LTC Properties, Inc. · NYSE:LTC
LTC Properties — Nareit's REITWeek 2026 Investor Conference
33 slides from LTC Properties's conference presentation, Jun 1, 2026
Slide 1: Growth Powered by SHOP
GROWTH POWERED BY SHOP Nareit’s REITWeek 2026 Investor Conference June 1, 2026
Slide 2: Leadership and Table of Contents
LEADERSHIP TABLE OF CONTENTS WENDY SIMPSON Executive Chairman COMPANY 3 PAM KESSLER Co-President and Co-CEO CLINT MALIN Co-President and Co-CEO APPENDIX 12 CECE CHIKHALE EVP, Chief Financial Officer, Treasurer and Secretary Portfolio Overview DAVID BOITANO EVP, Chief Investment Officer Operator Upda
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, as well as triple-net leases, and joint ventures. The Company’s portfolio includes nearly 190 properties throughout the United States. Based on gros
Slide 4: Co-CEO quotes on SHOP growth strategy
“What began last year through the combination “Our capabilities, reputation and culture are of acquisitions and conversions of nearly $570 resonating with sellers and operators, and these million of seniors housing communities, ramps relationships are driving investment opportunities up this year wi
Slide 5: Recent Highlights (1Q26 and 2Q26)
RECENT HIGHLIGHTS (1Q26 AND 2Q26) 1Q 2026 2Q 2026 Acquired a seniors housing community within its Acquired a seniors housing community within its SHOP segment for $108 million, with an expected SHOP segment for $9.2 million, with an expected unlevered IRR in the low teens unlevered IRR in the lo
Slide 6: Compelling Value: High SHOP Concentration, Low AFFO Multiple
COMPELLING VALUE HIGH SHOP CONCENTRATION YET AMONGST LOWEST 2026 AFFO MULTIPLE SHOP % of Total NOI Comparison 2026 AFFO / FAD Multiple 120% 45.0x 40.0x 40.0x 100% 100% 35.0x 79%* 28.7x 28.6x 80% 30.0x 26.9x 27.6x 25.0x 59% 60% 56% 20.8x 20.0x 39% 40% 15.2x 15.6x 40% 15.0x 13.3x 13.7x 30% 10.0x 16% 2
Slide 7: SHOP Spotlight
SHOP SPOTLIGHT AS OF MAY 30, 2026 10 years $470 Million 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 SHOP original 13 property SHOP properties as of 1Q26 conversions 10 Operators 33 Properties 29% 45% 8 N
Slide 8: SHOP Transformation
SENIORS HOUSING OPERATING PORTFOLIO (“SHOP”) TRANSFORMATION SHOP GROWTH (DOLLAR AMOUNTS IN MILLIONS) 2026 SHOP INVESTMENT GUIDANCE AND $1,400 ACQUISITIONS COMPLETED TO DATE (~$400M - $800M) $1,200 $1,000 116% GROSS ASSET VALUE $108M SHOP acquisitions completed in 1Q26 $800 $9M SHOP acquisitions
Slide 9: Portfolio Transformation: Decreasing SNF and Loan Exposure
PORTFOLIO TRANSFORMATION: DECREASING SNF AND LOAN EXPOSURE (PROFORMA 2026 ASSUMES $600M IN SHOP INVESTMENTS (MID-POINT) AND $58M IN SHOP CONVERSIONS) ASSET TYPE TRANSFORMATION: 2024 - PROFORMA 2026 INVESTMENT TYPE TRANSFORMATION: 2024 - PROFORMA 2026 Seniors Housing asset value concentration incre
Slide 10: 2026 Guidance
2026 GUIDANCE Full year Diluted earnings per common share $1.80 to $1.84 Diluted Core FFO per share $2.75 to $2.79 Diluted Core FAD per share $2.82 to $ 2.86 Assumptions: Gross investments for the full year in the range of $400 million and $800 million, including transactions closed to date or exp
Slide 11: Why Seniors Housing Now?
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. | 2020-2033 Projec
Slide 12: Appendix
Appendix INVESTOR PRESENTATION JUNE 2026 12
Slide 13: Portfolio Overview
PORTFOLIO OVERVIEW (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) TRAILING TW E L VE M O NTH S E ND E D M ARCH 31, 2026 # OF G RO SS % OF INVE ST M E NT (1 ) BY INVE ST M E NT TYP E P RO P E RTIE S INVE ST M E NT NO I % O F NO I INCO M E S TATE M E NT LINE Owned Portfolio Triple-Net Portfolio (
Slide 14: Portfolio Overview - Operator Update and Subsequent Events
PORTFOLIO OVERVIEW - OPERATOR UPDATE AND SUBSEQUENT EVENTS (DOLLAR AMOUNTS IN THOUSANDS) OPERATOR UPDATE SUBSEQUENT EVENTS Market-Based Rent Resets: Received $1,620 of rental revenue during SHOP Acquisition: 61-unit seniors housing community in Illinois for $9,205, 1Q26 from the 12-property port
Slide 15: Portfolio Diversification – Geography
PORTFOLIO DIVERSIFICATION – GEOGRAPHY (AS OF MARCH 31, 2025) 186 16,371 30 23 PROPERTIES UNITS/BEDS OPERATORS STATES WA 2 ND ME 1 MT OR 3 ID MN WI 1 7 3 SD 1 21 NY 5 WY MI PA NJ 1 NE IA OH 6 1 3 CA NV 1 2 1 UT CO IN 4 MO KS WV 4 8 4 IL VA 2 2 1 2 6 2 2 KY AZ NC 33 TN 1 2 OK NM 4 3 SC 2 AR 5 AL 3 GA
Slide 16: Portfolio Diversification – Geography by State
PORTFOLIO DIVERSIFICATION – GEOGRAPHY (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) # OF G RO SS G RO S S IN VE S TM E NT (1 ) (2 ) ST ATE P RO P E RTIE S INVE S TME NT % SH - NNN % SH - SHOP % SNF % UD P % O TH % Wisconsin 13 $ 320,317 13.1% $ 57,822 6.3% $ 248,549 35.4% $ 13,946 1.8% $ — — $
Slide 17: SHOP Performance and Guidance
SHOP PERFORMANCE AND GUIDANCE (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) TOTAL SHOP PERFORMANCE CORE SHOP PORTFOLIO Represents 27 properties (2,281 units) that include initial conversions (13) and acquired 2 Q2 5 3 Q2 5 4 Q2 5 1 Q2 6 SHOP properties (14) through 1Q26; excludes value-add c
Slide 18: Real Estate Investments (Excluding SHOP) Diversification - Operators
REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) DIVERSIFICATION -OPERATORS (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) L TC P O RT I O N (2 ) P RO P E RTY # OF ANN UAL IZE D G RO S S N O N-CO N TRO LL IN G O F G RO SS (1 ) O P E RATO RS TYP E P RO P E RTIE S CO N TRACTUAL CAS H NO I % G A
Slide 19: Real Estate Investments (Excluding SHOP) - Maturity
REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - MATURITY (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) M ORTGAGE LOAN S REC EIVABLE N OTES REC EIVABLE AN N UALIZE D WA GAAP ANN UAL IZE D WA G AAP (1 ) (1 ) YE AR P RIN CIP AL G AAP NO I RAT E P RIN CIP AL G AAP NO I RATE (2) (2) 2026 $ 28,
Slide 20: Real Estate Investments (Excluding SHOP) - Metrics
REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - METRICS (TRAILING TWELVE MONTHS THROUGH DECEMBER 31, 2025 AND SEPTEMBER 30, 2025) SAME PROPERTY PORTFOLIO (“SPP”) COVERAGE STATISTICS (1) SENIORS HOUSING SKILLED NURSING 2.00x 100.0% 3.00x 2.39 2.50 100.0% 1.36 1.39 1.94 Occupancy % 90.0% Occupanc
Slide 21: Enterprise Value
ENTERPRISE VALUE (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) PROFORMA MARCH 31, 2026 CAPITALIZATION MARCH 31, 2026 CAPITALIZATION DEBT (1) Revolving line of credit - WA rate 4.4% $ 282,963 $ 226,963 (2) Term loans, net of debt issue costs - WA rate 4.9% 198,315 198,315 Seni
Slide 22: Debt Metrics
DEBT METRICS (DOLLAR AMOUNTS IN THOUSANDS) LINE OF CREDIT LIQUIDITY Balance Available $600,000 $500,000 $347,137 $317,037 $400,000 $373,037 $97,750 $300,000 $280,650 $200,000 $302,250 $282,963 $252,863 $226,963 $100,000 $144,350 $- (1) 2023 2024 2025 1Q26 1Q26 Proforma (1) Subsequent to March 31, 20
Slide 23: Debt Maturity
DEBT MATURITY (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) $600M SENIOR DEBT STRUCTURE (2) REVOLVING TERM UNSECURED % OF (1) (1) YEAR LINE OF CREDIT LOANS NOTES TOTAL TOTAL 2026 $ — $ — $ 46,500 $ 46,500 5.3% 2027 — — 54,500 54,500 6.3% Senior Unsecured Notes 2028 — 50,000 55,000 105,000 12.1
Slide 24: Financial Data Summary
FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) (1 ) P RO FO RM A 12/31/2023 12/31/2024 12/31/2025 3/31/26 3/31/26 Gross investments $ 2,139,865 $ 2,088,613 $ 2,397,662 $ 2,440,180 $ 2,440,180 (1) Subsequent to March 31, 2026, we sold 1,402,933 shares of common stock for $51,917 of net proceeds
Slide 25: Appendix A: SEC Reg. G Compliance
Appendix A: SEC Reg. G Compliance INVESTOR PRESENTATION JUNE 2026 25
Slide 26: Reconciliation of 2026 Guidance
RECONCILIATION OF 2026 GUIDANCE (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Guidance The Company is reaffirming its guidance for the 2026 full year. The following guidance ranges reflect management's view of current and future market conditions. There can be no assurance that the Com
Slide 27: Reconciliation of Annualized Adjusted EBITDAre and Fixed Charges
APPENDIX A: SEC REG. G COMPLIANCE (DOLLAR AMOUNTS IN THOUSANDS) RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES FO R TH E YE AR E ND E D TH RE E M O NT HS E N DE D T HRE E M O NTH S E ND E D 12/31/23 12/31/24 12/31/25 3/31/26 P RO FO RM A 3/31/26 Net income $ 91,462 $ 94,879 $ 123,8
Slide 28: Reconciliation of FFO and FAD
APPENDIX A: SEC REG. G COMPLIANCE - RECONCILIATION OF FFO AND FAD (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) TH RE E M O NT HS E NDE D M ARCH 31, 2026 2025 GAAP net income available to common stockholders $ 23,437 $ 20,517 Add: Depreciation and amortization 11,979 9,162 Add (Less):
Slide 29: Reconciliation of FFO per Share & Non-Recurring Items
APPENDIX A: SEC REG. G COMPLIANCE-RECONCILIATION OF FFO PER SHARE & NON-RECURRING ITEMS (UNAUDITED, AMOUNTS IN THOUSANDS) FFO FAD FO R TH E TH RE E M O NT HS E ND E D M ARCH 31, 2026 2025 2026 2025 FFO/FAD attributable to common stockholders $ 35,426 $ 29,508 $ 36,374 $ 34,680 (1) See the reconcilia
Slide 30: Reconciliation of NOI
APPENDIX A: SEC REG. G COMPLIANCE - RECONCILIATION OF NOI (UNAUDITED, AMOUNTS IN THOUSANDS) TRAILI NG T WE LVE M O N TH S E ND E D M ARCH 31, 2026 M O RT G AG E UNCO NSO L ID ATE D FI NANCIN G L O ANS NO TE S JO INT (1 ) NN N SH O P S UBT O TAL RE CE IVABLE S RE CE IVABLE RE C E I VABLE O T HE R VE
Slide 31: Glossary
GLOSSARY Annualized Contractual Cash NOI: Represents annualized contractual cash rental income (prior to abatements & deferred rent Funds From Operations (“FFO”): As defined by Nareit, net income available to common stockholders (computed in accordance with repayment and excludes real estate tax rei
Slide 32: Glossary
GLOSSARY Micropolitan Statistical Areas (“Micro-SA”): Based on the U.S. Census Bureau, Micro-SA is a geographic entity defined by Real Estate Investments: Represents our investments in real property, financing receivables, mortgage loans receivable and other the Office of Management and Budget (OMB)
Slide 33: 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 RIDEA, triple-net leases, joint ventures and structured finance solutions including preferred equity and mezzanine le
LTC Properties — Nareit's REITWeek 2026 Investor Conference on 6ix