Slide 1: 2Q 2026 Supplemental Information
2Q 2026 Supplemental Information 2Q26 SUPPLEMENTAL
Slide 2: Table of Contents
TABLE OF CONTENTS LEADERSHIP INVESTMENTS 3 WENDY SIMPSON Executive Chairman Seniors Housing Operating Portfolio ("SHOP") Transformation PAM KESSLER Co-President and Co-CEO Portfolio Transformation CLINT MALIN Co-President and Co-CEO Acquisitions and Mortgage Loans CECE CHIKHALE EVP, Chief Financial
Slide 3: Seniors Housing Operating Portfolio (SHOP) Transformation
SENIORS HOUSING OPERATING PORTFOLIO (“SHOP”) TRANSFORMATION 2026 SHOP INVESTMENT GUIDANCE - $900M MIDPOINT SHOP GROWTH (~$700M - $1.1B) $1,800 ACQUISITIONS $1,500 $400 $321 170% GROSS ASSET VALUE $1,200 $300 $900 MILLIONS $208 $200 $200 $171 $600 $300 $100 $0 $0 2024 2025 Proforma 2026 YTD 2Q26 JUL
Slide 4: Portfolio Transformation: Decreasing SNF and Loan Exposure
PORTFOLIO TRANSFORMATION: DECREASING SNF AND LOAN EXPOSURE (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 increases from 43% to
Slide 5: 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 6: 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 ~ $443,000 $400,000 $300,000 $200,000 ~ $201,000 $100,000 ~ $64,000 (2) $32,700 $4,800 ~ $22,000 $2,200 $13,300 (1) $0 1Q26 2Q26 3Q26E 4
Slide 7: Portfolio Overview
PORTFOLIO OVERVIEW (AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS) TRAILING TWELVE MONTHS ENDED JUNE 30, 2026 # OF GROSS % OF BY INVESTMENT TYPE PROPERTIES INVESTMENT INVESTMENT NOI (1) % OF NOI INCOME STATEMENT LINE Owned Portfolio Triple-Net Portfolio ("NNN")(2) 92 $ 982,820 39.5% $ 93,239 46.6
Slide 8: Portfolio Overview - Detail
PORTFOLIO OVERVIEW - DETAIL (AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS) TRAILING TWELVE MONTHS ENDED JUNE 30, 2026 # OF GROSS % OF % OF OWNED PROPERTIES - NNN PROPERTIES INVESTMENT GROSS INVESTMENT RENTAL INCOME(1) TOTAL NOI Seniors Housing 50 $ 447,788 18.0% $ 37,258 18.6% (1) See Trailing T
Slide 9: Portfolio Overview – Operator Update and Subsequent Events
PORTFOLIO OVERVIEW – OPERATOR UPDATE AND SUBSEQUENT EVENTS (AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS) OPERATOR UPDATE SUBSEQUENT EVENTS Market-Based Rent Resets: Received $1,200 of rental revenue SHOP Acquisitions Totaling $207,850: during 2Q26 from the 10-property portfolio with leases
Slide 10: Portfolio Diversification – Geography
PORTFOLIO DIVERSIFICATION – GEOGRAPHY (AS OF JUNE 30, 2026) 185 16,291 31 23 PROPERTIES UNITS/BEDS OPERATORS STATES WA ME MT 2 ND 1 OR ID MN WI 3 1 7 3 SD 1 21 NY 5 WY MI PA NJ 1 NE IA 1 OH 6 3 CA 2 1 NV UT CO 1 5 IN MO KS IL WV 4 8 4 VA 2 2 1 2 6 2 2 KY AZ NC 33 OK TN 1 NM 4 SC 2 3 1 AR 5 AL 2 1 GA
Slide 11: Portfolio Diversification – Geography
PORTFOLIO DIVERSIFICATION – GEOGRAPHY (AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS) # OF GROSS GROSS INVESTMENT STATE(1) PROPERTIES INVESTMENT % SH - NNN % SH - SHOP % SNF % UDP % OTH(2) % (3) Wisconsin 13 $ 320,593 12.9% $ 57,823 6.5% $ 248,824 31.1% $ 13,946 1.8% $ — — $ — — North Carolina 33
Slide 12: SHOP Diversification
SHOP DIVERSIFICATION (AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS) BY OPERATOR # OF # OF GROSS (1) OPERATORS PROPERTIES UNITS INVESTMENT % Lifespark Senior Living 5 520 $ 194,801 24.3% Anthem Memory Care 12 732 155,993 19.5% The Arbor Company 4 482 132,765 16.6% Discovery Senior Living 2 167 67
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 (Excludes SHOP) Diversification - Operators
REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDES SHOP) DIVERSIFICATION - OPERATORS (AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS) LTC PORTION PROPERTY # OF ANNUALIZED(2) GROSS NON-CONTROLLING OF GROSS OPERATORS(1) TYPE PROPERTIES CONTRACTUAL CASH NOI % GAAP NOI % INVESTMENT INTEREST INVESTMENT Presti
Slide 15: Real Estate Investments (Excludes SHOP) – Loans & Notes Receivable Maturity
REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDES 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 16: Real Estate Investments Portfolio (Excludes SHOP) – Metrics
REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDES SHOP) – METRICS (TRAILING TWELVE MONTHS THROUGH MARCH 31, 2026 AND DECEMBER 31, 2025) SAME PROPERTY PORTFOLIO (“SPP”) COVERAGE STATISTICS(1) SENIORS HOUSING SKILLED NURSING 2.00x 100.0% 4.00x 100.0% 1.39 1.40 95.0% Occupancy % Occupancy % 1.15 1.16 90.0% 2
Slide 17: Enterprise Value
ENTERPRISE VALUE (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE, AMOUNTS AND NUMBER OF SHARES) JUNE 30, 2026 CAPITALIZATION DEBT (1) During 2Q26, we increased our credit facility by $300,000 to Revolving line of credit - WA rate 4.3% (1) $ 200,000 $1,100,000, through an expansion of our aggregate re
Slide 18: Debt Metrics
DEBT METRICS (DOLLAR AMOUNTS IN THOUSANDS) LINE OF CREDIT LIQUIDITY $900,000 $600,000 $700,000 Available $347,137 $97,750 $300,000 $280,650 Balance $302,250 $252,863 $144,350 $200,000 $- (1) 2023 2024 2025 2Q26 (1) During 2Q26, we increased our credit facility by $300,000 to $1,100,000, through an e
Slide 19: Debt Maturity
DEBT MATURITY (AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS) $900M SENIOR DEBT STRUCTURE(1) REVOLVING TERM UNSECURED % OF (1) (1) YEAR LINE OF CREDIT LOANS NOTES TOTAL TOTAL 2026 $ — $ — $ 39,000 $ 39,000 5.0% Senior Unsecured Notes 2027 — — 54,500 54,500 7.0% 48.6% 2028 — 50,000 55,000 105,000
Slide 20: Reconciliation of 2026 Guidance
RECONCILIATION OF 2026 GUIDANCE (UNAUDITED, DOLLAR 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 not differ materially from the
Slide 21: Financial Data Summary
FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) 12/31/2023 12/31/2024 12/31/2025 6/30/2026 Gross investments $ 2,139,865 $ 2,088,613 $ 2,397,662 $ 2,492,578 (1) Includes outstanding gross revolving line of Net investments $ 1,741,093 $ 1,674,140 $ 1,981,017 $ 2,055,728 credit, term loans, net o
Slide 22: Reconciliation of Annualized Adjusted EBITDAre and Fixed Charges
FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES FOR THE YEAR ENDED THREE MONTHS ENDED 12/31/2023 12/31/2024 12/31/2025 6/30/2026 Net income $ 91,462 $ 94,879 $ 123,880 $ 30,815 Less: Gain on sale of real estate, net (37,296) (7,97
Slide 23: Consolidated Statements of Income
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED, DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 2026 2025 2026 2025 Revenues: Rental income $ 25,990 $ 30,177 $ 52,329 $ 61,621 (1) Represents our seniors housing operating Resident fees and se
Slide 24: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) JUNE 30, 2026 DECEMBER 31, 2025 ASSETS (unaudited) (audited) Investments: Land $ 139,436 $ 128,590 Buildings and improvements 1,639,229 1,482,075 Properties held-for-sale, net of accumulated depreciation: 2026—$4,523
Slide 25: Funds From Operations – Reconciliation of FFO and FAD
FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD (UNAUDITED, DOLLAR 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: Depreciation an
Slide 26: Funds From Operations – Reconciliation of FFO Per Share
FUNDS FROM OPERATIONS – RECONCILIATION OF FFO PER SHARE (UNAUDITED, DOLLAR 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 adjus tments (1) 1,189 8,011 1,189 6,927 Core FFO/
Slide 27: Funds From Operations – Reconciliation of Non-Core Adjustments
FUNDS FROM OPERATIONS – RECONCILIATION OF NON-CORE ADJUSTMENTS (UNAUDITED, DOLLAR 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 applicabl
Slide 28: Reconciliation of NOI
RECONCILIATION OF NOI (UNAUDITED, DOLLAR AMOUNTS IN THOUSANDS) TRAILING TWELVE MONTHS ENDED JUNE 30, 2026 MORTGAGE FINANCING LOANS NOTES NNN SHOP SUBTOTAL RECEIVABLES RECEIVABLE RECEIVABLE OTHER(1) TOTAL Revenues $ 106,879 $ 165,883 $ 272,762 $ 28,124 $ 40,708 $ 4,121 $ 2,138 $ 347,853 Income from u
Slide 29: 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 30: 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 31: Forward-Looking Statements and Non-GAAP Information
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