Slide 1: Renewal and Transition Supplemental Operating and Financial Data, Second Quarter 2024
RENEWAL AND TRANSITION SUPPLEMENTAL OPERATING AND FINANCIAL DATA SECOND QUARTER 2024
Slide 2: Forward-Looking Statements
2Q 2024 SUPPLEMENTAL REPORT 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 Se
Slide 3: Board of Directors, Analysts, Leadership
2Q 2024 SUPPLEMENTAL REPORT 3 Any opinions, estimates, or forecasts regarding LTC’s performance made by the analysts listed above do not represent the opinions, estimates, and forecasts of LTC or its management. BOARD OF DIRECTORS ANALYSTS LEADERSHIP LTC PROPERTIES, INC. 3011 Townsgate Road Suite 22
Slide 4: Real Estate Activities – Investments 2023-2024 YTD
2Q 2024 SUPPLEMENTAL REPORT CONTRACTUAL # O F PRO PERTY # BEDS/ DATE O F INITIAL PRO PERTIES TYPE UNITS LOCATIO N OPERATO R CONSTRUCTION CASH YIELD 1 ILF/ALF/MC 242 units Centerville, OH Encore Senior Living 2019-2022 8.25% 54,134 $ (1) — (2) — (2) — Great Bend, KS Brookdale Senior Living — 8.00% 31
Slide 5: Real Estate Activities – Acquisitions Accounted for as Financing Receivables
2Q 2024 SUPPLEMENTAL REPORT INVESTMENTS I 5 REAL ESTATE ACTIVITIES – INVESTMENTS - 2023-2024 YTD ACQUISITIONS ACCOUNTED FOR AS FINANCING RECEIVABLES(1) (DOLLAR AMOUNTS IN THOUSANDS) CONTRACTUAL # OF PRO PERTY # OF DATE O F INITIAL PURCHASE PRO PERTIES TYPE BEDS/UNITS LOCATIO N OPERATO R CO NSTRUCTIO
Slide 6: Mortgage Loans and Mezzanine Loans Investments
2Q 2024 SUPPLEMENTAL REPORT MORTGAGE LOANS INVESTMENTS I 6 MEZZANINE LOANS (1) The initial cash rate is 8.75% with a 12.00% IRR. Our investment represents approximately 12% of the estimated project cost. The loan will also be utilized for the construction of 89 additional units. # O F PRO PERTY # O
Slide 7: Investments Footnotes: Preferred Equity and Joint Venture Terms
2Q 2024 SUPPLEMENTAL REPORT (1) The initial cash rate is 7.00% increasing to 9.00% in year-four until the IRR is 8.00%. After achieving an 8.00% IRR, the cash rate drops to 8.00% with an IRR ranging between of 12.00% and 14.00% depending upon timing of redemption. Our investment represents 15.50% of
Slide 8: Development and Renovation Funding Commitments
2Q 2024 SUPPLEMENTAL REPORT CO NTRACTUAL TOTAL COMMITMENT # OF PRO PERTY PROJECT INITIAL INVE STME NT 2Q 24 FUNDE D REMAINING YEAR PROPERTIE S TYPE TYPE LOCATIO N O PERATOR CASH YIELD TO DATE COMMITME NT — (1) 2021 13 ILF/ALF/MC Renovation Various cities in NC and SC ALG Senior 7.25% 6,098 $ 385 $ 5
Slide 9: Portfolio Overview by Investment Type and Property Type
2Q 2024 SUPPLEMENTAL REPORT # OF % O F % O F BY INVE STMENT TYPE PROPE RTIES INVESTMENT REVENUES(1 ) REVENUE S INCOME STATEMENT LINE Owned Portfolio(2) 1,342,069 125 $ 61.4% 110,668 $ 60.5% Rental Income Owned Properties accounted for as Financing Receivables(3) 361,525 31 16.5% 15,320 8.4% Interest
Slide 10: Portfolio Overview – Detail
2Q 2024 SUPPLEMENTAL REPORT PORTFOLIO I 10 PORTFOLIO OVERVIEW – DETAIL (AS OF JUNE 30, 2024, DOLLAR AMOUNTS IN THOUSANDS) # OF O WNED PORTFOLIO PROPERTIES RENTAL INCO ME(1 ) Assisted Living(2) 732,398 74 $ 33.5% 48,869 $ 26.7% Skilled Nursing 50 597,666 27.3% 60,772 33.2% Other 1 12,005 0.6% 1,027 0
Slide 11: Portfolio Diversification – Operators
2Q 2024 SUPPLEMENTAL REPORT O PERATORS PROPERTY TYPE # OF PROPS % % % GRO SS INVE STMENT % Prestige Healthcare(3) SNF/OTH 24 28,457 $ 16.4% 28,457 $ 15.2% 32,798 $ 16.9% 272,081 $ 12.4% ALG Senior(3) ALF 30 7,709 4.5% 21,444 (6) 11.5% 23,725 (6) 12.2% 307,308 14.1% HMG Healthcare(4) SNF 13 11,507 6.
Slide 12: Portfolio Diversification – Operator Update
2Q 2024 SUPPLEMENTAL REPORT PORTFOLIO I 12 PORTFOLIO DIVERSIFICATION – OPERATOR UPDATE (DOLLAR AMOUNTS IN THOUSANDS) We deferred a total of $1,466 in rent from ALG for May and June of 2024 on a portfolio of 11 assisted living communities in North Carolina that we own through a joint venture accoun
Slide 13: Portfolio Maturity
2Q 2024 SUPPLEMENTAL REPORT PORTFOLIO MATURITY (AS OF JUNE 30, 2024, DOLLAR AMOUNTS IN THOUSANDS) % OF % O F % OF % O F % OF ANNUALIZED % OF YEAR TO TAL TOTAL TOTAL TOTAL TOTAL TO TAL 2024 — $ (3) — — $ — 6,198 $ 14.4% — $ — — $ — 6,198 $ 3.2% 2025 3,806 3.3% — — 2,623 6.1% — — — — 6,429 3.3% 2026 1
Slide 14: Portfolio Diversification – Geography
2Q 2024 SUPPLEMENTAL REPORT PORTFOLIO I 14 PORTFOLIO DIVERSIFICATION – GEOGRAPHY (AS OF JUNE 30, 2024) * Behavioral health care hospital SNF (78) ALF (115) OTH* (1) LAND (3) UDP (1) 26 STATES 194 PROPERTIES 31 OPERATORS CA WA ME NV WY IL AR WV ND NY OR AZ NM TX UT ID MT SD NE KS OK MS MN WI FL AL GA
Slide 15: Portfolio Diversification – Geography by State, MSA and Age
2Q 2024 SUPPLEMENTAL REPORT 47.2% 17.8% 25.7% 6.8% 2.5% 0.0% 50.0% 100.0% MSAs 1-31 MSAs 32-100 MSAs > 100 Cities in Micro-SA Cities not in MSA or Micro-SA 21 years 16 years 0 10 20 30 40 Skilled Nursing Assisted Living Years (1) The MSA rank by population as of July 1, 2023, as estimated by the Uni
Slide 16: Same Store Portfolio Coverage and Occupancy
2Q 2024 SUPPLEMENTAL REPORT (1) Information is from property level operator financial statements which are unaudited and have not been independently verified by LTC. The same store portfolio excludes properties transitioned on or after January 1, 2023 and properties sold. ASSISTED LIVING SKILLED NUR
Slide 17: Enterprise Value and Capitalization
2Q 2024 SUPPLEMENTAL REPORT JUNE 30, 2024 Revolving line of credit - WA rate 6.5% 281,750 $ Term loans, net of debt issue costs - WA rate 2.7% (1) 99,733 Senior unsecured notes, net of debt issue costs - WA rate 4.2% (2) 479,522 Total debt - WA rate 4.8% 861,005 36.5% No. of shares Closing Price Com
Slide 18: Debt Metrics
2Q 2024 SUPPLEMENTAL REPORT LEVERAGE RATIOS COVERAGE RATIOS LINE OF CREDIT LIQUIDITY FINANCIAL I 18 DEBT METRICS (DOLLAR AMOUNTS IN THOUSANDS) $110,900 $130,000 $302,250 $281,750 $289,100 $270,000 $97,750 $118,250 $- $100,000 $200,000 $300,000 $400,000 2021 2022 2023 2Q24 Balance Available 38.4% 34.
Slide 19: Debt Structure and Maturity
2Q 2024 SUPPLEMENTAL REPORT Senior Unsecured Notes 55.7% Term Loans 11.6% Revolving Line of Credit 32.7% $281,750 $50,000 $50,000 $39,160 $49,500 $51,500 $54,500 $55,000 $63,000 $67,000 $56,000 $45,000 $- $100,000 $200,000 $300,000 $400,000 2024 2025 2026 2027 2028 2029 2030 2031 Thereafter Revolvin
Slide 20: Financial Data Summary and Components of Rental Income
2Q 2024 SUPPLEMENTAL REPORT (1) For leases and loans in place at June 30, 2024 assuming no other renewals or modifications except for the sale of a property in 3Q24. (1) Increase primarily due to the $2,377 repayment of rent credit in connection with the sale of a 110-unit assisted living community,
Slide 21: Reconciliation of Annualized Adjusted EBITDAre and Fixed Charges
2Q 2024 SUPPLEMENTAL REPORT RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES FINANCIAL I 21 FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) 12/31/23 Net income 56,224 $ 100,584 $ 91,462 $ 19,738 $ (Less)/Add: (Gain) Loss on sale of real estate, net (7,462) (37,830) (37,296) 32 A
Slide 22: Consolidated Statements of Income
2Q 2024 SUPPLEMENTAL REPORT FINANCIAL I 22 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2024 2023 2024 2023 Revenues: Rental income 31,657 $ 31,537 $ 65,206 $ 63,272 $ Interest income from financing receivables(1) 3,830 3,830 7,660 7,581 Interest inco
Slide 23: Consolidated Balance Sheets
2Q 2024 SUPPLEMENTAL REPORT FINANCIAL I 23 CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) ASSETS Investments: Land $ 119,141 $ 121,725 Buildings and improvements 1,216,774 1,235,600 Accumulated depreciation and amortization (390,863) (387,751) Operating real estate prop
Slide 24: Funds From Operations – Reconciliation of FFO and FAD
2Q 2024 SUPPLEMENTAL REPORT (1) See the reconciliation of non-recurring items on page 25 for further detail. (2) Represents the straight-line rent receivable write-off of $321 related to converting a lease to fair market rent. (3) Includes provision for credit losses reserve recorded upon originatio
Slide 25: FFO and FAD Reconciliation – Non-Recurring Items
2Q 2024 SUPPLEMENTAL REPORT FINANCIAL I 25 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD (NON-RECURRING ITEMS) (UNAUDITED, AMOUNTS IN THOUSANDS) 2024 2023 2024 2023 Reconciliation of non-recurring adjustments to NAREIT FFO: Provision for credit losses reserve recorded upon origination 1,635
Slide 26: FFO/FAD Attributable to Common Stockholders and Diluted Shares
2Q 2024 SUPPLEMENTAL REPORT FOR THE THREE MO NTHS ENDED JUNE 30, FFO/FAD attributable to common stockholders 28,244 $ 27,178 $ 29,548 $ 27,935 $ Non-recurring one-time items 1,022 (1) (886) — (1) — FFO/FAD attributable to common stockholders excluding non-recurring items 29,266 27,178 28,662 27,935
Slide 27: Glossary of Terms and Definitions
2Q 2024 SUPPLEMENTAL REPORT Annualized Actual Cash Income: Represents annualized cash rental income includes cash rent (excluding real estate tax reimbursement), interest income from financing receivables, mortgage loans, mezzanine loans and working capital notes, and income from unconsolidated join
Slide 28: Glossary of Terms: Mezzanine and Other Definitions
2Q 2024 SUPPLEMENTAL REPORT Mezzanine: In certain circumstances, the Company strategically allocates a portion of its capital deployment toward mezzanine loans to grow relationships with operating companies that have not typically utilized sale-leaseback financing as a component of their capital str