Slide 1: Growth Powered by SHOP
GROWTH POWERED BY SHOP RBC October 2026
Slide 2: Leadership, Board of Directors and Table of Contents
LEADERSHIP WENDY SIMPSON Executive Chairman TABLE OF CONTENTS PAM KESSLER Co-President and Co-CEO CLINT MALIN Co-President and Co-CEO COMPANY 3 CECE CHIKHALE EVP, Chief Financial Officer, Treasurer and Secretary At-A-Glance SHOP Spotlight DAVID BOITANO EVP, Chief Investment Officer Transformative SH
Slide 3: LTC At-A-Glance
LTC AT-A-GLANCE 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 over 160 properties throughout the United Stat
Slide 4: SHOP Spotlight
SHOP SPOTLIGHT AS OF SEPTEMBER 30, 2026 9 years $1.1 Billion 22% NOI Growth ~14% Average Age SHOP Acquisitions Since In 2025 over 2024 Projected 2026 NOI May 2025 proforma NOI for the Growth for the 27 Core original 13 property SHOP SHOP properties as of conversions 2Q26 13 Operators 46 Properties 4
Slide 5: Transformative SHOP Growth
TRANSFORMATIVE SHOP GROWTH From launch in May 2025 to 46 communities ~ $1.1B of acquisitions 13 Operators (11 new to LTC) New Existing SHOP LAUNCH 4Q 2025 2Q 2026 LAUNCH - MAY 2025 2Q 2025 CONVERSIONS ACQUISITIONS CONVERSIONS ACQUISITIONS CONVERSIONS $175M $84M $33M $63M $33M Various states IL, AZ S
Slide 6: Why Seniors Housing Now? Favorable Fundamentals
WHY SENIORS HOUSING NOW? FAVORABLE FUNDAMENTALS ARE TOO STRONG TO IGNORE DEMOGRAPHICS DRIVE DEMAND(1) SECTOR SEEING MEANINGFUL LOAN EXTENSIONS IN COMING YEARS(2) U.S. Senior Population Growth Projections by Age Bracket Senior Living Loan Maturities by Original Loan Maturities U.S. | 2020-2035 Projec
Slide 7: Pam Kessler, Co-CEO quote
“The excitement and momentum of our SHOP strategy continues, and our transformation is well ahead of previous projections. With an expansion of our credit facility to $1 billion and a projected $730 million of capital being recycled from loan payoffs and lower growth triple net investments into SHOP
Slide 8: SHOP Transformation
SHOP TRANSFORMATION 2026 SHOP INVESTMENT GUIDANCE - $900M MIDPOINT SHOP GROWTH EXPECTATIONS (~$700M - $1.1B) $1,800 ACQUISITIONS $1,500 (1) $600 $566 GROSS ASSET VALUE $1,200 * PIPELINE ** ANTICIPATED $900 170% $400 MILLIONS $600 (1) (1) $200 $171 $163 $300 $0 $0 2024 2025 Proforma 2026 YTD 2Q26 3Q2
Slide 9: Portfolio Transformation: Accelerating Organic Growth Profile with SHOP Platform
PORTFOLIO TRANSFORMATION: ACCELERATING ORGANIC GROWTH PROFILE WITH SHOP PLATFORM (PROFORMA 2026 ASSUMES $900M IN SHOP INVESTMENTS (MID-POINT) AND $59M IN SHOP CONVERSIONS) ASSET TYPE TRANSFORMATION: 2024 - PROFORMA 2026 INVESTMENT TYPE TRANSFORMATION: 2024 - PROFORMA 2026 NOI from Seniors Housing
Slide 10: Compelling Value
COMPELLING VALUE HIGH SHOP CONCENTRATION YET AMONGST LOWEST 2026 AFFO MULTIPLE PROJECTED YE 2026 % ANNUALIZED SHOP NOI % ANNUALIZED SHOP NOI 2027 AFFO MULTIPLE 50.0x 100% 100% 40.0x 36.4x 81%* 80% 70% 63% 30.0x 60% 24.5x 23.6x 57%24.9x 22.8x 49% 18.6x 42% 20.0x 39% 16.7x 40% 15.1x 33% 14.4x 13.2x 11
Slide 11: Appendix A
Appendix A LTC INVESTOR PRESENTATION 11
Slide 12: 2026 Guidance
2026 GUIDANCE Full year Diluted earnings per common share $8.08 to $8.10 Diluted Core FFO per share $2.76 to $2.78 Diluted Core FAD per share $2.83 to $ 2.85 Assumptions: Gross investments estimates increased by $300.0 million at the mid-point, to a range of $700.0 million to $1.1 billion, from $4
Slide 13: SHOP Performance and Guidance
SHOP PERFORMANCE AND GUIDANCE (AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS, EXCEPT REVPOR AND EXPOR) CORE SHOP PORTFOLIO TOTAL SHOP PERFORMANCE Represents 27 properties (2,281 units) that include initial 2Q25 3Q25 4Q25 1Q26 2Q26 conversions (13) and acquired SHOP properties (14) Properties, a
Slide 14: Real Estate – Investments
REAL ESTATE – INVESTMENTS (DOLLAR AMOUNTS IN THOUSANDS) ACQUISITIONS # OF INVESTMENT PROPERTY # OF DATE OF YEAR 1 PURCHASE DATE PROPERTIES TYPE TYPE UNITS LOCATION OPERATOR CONSTRUCTION CAP RATE PRICE Jul-2025 1 SHOP SH 67 Morgan Hill, CA Discovery Senior Living 2019 7.4% $ 35,200 Sep-2025 2 SHOP SH
Slide 15: Real Estate – Near-Term Expected Sales and Loan Payoffs
REAL ESTATE – NEAR-TERM EXPECTED SALES AND LOAN PAYOFFS (DOLLAR AMOUNTS IN THOUSANDS) Total 2026 expected proceeds Total 2026 annualized income $730M $53M $500,000 ~ $464,000 $400,000 $300,000 $200,000 ~ $180,000 $100,000 ~ $64,000 (1) (2) $4,800 ~ $22,000 $2,200 $25,600 $20,300 $0 1Q26 2Q26 3Q26E 4
Slide 16: Proforma Activities
PROFORMA ACTIVITIES (DOLLAR AMOUNTS IN THOUSANDS) Proforma represents amounts as of June 30, 2026 adjusted as follows: Annualized SHOP NOI at a weighted average year-one cap rate is 6.9% for 3Q26 acquisitions totaling $565,825 of 12 seniors housing communities with a total of 1,218 units. The comm
Slide 17: Proforma Portfolio Overview
PROFORMA PORTFOLIO OVERVIEW(1) (PROFORMA AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS) TRAILING TWELVE MONTHS ENDED PROFORMA JUNE 30, 2026 # OF GROSS % OF (2) BY INVESTMENT TYPE PROPERTIES INVESTMENT INVESTMENT NOI % OF NOI INCOME STATEMENT LINE Owned Portfolio (1) Triple-Net Portfolio ("NNN") 5
Slide 18: Proforma Portfolio Diversification – Geography
PROFORMA PORTFOLIO DIVERSIFICATION – GEOGRAPHY (PROFORMA AS OF JUNE 30, 2026) 163 14,309 29 26 PROPERTIES UNITS/BEDS OPERATORS STATES WA ME MT 2 ND 6 OR ID MN WI 1 3 8 3 SD 1 21 NY 5 WY MI PA NJ 1 NE IA 1 OH 5 3 CA 2 1 MD NV UT CO 1 5 IN 1 MO KS IL WV 4 2 1 5 VA 2 2 1 2 2 2 2 KY NC 33 AZ OK TN 1 NM
Slide 19: Proforma Portfolio Diversification – Geography
PROFORMA PORTFOLIO DIVERSIFICATION – GEOGRAPHY(1) (PROFORMA AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS) # OF GROSS GROSS INVESTMENT (2) (3) STATE PROPERTIES INVESTMENT % SH - NNN % SH - SHOP % SNF % UDP % OTH % (1) Wisconsin 14 $ 360,593 12.9% $ 57,823 7.1% $ 288,824 21.1% $ 13,946 2.4% $ — —
Slide 20: Proforma SHOP Diversification
PROFORMA SHOP DIVERSIFICATION(1) (PROFORMA AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS) BY OPERATOR # OF # OF GROSS OPERATORS PROPERTIES UNITS INVESTMENT % (1) Lifespark Senior Living 11 1,188 $ 490,151 35.9% Anthem Memory Care 12 732 155,993 11.4% The Arbor Company 4 482 132,765 9.7% (1) Morni
Slide 21: Proforma Real Estate Investments (Excluding SHOP) – Operators & Metrics
PROFORMA REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) – OPERATORS & METRICS(1) (PROFORMA AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS) LTC PORTION PROPERTY # OF ANNUALIZED(2) GROSS NON-CONTROLLING OF GROSS OPERATORS TYPE PROPERTIES CONTRACTUAL CASH NOI % GAAP NOI % INVESTMENT INTEREST INVE
Slide 22: Loans & Notes Receivable Maturity
REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) – LOANS & NOTES RECEIVABLE MATURITY (AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS) MORTGAGE LOANS RECEIVABLE NOTES RECEIVABLE ANNUALIZED WA GAAP ANNUALIZED WA GAAP (1) (1) YEAR PRINCIPAL GAAP NOI RATE PRINCIPAL GAAP NOI RATE 2026 $ — $ — — $ 25
Slide 23: Enterprise Value
ENTERPRISE VALUE (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) PROFORMA (1) JUNE 30, 2026 CAPITALIZATION JUNE 30, 2026 CAPITALIZATION DEBT (2) Revolving line of credit - WA rate 4.3% $ 200,000 $ 267,863 (3) Term loans, net of debt issue costs - WA rate 4.7% 198,404 198
Slide 24: Debt Metrics
DEBT METRICS (DOLLAR AMOUNTS IN THOUSANDS) LINE OF CREDIT LIQUIDITY $900,000 $600,000 $632,137 $700,000 Available $347,137 $97,750 $300,000 $280,650 Balance $302,250 $252,863 $267,863 $144,350 $200,000 $- (1) 2023 2024 2025 2Q26 Proforma 2Q26 (1) See Proforma Activities on page 16 for further discus
Slide 25: Financial Data Summary
FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) 12/31/2023 12/31/2024 12/31/2025 6/30/2026 PROFORMA 6/30/26 (1) Gross investments $ 2,139,865 $ 2,088,613 $ 2,397,662 $ 2,492,578 $ 2,790,881 Net investments $ 1,741,093 $ 1,674,140 $ 1,981,017 $ 2,055,728 $ 2,484,377 Gross asset value $ 2,253,870
Slide 26: Appendix B: SEC Reg. G Compliance
Appendix B SEC Reg. G Compliance LTC INVESTOR PRESENTATION 26
Slide 27: Reconciliation of 2026 Guidance
APPENDIX B: SEC REG. G COMPLIANCE: RECONCILIATION OF 2026 GUIDANCE (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 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 no
Slide 28: Annualized Adjusted EBITDAre and Fixed Charges
APPENDIX B: SEC REG. G COMPLIANCE: ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES (DOLLAR AMOUNTS IN THOUSANDS) RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES FOR THE YEAR ENDED THREE MONTHS ENDED THREE MONTHS ENDED 12/31/2023 12/31/2024 12/31/2025 6/30/2026 PROFORMA 6/30/26(6) Net
Slide 29: Reconciliation of FFO and FAD
APPENDIX B: SEC REG. G COMPLIANCE - RECONCILIATION OF FFO AND FAD (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 2026 2025 2026 2025 GAAP net income available to common stockholders $ 29,479 $ 14,938 $ 52,916 $ 35,455 Add: Depreciati
Slide 30: Reconciliation of FFO per Share
APPENDIX B: SEC REG. G COMPLIANCE-RECONCILIATION OF FFO PER SHARE (UNAUDITED, AMOUNTS IN THOUSANDS) FFO FAD FOR THE THREE MONTHS ENDED JUNE 30, 2026 2025 2026 2025 FFO/FAD attributable to common stockholders $ 34,288 $ 23,382 $ 35,605 $ 25,623 Non-core adjustments (1) 1,189 8,011 1,189 6,927 Core FF
Slide 31: Reconciliation of Non-Core Adjustments
APPENDIX B: SEC REG. G COMPLIANCE- RECONCILIATION OF NON-CORE ADJUSTMENTS (UNAUDITED, AMOUNTS IN THOUSANDS) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 2026 2025 2026 2025 Reconciliation of non-core adjustments to Nareit FFO: Add: Notes receivables and related interest receivable, if appli
Slide 32: Reconciliation of Proforma NOI
APPENDIX B: SEC REG. G COMPLIANCE - RECONCILIATION OF PROFORMA NOI (1) (UNAUDITED, AMOUNTS IN THOUSANDS) TRAILING TWELVE MONTHS ENDED PROFORMA JUNE 30, 2026 MORTGAGE FINANCING LOANS NOTES NNN SHOP SUBTOTAL RECEIVABLES RECEIVABLE RECEIVABLE OTHER(2) TOTAL (1) Revenues $ 81,163 $ 272,152 $ 353,315 $ 2
Slide 33: Glossary
GLOSSARY Annualized Contractual Cash NOI: Represents annualized contractual cash rental income (prior to abatements & GAAP Rent: Total rent we will receive as a fixed amount over the initial term of the lease and recognized deferred rent repayment and excludes real estate tax reimbursement), interes
Slide 34: Glossary
GLOSSARY Micropolitan Statistical Areas (“Micro-SA”): Based on the U.S. Census Bureau, Micro-SA is a geographic entity Rental Income: Represents GAAP rent generated by our owned properties under triple-net leases. defined by the Office of Management and Budget (OMB) for use by Federal statistical ag
Slide 35: Forward-Looking Statements
Founded in 1992, LTC Properties, Inc. (NYSE: LTC) is a self-administered real estate investment trust (REIT) investing in seniors housing and health care properties primarily through SHOP, triple-net leases, joint ventures and structured finance solutions including preferred equity and mezzanine len