion feature. The $300 million increase expands the Company’s aggregate revolving credit commitment to $900 million from $600 million. Additionally, the Agreement increases the accordion feature from up to $1.2 billion to up to $2.0 billion. The material terms of the Agreement otherwise remain unchanged. In connection with the Agreement, LTC entered into three-year interest rate swap agreements to effectively fix the interest rates on $150 million under the Agreement at 4.97% per annum. The Agreement also expands LTC’s bank group to include new relationships with Manufacturers and Traders Trust Company and Hancock Whitney. “Expanding our credit facility strengthens LTC’s financial flexibility and positions us to continue executing on our external growth strategy,” said Cece Chikhale, LTC’s Chief Financial Officer. “We have meaningfully expanded SHOP since our initial transaction in May 2025, and we remain focused on continuing to build momentum by pursuing additional NOI growth opportunities.” LTC provided additional information about these transactions, including the network of bank participants, in Form 8-K as filed with the Securities and Exchange Commission on June 30, 2026. About LTC LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, investing through SHOP, as well as triple-net leases and joint ventures. The Company’s portfolio includes nearly 190 properties throughout the United States. Based on gross real estate investments, nearly 70% of the Company’s assets are seniors housing communities with the remainder skilled nursing centers. Learn more at www.ltcreit.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as “believes,” “expects,” “may,” “will,” “could,” “would,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or the negative of those words or similar words. Examples of forward-looking statements include the Company’s growth strategy and pursuit of additional NOI growth opportunities. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect the Company’s future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, the Company’s dependence on its operators for revenue and cash flow; operational and legal risks and liabilities under the Company’s new SHOP segment; government regulation of the health care industry; changes in federal, state, or local laws limiting REIT investments in the health care sector; federal and state health care cost containment measures including reductions in reimbursement from third-party payors such as Medicare and Medicaid; required regulatory approvals for operation of health care facilities; a failure to comply with federal, state, or local regulations for the operation of health care facilities; the adequacy of insurance coverage maintained by the Company’s operators; the Company’s reliance on a few major operators; the Company’s ability to renew leases or enter into favorable terms of renewals or new leases; the impact of inflation, operator financial or legal difficulties; the sufficiency of collateral securing mortgage loans; an impairment of the Company’s real estate investments; the relative illiquidity of the Company’s real estate investments; the Company’s ability to develop and complete construction projects; the Company’s ability to invest cash proceeds for health care properties; a failure to qualify as a REIT; the Company’s ability to grow if access to capital is limited; and a failure to maintain or increase the Company’s dividend. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Company’s subsequent Quarterly Reports on Form 10-Q, and the Company’s publicly available filings with the Securities and Exchange Commission. The Company does not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise. Although the Company’s management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260630224574/en/ For more information contact:
Mandi Hogan
(805) 981-8655 Original: LTC Enhances Capital Structure by Increasing Commitments Under Its Credit Facility to $1.1 Billion

LTC Expands SHOP Platform with $54 Million Acquisition and Welcomes MorningStar Senior Living to SHOPJune 2, 2026 7:15 AM
Business Wire – Additional $285 Million in SHOP Acquisitions Expected to Close by End of Third Quarter as Company Continues to Drive Future NOI Growth – LTC Properties, Inc. (NYSE: LTC) (“LTC” or the “Company”), a real estate investment trust that invests in seniors housing and health care properties, today announced a $54 million SHOP acquisition and the addition of MorningStar Senior Living, the eleventh SHOP operator and ninth new to LTC since launching SHOP in May 2025. Acquisition Highlights Property: $54 million acquisition of a 104-unit assisted living and memory care community in Phoenix, Arizona. Operator: The community will continue to be managed by MorningStar Senior Living, an operator new to LTC. Financial Summary: 6.75% cap rate; expected unlevered IRR in the low-to mid-teens. Funding: Revolving line of credit and future proceeds from previously disclosed sales and loan payoffs. Proforma SHOP Portfolio Composition: LTC’s SHOP focus is on expanding its roster of strong operators to support mutual growth and accelerate the Company’s organic growth profile by acquiring SHOP assets. The following proforma data is as of March 31, 2026 and includes $63 million of acquisitions and $22 million of total sales and payoffs completed to date in the second quarter of 2026. SHOP Acquisitions: $524 million since the Company’s SHOP launch in May 2025; $171 million year-to-date in 2026. SHOP as % of Annualized Net Operating Income (“NOI”): 28%; expected to grow to 40% by year-end at the $600 million midpoint of LTC’s acquisition guidance. SHOP as % of Gross Investment: 32% up from 0% at May 2025; expected to grow to 45% by year-end at the $600 million midpoint of LTC’s acquisition guidance. Average Age of SHOP Properties: under 10 years. SHOP Operators: Eleven, nine new to LTC since SHOP launched in May 2025. Skilled Nursing as % of Gross Investment: 31% down from 46% at year-end 2024. Accelerating Growth Continues “This acquisition continues our momentum as we move closer to our $600 million midpoint investment guidance for 2026, and we are excited to add MorningStar Senior Living as one of our SHOP operators. Successful partnerships are built on deep relationships, which is the case here and for all of our operator partners. Since our platform launch, we have partnered with eleven SHOP operating partners, nine new to LTC,” said Michael Bowden, LTC’s Senior Vice President, Investments. “We continue to build our acquisition pipeline with a healthy volume of potential SHOP acquisitions, supporting our strategy to position LTC for higher intrinsic growth." "Partnering with LTC marks an exciting new chapter for MorningStar Senior Living. We appreciate LTC’s strategic approach to SHOP and their reputation for building enduring operator relationships. With LTC's capital behind us, we are well-positioned to accelerate our growth and deliver exceptional lifestyle experiences for our residents," said Jamie Ranzen, President and Chief Investment Officer, MorningStar Senior Living. About LTC LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, principally investing through SHOP, as well as triple-net leases, and joint ventures. The Company’s portfolio includes nearly 190 properties throughout the United States. Based on gross real estate investments, approximately 68% of the Company’s assets are seniors housing communities with the remainder skilled nursing centers. Learn more at www.ltcreit.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as “believes,” “expects,” “may,” “will,” “could,” “would,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or the negative of those words or similar words. Examples of forward-looking statements include statements regarding 2026 investment guidance, expected SHOP acquisitions, portfolio composition targets, SHOP and NOI growth expectations, unlevered IRR expectations, future funding sources, and other statements regarding future strategy. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect the Company’s future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, operational and legal risks and liabilities under the Company’s new SHOP segment; the Company’s dependence on the ability of its third-party independent operators to successfully manage and operate the Company’s SHOP communities; the Company’s dependence on its operators for revenue and cash flow; operational and legal risks and liabilities under the Company’s new SHOP segment; government regulation of the health care industry; changes in federal, state, or local laws limiting REIT investments in the health care sector; federal and state health care cost containment measures including reductions in reimbursement from third-party payors such as Medicare and Medicaid; required regulatory approvals for operation of health care facilities; a failure to comply with applicable law or regulations for the operation of health care facilities; the adequacy of insurance coverage maintained by the Company’s operators; the Company’s reliance on a few major operators; the Company’s ability to find suitable replacement operators for its SHOP communities; the Company’s ability to renew leases or enter into favorable terms of renewals or new leases; the impact of inflation; operator financial or legal difficulties; the sufficiency of collateral securing mortgage loans; an impairment of the Company’s real estate investments; the relative illiquidity of the Company’s real estate investments; the Company’s ability to develop and complete construction projects; the Company’s ability to invest cash proceeds for health care properties; a failure to qualify as a REIT; the Company’s ability to grow if access to capital is limited; and a failure to maintain or increase the Company’s dividend. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Company’s subsequent Quarterly Reports on Form 10-Q, and the Company’s publicly available filings with the Securities and Exchange Commission. The Company does not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise. Although the Company’s management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260602943691/en/ For more information contact:
Mandi Hogan
(805) 981-8655 Original: LTC Expands SHOP Platform with $54 Million Acquisition and Welcomes MorningStar Senior Living to SHOP

LTC to Participate in Nareit’s REITWeek 2026 Investor ConferenceMay 19, 2026 4:15 PM
Business Wire LTC Properties Inc. (NYSE: LTC) (“LTC” or the “Company”), announced today senior management will participate in Nareit’s REITWeek 2026 Investor Conference June 1-3 in New York City. The Company’s presentation package will be available online in the Investor Relations section of www.ltcreit.com. About LTC Properties LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, principally investing through SHOP, triple-net leases, joint ventures, and structured finance solutions. The Company’s portfolio includes nearly 190 properties throughout the United States. Based on gross real estate investments, 66% of the Company’s assets are seniors housing communities with the remainder skilled nursing centers. Learn more at www.LTCreit.com. Forward Looking Statements This press release includes statements that are not purely historical and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the Company’s expectations, beliefs, intentions or strategies regarding the future. All statements other than historical facts contained in this press release are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties. Please see LTC’s most recent Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, and its other publicly available filings with the Securities and Exchange Commission for a discussion of these and other risks and uncertainties. All forward-looking statements included in this press release are based on information available to the Company on the date hereof, and LTC assumes no obligation to update such forward-looking statements. Although the Company’s management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260519588999/en/ For more information contact:
Mandi Hogan
(805) 981-8655 Original: LTC to Participate in Nareit’s REITWeek 2026 Investor Conference

LTC Reports 2026 First Quarter ResultsMay 6, 2026 4:38 PM
Business Wire – Strategic Shift in Portfolio Mix and Successful SHOP Execution Driving Strong Future Growth – LTC Properties, Inc. (NYSE: LTC) (“LTC” or the “Company”), a real estate investment trust that primarily invests in seniors housing and health care properties, today announced operating results for the first quarter ended March 31, 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260506002977/en/ “Our capabilities, reputation and culture are resonating with sellers and operators, and these relationships are driving investment opportunities and record external growth,” said Clint Malin, LTC’s Co-CEO. “We have strong conviction that our SHOP strategy is the right one to create a higher growth profile company with better risk-adjusted returns to drive shareholder value.” Seniors Housing Operating Portfolio (“SHOP”) Portfolio: SHOP 1Q 2026 NOI: $12.7 million in line with our SHOP NOI 1Q 2026 guidance; reiterating full year 2026 SHOP guidance; SHOP Acquisitions: $108 million in 2026 first quarter; $9 million in April 2026; an additional $250 million anticipated to close in the second quarter. SHOP as a % of Gross Investments: 29%, projected to grow to 45% by year-end. Average Age of SHOP Properties: Under 10 years. Skilled Nursing as a % of Gross Investments: 33%, down from 46% at year-end 2024. “What began last year through the combination of acquisitions and conversions of nearly $570 million of seniors housing communities, ramps up this year with an additional $600 million of SHOP acquisitions projected at the mid-point of guidance,” said Pam Kessler, LTC’s Co-CEO. “These SHOP acquisitions, combined with approximately $265 million of skilled nursing divestitures, will result in 40% of LTC’s annualized NOI coming from SHOP by year-end.” First Quarter 2026 Financial Results     Three Months Ended     March 31, (unaudited, amounts in thousands, except per share data)   2026   2025     (unaudited)               Total revenues   $ 95,411   $ 49,031 Net income available to common stockholders   $ 23,437   $ 20,517 Diluted earnings per common share   $ 0.48   $ 0.45               Nareit funds from operations attributable to common stockholders ("FFO") (1)   $ 35,426   $ 29,508 Nareit diluted FFO per common share (1)   $ 0.72   $ 0.65               FFO attributable to common stockholders, excluding non-recurring items ("Core FFO") (1)   $ 33,735   $ 29,913 Diluted Core FFO per share (1)   $ 0.69   $ 0.65               Funds available for distribution ("FAD") (1)   $ 36,374   $ 34,680 Diluted FAD per share (1)   $ 0.74   $ 0.76               FAD, excluding non-recurring items ("Core FAD") (1)   $ 35,250   $ 32,021 Diluted Core FAD per share (1)   $ 0.72   $ 0.70 ____________________ (1) Represents non-GAAP financial measures. A reconciliation of these measures is included in the tables at the end of this press release. Supplemental Information The Company has disclosed more detailed financial information in the tables below, its Supplemental Operating and Financial Data presentation for the 2026 first quarter, and its Form 10-Q, as filed with the Securities and Exchange Commission, which can be found online at https://ir.ltcreit.com. First Quarter 2026 Transactions Update Acquired a three-property portfolio in Georgia within the Company’s SHOP segment for $108.0 million, with a year-one cap rate of 7% and an expected unlevered IRR in the low teens (previously announced). Converted two seniors housing communities in Texas from the Company’s triple-net portfolio into SHOP. Upon conversion, the triple-net master lease was terminated and LTC entered into a management agreement with an operator new to LTC (previously announced). Sold a portfolio of three skilled nursing centers in Florida, accounted for as a financing receivable, for $64.0 million, inclusive of an 8.5% exit IRR of $1.8 million (previously announced). Second Quarter 2026 Subsequent Transactions Update Converted two seniors housing communities, one in Georgia and one in South Carolina, from the Company’s triple-net portfolio into SHOP. Upon conversion, the triple-net master lease was terminated and LTC entered into a management agreement with an operator new to LTC. Acquired a seniors housing community in Illinois within the Company’s SHOP segment for $9.2 million, with a year-one cap rate of 9% and an expected unlevered IRR in the low teens. Concurrently, LTC entered into a management agreement with an operator new to LTC. Received the payoff of a $12.6 million mortgage loan, which is secured by a skilled nursing center in Texas. The loan is accounted for as an unconsolidated joint venture. Proforma Liquidity $583.0 million total proforma liquidity: $17.6 million cash on hand. $373.0 million available under the Company’s unsecured revolving line of credit with $227.0 million outstanding. $192.4 million available under the Company’s ATM. Guidance LTC is reaffirming its full year 2026 guidance as follows:           2026     Full Year Diluted earnings per common share   $1.80 to $1.84 Diluted Core FFO per share   $2.75 to $2.79 Diluted Core FAD per share   $2.82 to $2.86 Information and a reconciliation of the Company’s guidance, funds from operations attributable to common stockholders, excluding non-recurring items, (“Core FFO”) and funds available for distribution, excluding non-recurring items, (“Core FAD”) can be found in the tables at the end of this press release. Conference Call Information LTC will conduct a conference call on Thursday, May 7, 2026 at 8:00 a.m. Pacific / 11:00 a.m. Eastern, to provide commentary on its performance and operating results for the quarter ended March 31, 2026.       Webcast   https://ir.ltcreit.com/ USA Toll-Free Number   (877) 407-8634 International Number   (201) 689-8502 Conference Call Replay A replay of the call will be available three hours after the live call through May 21, 2026.       USA Toll-Free Number   (877) 660-6853 International Number   (201) 612-7415 Access ID   13760036 About LTC LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, principally investing through SHOP, triple-net leases, joint ventures, and structured finance solutions. The Company’s portfolio includes nearly 190 properties throughout the United States. Based on gross real estate investments, 66% of the Company’s assets are seniors housing communities with the remainder skilled nursing centers. Learn more at www.LTCreit.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as “believes,” “expects,” “may,” “will,” “could,” “would,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or the negative of those words or similar words. Examples of forward-looking statements include the Company’s 2026 full year guidance and statements regarding the Company’s anticipated SHOP acquisitions, growth, NOI, and strategy. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect the Company’s future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, operational and legal risks and liabilities under the Company’s new SHOP segment; the Company’s dependence on the ability of its third-party independent operators to successfully manage and operate the Company’s SHOP communities; the Company’s dependence on its operators for revenue and cash flow; government regulation of the health care industry; changes in federal, state, or local laws limiting REIT investments in the health care sector; federal and state health care cost containment measures including reductions in reimbursement from third-party payors such as Medicare and Medicaid; required regulatory approvals for operation of health care facilities; a failure to comply with applicable law or regulations for the operation of health care facilities; the adequacy of insurance coverage maintained by the Company’s operators; the Company’s reliance on a few major operators; the Company’s ability to find suitable replacement operators for its SHOP communities; the Company’s ability to renew leases or enter into favorable terms of renewals or new leases; the impact of inflation; operator financial or legal difficulties; the sufficiency of collateral securing mortgage loans; an impairment of the Company’s real estate investments; the relative illiquidity of the Company’s real estate investments; the Company’s ability to develop and complete construction projects; the Company’s ability to invest cash proceeds for health care properties; a failure to qualify as a REIT; the Company’s ability to grow if access to capital is limited; and a failure to maintain or increase the Company’s dividend. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under “Risk Factors” and other information contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Company’s subsequent Quarterly Reports on Form 10-Q, and the Company’s publicly available filings with the Securities and Exchange Commission. The Company does not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise. Although the Company’s management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements.   LTC PROPERTIES, INC. CONSOLIDATED STATEMENTS OF INCOME (amounts in thousands, except per share amounts)               Three Months Ended     March 31,       2026       2025       (unaudited) Revenues:         Rental income   $ 26,339     $ 31,444   Resident fees and services (1)     49,585       —   Interest income from financing receivables (2)     8,255       7,002   Interest income from mortgage loans     10,229       9,179   Interest and other income     1,003       1,406   Total revenues     95,411       49,031             Expenses:         Interest expense     10,782       7,913   Depreciation and amortization     11,979       9,162   Seniors housing operating expenses (1)     36,889       —   (Recovery) provision for credit losses     (684 )     3,052   Transaction costs     688       441   Triple-net lease property tax expense     2,394       3,107   General and administrative expenses     8,582       6,971   Total expenses     70,630       30,646             Income before unconsolidated joint ventures, real estate dispositions and other items     24,781       18,385             (Loss) gain on sale of real estate, net     (10 )     171   Income from unconsolidated joint ventures     295       3,665   Income tax provision     (110 )     —   Net income     24,956       22,221   Income allocated to non-controlling interests     (1,363 )     (1,541 ) Net income attributable to LTC Properties, Inc.     23,593       20,680   Income allocated to participating securities     (156 )     (163 ) Net income available to common stockholders   $ 23,437     $ 20,517             Earnings per common share:         Basic   $ 0.48     $ 0.45   Diluted   $ 0.48     $ 0.45             Weighted average shares used to calculate earnings per         common share:         Basic     48,543       45,333   Diluted     48,969       45,683             Dividends declared and paid per common share   $ 0.57     $ 0.57   ____________________ (1) Represents the Company’s seniors housing operating portfolio (“SHOP”) operating income and expense. (2) Represents rental income from acquisitions through sale-leaseback transactions, subject to leases that contain purchase options. In accordance with GAAP, the properties are required to be presented as Financing receivables on the Consolidated Balance Sheets and the rental income to be presented as Interest income from financing receivables on the Consolidated Statements of Income.   LTC PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (amounts in thousands, except per share amounts)               March 31, 2026   December 31, 2025 Investments:   (unaudited)   (audited) Land   $ 137,170     $ 128,590   Buildings and improvements     1,584,390       1,482,075   Accumulated depreciation and amortization     (420,820 )     (408,906 ) Owned real properties, net     1,300,740       1,201,759   Financing receivables,(1) net of credit loss reserve: 2026—$2,869; 2025—$3,631     283,988       359,457   Mortgage loans receivable, net of credit loss reserve: 2026—$3,928; 2025—$3,849     389,461       381,662   Real property investments, net     1,974,189       1,942,878   Notes receivable, net of credit loss reserve: 2026—$258; 2025—$259     25,558       25,615   Investments in unconsolidated joint ventures     12,558       12,524   Investments, net     2,012,305       1,981,017             Other assets:         Cash and cash equivalents     21,667       14,387   Debt issue costs related to revolving line of credit     4,424       4,742   Interest receivable     23,278       22,720   Straight-line rent receivable     17,615       17,949   Prepaid expenses and other assets     23,085       21,245   Total assets   $ 2,102,374     $ 2,062,060             LIABILITIES         Revolving line of credit   $ 282,963     $ 252,863   Term loans, net of debt issue costs: 2026—$1,685; 2025—$1,787     198,315       198,213   Senior unsecured notes, net of debt issue costs: 2026—$855; 2025—$895     386,145       391,105   Accrued interest     3,730       3,806   Accrued expenses and other liabilities     48,195       53,689   Total liabilities     919,348       899,676             EQUITY         Stockholders’ equity:         Common stock: $0.01 par value; 110,000 shares authorized; shares issued and outstanding: 2026—49,779; 2025—48,482     498       485   Capital in excess of par value     1,229,304       1,189,846   Cumulative net income     1,867,000       1,843,407   Accumulated other comprehensive income     1,556       482   Cumulative distributions     (1,988,407 )     (1,959,236 ) Total LTC Properties, Inc. stockholders’ equity     1,109,951       1,074,984   Non-controlling interests     73,075       87,400   Total equity     1,183,026       1,162,384   Total liabilities and equity   $ 2,102,374     $ 2,062,060   ____________________ (1) Represents acquisitions through sale-leaseback transactions, subject to leases that contain purchase options. In accordance with GAAP, the properties are required to be presented as financing receivables on the Consolidated Balance Sheets.   LTC PROPERTIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, amounts in thousands)               Three Months Ended     March 31,       2026       2025   OPERATING ACTIVITIES:         Net income   $ 24,956     $ 22,221   Adjustments to reconcile net income to net cash provided by operating activities:         Depreciation and amortization     11,979       9,162   Stock-based compensation expense     2,064       2,253   Loss (gain) on sale of real estate, net     10       (171 ) Income tax provision     110       —   Income from unconsolidated joint ventures     (295 )     (3,665 ) Income distributions from unconsolidated joint ventures     295       3,699   Straight-line rent adjustment     334       578   Adjustment for collectability of straight-line rental income     —       243   Adjustment for collectability of lease incentives     —       249   Amortization of lease incentives     131       199   (Recovery) provision for credit losses     (684 )     3,052   Amortization of debt issue costs     501       271   Other non-cash items, net     2       24   Change in operating assets and liabilities         Increase in interest receivable     (1,921 )     (2,951 ) Decrease in accrued interest payable     (76 )     (170 ) Net change in other assets and liabilities     (6,643 )     (5,423 ) Net cash provided by operating activities     30,763       29,571   INVESTING ACTIVITIES:         Investment in real estate properties     (108,153 )     —   Investment in real estate capital improvements     (2,665 )     (1,326 ) Proceeds from sale of real estate, net     (10 )     1,512   Investment in financing receivables     (314 )     —   Proceeds from payoff of financing receivables     62,220       —   Investment in real estate mortgage loans receivable     (8,005 )     (1,919 ) Principal payments received on mortgage loans receivable     125       124   Investments in unconsolidated joint ventures     (34 )     —   Proceeds from liquidation of investments in unconsolidated joint ventures     —       13,000   Principal payments received on notes receivable     58       238   Net cash (used in) provided by investing activities     (56,778 )     11,629   FINANCING ACTIVITIES:         Net borrowings under revolving line of credit     30,100       4,500   Repayment of debt     (5,000 )     (7,000 ) Proceeds from common stock issued     43,412       8,485   Payments of common share issuance costs     (118 )     (74 ) Distributions paid to stockholders     (29,171 )     (27,259 ) Acquisition of and distribution paid to non-controlling interests     —       (1,188 ) Financing costs paid     (41 )     —   Cash paid for taxes in lieu of shares upon vesting of long-term equity incentives     (5,875 )     (4,772 ) Other     (12 )     (11 ) Net cash provided by (used in) financing activities     33,295       (27,319 ) Increase in cash and cash equivalents     7,280       13,881   Cash and cash equivalents, beginning of period     14,387       9,414   Cash and cash equivalents, end of period   $ 21,667     $ 23,295     See LTC’s most recent Quarterly Report on Form 10-Q for Supplemental Cash Flow Information   Supplemental Reporting Measures FFO, FAD, and NOI are supplemental measures of a real estate investment trust’s (“REIT”) financial performance that are not defined by U.S. generally accepted accounting principles (“GAAP”). Investors, analysts and the Company use FFO, FAD, and NOI as supplemental measures of operating performance. The Company believes FFO, FAD, and NOI are helpful in evaluating the operating performance of a REIT. Real estate values historically rise and fall with market conditions, but cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. LTC believes that by excluding the effect of historical cost depreciation, which may be of limited relevance in evaluating current performance, FFO and FAD facilitate like comparisons of operating performance between periods. Occasionally, the Company may exclude non-recurring items from FFO and FAD in order to allow investors, analysts and management to compare the Company’s operating performance on a consistent basis without having to account for differences caused by unanticipated items. FFO, as defined by the National Association of Real Estate Investment Trusts (“Nareit”), means net income available to common stockholders (computed in accordance with GAAP) excluding gains or losses on the sale of real estate and impairment write-downs of depreciable real estate, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. The Company’s computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current Nareit definition or have a different interpretation of the current Nareit definition from that of the Company; therefore, caution should be exercised when comparing the Company’s FFO to that of other REITs. The Company defines FAD as FFO excluding the effects of straight-line rent, amortization of lease inducement, effective interest income, deferred income from unconsolidated joint ventures, non-cash compensation charges, capitalized interest and non-cash interest charges. GAAP requires rental revenues related to non-contingent leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. This method results in rental income in the early years of a lease that is higher than actual cash received, creating a straight-line rent receivable asset included in the consolidated balance sheet. At some point during the lease, depending on its terms, cash rent payments exceed the straight-line rent which results in the straight-line rent receivable asset decreasing to zero over the remainder of the lease term. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a loan based on the initial origination value. Similar to the accounting methodology of straight-line rent, the actual interest rate is higher than the stated interest rate in the early years of a loan thus creating an effective interest receivable asset included in the interest receivable line item in the consolidated balance sheet and reduces down to zero when, at some point during the loan term, the stated interest rate is higher than the actual interest rate. FAD is useful in analyzing the portion of cash flow that is available for distribution to stockholders. Investors, analysts and the Company utilize FAD as an indicator of common dividend potential. The FAD payout ratio, which represents annual distributions to common shareholders expressed as a percentage of FAD, facilitates the comparison of dividend coverage between REITs. The Company defines NOI as net income (loss) (computed in accordance with GAAP) before (i) general and administrative expenses, (ii) transaction costs, (iii) write-off of effective interest, (iv) provision for credit losses, (v) impairment loss, (vi) depreciation and amortization, (vii) interest expense, (viii) gain or loss on sale of real estate and (ix) income tax benefit or expense. We use NOI to reflect the operating performance of our portfolio because NOI excludes certain items that are not associated with the operations of our properties. NOI is not equivalent to our net income (loss) as determined under GAAP. Additionally, our use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. Therefore, caution should be exercised when comparing our NOI to that of other REITs. While the Company uses FFO, FAD, and NOI as supplemental performance measures of the cash flow generated by operations and cash available for distribution to stockholders, such measures are not representative of cash generated from operating activities in accordance with GAAP, and are not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income available to common stockholders. Reconciliation of FFO and FAD The following table reconciles GAAP net income available to common stockholders to each of Nareit FFO attributable to common stockholders and FAD (unaudited, amounts in thousands):     Three Months Ended     March 31,       2026       2025             GAAP net income available to common stockholders   $ 23,437     $ 20,517   Add: Depreciation and amortization     11,979       9,162   Add (Less): Loss (gain) on sale of real estate, net     10       (171 ) Nareit FFO attributable to common stockholders     35,426       29,508             (Less) Add: Adjustments (1)     (1,691 )     405   FFO, excluding non-recurring items ("Core FFO")   $ 33,735     $ 29,913             Nareit FFO attributable to common stockholders   $ 35,426     $ 29,508   Non-cash income:         Add: Straight-line rent adjustment     334       578   Add: Amortization of lease incentives     131       447   Add: Other non-cash contra-revenue     —       243   Less: Effective interest income     (492 )     (1,401 ) Net non-cash income     (27 )     (133 )           Non-cash expense:         Add: Non-cash compensation charges     2,064       2,253   (Less) Add: (Recovery) provision for credit losses     (684 )     3,052   Net non-cash expense     1,380       5,305             Less: Recurring capital expenditures     (405 )     —   Funds available for distribution ("FAD")     36,374       34,680             Less: Adjustments (1)     (1,124 )     (2,659 ) FAD, excluding non-recurring items ("Core FAD")   $ 35,250     $ 32,021   ____________________ (1) See the reconciliation of non-recurring items on the following page for further detail.   Reconciliation of FFO and FAD (continued) The following table continues the reconciliation between GAAP net income available to common stockholders and each of Nareit FFO attributable to common stockholders and FAD by reconciling the adjustments (unaudited, amounts in thousands):     Three Months Ended       March 31,       2026   2025   Reconciliation of adjustments to Nareit FFO:               Deduct: Recovery for credit losses related to loan payoffs   $ (765) (1) $ —   Add: Notes receivables and related interest receivable, if applicable, write-off     —     3,064 (2) Add: Transaction costs     688 (3)   303 (3) Deduct: Income related to exit IRRs received     (1,614) (4)   (2,962) (5) Total adjustments to Nareit FFO   $ (1,691)   $ 405                   Reconciliation of adjustments to FAD:               Add: Transaction costs   $ 688 (3) $ 303 (3) Deduct: Income related to exit IRRs received     (1,812) (4)   (2,962) (5) Total cash adjustments to FAD   $ (1,124)   $ (2,659)   ____________________ (1) Represents the credit loss recovery recorded upon the sale of a portfolio of three skilled nursing centers in Florida that was accounted for as a financing receivable during the 2026 first quarter. (2) Represents the write-off of a working capital note and related interest receivable balance during the 2025 first quarter in connection with the transition to SHOP. (3) The transaction costs adjustment for the 2026 first quarter includes all transaction costs incurred, whereas the transaction costs adjustment for the 2025 first quarter includes only SHOP segment startup costs. Transaction costs are excluded from FFO and FAD to improve comparability across periods as such expenditures are not indicative of ongoing operations. (4) The 2026 first quarter exit IRR income adjustment represents the payment received in connection with the sale noted in (1) above. The FFO adjustment represents the receipt of $1,812, offset by $198 of effective interest receivable previously recognized over the term of the loan through payoff. (5) The 2025 first quarter exit IRR income adjustment represents the payment received in connection with the redemption of LTC’s preferred equity investment in a joint venture. The 13% exit IRR was not previously recorded.   Reconciliation of FFO and FAD (continued) The following table continues the reconciliation between GAAP net income available to common stockholders and each of Nareit FFO attributable to common stockholders and FAD (unaudited, amounts in thousands, except per share amounts):     Three Months Ended     March 31,     2026   2025               Basic Nareit FFO attributable to common stockholders per share   $ 0.73   $ 0.65 Diluted Nareit FFO attributable to common stockholders per share   $ 0.72   $ 0.65               Diluted Nareit FFO attributable to common stockholders   $ 35,582   $ 29,671 Weighted average shares used to calculate Nareit diluted FFO attributable to common stockholders per share     49,234     45,961                             Basic Core FFO per share   $ 0.69   $ 0.66 Diluted Core FFO per share   $ 0.69   $ 0.65               Diluted Core FFO   $ 33,891   $ 30,076 Weighted average shares used to calculate diluted Core FFO per share     49,234     45,961                             Basic FAD per share   $ 0.75   $ 0.77 Diluted FAD per share   $ 0.74   $ 0.76               Diluted FAD   $ 36,530   $ 34,843 Weighted average shares used to calculate diluted FAD per share     49,234     45,961                             Basic Core FAD per share   $ 0.73   $ 0.71 Diluted Core FAD per share   $ 0.72   $ 0.70               Diluted Core FAD   $ 35,406   $ 32,184 Weighted average shares used to calculate diluted Core FAD per share     49,234     45,961                             Reconciliation of FFO and FAD (continued) Guidance The Company is reaffirming its guidance for the 2026 full year. The following guidance ranges reflect management's view of current and future market conditions. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth below. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments. The 2026 full year guidance is as follows (unaudited, amounts in thousands, except per share amounts):     Full Year 2026 Guidance     Low   High Diluted earnings per common share   $ 1.80     $ 1.84   Less: Gain on sale, net of impairment loss     (0.13 )     (0.13 ) Add: Depreciation and amortization     1.10       1.10   Diluted Nareit FFO attributable to common stockholders     2.77       2.81   Add: Adjustments     (0.02 )     (0.02 ) Diluted Core FFO   $ 2.75     $ 2.79             Diluted Nareit FFO attributable to common stockholders   $ 2.77     $ 2.81   Add: Non-cash expense     0.14       0.14   Less: Recurring capital expenditures     (0.10 )     (0.10 ) Diluted FAD     2.81       2.85   Add: Adjustments     0.01       0.01   Diluted Core FAD   $ 2.82     $ 2.86   The assumptions underlying the full year guidance are as follows: Gross investments in the range of $400.0 million and $800.0 million, including transactions closed to date or expected to close in the 2026 second quarter; Asset sales and loan payoffs of $265.9 million, including the $64.0 million portfolio sale during the 2026 first quarter; SHOP NOI, inclusive of expected net investments, in the range of $65.1 million to $77.2 million. For the core 27-property SHOP portfolio as of the 2026 first quarter (13 initial conversions and 14 acquired properties; excludes value-add conversions and additional acquisitions), SHOP NOI in the range of $53.0 million to $57.0 million. The assumptions underlying the SHOP NOI guidance at the midpoint are as follows: NOI growth of 14.0% over 2025 proforma NOI; Occupancy growth of 150 basis points from 2025 proforma average occupancy of 89.7%; Projected increases in average revenue per occupied room per month (“REVPOR”) of 5.0% and average expenses per occupied room per month (“EXPOR”) of 2.5%; and Projected margin of 27.5%. SHOP FAD capital expenditures in the range of $4.6 million to $4.9 million, or $1,500 per unit; SHOP Non-FAD capital expenditures of $10.0 million (increase from $9.0 million), including $4.0 million for initial conversions, $5.0 million underwritten for acquired SHOP properties as of the 2026 first quarter, and $1.0 million for value-add conversions of three properties; General and administrative costs in the range of $31.7 million to $33.9 million; and Adjustments to Core FFO and Core FAD include the following: One-time exit IRR income that LTC received in connection with the sale of three skilled nursing centers accounted for as a Financing receivable on the Company’s Consolidated Balance Sheets. See the reconciliation of non-recurring items above; Transaction costs in the range of $1.9 million to $2.4 million for the full year; and Recovery of provision for credit losses related to loan payoffs, including the $765,000 provision for credit losses recovery included on the reconciliation of non-recurring items above. Reconciliation of NOI The following table reconciles GAAP net income to NOI (unaudited, amounts in thousands):           Three Months Ended     March 31, 2026 Net income   $ 24,956   Add: Income tax provision     110   Add: Loss on sale of real estate, net     10   Add: General and administrative expenses     8,582   Add: Transaction costs     688   Less: Recovery for credit losses     (684 ) Add: Depreciation and amortization     11,979   Add: Interest expense     10,782   NOI   $ 56,423   The following table provides a summary of the Company’s NOI by segment (unaudited, amounts in thousands):           Three Months Ended     March 31, 2026 Real estate investment portfolio   $ 43,363 SHOP     12,696 Non-segment/corporate     364 Total NOI   $ 56,423   View source version on businesswire.com: https://www.businesswire.com/news/home/20260506002977/en/ Mandi Hogan
(805) 981-8655 Original: LTC Reports 2026 First Quarter Results

LTC to Participate in the Deutsche Bank Healthcare REIT SummitMarch 19, 2026 4:15 PM
Business Wire
LTC Properties Inc. (NYSE: LTC) (“LTC” or the “Company”), announced today senior management will participate in the Deutsche Bank Healthcare REIT Summit on Tuesday, March 24, 2026 in New York.


The Company’s presentation package will be available online in the Investor Relations section of www.ltcreit.com.


About LTC Properties


LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, investing through SHOP, triple-net leases, joint ventures, and structured finance solutions. The Company’s portfolio includes nearly 190 properties throughout the United States. Based on gross real estate investments, approximately 67% of the Company’s assets are seniors housing communities with the remainder skilled nursing centers. Learn more at www.LTCreit.com.


Forward Looking Statements


This press release includes statements that are not purely historical and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the Company’s expectations, beliefs, intentions or strategies regarding the future. All statements other than historical facts contained in this press release are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties. Please see LTC’s most recent Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, and its other publicly available filings with the Securities and Exchange Commission for a discussion of these and other risks and uncertainties. All forward-looking statements included in this press release are based on information available to the Company on the date hereof, and LTC assumes no obligation to update such forward-looking statements. Although the Company’s management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260319678613/en/
For more information contact:

Mandi Hogan

(805) 981-8655


Original: LTC to Participate in the Deutsche Bank Healthcare REIT Summit

LTC Reports 2025 Fourth Quarter Results and Introduces 2026 GuidanceFebruary 24, 2026 4:15 PM
Business Wire
-- SHOP Momentum Powers Portfolio Transformation with 60% revenue and 13% Core FFO growth –


LTC Properties, Inc. (NYSE: LTC) (“LTC” or the “Company”), a real estate investment trust that primarily invests in seniors housing and health care properties, today announced operating results for the fourth quarter ended December 31, 2025.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260224095209/en/
“Our strategic shift toward SHOP is delivering higher growth and fundamentally reshaping our long-term earnings profile,” said Pam Kessler, LTC’s Co-CEO. “With a more resilient portfolio consisting of newer assets and a focused approach to capital allocation, we ended 2025 with momentum and confidence in our ability to continue creating long-term value for shareholders.”


Seniors Housing Operating Portfolio (“SHOP”) Portfolio Composition:



SHOP Acquisitions: $353 million in 2025; $108 million in January 2026 with an additional $157 million anticipated to close over the next 60-days.



SHOP NOI Growth: 22% over 2024 proforma NOI for the Company’s original 13 property SHOP conversions.



SHOP as a % of Gross Investments: 24%.



Average Age of SHOP Properties: 9 years.



Skilled Nursing as a % of Gross Investments: 36%, down from 46% at year-end 2024.



“The transformation of our portfolio to a material composition of higher-growth SHOP investments will drive better risk adjusted returns of our shareholders,” said Clint Malin, LTC’s Co-CEO. “We are executing on our SHOP strategy with speed, determination and conviction, with a goal of SHOP representing 45% of our investment portfolio by the end of 2026 to further enhance our growth profile.”




Fourth Quarter 2025 Financial Results








 






 






 






 






 






 






 








 






 






Three Months Ended








 






 






December 31,








(unaudited, amounts in thousands, except per share data)






 






2025






 






2024








Total revenues






 






$






84,293






 






$






52,582








Net loss income available to common stockholders






 






$






101,618






 






$






17,912








Diluted earnings per common share






 






$






2.11






 






$






0.39








 






 






 






 






 






 






 








Nareit funds from operations attributable to common stockholders ("FFO") (1)






 






$






34,510






 






$






32,962








Nareit diluted FFO per common share (1)






 






$






0.72






 






$






0.72








 






 






 






 






 






 






 








FFO attributable to common stockholders, excluding non-recurring items ("Core FFO") (1)






 






$






33,459






 






$






29,583








Diluted Core FFO per share (1)






 






$






0.70






 






$






0.65








 






 






 






 






 






 






 








Funds available for distribution ("FAD") (1)






 






$






37,039






 






$






30,201








Diluted FAD per share (1)






 






$






0.77






 






$






0.66








 






 






 






 






 






 






 








FAD, excluding non-recurring items ("Core FAD") (1)






 






$






35,031






 






$






30,201








Diluted Core FAD per share (1)






 






$






0.73






 






$






0.66








_______________________


(1)


Represents non-GAAP financial measures. A reconciliation of these measures is included in the tables at the end of this press release.







Supplemental Information


The company has disclosed more detailed financial information in the tables below, the Company’s Supplemental Operating and Financial Data presentation for the 2025 fourth quarter, and its Form 10-K, as filed with the Securities and Exchange Commission, which can be found online at https://ir.ltcreit.com.


Fourth Quarter 2025 Transactions Update



Acquired three seniors housing communities within the Company’s SHOP segment for $84.2 million, with an expected unlevered IRR in the low teens.



Converted two seniors housing communities in Oregon from the Company’s triple-net portfolio into SHOP. Upon conversion, the triple-net master lease was terminated, and LTC wrote off a $957,000 working capital note from the prior operator in connection with the prior operator’s cooperation with the conversion. Additionally, the Company entered into a management agreement with an operator new to LTC.



Sold seven skilled nursing centers for $123 million and recorded a total gain on sales of $78 million.



Received cash proceeds of $8.2 million, inclusive of a 12% exit IRR of $1.8 million, from the redemption of the Company’s preferred equity investment in a joint venture.



Received $16 million from the payoff of a mortgage loan secured by a seniors housing community.



Year to Date 2026 Transactions Update



Acquired a seniors housing community within its SHOP segment for $108 million, with an expected unlevered IRR in the low teens.



Converted two seniors housing communities in Texas from its triple-net portfolio into SHOP. Upon conversion, the triple-net master lease was terminated and LTC entered into a management agreement with an operator new to LTC.



Proforma Liquidity



$542.0 million total proforma liquidity:


$15.9 million cash on hand.



$240.1 million available under the Company’s unsecured revolving line of credit with $359.9 million outstanding.



$286.0 million available under the Company’s ATM.






Guidance


LTC is introducing full year 2026 guidance, and is providing 2026 first quarter guidance, as follows:




 






 






 






 






 








 






 






2026








 






 






Full Year






 






First Quarter








Diluted earnings per common share






 






$1.80 to $1.84






 






$0.60 to $0.62








Diluted Core FFO per share






 






$2.75 to $2.79






 






$0.66 to $0.68








Diluted Core FAD per share






 






$2.82 to $2.86






 






$0.68 to $0.70







The assumptions underlying the full year and first quarter guidance are as follows:



Gross investments for the full year in the range of $400.0 million and $800.0 million, including transactions closed to date or expected to close over the next 60 days;



Asset sales and loan payoffs of $265.9 million for the 2026 full year and $73.5 million for the 2026 first quarter;



SHOP NOI, inclusive of expected net investments, in the range of $65.1 million to $77.2 million for the full year, and $12.1 million to $13.0 million for the 2026 first quarter. For further SHOP assumptions see the Company’s Supplemental Operating and Financial Data presentation for the 2025 fourth quarter;



SHOP FAD capital expenditures in the range of $4.6 million to $4.9 million for the full year, and $890,000 to $910,000 for the 2026 first quarter; and



General and administrative costs for the full year in the range of $31.7 million to $33.9 million, and $8.4 million to $8.7 million for the 2026 first quarter.



Information and a reconciliation of the Company’s guidance, funds from operations attributable to common stockholders, excluding non-recurring items, (“Core FFO”) and funds available for distribution, excluding non-recurring items, (“Core FAD”) can be found in the tables at the end of this press release.


Conference Call Information


LTC will conduct a conference call on Wednesday, February 25, 2026 at 8:00 a.m. Pacific / 11:00 a.m. Eastern, to provide commentary on its performance and operating results for the quarter ended December 31, 2025.




 






 






 








Webcast






 






https://ir.ltcreit.com/








USA Toll-Free Number






 






(877) 407-8634








International Number






 






(201) 689-8502







Conference Call Replay


A replay of the call will be available three hours after the live call through March 11, 2026.




 






 






 








USA Toll-Free Number






 






(877) 660-6853








International Number






 






(201) 612-7415








Access ID






 






13758526







About LTC


LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, principally investing through SHOP, as well as triple-net leases, and joint ventures. The Company’s portfolio includes nearly 190 properties throughout the United States. Based on gross real estate investments, 63% of the Company’s assets are seniors housing communities with the remainder skilled nursing centers. Learn more at www.LTCreit.com.


Forward-Looking Statements


This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as “believes,” “expects,” “may,” “will,” “could,” “would,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or the negative of those words or similar words. Examples of forward-looking statements include the Company’s 2025 full-year and fourth quarter guidance and statements regarding the Company’s investment pipeline, expected SHOP portfolio size, anticipated growth, acquisitions, NOI, capital expenditures, expenses, and future strategy. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect the Company’s future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, the Company’s dependence on its operators for revenue and cash flow; operational and legal risks and liabilities under the Company’s new SHOP segment, government regulation of the health care industry; changes in federal, state, or local laws limiting REIT investments in the health care sector; federal and state health care cost containment measures including reductions in reimbursement from third-party payors such as Medicare and Medicaid; required regulatory approvals for operation of health care facilities; a failure to comply with federal, state, or local regulations for the operation of health care facilities; the adequacy of insurance coverage maintained by the Company’s operators; the Company’s reliance on a few major operators; the Company’s ability to renew leases or enter into favorable terms of renewals or new leases; the impact of inflation, operator financial or legal difficulties; the sufficiency of collateral securing mortgage loans; an impairment of the Company’s real estate investments; the relative illiquidity of the Company’s real estate investments; the Company’s ability to develop and complete construction projects; the Company’s ability to invest cash proceeds for health care properties; a failure to qualify as a REIT; the Company’s ability to grow if access to capital is limited; and a failure to maintain or increase the Company’s dividend. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Company’s subsequent Quarterly Reports on Form 10-Q, and the Company’s publicly available filings with the Securities and Exchange Commission. The Company does not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise. Although the Company’s management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements.




LTC PROPERTIES, INC.




CONSOLIDATED STATEMENTS OF INCOME




(amounts in thousands, except per share amounts)








 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






Three Months Ended






 






Twelve Months Ended








 






 






December 31,






 






December 31,








 






 






2025






 






2024






 






2025






 






2024








 






 






(unaudited)






 






(audited)








Revenues:






 






 






 






 






 






 






 






 






 






 






 






 








Rental income






 






$






26,708






 






 






$






34,814






 






 






$






116,171






 






 






$






132,278






 








Resident fees and services (1)






 






 






37,963






 






 






 






—






 






 






 






72,116






 






 






 






—






 








Interest income from financing receivables (2)






 






 






7,133






 






 






 






7,002






 






 






 






28,315






 






 






 






21,663






 








Interest income from mortgage loans






 






 






10,308






 






 






 






9,374






 






 






 






39,023






 






 






 






45,216






 








Interest and other income






 






 






2,181






 






 






 






1,392






 






 






 






7,229






 






 






 






10,690






 








Total revenues






 






 






84,293






 






 






 






52,582






 






 






 






262,854






 






 






 






209,847






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Expenses:






 






 






 






 






 






 






 






 






 






 






 






 








Interest expense






 






 






10,588






 






 






 






8,365






 






 






 






35,306






 






 






 






40,336






 








Depreciation and amortization






 






 






10,949






 






 






 






9,194






 






 






 






37,874






 






 






 






36,367






 








Seniors housing operating expenses (1)






 






 






27,307






 






 






 






—






 






 






 






54,088






 






 






 






—






 








Impairment loss






 






 






—






 






 






 






6,953






 






 






 






—






 






 






 






6,953






 








Write-off of effective interest receivable






 






 






—






 






 






 






—






 






 






 






41,455






 






 






 






—






 








Provision (recovery) for credit losses






 






 






873






 






 






 






(201






)






 






 






4,515






 






 






 






741






 








Transaction costs






 






 






487






 






 






 






140






 






 






 






8,221






 






 






 






819






 








Triple-net lease property tax expense






 






 






2,312






 






 






 






3,114






 






 






 






10,795






 






 






 






12,930






 








General and administrative expenses






 






 






8,179






 






 






 






7,227






 






 






 






31,120






 






 






 






27,243






 








Total expenses






 






 






60,695






 






 






 






34,792






 






 






 






223,374






 






 






 






125,389






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Income before unconsolidated joint ventures, real estate dispositions and other items






 






 






23,598






 






 






 






17,790






 






 






 






39,480






 






 






 






84,458






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Gain on sale of real estate, net






 






 






78,057






 






 






 






1,097






 






 






 






77,822






 






 






 






7,979






 








Income from unconsolidated joint ventures






 






 






2,214






 






 






 






703






 






 






 






6,757






 






 






 






2,442






 








Income tax provision






 






 






(218






)






 






 






—






 






 






 






(179






)






 






 






—






 








Net income






 






 






103,651






 






 






 






19,590






 






 






 






123,880






 






 






 






94,879






 








Income allocated to non-controlling interests






 






 






(1,456






)






 






 






(1,507






)






 






 






(5,908






)






 






 






(3,839






)








Net income attributable to LTC Properties, Inc.






 






 






102,195






 






 






 






18,083






 






 






 






117,972






 






 






 






91,040






 








Income allocated to participating securities






 






 






(577






)






 






 






(171






)






 






 






(696






)






 






 






(682






)








Net income available to common stockholders






 






$






101,618






 






 






$






17,912






 






 






$






117,276






 






 






$






90,358






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Earnings per common share:






 






 






 






 






 






 






 






 






 






 






 






 








Basic






 






$






2.13






 






 






$






0.40






 






 






$






2.54






 






 






$






2.07






 








Diluted






 






$






2.11






 






 






$






0.39






 






 






$






2.52






 






 






$






2.04






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Weighted average shares used to calculate earnings per




















common share:






 






 






 






 






 






 






 






 






 






 






 






 








Basic






 






 






47,724






 






 






 






45,025






 






 






 






46,230






 






 






 






43,743






 








Diluted






 






 






48,054






 






 






 






45,523






 






 






 






46,560






 






 






 






44,241






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Dividends declared and paid per common share






 






$






0.57






 






 






$






0.57






 






 






$






2.28






 






 






$






2.28






 








_______________________


(1)


Represents the Company’s seniors housing operating portfolio (“SHOP”) operating income and expense.







(2)


Represents rental income from acquisitions through sale-leaseback transactions, subject to leases that contain purchase options. In accordance with GAAP, the properties are required to be presented as Financing receivables on the Consolidated Balance Sheets and the rental income to be presented as Interest income from financing receivables on the Consolidated Statements of Income.









LTC PROPERTIES, INC.




CONSOLIDATED BALANCE SHEETS




(audited, amounts in thousands, except per share amounts)








 






 






 






 






 






 






 








 






 






December 31, 2025






 






December 31, 2024








ASSETS






 






 






 






 






 






 








Investments:






 






 






 






 






 






 








Land






 






$






128,590






 






 






$






118,209






 








Buildings and improvements






 






 






1,482,075






 






 






 






1,212,853






 








Accumulated depreciation and amortization






 






 






(408,906






)






 






 






(405,884






)








Operating real estate property, net






 






 






1,201,759






 






 






 






925,178






 








Properties held-for-sale, net of accumulated depreciation: 2025—$0; 2024—$1,346






 






 






—






 






 






 






670






 








Real property investments, net






 






 






1,201,759






 






 






 






925,848






 








Financing receivables,(1) net of credit loss reserve: 2025—$3,631; 2024—$3,615






 






 






359,457






 






 






 






357,867






 








Mortgage loans receivable, net of credit loss reserve: 2025—$3,849; 2024—$3,151






 






 






381,662






 






 






 






312,583






 








Real estate investments, net






 






 






1,942,878






 






 






 






1,596,298






 








Notes receivable, net of credit loss reserve: 2025—$259; 2024—$477






 






 






25,615






 






 






 






47,240






 








Investments in unconsolidated joint ventures






 






 






12,524






 






 






 






30,602






 








Investments, net






 






 






1,981,017






 






 






 






1,674,140






 








 






 






 






 






 






 






 








Other assets:






 






 






 






 






 






 








Cash and cash equivalents






 






 






14,387






 






 






 






9,414






 








Debt issue costs related to revolving line of credit






 






 






4,742






 






 






 






1,410






 








Interest receivable






 






 






22,720






 






 






 






60,258






 








Straight-line rent receivable






 






 






17,949






 






 






 






21,505






 








Prepaid expenses and other assets






 






 






21,245






 






 






 






19,415






 








Total assets






 






$






2,062,060






 






 






$






1,786,142






 








 






 






 






 






 






 






 








LIABILITIES






 






 






 






 






 






 








Revolving line of credit






 






$






252,863






 






 






$






144,350






 








Term loans, net of debt issue costs: 2025—$1,787 ; 2024—$192






 






 






198,213






 






 






 






99,808






 








Senior unsecured notes, net of debt issue costs: 2025—$895; 2024—$1,058






 






 






391,105






 






 






 






440,442






 








Accrued interest






 






 






3,806






 






 






 






3,094






 








Accrued expenses and other liabilities






 






 






53,689






 






 






 






45,443






 








Total liabilities






 






 






899,676






 






 






 






733,137






 








 






 






 






 






 






 






 








EQUITY






 






 






 






 






 






 








Stockholders’ equity:






 






 






 






 






 






 








Common stock: $0.01 par value; 110,000 shares authorized; shares issued and outstanding: 2025—48,482; 2024—45,511






 






 






485






 






 






 






455






 








Capital in excess of par value






 






 






1,189,846






 






 






 






1,082,764






 








Cumulative net income






 






 






1,843,407






 






 






 






1,725,435






 








Accumulated other comprehensive income






 






 






482






 






 






 






3,815






 








Cumulative distributions






 






 






(1,959,236






)






 






 






(1,851,842






)








Total LTC Properties, Inc. stockholders’ equity






 






 






1,074,984






 






 






 






960,627






 








Non-controlling interests






 






 






87,400






 






 






 






92,378






 








Total equity






 






 






1,162,384






 






 






 






1,053,005






 








Total liabilities and equity






 






$






2,062,060






 






 






$






1,786,142






 








_______________________


(1)


Represents acquisitions through sale-leaseback transactions, subject to leases that contain purchase options. In accordance with GAAP, the properties are required to be presented as financing receivables on the Consolidated Balance Sheets.









LTC PROPERTIES, INC.




CONSOLIDATED STATEMENTS OF CASH FLOWS




(audited, amounts in thousands)








 






 






 






 






 






 






 








 






 






Year Ended December 31,








 






 






2025






 






2024








OPERATING ACTIVITIES:






 






 






 






 






 






 








Net income






 






$






123,880






 






 






$






94,879






 








Adjustments to reconcile net income to net cash provided by operating activities:






 






 






 






 






 






 








Depreciation and amortization






 






 






37,874






 






 






 






36,367






 








Stock-based compensation expense






 






 






9,329






 






 






 






9,052






 








Impairment loss






 






 






—






 






 






 






6,953






 








Gain on sale of real estate, net






 






 






(77,822






)






 






 






(7,979






)








Income tax provision






 






 






179






 






 






 






—






 








Income from unconsolidated joint ventures






 






 






(6,757






)






 






 






(2,442






)








Income distributions from unconsolidated joint ventures






 






 






6,839






 






 






 






1,278






 








Straight-line rent adjustment






 






 






1,631






 






 






 






(2,268






)








Adjustment for collectability of straight-line rental income






 






 






1,514






 






 






 






321






 








Adjustment for collectability of lease incentives






 






 






249






 






 






 






—






 








Amortization of lease incentives






 






 






687






 






 






 






818






 








Write-off of effective interest receivable






 






 






41,455






 






 






 






—






 








Provision for credit losses






 






 






4,515






 






 






 






741






 








Application of interest reserve






 






 






—






 






 






 






(233






)








Amortization of debt issue costs






 






 






1,626






 






 






 






1,059






 








Other non-cash items, net






 






 






67






 






 






 






95






 








Change in operating assets and liabilities






 






 






 






 






 






 








Lease incentives funded






 






 






—






 






 






 






(1,924






)








Increase in interest receivable






 






 






(9,737






)






 






 






(10,390






)








Increase (decrease) in accrued interest payable






 






 






712






 






 






 






(771






)








Net change in other assets and liabilities






 






 






(264






)






 






 






319






 








Net cash provided by operating activities






 






 






135,977






 






 






 






125,875






 








INVESTING ACTIVITIES:






 






 






 






 






 






 








Investment in real estate properties






 






 






(354,587






)






 






 






(319






)








Investment in real estate capital improvements






 






 






(7,270






)






 






 






(13,675






)








Proceeds from sale of real estate, net






 






 






126,701






 






 






 






38,867






 








Investment in financing receivables






 






 






(1,664






)






 






 






(97






)








Investment in real estate mortgage loans receivable






 






 






(107,632






)






 






 






(21,833






)








Principal payments received on mortgage loans receivable






 






 






38,237






 






 






 






85,905






 








Investments in unconsolidated joint ventures






 






 






(1,262






)






 






 






(11,262






)








Proceeds from liquidation of investments in unconsolidated joint ventures






 






 






19,340






 






 






 






—






 








Advances and originations under notes receivable






 






 






(25






)






 






 






(340






)








Principal payments received on notes receivable






 






 






18,218






 






 






 






13,434






 








Net cash (used in) provided by investing activities






 






 






(269,944






)






 






 






90,680






 








FINANCING ACTIVITIES:






 






 






 






 






 






 








Net borrowings (repayment) under revolving line of credit






 






 






108,513






 






 






 






(157,900






)








Proceeds from debt






 






 






200,000






 






 






 






—






 








Repayment of debt






 






 






(149,500






)






 






 






(49,160






)








Proceeds from common stock issued






 






 






100,555






 






 






 






83,107






 








Payments of common share issuance costs






 






 






(436






)






 






 






(703






)








Distributions paid to stockholders






 






 






(107,394






)






 






 






(100,530






)








Acquisition of and distribution paid to non-controlling interests






 






 






(1,188






)






 






 






(109






)








Financing costs paid






 






 






(6,390






)






 






 






(569






)








Cash paid for taxes in lieu of shares upon vesting of long-term equity incentives






 






 






(5,209






)






 






 






(1,533






)








Other






 






 






(11






)






 






 






(30






)








Net cash provided by (used in) financing activities






 






 






138,940






 






 






 






(227,427






)








Increase (decrease) in cash and cash equivalents






 






 






4,973






 






 






 






(10,872






)








Cash and cash equivalents, beginning of period






 






 






9,414






 






 






 






20,286






 








Cash and cash equivalents, end of period






 






$






14,387






 






 






$






9,414






 







See LTC’s most recent Quarterly Report on Form 10-Q for Supplemental Cash Flow Information


Supplemental Reporting Measures


FFO and FAD are supplemental measures of a real estate investment trust’s (“REIT”) financial performance that are not defined by U.S. generally accepted accounting principles (“GAAP”). Investors, analysts and the Company use FFO and FAD as supplemental measures of operating performance. The Company believes FFO and FAD are helpful in evaluating the operating performance of a REIT. Real estate values historically rise and fall with market conditions, but cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. LTC believes that by excluding the effect of historical cost depreciation, which may be of limited relevance in evaluating current performance, FFO and FAD facilitate like comparisons of operating performance between periods. Occasionally, the Company may exclude non-recurring items from FFO and FAD in order to allow investors, analysts and management to compare the Company’s operating performance on a consistent basis without having to account for differences caused by unanticipated items.


FFO, as defined by the National Association of Real Estate Investment Trusts (“Nareit”), means net income available to common stockholders (computed in accordance with GAAP) excluding gains or losses on the sale of real estate and impairment write-downs of depreciable real estate, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. The Company’s computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current Nareit definition or have a different interpretation of the current Nareit definition from that of the Company; therefore, caution should be exercised when comparing the Company’s FFO to that of other REITs.


The Company defines FAD as FFO excluding the effects of straight-line rent, amortization of lease inducement, effective interest income, deferred income from unconsolidated joint ventures, non-cash compensation charges, capitalized interest and non-cash interest charges. GAAP requires rental revenues related to non-contingent leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. This method results in rental income in the early years of a lease that is higher than actual cash received, creating a straight-line rent receivable asset included in the consolidated balance sheet. At some point during the lease, depending on its terms, cash rent payments exceed the straight-line rent which results in the straight-line rent receivable asset decreasing to zero over the remainder of the lease term. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a loan based on the initial origination value. Similar to the accounting methodology of straight-line rent, the actual interest rate is higher than the stated interest rate in the early years of a loan thus creating an effective interest receivable asset included in the interest receivable line item in the consolidated balance sheet and reduces down to zero when, at some point during the loan term, the stated interest rate is higher than the actual interest rate. FAD is useful in analyzing the portion of cash flow that is available for distribution to stockholders. Investors, analysts and the Company utilize FAD as an indicator of common dividend potential. The FAD payout ratio, which represents annual distributions to common shareholders expressed as a percentage of FAD, facilitates the comparison of dividend coverage between REITs.


While the Company uses FFO and FAD as supplemental performance measures of the cash flow generated by operations and cash available for distribution to stockholders, such measures are not representative of cash generated from operating activities in accordance with GAAP, and are not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income available to common stockholders.


Reconciliation of FFO and FAD


The following table reconciles GAAP net income available to common stockholders to each of Nareit FFO attributable to common stockholders and FAD (unaudited, amounts in thousands):




 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






Three Months Ended






 






Twelve Months Ended








 






 






December 31,






 






December 31,








 






 






2025






 






2024






 






2025






 






2024








 






 






 






 






 






 






 






 






 






 






 






 






 








GAAP net income available to common stockholders






 






$






101,618






 






 






$






17,912






 






 






$






117,276






 






 






$






90,358






 








Add: Impairment loss






 






 






—






 






 






 






6,953






 






 






 






—






 






 






 






6,953






 








Add: Depreciation and amortization






 






 






10,949






 






 






 






9,194






 






 






 






37,874






 






 






 






36,367






 








Less: Gain on sale of real estate, net






 






 






(78,057






)






 






 






(1,097






)






 






 






(77,822






)






 






 






(7,979






)








Nareit FFO attributable to common stockholders






 






 






34,510






 






 






 






32,962






 






 






 






77,328






 






 






 






125,699






 








 






 






 






 






 






 






 






 






 






 






 






 






 








(Less) Add: Adjustments (1)






 






 






(1,051






)






 






 






(3,379






)






 






 






49,783






 






 






 






(8,907






)








FFO, excluding non-recurring items ("Core FFO")






 






$






33,459






 






 






$






29,583






 






 






$






127,111






 






 






$






116,792






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Nareit FFO attributable to common stockholders






 






$






34,510






 






 






$






32,962






 






 






$






77,328






 






 






$






125,699






 








Non-cash income:






 






 






 






 






 






 






 






 






 






 






 






 








Add (Less): Straight-line rent adjustment






 






 






184






 






 






 






(2,829






)






 






 






1,631






 






 






 






(2,268






)








Add: Amortization of lease incentives






 






 






131






 






 






 






192






 






 






 






936






 






 






 






818






 








Add: Other non-cash contra-revenue






 






 






—






 






 






 






—






 






 






 






1,514






 






 






 






321






 








Less: Effective interest income






 






 






(710






)






 






 






(2,184






)






 






 






(2,904






)






 






 






(8,591






)








Net non-cash income






 






 






(395






)






 






 






(4,821






)






 






 






1,177






 






 






 






(9,720






)








 






 






 






 






 






 






 






 






 






 






 






 






 








Non-cash expense:






 






 






 






 






 






 






 






 






 






 






 






 








Add: Non-cash compensation charges






 






 






2,141






 






 






 






2,261






 






 






 






9,329






 






 






 






9,052






 








Add: Write-off of effective interest receivable






 






 






—






 






 






 






—






 






 






 






41,455






 






 






 






—






 








Add (Less): Provision (recovery) for credit losses






 






 






873






 






 






 






(201






)






 






 






4,515






 






 






 






741






 








Less: Recurring capital expenditures






 






 






(90






)






 






 






—






 






 






 






(390






)






 






 






—






 








Net non-cash expense






 






 






2,924






 






 






 






2,060






 






 






 






54,909






 






 






 






9,793






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Funds available for distribution ("FAD")






 






 






37,039






 






 






 






30,201






 






 






 






133,414






 






 






 






125,772






 








 






 






 






 






 






 






 






 






 






 






 






 






 








(Less) Add: Adjustments (1)






 






 






(2,008






)






 






 






—






 






 






 






149






 






 






 






(7,756






)








FAD, excluding non-recurring items ("Core FAD")






 






$






35,031






 






 






$






30,201






 






 






$






133,563






 






 






$






118,016






 








_______________________


(1)


See the reconciliation of non-recurring items on the following page for further detail.







Reconciliation of FFO and FAD (continued)


The following table continues the reconciliation between GAAP net income available to common stockholders and each of Nareit FFO attributable to common stockholders and FAD by reconciling the adjustments (unaudited, amounts in thousands):




 






 






Three Months Ended






 






Twelve Months Ended






 








 






 






December 31,






 






December 31,






 








 






 






2025






 






2024






 






2025






 






2024






 








Reconciliation of adjustments to Nareit FFO:






 






 






 






 






 






 






 






 






 






 






 






 






 








Notes receivables and related interest receivable, if applicable, write-off






 






$






957






 






(1)






$






290






 






(2)






$






4,021






 






(1)






$






290






 






(2)








Provision for credit losses related to partial principal paydown






 






 






—






 






 






 






—






 






 






 






—






 






 






 






613






 






 








Provision for credit losses reserve recorded upon origination






 






 






—






 






 






 






—






 






 






 






938






 






 






 






1,635






 






 








Recovery for credit losses related to loan payoffs






 






 






—






 






 






 






(511






)






 






 






(375






)






 






 






(1,738






)






 








Add: Total provision for credit losses adjustments






 






 






957






 






 






 






(221






)






 






 






4,584






 






 






 






800






 






 








Effective interest receivable write-off






 






 






—






 






 






 






—






 






 






 






41,455






 






(3)






 






—






 






 








Straight-line rent receivable write-off






 






 






—






 






 






 






—






 






 






 






1,271






 






(4)






 






321






 






(4)








Lease termination fee paid upon conversion to SHOP






 






 






—






 






 






 






—






 






 






 






5,971






 






 






 






—






 






 








Transaction costs associated with the startup of new SHOP segment






 






 






392






 






 






 






—






 






 






 






1,703






 






 






 






—






 






 








One-time general and administrative expenses related to an employee retirement






 






 






—






 






 






 






—






 






 






 






1,136






 






 






 






—






 






 








Add: Expense and contra-revenue adjustments






 






 






392






 






 






 






—






 






 






 






51,536






 






 






 






321






 






 








Income related to exit IRRs received






 






 






(1,800






)






(5)






 






—






 






 






 






(5,737






)






(5)






 






—






 






 








Other income received from former operators






 






 






(600






)






 






 






—






 






 






 






(600






)






 






 






(4,052






)






 








One-time rental income related to sold properties






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(2,818






)






 








One-time additional straight-line income






 






 






—






 






 






 






(3,158






)






 






 






—






 






 






 






(3,158






)






 








Deduct: Income adjustments






 






 






(2,400






)






 






 






(3,158






)






 






 






(6,337






)






 






 






(10,028






)






 








Total adjustments to Nareit FFO






 






$






(1,051






)






 






$






(3,379






)






 






$






49,783






 






 






$






(8,907






)






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 








Reconciliation of adjustments to FAD:






 






 






 






 






 






 






 






 






 






 






 






 






 








Lease termination fee paid upon conversion to SHOP






 






$






—






 






 






$






—






 






 






$






5,971






 






 






$






—






 






 








Transaction costs associated with the startup of new SHOP segment






 






 






392






 






 






 






—






 






 






 






1,703






 






 






 






—






 






 








One-time general and administrative expenses related to an employee retirement






 






 






—






 






 






 






—






 






 






 






436






 






 






 






—






 






 








Add: Cash expense adjustments






 






 






392






 






 






 






—






 






 






 






8,110






 






 






 






—






 






 








Income related to exit IRRs received






 






 






(1,800






)






(5)






 






—






 






 






 






(7,361






)






(5)






 






(886






)






(6)








Other income received from former operators






 






 






(600






)






 






 






—






 






 






 






(600






)






 






 






(4,052






)






 








One-time rental income related to sold properties






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(2,818






)






 








Deduct: Cash income adjustments






 






 






(2,400






)






 






 






—






 






 






 






(7,961






)






 






 






(7,756






)






 








Total cash adjustments to FAD






 






$






(2,008






)






 






$






—






 






 






$






149






 






 






$






(7,756






)






 








_______________________


(1)


Represents the write-off of a working capital note and related interest receivable balance, if applicable, in connection with the transition to SHOP.







(2)


Represents a note receivable write-off in connection with the pending closure of a 56-unit assisted living community located in Texas. The property was sold during the 2025 third quarter.







(3)


During 2025, LTC wrote off $41,455 of effective interest receivable related to a mortgage loan amendment that permits penalty-free early payoff within an allowable window.







(4)


During 2025, LTC wrote off $1,271 of straight-line rent receivable due to an operator’s on-going bankruptcy filing. During 2024, LTC wrote off $321 of straight-line rent receivable related to a lease that converted to fair market rent during the 2024 second quarter. The straight-line rent write-offs are recorded as contra-revenue on the Consolidated Statements of Income.







(5)


The exit IRR income adjustment includes the following:








.

a.






$1,800 received in connection with the redemption of LTC’s preferred equity investment in a joint venture during the 2025 fourth quarter. The 12% exit IRR was not previously recorded;









b.

$2,599 received upon the early payoff of a mezzanine loan during 2025 third quarter. The FFO adjustment represents the $2,599 offset by $1,624 of effective interest receivable balance previously recognized over the term of the loan through payoff; and










c.






$2,962 received in connection with the redemption of LTC’s preferred equity investment in a joint venture during the 2025 first quarter. The 13% exit IRR was not previously recorded.







(6)


The exit IRR income was received upon the payoff of three mortgage loans in 2024. The exit IRR was previously recorded ratably over the term of the loan through effective interest income.







Reconciliation of FFO and FAD (continued)


The following table continues the reconciliation between GAAP net income available to common stockholders and each of Nareit FFO attributable to common stockholders and FAD (unaudited, amounts in thousands, except per share amounts):




 






 






Three Months Ended






 






Twelve Months Ended








 






 






December 31,






 






December 31,








 






 






2025






 






2024






 






2025






 






2024








 






 






 






 






 






 






 






 






 






 






 






 






 








Basic Nareit FFO attributable to common stockholders per share






 






$






0.72






 






$






0.73






 






$






1.67






 






$






2.87








Diluted Nareit FFO attributable to common stockholders per share






 






$






0.72






 






$






0.72






 






$






1.66






 






$






2.84








 






 






 






 






 






 






 






 






 






 






 






 






 








Diluted Nareit FFO attributable to common stockholders






 






$






34,510






 






$






33,133






 






$






77,328






 






$






126,381








Weighted average shares used to calculate Nareit diluted FFO attributable to common stockholders per share






 






 






48,054






 






 






45,824






 






 






46,560






 






 






44,537








 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Basic Core FFO per share






 






$






0.70






 






$






0.66






 






$






2.75






 






$






2.67








Diluted Core FFO per share






 






$






0.70






 






$






0.65






 






$






2.73






 






$






2.64








 






 






 






 






 






 






 






 






 






 






 






 






 








Diluted Core FFO






 






$






33,459






 






$






29,754






 






$






127,807






 






$






117,474








Weighted average shares used to calculate diluted Core FFO per share






 






 






48,054






 






 






45,824






 






 






46,832






 






 






44,537








 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Basic FAD per share






 






$






0.78






 






$






0.67






 






$






2.89






 






$






2.88








Diluted FAD per share






 






$






0.77






 






$






0.66






 






$






2.86






 






$






2.84








 






 






 






 






 






 






 






 






 






 






 






 






 








Diluted FAD






 






$






37,039






 






$






30,372






 






$






134,110






 






$






126,454








Weighted average shares used to calculate diluted FAD per share






 






 






48,054






 






 






45,824






 






 






46,832






 






 






44,537








 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Basic Core FAD per share






 






$






0.73






 






$






0.67






 






$






2.89






 






$






2.70








Diluted Core FAD per share






 






$






0.73






 






$






0.66






 






$






2.87






 






$






2.67








 






 






 






 






 






 






 






 






 






 






 






 






 








Diluted Core FAD






 






$






35,031






 






$






30,372






 






$






134,259






 






$






118,698








Weighted average shares used to calculate diluted Core FAD per share






 






 






48,054






 






 






45,824






 






 






46,832






 






 






44,537








 






 






 






 






 






 






 






 






 






 






 






 






 







Reconciliation of FFO and FAD (continued)


Guidance


The Company is introducing guidance for the 2026 full year, and is providing 2026 first quarter guidance. The following guidance ranges reflect management's view of current and future market conditions. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth below. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments. The 2026 full year guidance is as follows (unaudited, amounts in thousands, except per share amounts):




 






 






Full Year 2026 Guidance






 






First Quarter 2026 Guidance








 






 






Low






 






High






 






Low






 






High








Diluted earnings per common share






 






$






1.80






 






 






$






1.84






 






 






$






0.60






 






 






$






0.62






 








Less: Gain on sale, net of impairment loss






 






 






(0.13






)






 






 






(0.13






)






 






 






(0.15






)






 






 






(0.15






)








Add: Depreciation and amortization






 






 






1.10






 






 






 






1.10






 






 






 






0.25






 






 






 






0.25






 








Diluted Nareit FFO attributable to common stockholders






 






 






2.77






 






 






 






2.81






 






 






 






0.70






 






 






 






0.72






 








Add: Adjustments






 






 






(0.02






)






 






 






(0.02






)






 






 






(0.04






)






 






 






(0.04






)








Diluted Core FFO






 






$






2.75






 






 






$






2.79






 






 






$






0.66






 






 






$






0.68






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Diluted Nareit FFO attributable to common stockholders






 






$






2.77






 






 






$






2.81






 






 






$






0.70






 






 






$






0.72






 








Add: Non-cash expense






 






 






0.14






 






 






 






0.14






 






 






 






0.03






 






 






 






0.03






 








Less: Recurring capital expenditures






 






 






(0.10






)






 






 






(0.10






)






 






 






(0.02






)






 






 






(0.02






)








Diluted FAD






 






 






2.81






 






 






 






2.85






 






 






 






0.71






 






 






 






0.73






 








Add: Adjustments






 






 






0.01






 






 






 






0.01






 






 






 






(0.03






)






 






 






(0.03






)








Diluted Core FAD






 






$






2.82






 






 






$






2.86






 






 






$






0.68






 






 






$






0.70






 









_______________________







The assumptions underlying the full year and first quarter guidance are as follows:



Gross investments for the full year in the range of $400.0 million and $800.0 million, including transactions closed to date or expected to close over the next 60 days;



Asset sales and loan payoffs of $265.9 million for the 2026 full year and $73.5 million for the 2026 first quarter;



SHOP NOI, inclusive of expected net investments, in the range of $65.1 million to $77.2 million for the full year, and $12.1 million to $13.0 million for the 2026 first quarter. For further SHOP assumptions see the Company’s Supplemental Operating and Financial Data presentation for the 2025 fourth quarter;



SHOP FAD capital expenditures in the range of $4.6 million to $4.9 million for the full year, and $890,000 to $910,000 for the 2026 first quarter;



General and administrative costs for the full year in the range of $31.7 million to $33.9 million, and $8.4 million to $8.7 million for the 2026 first quarter; and



Adjustments to Core FFO and Core FAD include the following:


One-time exit IRR income of $1.5 million that LTC is expected receive in connection with the sale of three skilled nursing centers accounted for as a Financing receivable on the Company’s Consolidated Balance Sheets;



Transaction costs in the range of $1.9 million to $2.4 million for the full year, and $400,000 to $500,000 for the 2026 first quarter;



Recovery of provision for credit losses related to loan payoffs outlined in the Company’s Supplemental Operating and Financial Data presentation for the 2025 fourth quarter.






 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260224095209/en/
For more information contact:

Mandi Hogan

(805) 981-8655


Original: LTC Reports 2025 Fourth Quarter Results and Introduces 2026 Guidance