Slide 1: Supplemental Operating and Financial Data Third Quarter 2025
SUPPLEMENTAL RENEWAL OPERATING AND AND TRANSITION FINANCIAL DATA THIRD QUARTER 2025
Slide 2: Leadership and Table of Contents
LEADERSHIP TABLE OF CONTENTS INVES TMENTS 3 WENDY SIMPSON Executive Chairman Portfolio Snapshot PAM KESSLER Co-President and Co-CEO Acquisitions CLINT MALIN Co-President and Co-CEO Mortgage Loans Joint Ventures CECE CHIKHALE EVP, Chief Financial Officer, Treasurer and Secretary Purchase Options DAVI
Slide 3: Portfolio Snapshot
PORTFOLIO SNAPSHOT (AS OF NOVEMBER 4, 2025) 187 16,275 31 24 PROPERTIES UNITS/BEDS OPERATORS STATES INVESTMENT TYPE 0.8% SENIORS HOUSING OPERATING PORTFOLIO (“SHOP”) 1.1% OWNED PORTFOLIO - NNN OWNED PORTFOLIO - SHOP 16.8% ACQUISITIONS 45.9% OWNED ACCOUNTED • $292 million FOR AS FINANCING RECEIVABLES
Slide 4: Real Estate – Investments
REAL ESTATE – INVESTMENTS (DOLLAR AMOUNTS IN THOUSANDS) ACQUISITIONS CO N TRACT UAL # OF IN VE S TM E NT P RO P E RTY # OF DATE O F INITIAL P URC HASE D ATE P RO P E RTIE S TYP E T YP E UN ITS L O CATIO N O P E RAT O R CO NSTRUC TIO N C AS H YIE LD P RICE (1) (1) (1) Feb-2024 — — — — Great Bend, KS
Slide 5: Real Estate – Joint Ventures - Current Investments Held
REAL ESTATE – JOINT VENTURES - CURRENT INVESTMENTS HELD (DOLLAR AMOUNTS IN THOUSANDS) UNCONSOLIDATED JOINT VENTURES TO TAL CO M M ITM E N T # OF P RO P E RTY # OF INVE ST M E NT INVE S T M E NT 3Q 25 FUNDE D RE M AININ G YE AR P RO P E RT IE S TYP E UN IT S /BE D S LO CAT IO N O P E RAT O R T YP E R
Slide 6: Real Estate – Purchase Options
REAL ESTATE – PURCHASE OPTIONS (DOLLAR AMOUNTS IN THOUSANDS) CO NS O LID AT E D NO N- L TC P O RT IO N O F L TC P O RT IO N O F O P T IO N # OF P RO P E RT Y AVE RAGE AG E G RO S S CO NTRO LLI NG GRO S S ANN UAL IZE D WIND O W O P E RAT O R S T AT E P RO P E RTIE S T YP E IN YE ARS I NVE STM E NT S
Slide 7: Proforma Activities
PROFORMA ACTIVITIES (DOLLAR AMOUNTS IN THOUSANDS) Proforma represents amounts as of September 30, 2025 adjusted as follows: Annualized SHOP NOI at an estimated year-one yield of 7% for the $194,050 3Q25 acquisition of five seniors housing communities totaling 520 units in Wisconsin. We annualized
Slide 8: Proforma Portfolio Overview
PROFORMA PORTFOLIO OVERVIEW (PROFORMA SEPTEMBER 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) TRAILING TW E L VE M O NTH S E ND E D S E P TE M BE R 30, 2025 # 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 Portfol
Slide 9: Proforma Portfolio Overview - Detail
PROFORMA PORTFOLIO OVERVIEW - DETAIL (PROFORMA SEPTEMBER 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) T RAIL ING TW E LVE MO NT HS E N DE D RENTAL INCOME (AS % OF TOTAL NOI) S E P T E MBE R 30, 2025 # OF G RO SS % OF 50.0% (1 ) 30.7% O W NE D P RO P E RTIE S - N NN P RO P E RT IE S IN VE ST ME N T G RO S
Slide 10: Proforma Portfolio Diversification – Geography
PROFORMA PORTFOLIO DIVERSIFICATION – GEOGRAPHY (PROFORMA SEPTEMBER 30, 2025) 24 187 31 STATES PROPERTIES OPERATORS WA 1 ME MT 2 ND OR ID MN WI 5 1 6 3 SD 1 21 NY 5 WY MI PA NJ 1 NE IA OH 6 1 3 CA 2 1 NV UT CO 1 IN MO 4 KS WV 4 8 IL VA 4 2 2 1 2 6 2 2 KY AZ NC 33 OK TN 2 NM 4 SC 3 AR 3 2 5 AL GA SH–
Slide 11: Proforma Portfolio Diversification – Geography
PROFORMA PORTFOLIO DIVERSIFICATION – GEOGRAPHY (PROFORMA SEPTEMBER 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) # OF GRO S S G RO S S INVE S TM E NT (1 ) (2 ) S T ATE P RO P E RT IE S IN VE S TM E NT % SH % SNF % UD P % O TH % Texas 29 $ 314,232 13.4% $ 41,826 2.9% $ 272,406 31.3% $ — — $ — — North Caroli
Slide 12: Proforma SHOP Diversification
PROFORMA SENIORS HOUSING OPERATING PORTFOLIO (“SHOP”) DIVERSIFICATION (PROFORMA SEPTEMBER 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) SIX OPERATORS P RO P E RT Y # OF # OF G RO SS O P E RAT O RS TYP E P RO P E RT IE S UNITS S TAT E S INVE STM E NT % Lifespark SH 5 520 WI $ 194,215 41.4% Anthem Memory Car
Slide 13: Proforma Real Estate Investments (Excluding SHOP) Diversification - Operators
PROFORMA REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) DIVERSIFICATION - OPERATORS (PROFORMA SEPTEMBER 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) L TC P O RT IO N (1 ) 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 (2 ) O P E RATO RS TYP E P RO P E RTIE S CO N TRACTUAL
Slide 14: Real Estate Investments Portfolio (Excluding SHOP) - Operator Update
REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - OPERATOR UPDATE (DOLLAR AMOUNTS IN THOUSANDS) For our 14 property portfolio subject to market-based rent resets, we continue to expect to collect $5,655 of revenue during 2025, which is an increase of 64% from the rent collected in 2024 of $3,44
Slide 15: Proforma Real Estate Investments Portfolio (Excluding SHOP) - Maturity
PROFORMA REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - MATURITY (PROFORMA SEPTEMBER 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) RE N TAL % OF FINANCIN G RE C % OF M O RTG AG E LO AN S % OF OTHER NOTES % OF UNCO N S O L ID ATE D % OF ANNUALIZE D % OF (1 ) YE AR IN CO M E TO TAL IN CO M E T O T AL I
Slide 16: Real Estate Investments Portfolio (Excluding SHOP) - Metrics
REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - METRICS (TRAILING TWELVE MONTHS THROUGH JUNE 30, 2025 AND MARCH 31, 2025) SAME PROPERTY PORTFOLIO (“SPP”) COVERAGE STATISTICS (1) SENIORS HOUSING SKILLED NURSING 2.00x 100.0% 3.00x 100.0% 1.36 1.36 2.15 2.15 Occupancy % 90.0% Occupancy % 1.11 90.0
Slide 17: Enterprise Value
ENTERPRISE VALUE (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) P RO FO RM A S E P TE M BE R 30, 2025 CAP ITALI ZATIO N S E P TE M BE R 30, 2025 C AP ITALI ZATIO N D E BT Revolving line of credit - WA rate 4.8% $ 548,450 $ 429,550 (1) Senior unsecured notes, net of debt issue
Slide 18: Debt Metrics
DEBT METRICS (DOLLAR AMOUNTS IN THOUSANDS) LINE OF CREDIT LIQUIDITY Balance Available $600,000 $51,550 $500,000 $170,450 $400,000 $97,750 $300,000 $280,650 $270,000 $548,450 $200,000 $429,550 $302,250 $100,000 $130,000 $144,350 $- (1) 2022 2023 2024 3Q25 3Q25 PROFORMA (1) See Proforma Activities pag
Slide 19: Proforma Debt Maturity
PROFORMA DEBT MATURITY (PROFORMA SEPTEMBER 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) RE VO LVING SE NIO R DEBT STRUCTURE (2) LINE O F UNS E CURE D % OF (2 ) YE AR CRE D IT NO T E S T O T AL T O T AL 2025 $ — $ 5,000 $ 5,000 0.6% 2026 — 51,500 51,500 6.2% Senior Unsecured Notes 2027 — 54,500 54,500 6.6%
Slide 20: Financial Data Summary
FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT NUMBER OF SHARES) P RO FO RM A 12/31/22 12/31/23 12/31/24 9/30/25 9/30/2025 Gross investments $ 1,959,442 $ 2,139,865 $ 2,088,613 $ 2,397,591 $ 2,348,749 (1) Includes outstanding gross revolving line of credit, term loans, net Net investmen
Slide 21: Financial Data Summary
FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES FO R T H E YE AR E ND E D TH RE E M O NTHS E ND E D T H RE E M O NTH S E ND E D 12/31/22 12/31/23 12/31/24 9/30/25 P RO FO RM A 9/30/25 Net income (loss) $ 100,584 $ 91,462 $ 94,879
Slide 22: Reconciliation of 2025 Guidance
RECONCILIATION OF 2025 GUIDANCE (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Guidance We raised guidance for the 2025 full year. 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
Slide 23: Consolidated Statements of Income
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) TH RE E M O NT HS E N DE D N IN E M O NT HS E ND E D S E P T E M BE R 30, SE P T E M BE R 30, 2025 2024 2025 2024 Revenues: Rental income $ 27,842 $ 32,258 $ 89,463 $ 97,464 (1) Resident fees and services 2
Slide 24: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) S E P T E M BE R 30, 2025 D E CE M BE R 31, 2024 ASS E TS (unaudited) (audited) Investments: Land $ 121,884 $ 118,209 Buildings and improvements 1,402,825 1,212,853 Accumulated depreciation and amortization (398,017) (405,8
Slide 25: Funds from Operations – Reconciliation of FFO and FAD
FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) TH RE E M O NTH S E ND E D N INE M O NTH S E ND E D S E P TE M BE R 30, S E P TE M BE R 30, 2025 2024 2025 2024 GAAP net (loss) income available to common stockholders $ (20,149) $ 29,16
Slide 26: Funds from Operations – Reconciliation of FFO per Share
FUNDS FROM OPERATIONS – RECONCILIATION OF FFO PER SHARE (UNAUDITED, AMOUNTS IN THOUSANDS) FFO FAD FO R TH E TH RE E M O N TH S E ND E D SE P TE M BE R 30, 2025 2024 2025 2024 FFO/FAD attributable to common stockholders $ (10,424) $ 34,556 $ 35,720 $ 34,721 (1) Non-recurring one-time items 42,418 (4,
Slide 27: Funds from Operations – Reconciliation of FFO and FAD (Non-Recurring Items)
FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD (NON-RECURRING ITEMS) (UNAUDITED, AMOUNTS IN THOUSANDS) T HRE E MO NTH S E N DE D N INE MO N TH S E N DE D S E P TE M BE R 30, S E P TE M BE R 30, 2025 2024 2025 2024 Reconciliation of non-recurring adjustments to NAREIT FFO: (1) Provision for cr
Slide 28: 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 evenly over deferred rent repayment and excludes real estate tax reimburseme
Slide 29: Glossary
GLOSSARY Mortgage Loan: Mortgage financing is provided on properties based on our established investment underwriting Real Estate Investments: Represents our investments in real property, financing receivables, mortgage loans receivable criteria and secured by a first mortgage. Subject to underwriti
Slide 30: Forward-Looking Statements and Non-GAAP Information
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 RIDEA, triple-net leases, joint ventures and structured finance s