Slide 1: NAREIT REITweek June 2025
NAREIT REITweek June 2025
Slide 2: Leadership and Table of Contents
LEADERSHIP TABLE OF CONTENTS WENDY SIMPSON Executive Chairman COMPANY 3 PAM KESSLER Co-President and Co-CEO INVESTMENTS 7 CLINT MALIN Co-President and Co-CEO Acquisitions & Acquisitions accounted for as Financing Receivables CECE CHIKHALE EVP, Chief Financial Officer, Treasurer and Secretary Mortgag
Slide 3: About LTC
ABOUT LTC LTC Properties, Inc. (NYSE: LTC) is a real estate investment trust (REIT) investing in seniors housing and care properties primarily through sale-leasebacks, mortgage financing, joint ventures and structured finance solutions including preferred equity and mezzanine lending. MONTHLY DIVIDE
Slide 4: LTC Is A Compelling Investment
LTC IS A COMPELLING INVESTMENT LTC maintained monthly dividends LONGSTANDING EXECUTIVE LEADERSHIP TEAM throughout the pandemic when most WITH DECADES OF EXPERIENCE IN HEALTH CARE REAL ESTATE health care REITs cut theirs 242 CONSECUTIVE PAYMENTS OF MONTHLY DIVIDENDS CREATIVE FINANCING STRUCTURES OFFE
Slide 5: Demographics Drive Demand
DEMOGRAPHICS DRIVE DEMAND U.S. Senior Population Growth Projections by Age Bracket United States | 2022 - 2060 - More than 4.1 million Americans 60 will turn 65 each year through 2027, 85+ 80+ 75+ which is more than 11,200 every 50 day(1) – generating demand for years to come. 40 - The U.S. populati
Slide 6: Portfolio Snapshot: Diversified Portfolio
PORTFOLIO SNAPSHOT (AS OF MARCH 31, 2025) GROSS INVESTMENT BY PROPERTY TYPE DIVERSIFIED PORTFOLIO Skilled Nursing By operator, geography, property 46.3% and investment type Other 0.6% Assisted Living 53.1% 187 Properties Independent Living Skilled Nursing 25 States Assisted Living Memory Care 28 Ope
Slide 7: Real Estate Activities – Investments
REAL ESTATE ACTIVITIES – INVESTMENTS (DOLLAR AMOUNTS IN THOUSANDS) ACQUISITIONS CO NTRACTUAL # OF P RO P E RTY DATE O F INIT IAL P URCH AS E D ATE P RO P E RT IE S T YP E # O F UNITS LO CATI O N O P E RAT O R CO NS T RUCTIO N CAS H YIE LD P RICE (1) (1) Feb-2024 — — — Great Bend, KS Brookdale Senior
Slide 8: Real Estate Activities – Investments (Mortgage Loans)
REAL ESTATE ACTIVITIES – INVESTMENTS (DOLLAR AMOUNTS IN THOUSANDS) MORTGAGE LOANS CO N TRACT UAL IN ITIAL # OF P RO P E RTY # UN ITS/ M ATURITY INITIAL INITIAL AD D ITIO N AL D AT E P RO P E RT IE S TYP E BE D S LO CATIO N O P E RATO R D ATE RATE O RIGIN AT IO N IN VE S TM E NT CO M M ITM E NT Jan-2
Slide 9: Real Estate Activities – Joint Ventures – Current Investments Held
REAL ESTATE ACTIVITIES – JOINT VENTURES –CURRENT INVESTMENTS HELD (DOLLAR AMOUNTS IN THOUSANDS) UNCONSOLIDATED JOINT VENTURES T O T AL CO M M ITM E NT # OF P RO P E RT Y # OF INVE ST M E N T INVE ST M E N T FUNDE D RE M AINING YE AR P RO P E RT IE S T YP E UNITS /BE D S L O C ATIO N O P E RATO R TYP
Slide 10: Real Estate Activities – Purchase Options
REAL ESTATE ACTIVITIES – PURCHASE OPTIONS (DOLLAR AMOUNTS IN THOUSANDS) PURCHASE OPTIONS CO NSO L ID AT E D NO N- LT C P O RTIO N O F LT C P O RTIO N O F O P TIO N # OF P RO P E RT Y AVE RAGE AG E G RO S S CO NTRO LL ING G RO SS ANNUAL IZE D W IND O W O P E RATO R S TAT E P RO P E RT IE S TYP E IN Y
Slide 11: Portfolio Overview
PORTFOLIO OVERVIEW (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) T RAILING TW E LVE M O NTH S E ND E D M ARC H 31, 2025 # OF G RO S S % OF % OF INVE S TM E NT (1 ) BY INVE S TME NT TYP E P RO P E RT IE S INVE STM E NT RE VE N UE S RE VE NUE S IN CO M E S TATE M E NT LINE Owned Portfolio 121 $
Slide 12: Portfolio Overview - Detail
PORTFOLIO OVERVIEW - DETAIL (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) TRAILING TWELVE MONTHS END ED RENTAL INCOME (AS % OF TOTAL REVENUES) MARC H 31, 2025 # OF GROS S % OF % OF TOTAL 50.0% OWNED PORTF OLIO PROPERTIES INVESTMENT GROSS INVESTMENT RENTAL INCOME (1) REVENUES 34.5% 28.2% Assist
Slide 13: Portfolio Diversification - Operators
PORTFOLIO DIVERSIFICATION - 28 OPERATORS (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) ANNUAL IZE D NO N- L TC P O RTIO N P RO P E RT Y # OF ANNUAL IZE D CO NT RACTUAL AN NUALIZE D G RO S S CO NT RO L LING O F GRO SS (1 ) (1 )(2 ) (1 )(2 ) O P E RATO RS T YP E P RO P E RT IE S ACT UAL CAS H %
Slide 14: Portfolio Diversification – Operator Update
PORTFOLIO DIVERSIFICATION – OPERATOR UPDATE (DOLLAR AMOUNTS IN THOUSANDS) During 1Q25, we received full contractual cash interest of $4,991 from Prestige Healthcare (“Prestige”), through $3,826 of cash receipts and application of $1,165 of Prestige’s security, related to a mortgage loan secured by
Slide 15: Portfolio Maturity
PORTFOLIO MATURITY (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) RE N TAL % OF FINANCIN G % OF MO RTG AG E INT E RE S T % OF O TH E R N O TE S % OF UN CO NS O LIDATE D % OF AN NUAL IZE D % OF (1 ) YE AR INCO M E TO TAL IN CO M E T O T AL IN CO ME T O T AL IN CO M E TO TAL JV IN CO M E T O T AL
Slide 16: Portfolio Diversification - Geography
PORTFOLIO DIVERSIFICATION - GEOGRAPHY (AS OF MARCH 31, 2025) 25 187 28 STATES PROPERTIES OPERATORS WA 1 ME MT 2 ND OR ID MN 5 1 WI 3 SD 1 21 NY 6 WY MI PA NJ 1 NE IA 1 OH 3 7 CA 5 2 NV UT CO 1 IN MO VA 12 IL WV KS 4 3 8 1 2 2 1 KY AZ NC 33 OK TN 2 NM 4 SC 3 AR 3 2 5 AL GA ALF (110) MS 1 SNF (76) TX
Slide 17: Portfolio Diversification – Geography - States
PORTFOLIO DIVERSIFICATION – GEOGRAPHY - 25 STATES (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) # OF G ROS S GROSS INVES TMENT ( 1) (2) S TATE PROPERTIES INVESTMENT % ALF % SNF % OTH % Texas 30 $ 318,584 15.4% $ 48,159 4.4% $ 270,425 28.3% $ — — North Carolina 33 301,650 14.6% 301,650 27.4% —
Slide 18: Real Estate Investments Metrics
REAL ESTATE INVESTMENTS METRICS (TRAILING TWELVE MONTHS THROUGH DECEMBER 31, 2024 AND SEPTEMBER 30, 2024 SAME PROPERTY PORTFOLIO (“SPP”) COVERAGE STATISTICS (1) ASSISTED LIVING SKILLED NURSING 2.00x 100.0% 3.00x 100.0% 1.38 1.40 1.95 2.04 Occupancy % 90.0% Occupancy % 1.11 1.13 90.0% 2.00x 1.52 1.43
Slide 19: Enterprise Value
ENTERPRISE VALUE (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) MARCH 31, 2025 CAPITALIZATION DEBT Revolving line of credit - WA rate 5.5% (1) $ 148,850 Term loans, net of debt issue costs - WA rate 2.6% (2) 99,846 Senior unsecured notes, net of debt issue costs - WA rate 4.2%
Slide 20: Debt Metrics
DEBT METRICS (DOLLAR AMOUNTS IN THOUSANDS) LINE OF CREDIT LIQUIDITY Balance Available $425,000 $340,000 $270,000 $97,750 $276,150 $280,650 $255,000 $170,000 $302,250 $85,000 $144,350 $148,850 $130,000 $- (1) 2022 2023 2024 1Q25 (1) Subsequent to March 31, 2025, we repaid $18,900 under our unsecured
Slide 21: Debt Maturity
DEBT MATURITY (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) RE VO LVING S E NIO R DEBT STRUCTURE (2) LINE O F T E RM UNS E CURE D % OF (2 ) (2 ) YE AR CRE D IT LO ANS NO T E S T O TAL TO TAL 2025 $ — $ 50,000 $ 42,500 $ 92,500 13.5% (1) 2026 148,850 50,000 51,500 250,350 36.6% 2027 — 54,500 54
Slide 22: Financial Data Summary
FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) 12/31/22 12/31/23 12/31/24 3/31/25 (1) Includes outstanding gross revolving line of credit, term loans, net of Gross investments $ 1,959,442 $ 2,139,865 $ 2,088,613 $ 2,071,231 debt issue costs, and senior unsecured notes, net of debt issue costs.
Slide 23: Dividend History
DIVIDEND HISTORY Consistent dividend payment for over a decade, even through the Covid pandemic when the majority of the health care REITs cut their dividends. LTC currently pays a monthly dividend of $0.19 per share. The 1Q 2025 FAD payout ratio was 81.4%.(1) $2.40 $2.10 $1.80 $1.50 $1.20 $0.90 $0.
Slide 24: Consolidated Statements of Income
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) TH RE E M O NTH S E N D E D M ARCH 31, 2025 2024 Revenues: Rental income $ 31,444 $ 33,549 (1) Interest income from financing receivables 7,002 3,830 Interest income from mortgage loans 9,179 12,448 Interes
Slide 25: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) M ARCH 31, 2025 DE CE MBE R 31, 2024 ASS E T S (unaudited) (audited) Investments: Land $ 111,223 $ 118,209 Buildings and improvements 1,146,891 1,212,853 Accumulated depreciation and amortization (383,853) (405,884) Operati
Slide 26: Appendix A: SEC Reg. G Compliance
Appendix A: SEC Reg. G Compliance INVESTOR PRESENTATION MAY 2025 26
Slide 27: Appendix A: SEC Reg. G Compliance
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 T H RE E MO NT H S E ND E D 12/31/22 12/31/23 12/31/24 3/31/25 Net income $ 100,584 $ 91,462 $ 94,879 $ 22,221 Less: Gain on sale of real estate,
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 NTH S E ND E D M ARCH 31, 2025 2024 GAAP net income available to common stockholders $ 20,517 $ 24,065 Add: Depreciation and amortization 9,162 9,095 Less: Gain o
Slide 29: Reconciliation of FFO and FAD (Non-Recurring Items)
APPENDIX A: SEC REG. G COMPLIANCE - RECONCILIATION OF FFO AND FAD (NON-RECURRING ITEMS) (UNAUDITED, AMOUNTS IN THOUSANDS) T HRE E M O NT H S E ND E D M ARCH 31, 2025 2024 Reconciliation of non-recurring adjustments to NAREIT FFO: (1) Add: Working capital note and interest receivable write-off $ 3,06
Slide 30: Reconciliation of FFO Per Share
APPENDIX A: SEC REG. G COMPLIANCE - RECONCILIATION OF FFO PER SHARE (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) FFO FAD FO R TH E TH RE E M O N TH S E N D E D M ARCH 31, 2025 2024 2025 2024 FFO/FAD attributable to common stockholders $ 29,508 $ 29,909 $ 34,680 $ 31,274 (1) Non-recurr
Slide 31: Reconciliation of FFO Per Share (Guidance)
APPENDIX A: SEC REG. G COMPLIANCE - RECONCILIATION OF FFO PER SHARE (GUIDANCE) (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Guidance We are providing guidance for the 2025 full year. The following guidance ranges reflect management's view of current and future market conditions. There
Slide 32: Glossary
GLOSSARY Annualized Actual Cash Income: Represents annualized cash rental income includes cash rent (excluding real Funds Available for Distribution (“FAD”): FFO excluding the effects of straight-line rent, amortization of lease costs, effective estate tax reimbursement), interest income from financ
Slide 33: Glossary
GLOSSARY Mezzanine: In certain circumstances, the Company strategically allocates a portion of its capital deployment Payor Source: LTC revenue by operator underlying payor source for the period presented. LTC is not a Medicaid or a toward mezzanine loans to grow relationships with operating compani
Slide 34: 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 sale-leaseback transactions, mortgage financing and structured finance solutions including preferred equity and mezza