Slide 1: Renewal and Transition Supplemental Operating and Financial Data Third Quarter 2024
RENEWAL AND TRANSITION SUPPLEMENTAL OPERATING AND FINANCIAL DATA THIRD QUARTER 2024
Slide 2: Forward-Looking Statements
3Q 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 and Company Information
3Q 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
3Q 2024 SUPPLEMENTAL REPORT CONTRACTUAL # O F PROPERTY DATE OF INITIAL PRO PERTIES TYPE # O F UNITS LO CATIO N OPERATOR CONSTRUCTIO N 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% 315 $
Slide 5: Real Estate Activities – Acquisitions Accounted for as Financing Receivables
3Q 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 DATE O F INITIAL PURCHASE PRO PERTIES TYPE # OF UNITS LOCATIO N OPERATO R CO NSTRUCTION CAS
Slide 6: Real Estate Activities – Mortgage and Mezzanine Loans
3Q 2024 SUPPLEMENTAL REPORT TOTAL COMMITMENT INVESTMENT 3Q24 FUNDED REMAINING YEAR TO DATE COMMITMENT 1Q24 (1) 2023 19,500 $ 3,121 $ 9,999 $ 9,501 $ — (2) 2024 26,120 — — 26,120 $ $ 3,121 45,620 $ 9,999 $ 35,621 $ INCEPTION DATE COMMITMENT FUNDING INTEREST ESTIMATED MORTGAGE LOANS INVESTMENTS I 6 ME
Slide 7: Real Estate Activities – Investments Footnotes
3Q 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: Real Estate Activities – Purchase Options
3Q 2024 SUPPLEMENTAL REPORT INVESTMENTS I 8 REAL ESTATE ACTIVITIES – PURCHASE OPTIONS (DOLLAR AMOUNTS IN THOUSANDS) PURCHASE OPTIONS CONSOLIDATED OPTION # OF PROPERTY AVERAGE AGE GROSS NON-CONTROLLING GROSS WINDOW OPERATOR STATE PROPERTIES TYPE IN YEARS INVESTMENTS INTEREST INVESTMENTS 2020-2029 Gen
Slide 9: Portfolio Overview
3Q 2024 SUPPLEMENTAL REPORT # OF % OF % OF BY INVESTMENT TYPE PRO PERTIES INVESTMENT REVENUE S(1 ) REVENUES INCO ME STATEMENT LINE Owned Portfolio(2) 1,342,188 124 $ 62.6% 112,014 $ 62.9% Rental Income Owned Properties accounted for as Financing Receivables(3) 361,504 31 16.8% 18,492 10.3% Interest
Slide 10: Portfolio Overview – Detail
3Q 2024 SUPPLEMENTAL REPORT PORTFOLIO I 10 PORTFOLIO OVERVIEW – DETAIL (AS OF SEPTEMBER 30, 2024, DOLLAR AMOUNTS IN THOUSANDS) # OF OWNED PORTFOLIO PRO PE RTIES RENTAL INCOME(1 ) Assisted Living(2) 732,120 73 $ 34.1% 49,123 $ 27.6% Skilled Nursing 50 598,063 27.9% 61,815 34.7% Other 1 12,005 0.6% 1,
Slide 11: Portfolio Diversification – Operators
3Q 2024 SUPPLEMENTAL REPORT O PERATORS PROPERTY TYPE # O F PROPERTIES % % % GRO SS INVE STMENT % Prestige Healthcare(3) SNF/OTH 23 28,134 $ 15.5% 28,134 $ 15.2% 32,390 $ 16.9% 269,345 $ 12.6% ALG Senior(3) ALF 30 18,346 10.1% 21,444 (5) 11.6% 23,338 (5) 12.2% 307,308 14.3% Encore Senior Living ALF/U
Slide 12: Portfolio Diversification – Operator Update
3Q 2024 SUPPLEMENTAL REPORT PORTFOLIO I 12 PORTFOLIO DIVERSIFICATION – OPERATOR UPDATE (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT NUMBER OF SHARES) We deferred a total of $774 in consolidated JV rent from ALG ($750 of which is LTC's portion) for 3Q24 on a portfolio of 11 assisted living communities in N
Slide 13: Portfolio Maturity
3Q 2024 SUPPLEMENTAL REPORT PORTFOLIO MATURITY (AS OF SEPTEMBER 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 — $ — — $ — 3,966 $ (2) 9.8% — $ — — $ — 3,966 $ 2.1% 2025 4,406 3.8% — — 2,623 6.4% — — — — 7,029 3.7% 20
Slide 14: Portfolio Diversification – Geography
3Q 2024 SUPPLEMENTAL REPORT PORTFOLIO I 14 PORTFOLIO DIVERSIFICATION – GEOGRAPHY (AS OF SEPTEMBER 30, 2024) * Behavioral health care hospital SNF (76) ALF (114) OTH* (1) LAND (3) UDP (2) 25 STATES 191 PROPERTIES 29 OPERATORS CA 3 WA ME NV WY IL AR WV ND NY OR AZ NM TX UT ID MT SD NE KS OK MS MN WI F
Slide 15: Portfolio Diversification – Geography (25 States)
3Q 2024 SUPPLEMENTAL REPORT 47.4% 18.1% 25.0% 6.9% 2.6% 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 22 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: Operator Coverage and Occupancy: Assisted Living and Skilled Nursing
3Q 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 April 1, 2023 and properties sold. ASSISTED LIVING SKILLED NURSI
Slide 17: Enterprise Value and Capitalization
3Q 2024 SUPPLEMENTAL REPORT PRO FO RMA(1 ) SEPTEMBER 30, 2024 Revolving line of credit - WA rate 6.2% 240,150 $ 146,350 $ Term loans, net of debt issue costs - WA rate 2.7% (2) 99,771 99,771 Senior unsecured notes, net of debt issue costs - WA rate 4.2% (3) 445,402 445,402 Total debt - WA rate 4.6%
Slide 18: Debt Metrics
3Q 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 $240,150 $146,350 $289,100 $270,000 $97,750 $184,850 $278,650 $- $85,000 $170,000 $255,000 $340,000 $425,000 2021 2022 2023 3Q24 3
Slide 19: Debt Maturity and Structure
3Q 2024 SUPPLEMENTAL REPORT Senior Unsecured Notes 56.8% Term Loans Revolving Line of Credit 12.7% 30.5% $240,150 $50,000 $50,000 $5,000 $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 Revolving
Slide 20: Financial Data Summary
3Q 2024 SUPPLEMENTAL REPORT (1) For leases and loans in place at September 30, 2024 assuming no other renewals or modifications and includes the $51,111 mortgage loan payoff. See page 12 for further discussion. (1) Increase primarily due to lease extensions and portfolio transitions. (2) Increase pr
Slide 21: Reconciliation of Annualized Adjusted EBITDAre and Fixed Charges
3Q 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 $ 30,862 $ 31,317 $ Less: Gain on sale of real estate, net (7,462) (37,830) (37,296) (3,663)
Slide 22: Consolidated Statements of Income
3Q 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 32,258 $ 31,589 $ 97,464 $ 94,861 $ Interest income from financing receivables(1) 7,001 3,832 14,661 11,413 Interest in
Slide 23: Consolidated Balance Sheets
3Q 2024 SUPPLEMENTAL REPORT FINANCIAL I 23 CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) ASSETS Investments: Land $ 118,382 $ 121,725 Buildings and improvements 1,217,954 1,235,600 Accumulated depreciation and amortization (398,080) (387,751) Operating real estate prop
Slide 24: Funds from Operations – Reconciliation of FFO and FAD
3Q 2024 SUPPLEMENTAL REPORT FINANCIAL I 24 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2024 2023 2024 2023 GAAP net income available to common stockholders 29,165 $ 22,050 $ 72,446 $ 61,065 $ Add: Impairment loss — — — 12,510 Add:
Slide 25: Reconciliation of Non-Recurring Adjustments to FFO and FAD
3Q 2024 SUPPLEMENTAL REPORT 2024 2023 2024 2023 Reconciliation of non-recurring adjustments to NAREIT FFO: Provision for credit losses reserve recorded upon origination — $ — $ 1,635 $ (1) $ 1,832 (1) Provision for credit losses recovery related to loan payoffs (293) (1) (1,227) — (1) — 613 (2) 613
Slide 26: FFO/FAD Per Share Calculations
3Q 2024 SUPPLEMENTAL REPORT FOR THE THREE MO NTHS ENDED SEPTEMBER 30, FFO/FAD attributable to common stockholders 34,556 $ 26,679 $ 34,721 $ 27,213 $ Non-recurring one-time items (4,173) (1) (4,493) — (1) — FFO/FAD attributable to common stockholders excluding non-recurring items 30,383 26,679 30,22
Slide 27: Glossary of Terms and Definitions
3Q 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
3Q 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