Slide 1: Supplemental Operating and Financial Data
Supplemental Operating and Financial Data March 31, 2016 (Unaudited) Sunrise of Bexley Bexley, OH
Slide 2: Table of Contents
Table of Contents Execution of Growth Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Portfolio Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 Real Estate Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Slide 3: Leadership
Leadership Wendy Simpson Pam Kessler Clint Malin Chairman, Chief Executive Executive Vice President, Executive Vice President and Officer and President CFO and Secretary Chief Investment Officer Brent Chappell Cece Chikhale Doug Korey Peter Lyew Senior Vice President, Senior Vice President, Senior V
Slide 4: Analyst Coverage
Analyst Coverage BMO Capital Markets Corp ……………………………… John Kim Mitsubishi – MUFG ………………………………………… Karin Ford Canaccord Genuity ……………………………………. Paul Morgan Mizuho Securities USA Inc ……………………….. Rich Anderson Crowell, Weedon, & Co ……………………….. Doug Christopher RBC Capital Markets Corporation ………………...
Slide 5: Execution of Growth Strategy
Execution of Growth Strategy $1.1 Billion in Total Investments Underwritten $450 $414 $400 $350 $300 $245 $250 Millions $200 $185 $150 $109 $94 $100 $67 $50 $25 $112 $68 $44 $0 $9 $12 2010 2011 2012 2013 2014 2015 YTD 2016 Development/Expansions/Renovations Total Investment Oxford Grand Page 55
Slide 6: Portfolio Overview
Portfolio Overview (dollar amounts in thousands) Trailing Twelve Months Ended March 31, 2016 Gross Real Property # of Gross % of Rental Interest % of $1.2B Type of Property Properties Investments Investments Income(1) Income(1) Revenues Skilled Nursing 99 $ 750,663 51.6% $ 58,336 $ 22,806 57.2% Assi
Slide 7: Real Estate Activities – Acquisitions & Loan Originations
Real Estate Activities – Acquisitions & Loan Originations (dollar amounts in thousands) Acquisitions # of Property Date of Initial Purchase Additional (1) Date Properties Type # Beds/Units Location Operator Construction Cash Yield Price Commitment 2015 2/6 1 UDP(2) 56 units Corpus Christi, TX Thrive
Slide 8: Real Estate Activities – De Novo Development
Real Estate Activities – De Novo Development (dollar amounts in thousands) Vineyard Place Vineyard Place Murrieta, CA Murrieta, CA Estimated Total Rent/Interest Commitment # of Property Approximate # Beds/ Investment 1Q16 Capitalized Total Remaining Inception Date Year Location Projects Type Initial
Slide 9: Real Estate Activities – Expansions & Renovations
Real Estate Activities – Expansions & Renovations (dollar amounts in thousands) Own Estimated Rent/Interest Commitment # of Property Approximate Investment 1Q16 Total Funded Remaining Inception Date Year Project Type Location Projects Type Initial Cash Yield Commitment Funding to Date Commitment (1)
Slide 10: Real Estate Activities – Joint Ventures and Lease-Up
Real Estate Activities – Joint Ventures and Lease-Up (dollar amounts in thousands) Joint Ventures Remaining Commitment # of Property # Beds/ Investment Investment Investment Year Location Projects Type Return Units Commitment to Date Commitment 2015 Various cities in AZ 4 ALF/MC/ILF 15.00% (1) 585 u
Slide 11: Real Estate Activities – Lease-Up History
Real Estate Activities – Lease-Up History Hillside Heights The Oxford Grand Amarillo, TX Wichita, KS Highline Place Littleton, CO # of months to Property Date Date Stabilized Property Location Type Project Type # Beds/Units Opened Stabilized Occupancy Hillside Heights Rehabilitation Suites Amarillo,
Slide 12: Portfolio Metrics
Portfolio Metrics Same Property Portfolio Statistics (1) Normalized Normalized Occupancy EBITDARM Coverage EBITDAR Coverage Owned Properties 4Q15 3Q15 4Q15 3Q15 4Q15 3Q15 Assisted Living 86.5% 86.0% 1.63 1.64 1.40 1.41 Skilled Nursing 79.3% 79.5% 2.19 2.26 1.59 1.64 Range of Care 85.3% 85.8% 1.71 1.
Slide 13: Portfolio Diversification – Geography
Portfolio Diversification – Geography (as of March 31, 2016) 212 Properties | 6 Development Projects | 4 Land Parcels | 30 States | 35 Operators WA 2 OR ND ME MT 1 1 ID MN WI 1 18 SD NY 3 9 WY MI 1 IA 4 NE PA 4 1 1 4 6 2 OH NJ UT 1 IN 11 CA NV CO 2 2 1 13 WV VA KS 3 1 1 MO IL 1 2 2 2 1 3 1 3 5 2 KY
Slide 14: Portfolio Diversification – Geography
Portfolio Diversification – Geography (as of March 31, 2016, dollar amounts in thousands) # of Gross (1) State Props SNF % ALF % ROC % UDP % OTH % Investment % Texas 54 $ 228,229 30.4% $ 43,771 7.3% $ 2,994 6.8% $ 12,193 27.9% $ - - $ 287,187 19.7% Michigan 18 200,558 26.7% - - - - - - 943 4.6% 201,
Slide 15: Portfolio Diversification – Operators
Portfolio Diversification – Operators (as of March 31, 2016, dollar amounts in thousands) # of Annual Gross Operators Properties Income (1) % Investment % Prestige Healthcare 20 $ 22,837 15.0% $ 213,690 14.7% Senior Lifestyle Corporation 27 19,509 12.8% 200,357 13.8% Brookdale Senior Living 37 15,80
Slide 16: Portfolio Diversification - Top Ten Operator Profiles
Portfolio Diversification - Top Ten Operator Profiles (as of March 31, 2016) Privately Held Privately Held NYSE: BKD Privately Held Privately Held SNF/ALF/ILF ALF/ILF/MC/SNF ALF/ILF/MC SNF/ALF/ILF/MC SNF/ALF/ILF Other Rehab Short Term Stays Continuing Care Transitional Care & Rehab Specialty Care 68
Slide 17: Portfolio Maturity
Portfolio Maturity (as of March 31, 2016, dollar amounts in thousands) Rental % of Interest % of Annual % of Year Income (1) Total Income (1) Total Income(1) Total 2016 - - 423 1.8% 423 0.3% 2017 1,677 1.3% 692 2.9% 2,369 1.5% 2018 9,452 7.4% 904 3.8% 10,356 6.8% 2019 1,571 1.2% 379 1.5% 1,950 1.3%
Slide 18: Enterprise Value
Enterprise Value (amounts in thousands, except per share amounts and number of shares) At March 31, 2016 Capitalization Capitalization Debt Common Stock Bank borrowings ‐ weighted average rate 2.1% (1) $ 161,000 Senior unsecured notes ‐weighted average rate 4.6% (2) 447,256 Total debt ‐ weighted ave
Slide 19: Debt Maturity
Debt Maturity (as of March 31, 2016, dollar amounts in thousands) Debt Structure Unsecured Senior Senior Unsecured Line of Unsecured % of Notes Year Credit (1) Notes (2) Total Total 2016 $ - $ 22,500 $ 22,500 3.7% 73.6% 2017 - 31,167 31,167 5.1% 2018 161,000 34,167 195,167 32.0% 2019 - 32,666 32,666
Slide 20: Financial Data Summary
Financial Data Summary (dollar amounts in thousands) Balance Sheet, Leverage Ratios and Coverage Ratios Annualized 1Q16 4Q15 4Q14 4Q13 Balance Sheet Gross real estate assets $1,455,055 $1,418,405 $1,117,167 $1,104,732 Net real estate assets 1,193,572 1,164,950 892,179 884,361 Gross asset value 1,580
Slide 21: Financial Data Summary
Financial Data Summary (dollar amounts in thousands) Reconciliation of Annualized Normalized EBITDA and Fixed Charges Annualized 1Q16 4Q15 4Q14 4Q13 Net income $ 79,432 $ 76,808 $ 84,000 $ 58,600 (1) In 4Q15, we agreed to sell a 48-unit assisted living community, which was sold in 1Q16, and we recor
Slide 22: Income Statement Data
Income Statement Data (amounts in thousands, except per share amounts) Three Months Ended March 31, 2016 2015 (unaudited) Revenues Rental income $ 31,880 $ 26,678 Interest income from mortgage loans 6,578 4,607 Interest and other income 146 195 Total revenues 38,604 31,480 Expenses Interest expense
Slide 23: Consolidated Balance Sheets
Consolidated Balance Sheets (amounts in thousands, except per share amounts) March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 (unaudited) (audited) (unaudited) (audited) ASSETS Investments: LIABILITIES Land $ 108,867 $ 106,841 Buildings and improvements 1,120,889 1,091,845 Bank borr
Slide 24: Funds from Operations
Funds from Operations (unaudited, amounts in thousands, except per share amounts) Reconciliation of FFO, AFFO, and FAD Three Months Ended March 31, 2016 2015 GAAP net income available to common stockholders $ 19,757 $ 16,611 Add: Depreciation and amortization 8,561 6,779 NAREIT FFO attributable to c
Slide 25: Funds from Operations
Funds from Operations (unaudited, amounts in thousands, except per share amounts) Reconciliation of FFO Per Share FFO AFFO FAD For the three months ended March 31, 2016 2015 2016 2015 2016 2015 Normalized FFO/AFFO/FAD attributable to common stockholders $ 28,318 $ 23,390 $ 24,739 $ 20,839 $ 25,192 $
Slide 26: Glossary
Glossary Adjusted Funds From Operations (“AFFO”): FFO excluding the effects of straight‐line rent, amortization of lease inducement, effective interest income and deferred income from unconsolidated joint ventures. Assisted Living Communities (“ALF”): The ALF portfolio consists of assisted living, i
Slide 27: Glossary (cont.)
Glossary (cont.) 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 units may differ from the number of beds and/or units in service at any given time. Memory Care Communities (“MC”): Se
Slide 28: Glossary (cont.)
Glossary (cont.) Payor Source: LTC revenue by operator underlying payor source for the period presented. LTC is not a Medicaid or a Medicare recipient. Statistics represent LTC's rental revenues times operators' underlying payor source revenue percentage. Underlying payor source revenue percentage i
Slide 29: LTC Properties, Inc.
LTC Properties, Inc. Company Founded in 1992, LTC Properties, Inc. ("LTC") is a self-administered real estate investment trust that primarily invests in senior housing and health care properties through facility lease transactions, mortgage loans, and other investments. Our primary objectives are to