Ltc Properties, Inc. · NYSE:LTC
Ltc Properties — Q3 2013 Earnings Presentation
33 slides from Ltc Properties's earnings presentation, Nov 4, 2013
Slide 1: Supplemental Operating and Financial Data September 30, 2013
Supplemental Operating and Financial Data September 30, 2013 (Unaudited) Development Project: Memory Care – Aurora, CO (48 units) To be operated by Anthem Memory Care, LLC Rendering
Slide 2: Table of Contents
Table of Contents 2 CORPORATE Company Information 3 Additional Information 4 Forward-Looking Statements & Non-GAAP Information 5 Acquisitions and Loan Originations 6 Development and Lease-Up Activity 7-13 Proforma Real Estate Portfolio Summary 14 Real Estate Portfolio Metrics 15 Proforma Real Estate
Slide 3: Company Information
3 Company Information CORPORATE Wendy Simpson Boyd Hendrickson Edmund King Chairman Lead Director Devra Shapiro Timothy Triche, MD Wendy Simpson Pam Kessler Clint Malin Chairman, Chief Executive Officer and President Executive Vice President and Chief Financial Officer Executive Vice President and C
Slide 4: Additional Information
4 CORPORATE Additional Information BMO Capital Markets Corp. J.J. B. Hilliard, W.L. Lyons, Inc. JMP Securities, LLC Richard Anderson John Roberts Peter Martin KeyBanc Capital Markets, Inc. RBC Capital Markets Corporation Sidoti & Company, LLC Karin Ford Mike Carroll Peter Sicher Stifel, Nicolaus & C
Slide 5: Forward-Looking Statements
5 Forward-Looking Statements This supplemental information 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
Slide 6: Acquisitions and Loan Originations
6 Acquisitions and Loan Originations REAL ESTATE PORTFOLIO (dollar amounts in thousands) ACQUISITIONS Represents a mortgage and construction loan secured by a currently operating skilled nursing property and parcel of land upon which a 106-bed replacement facility is being constructed. The initial f
Slide 7: Development and Lease-Up Activity
7 Development and Lease-Up Activity REAL ESTATE PORTFOLIO (dollar amounts in thousands) Includes land and excludes capitalized interest on our open commitment. Interest on the current outstanding construction loan balance is paid monthly in arrears. Based on Treasury rate and/or Treasury rate plus s
Slide 8: Development Activity: Wichita, KS
8 REAL ESTATE PORTFOLIO Development Activity Development in Wichita, KS 77-unit assisted living and memory care property To be operated by Oxford Senior Living Rendering
Slide 9: Development Activity: Coldspring, KY
9 REAL ESTATE PORTFOLIO Development Activity Development in Coldspring, KY 143-bed skilled nursing property To be operated by Carespring Health Care Mgmt, LLC Rendering Rendering
Slide 10: Development Activity: Arvada, CO Expansion
10 REAL ESTATE PORTFOLIO Development Activity Expansion Project in Arvada, CO Operated by Brookdale Senior Living, Inc. Rendering
Slide 11: Development Activity: Slinger, Wisconsin
11 REAL ESTATE PORTFOLIO Development Activity Mortgage and Construction Loan in Slinger, Wisconsin 106-bed skilled nursing property To be operated by Fundamental family of companies
Slide 12: Lease-Up Activity: Amarillo, TX
12 REAL ESTATE PORTFOLIO Lease-Up Activity Lease-Up in Amarillo, TX 120-bed skilled nursing property Certificate of Occupancy – July 10, 2013 Operated by Fundamental family of companies
Slide 13: Lease-Up Activity: Littleton, CO
13 REAL ESTATE PORTFOLIO Rendering Lease-Up in Littleton, CO 60-unit memory care property Certificate of Occupancy – July 9, 2013 Operated by Anthem Memory Care Lease-Up Activity
Slide 14: Proforma Real Estate Portfolio Summary
14 Proforma(1) Real Estate Portfolio Summary REAL ESTATE PORTFOLIO (dollar amounts in thousands) Real Estate Portfolio Snapshot Proforma for 4Q13 origination of a mortgage loan secured by 15 skilled nursing properties in Michigan and the acquisition of a 120-bed skilled nursing property in Florida i
Slide 15: Real Estate Portfolio Metrics
15 Same Property Portfolio Statistics (1) Real Estate Portfolio Metrics REAL ESTATE PORTFOLIO Stabilized Property Portfolio Quality Mix Owned Properties 2Q13 1Q13 2Q13 1Q13 2Q13 1Q13 Assisted Living (2) 77.8% 78.2% 1.19 1.22 1.42 1.44 Assisted Living (3) 86.8% 87.0% 1.41 1.39 1.67 1.64 Skilled Nursi
Slide 16: Proforma Real Estate Portfolio Diversification
LTC owns or holds mortgages on 216 properties and six parcels of land under development in 30 states Approximately 78% of the Company’s total gross investment is located in 10 states LTC’s largest concentration is in Texas which has approximately 22% of the Company’s total gross investment 16 Profor
Slide 17: Property and Asset Type Diversification
17 Proforma(1) Real Estate Portfolio Diversification REAL ESTATE PORTFOLIO Property and Asset Type Diversification - Owned and Loan Portfolio Proforma for 4Q13 origination of a mortgage loan secured by 15 skilled nursing properties in Michigan and the acquisition of a 120-bed skilled nursing propert
Slide 18: State Diversification By Property Type
18 Proforma(1) Real Estate Portfolio Diversification REAL ESTATE PORTFOLIO State Diversification By Property Type - Owned and Loan Portfolio Proforma for 4Q13 origination of a mortgage loan secured by 15 skilled nursing properties in Michigan and the acquisition of a 120-bed skilled nursing property
Slide 19: Operator Diversification – Stabilized Portfolio
19 Proforma(1) Real Estate Portfolio Diversification REAL ESTATE PORTFOLIO Operator Diversification – Stabilized Portfolio Proforma for 4Q13 origination of a mortgage loan secured by 15 skilled nursing properties in Michigan and the acquisition of a 120-bed skilled nursing property in Florida in 4Q1
Slide 20: Proforma Top Ten Operators
20 Proforma(1) Top Ten Operators REAL ESTATE PORTFOLIO Proforma for 4Q13 origination of a mortgage loan secured by 15 skilled nursing properties in Michigan and the acquisition of a 120-bed skilled nursing property in Florida in 4Q13. Extendicare Inc. and Assisted Living Concepts, Inc. operate 37 of
Slide 21: Extendicare Inc. and Assisted Living Concepts, Inc.
21 Extendicare Inc. (TSX: EXE) and Assisted Living Concepts, Inc. (Privately Held) REAL ESTATE PORTFOLIO Photos of our properties leased to ALC/Extendicare are available on the Company’s website at www.LTCProperties.com in the “ALC/EXE Properties” subsection under the “Property Photos” section of th
Slide 22: Lease and Mortgage Loan Receivable Maturity
22 Proforma(1) Lease and Mortgage Loan Receivable Maturity FINANCIAL Investment Portfolio Maturity Schedule (as a % of total gross owned investment and mortgage loans outstanding) (dollar amounts in thousands) Rental Revenue and Interest Income Maturity Proforma for 4Q13 origination of a mortgage lo
Slide 23: Proforma Market Capitalization
23 Proforma(1) Market Capitalization FINANCIAL Proforma for 4Q13 origination of a mortgage loan secured by 15 skilled nursing properties in Michigan and the acquisition of a 120-bed skilled nursing property in Florida in 4Q13 using $55.0 million of cash on hand and bank borrowings of $70.6 million.
Slide 24: Proforma Debt Maturity
24 Proforma(1) Debt Maturity (in thousands) FINANCIAL (in thousands) Proforma for 4Q13 origination of a mortgage loan secured by 15 skilled nursing properties in Michigan and the acquisition of a 120-bed skilled nursing property in Florida in 4Q13 using $55.0 million of cash on hand and bank borrowi
Slide 25: Proforma Financial Data Summary
25 Proforma(1) Financial Data Summary FINANCIAL (dollar amounts in thousands) Proforma for 4Q13 origination of a mortgage loan secured by 15 skilled nursing properties in Michigan and the acquisition of a 120-bed skilled nursing property in Florida in 4Q13 using $55.0 million of cash on hand and ban
Slide 26: Proforma Financial Data Summary
26 Proforma(1) Financial Data Summary FINANCIAL FINANCIAL (dollar amounts in thousands) Non-Cash Rental Revenue Components Projections based on current in-place leases assuming no modification or replacement of existing leases and no new leased investments are added to our portfolio except proforma
Slide 27: Consolidated Statements of Income
Consolidated Statements of Income 27 FINANCIAL FINANCIAL (dollar amounts in thousands, except per share amounts, unaudited) 2013 2012 2013 2012 Revenues Rental income 24,645 $ 21,908 $ 72,907 $ 63,182 $ Interest from mortgage loans 1,086 1,398 3,195 4,361 Interest and other income 94 96 279 818 Tota
Slide 28: Consolidated Balance Sheets
Consolidated Balance Sheets 28 FINANCIAL FINANCIAL (amounts in thousands) December 31, 2012 December 31, 2012 (unaudited) (audited) (unaudited) (audited) ASSETS LIABILITIES Real estate investments: Bank borrowings - $ 115,500 $ Land 76,751 $ 74,702 $ Senior unsecured notes 185,800 185,800 Buildings
Slide 29: Funds from Operations
Funds from Operations 29 FINANCIAL FINANCIAL (unaudited, dollar amounts in thousands, except per share amounts) Normalized FFO, AFFO, and FAD Reconciliation 2013 2012 2013 2012 Net income available to common stockholders 16,373 $ 11,583 $ 40,427 $ 35,786 $ Add: Depreciation and amortization (continu
Slide 30: Funds from Operations: Normalized FFO Per Share
Funds from Operations 30 FINANCIAL FINANCIAL Normalized FFO Per Share Reconciliation (unaudited, dollar amounts in thousands, except per share amounts) 2012 2012 Normalized FFO available to common stockholders $ 19,992 $ 17,618 $ 58,254 $ 52,214 Effect of dilutive securities: Participating securitie
Slide 31: Glossary
31 GLOSSARY Glossary Adjusted Funds From Operations (“AFFO”): FFO excluding the effects of non - cash rental income. Assisted Living Properties (“ALF”) : The ALF portfolio consists of assisted living, independent living, and/or memory care properties. (See Independent Living and Memory Care ) Assist
Slide 32: Glossary
32 GLOSSARY Glossary Licensed Beds/Units: The number of beds and/or units that an operator is authorized to operate at senior housing and long-term care properties. Licensed beds and/or u nits may differ from the number of beds and/or units in service at any given time. Memory Care Properties (“MC”)
Slide 33: Glossary
33 GLOSSARY Glossary Glossary Private Pay: Private pay includes private insurance, HMO, VA, and other payors. Purchase Price: Represents the fair value price of an asset that is exchanged in an orderly transaction between market participants at theme asurement date. An orderly transaction is a trans