Ltc Properties, Inc. · NYSE:LTC
Ltc Properties — Investor Presentation (December 2025)
34 slides from Ltc Properties's investor presentation, December 2025
Slide 1: Investor Presentation December 2025
Investor Presentation December 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 CLINT MALIN Co-President and Co-CEO INVESTMENTS 6 Portfolio Snapshot CECE CHIKHALE EVP, Chief Financial Officer, Treasurer and Secretary Acquisitions and Mortgage Loans DAVID BOITANO EVP, Chie
Slide 3: About LTC
ABOUT LTC LTC Properties, Inc. (NYSE: LTC) is a real estate investment trust (REIT) focused on seniors housing and health care properties, investing through SHOP, triple-net leases, joint ventures, and structured finance solutions. MONTHLY DIVIDENDS PROFORMA SEPTEMBER 30, 2025 Established 1992 Divid
Slide 4: LTC Is a Compelling Investment
LTC IS A COMPELLING INVESTMENT GENERATING SUBSTANTIAL GROWTH IN SHOP SINCE THE PORTFOLIO LAUNCH IN MAY 2025 LONGSTANDING EXECUTIVE LEADERSHIP TEAM WITH DECADES OF EXPERIENCE IN HEALTH CARE REAL ESTATE 248 CONSECUTIVE PAYMENTS OF MONTHLY DIVIDENDS CONSERVATIVE AND STRONG BALANCE SHEET LADDERED DEBT M
Slide 5: Why Senior Housing? Why Now?
WHY SENIOR HOUSING? WHY NOW? DEMOGRAPHICS DRIVE DEMAND(1) U.S. Senior Population Growth Projections by Age Bracket 60 85+ 80+ 75+ Demographics and relatively low supply drives occupancy highs and above average rate 40 growth. Demand now exceeds new supply.(1) Millions Construction starts are at
Slide 6: Portfolio Snapshot
PORTFOLIO SNAPSHOT (PROFORMA SEPTEMBER 30, 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 RECEIV
Slide 7: Real Estate Activities – Investments
REAL ESTATE ACTIVITIES – 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 — — — — Grea
Slide 8: 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 N T # OF P RO P E RTY # OF I NVE ST M E NT INVE S TM E NT 3Q 25 FUN D E D RE M AININ G YE AR P RO P E RT IE S TYP E UNIT S/BE D S L O CATI O N O P E RAT
Slide 9: Real Estate Activities – Purchase Options
REAL ESTATE ACTIVITIES – 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
Slide 10: 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 11: 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 12: Proforma Portfolio Overview - Detail
PROFORMA PORTFOLIO OVERVIEW - DETAIL (PROFORMA SEPTEMBER 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) T RAIL ING TW E LVE M O NT HS E N DE D RENTAL INCOME (AS % OF TOTAL NOI) S E P T E M BE R 30, 2025 G RO SS % OF 50.0% # OF 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 S I
Slide 13: 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 14: 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 15: 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 16: Proforma Real Estate Investments Portfolio (Excluding SHOP) Diversification
PROFORMA REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) DIVERSIFICATION (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 CAS H NO I %
Slide 17: 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 collected $1,590 and $4,065 of revenue during 3Q25 and YTD 2025, respectively. We continue to expect to collect $5,655 of revenue
Slide 18: 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 NT AL % OF FIN AN CING RE C % OF M O RT G AGE L O ANS % OF O TH E R N O T E S % OF UN CO NS O L IDATE D % OF AN NUALIZE D % OF (1 ) YE AR INCO M E T O T AL INCO M E TO
Slide 19: 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 20: Enterprise Value
ENTERPRISE VALUE (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) PROFORMA SEPTEMBER 30, 2025 CAPITALIZATION SEPTEMBER 30, 2025 CAPITALIZATION DEBT Revolving line of credit - WA rate 4.8% $ 548,450 $ 429,550 Senior unsecured notes, net of debt issue costs - WA rate 4.1% (1) 396,
Slide 21: 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 $- 2022 2023 2024 3Q25 3Q25 PROFORMA (1) See Proforma Activities page fo
Slide 22: Proforma Debt Maturity
PROFORMA DEBT MATURITY (PROFORMA SEPTEMBER 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) RE VO LVING S E NIO R LINE O F UNSE CURE D % OF DEBT STRUCTURE (2) (2 ) YE AR CRE D IT NO TE S T O TAL TO TAL 2025 $ — $ 5,000 $ 5,000 0.6% 2026 — 51,500 51,500 6.2% 2027 — 54,500 54,500 6.6% Senior Unsecured Notes 202
Slide 23: Financial Data Summary
FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) 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 Net investments $ 1,562,668 $ 1,741,093 $ 1,674,140 $ 1,962,468 $ 1,942,910 (1) Includes outstanding gross revo
Slide 24: 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 25: Consolidated Statements of Income
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) T H RE E M O N TH S E ND E D NINE M O NTH S E NDE D S E P TE M BE R 30, S E P TE M BE R 30, 2025 2 024 202 5 2024 Revenues: Rental income $ 27,842 $ 32,258 $ 89,463 $ 97,464 (1) Resident fees and services 2
Slide 26: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) S E P TE M BE R 30, 2025 D E CE M BE R 31, 2024 AS S E T S (unaudited) (audited) Investments: Land $ 121,884 $ 118,209 Buildings and improvements 1,402,825 1,212,853 Accumulated depreciation and amortization (398,017) (405,
Slide 27: Appendix A: SEC Reg. G Compliance
Appendix A: SEC Reg. G Compliance INVESTOR PRESENTATION DECEMBER 2025 27
Slide 28: 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 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 $ 91,46
Slide 29: 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 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,
Slide 30: Reconciliation of FFO Per Share
APPENDIX A: SEC REG. G COMPLIANCE - 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 T E 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 ite
Slide 31: 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) TH RE E M O N TH S E N D E D NINE M O NTH S E NDE D S E P TE MBE R 30, S E P TE M BE R 30, 2025 2024 2025 2024 Reconciliation of non-recurring adjustments to NAREIT FFO: (1) Prov
Slide 32: 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 33: 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 34: Forward-Looking Statements
Founded in 1992, LTC Properties, Inc. (NYSE: LTC) is a self-administered real estate investment trust (REIT) focused on seniors housing and health care properties, investing through SHOP, triple-net leases, joint ventures and structured finance solutions. LTC’s portfolio encompasses Skilled Nursing
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