Ltc Properties, Inc. · NYSE:LTC
Ltc Properties — Q3 2026 Earnings Presentation
32 slides from Ltc Properties's earnings presentation, Nov 3, 2026
Slide 1: Supplemental Information 3Q 2026
3Q26 SUPPLEMENTAL Supplemental Information 3Q 2026
Slide 2: Leadership, Board of Directors, Analysts, Table of Contents
3Q26 SUPPLEMENTAL LEADERSHIP BOARD OF DIRECTORS ANALYSTS TABLE OF CONTENTS 2 LTC PROPERTIES, INC. 3011 Townsgate Road, Suite 220 Westlake Village, CA 91361 805-981-8655 www.LTCreit.com TRANSFER AGENT Broadridge Shareholder Services c/o Broadridge Corporate Issuer Solutions 1155 Long Island Avenue Ed
Slide 3: Seniors Housing Operating Portfolio (SHOP) Transformation
3Q26 SUPPLEMENTAL $737M $208M $55M $0 $200 $400 $600 $800 YTD 3Q26 4Q26 4Q26 ACQUISITIONS MILLIONS $0M $565M $1.6B $0 $300 $600 $900 $1,200 $1,500 $1,800 2024 2025 Proforma 2026 GROSS ASSET VALUE Proforma 2026 assumes $1B in SHOP investments (mid-point) and $59M in SHOP conversions SENIORS HOUSING O
Slide 4: Portfolio Transformation: Decreasing SNF and Loan Exposure
3Q26 SUPPLEMENTAL 4 PORTFOLIO TRANSFORMATION: DECREASING SNF AND LOAN EXPOSURE (PROFORMA 2026 ASSUMES $1B IN SHOP INVESTMENTS (MID-POINT), $59M IN SHOP CONVERSION, AND $730M IN PROPERTY SALES AND LOAN PREPAYMENTS) ASSET TYPE TRANSFORMATION: 2024 - PROFORMA 2026 NOI from Seniors Housing increases f
Slide 5: Real Estate - Investments
3Q26 SUPPLEMENTAL 5 REAL ESTATE - INVESTMENTS (DOLLAR AMOUNTS IN THOUSANDS) # OF INVESTMENT PROPERTY # OF DATE OF YEAR 1 PROPERTIES TYPE TYPE UNITS LOCATION OPERATOR CONSTRUCTION CAP RATE 1 SHOP SH 67 Morgan Hill, CA Discovery Senior Living 2019 7.4% 35,200 $ 2 SHOP SH 158 Various cities in KY Chart
Slide 6: Real Estate – Near-Term Expected Sales and Loan Payoffs
3Q26 SUPPLEMENTAL 6 REAL ESTATE – NEAR-TERM EXPECTED SALES AND LOAN PAYOFFS (DOLLAR AMOUNTS IN THOUSANDS) Total 2026 expected gross proceeds $730M Total 2026 annualized income $53M $64,000 $22,100 $464,100 $180,000 $4,800 $2,200 $25,600 $20,300 $0 $100,000 $200,000 $300,000 $400,000 $500,000 1Q26 2Q
Slide 7: Proforma Activities
3Q26 SUPPLEMENTAL 7 PROFORMA ACTIVITIES (DOLLAR AMOUNTS IN THOUSANDS) Proforma represents amounts as of September 30, 2026 adjusted as follows: Annualized SHOP NOI at a weighted average year-one cap rate of 6.8% for 3Q26 & 4Q26 acquisitions totaling $774,100 on 16 seniors housing communities wit
Slide 8: Proforma Portfolio Overview
3Q26 SUPPLEMENTAL 8 PROFORMA PORTFOLIO OVERVIEW(1) (PROFORMA AS OF SEPTEMBER 30, 2026, DOLLAR AMOUNTS IN THOUSANDS) # OF % OF BY INVESTMENT TYPE PROPERTIES INVESTMENT NOI (2) % OF NOI INCOME STATEMENT LINE Owned Portfolio Triple-Net Portfolio ("NNN") 58 713,932 $ 23.7% 68,760 $ 33.5% Rental income S
Slide 9: Proforma Portfolio Overview – Detail
3Q26 SUPPLEMENTAL 9 PROFORMA PORTFOLIO OVERVIEW – DETAIL(1) (1) See Proforma Activities on page 7 for further discussion. (2) See Trailing Twelve Months NOI definition in the Glossary. (3) Financing receivables represent acquisitions through sale-leaseback transactions, subject to lease agreements t
Slide 10: Portfolio Overview – Operator Update
3Q26 SUPPLEMENTAL 10 PORTFOLIO OVERVIEW – OPERATOR UPDATE (AS OF SEPTEMBER 30, 2026, DOLLAR AMOUNTS IN THOUSANDS) Market-Based Rent Resets: Received $1,380 of rental revenue during 3Q26 from the 10-property portfolio with leases containing market-based rent resets. We have taken the following step
Slide 11: Proforma Portfolio Diversification – Geography
3Q26 SUPPLEMENTAL 11 PROFORMA PORTFOLIO DIVERSIFICATION – GEOGRAPHY(1) (PROFORMA AS OF SEPTEMBER 30, 2026) OPERATORS 30 STATES 28 PROPERTIES 168 UNITS/BEDS 14,937 PORTFOLIO 1 (1) See Proforma Activities on page 7 for further discussion. Behavioral health care hospital SNF (45) SH (72) OTH* (1) LAND
Slide 12: Proforma Portfolio Diversification by State
3Q26 SUPPLEMENTAL # OF STATE(2) PROPERTIES % SH - SHOP % SH - NNN % SNF % % Wisconsin 14 361,655 $ 12.0% 289,887 $ 18.3% 57,822 $ 6.9% 13,946 $ 2.4% — $ — North Carolina 33 304,766 10.1% — — 304,766 36.3% — — — — Minnesota 6 296,103 9.8% 296,103 18.7% — — — — — — Michigan 24 294,147 9.8% — — 39,907
Slide 13: Proforma SHOP Diversification
3Q26 SUPPLEMENTAL 13 PROFORMA SHOP DIVERSIFICATION(1) (AS OF SEPTEMBER 30, 2026, DOLLAR AMOUNTS IN THOUSANDS) BY OPERATOR (1) See Proforma Activities on page 7 for further discussion. PORTFOLIO Cloverland Park Brentwood, TN # OF GROSS STATE UNITS INVESTMENT % Minnesota 6 668 296,103 $ 18.7% Wisconsi
Slide 14: SHOP Performance and Guidance
3Q26 SUPPLEMENTAL 1Q26 2Q26 3Q26 Properties, at end of quarter 27 27 27 Units, at end of quarter 2,281 2,281 2,281 Average units available 2,192 2,281 2,281 Average unit occupancy 89.4% 90.0% 91.0% Total revenues 47,042 $ 49,491 $ 50,046 $ Operating expenses 34,416 36,188 36,093 NOI 12,626 $ 13,303
Slide 15: Triple-Net and Loan Portfolio – Operators
3Q26 SUPPLEMENTAL LTC PORTION PROPERTY # OF GROSS OF GROSS OPERATORS(1) TYPE PROPERTIES CONTRACTUAL CASH NOI % % INVESTMENT INVESTMENT Prestige Healthcare SNF/OTH 23 29,240 $ 21.5% 30,347 $ 22.1% 267,294 $ — $ 267,294 $ ALG Senior SH 29 21,973 (3) 16.2% 23,420 (3) 17.0% 298,750 63,941 234,809 Encore
Slide 16: Triple-Net and Loan Portfolio – Maturity
3Q26 SUPPLEMENTAL 16 REAL ESTATE INVESTMENTS TRIPLE-NET AND LOAN PORTFOLIO – MATURITY (AS OF SEPTEMBER 30, 2026, DOLLAR AMOUNTS IN THOUSANDS) (1) See Annualized GAAP NOI definition in the Glossary. (2) The Prestige $179,373 mortgage loan secured by 14 skilled nursing centers in Michigan has an optio
Slide 17: Portfolio (Excludes SHOP) – Metrics
3Q26 SUPPLEMENTAL 17 (TRAILING TWELVE MONTHS THROUGH JUNE 30, 2026 AND MARCH 31, 2026) SAME PROPERTY PORTFOLIO (“SPP”) COVERAGE STATISTICS(1) SENIORS HOUSING SKILLED NURSING 1.16 1.21 1.40 1.46 87.4% 88.3% 80.0% 85.0% 90.0% 95.0% 100.0% 0.00x 1.00x 2.00x 1Q26 2Q26 Occupancy % Normalized EBITDAR Norm
Slide 18: Enterprise Value
3Q26 SUPPLEMENTAL 18 ENTERPRISE VALUE (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) (1) We have fixed interest rate swap agreements on $200,000 of our revolving line of credit at a weighted average rate of 4.3%. Subsequent to September 30, 2026, we repaid $20,000 under
Slide 19: Debt Metrics
3Q26 SUPPLEMENTAL $302,250 $144,350 $252,863 $429,900 $409,900 $97,750 $280,650 $347,137 $470,100 $490,100 $- $300,000 $600,000 $900,000 2023 2024 2025 3Q26 Proforma 3Q26 Available Balance (1) 19 DEBT METRICS (DOLLAR AMOUNTS IN THOUSANDS) LINE OF CREDIT LIQUIDITY LEVERAGE RATIOS COVERAGE RATIOS 39.5
Slide 20: Proforma Debt Maturity
3Q26 SUPPLEMENTAL Senior Unsecured Notes 36.8% Term Loans 20.7% Revolving Line of Credit 42.5% 20 PROFORMA DEBT MATURITY (AS OF SEPTEMBER 30, 2026, DOLLAR AMOUNTS IN THOUSANDS) $900M SENIOR REVOLVING TERM UNSECURED % OF YEAR LINE OF CREDIT LOANS(1) NOTES(1) TOTAL TOTAL 2026 — $ — $ 15,000 $ (2) $ 1.
Slide 21: Reconciliation of 2026 Guidance
3Q26 SUPPLEMENTAL 21 RECONCILIATION OF 2026 GUIDANCE (UNAUDITED, DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) GUIDANCE 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 will not diffe
Slide 22: Financial Data Summary
3Q26 SUPPLEMENTAL 22 FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) (1) For leases and loans in place at September 30, 2026, with no renewals or modifications. (2) Decrease due to a mezzanine loan maturing in April 2027. (1) Decrease primarily due to lower rent due to property sales and the co
Slide 23: Financial Data Summary – EBITDAre Reconciliation
3Q26 SUPPLEMENTAL 23 FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES Net income 91,462 $ 94,879 $ 123,880 $ 349,324 $ 350,128 $ Less: Gain on sale of real estate, net (37,296) (7,979) (77,822) (323,948) (323,948) Add: Income tax p
Slide 24: Consolidated Statements of Income
3Q26 SUPPLEMENTAL 2026 2025 2026 2025 Revenues: Resident fees and services (1) $ 22,203 70,539 $ 176,256 $ 34,153 $ Rental income 27,505 27,842 79,834 89,463 Interest income from financing receivables(2) 5,644 7,096 19,539 21,182 Interest income from mortgage loans 10,389 9,856 30,933 28,715 Interes
Slide 25: Consolidated Balance Sheets
3Q26 SUPPLEMENTAL 25 CONSOLIDATED BALANCE SHEETS (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (1) Represents acquisitions through sale-leaseback transactions, subject to leases that contain purchase options. In accordance with GAAP, the properties are required to be presented as financing
Slide 26: Funds from Operations – Reconciliation of FFO and FAD
3Q26 SUPPLEMENTAL 26 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD (UNAUDITED, DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (1) See the reconciliation of non-core adjustments on page 28 for further detail. 2026 2025 2026 2025 GAAP net income attributable to LTC Properties, Inc. sto
Slide 27: Funds from Operations – Reconciliation of FFO per Share
3Q26 SUPPLEMENTAL 27 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO PER SHARE (UNAUDITED, DOLLAR AMOUNTS IN THOUSANDS) (1) See the reconciliation of non-core adjustments on page 28 for further detail. FOR THE THREE MONTHS ENDED SEPTEMBER 30, FFO/FAD available to common stockholders 40,069 $ (10,424)
Slide 28: Funds from Operations – Reconciliation of Non-Core Adjustments
3Q26 SUPPLEMENTAL 28 FUNDS FROM OPERATIONS – RECONCILIATION OF NON-CORE ADJUSTMENTS (UNAUDITED, DOLLAR AMOUNTS IN THOUSANDS) 2026 2025 2026 2025 Reconciliation of non-core adjustments to Nareit FFO: Add: Note receivable and related interest receivable write-off — $ — $ — $ 3,064 $ (1) Add: Provision
Slide 29: Reconciliation of Proforma NOI
3Q26 SUPPLEMENTAL 29 RECONCILIATION OF PROFORMA NOI(1) (UNAUDITED, DOLLAR AMOUNTS IN THOUSANDS) MORTGAGE FINANCING LOANS NOTES NNN SHOP SUBTOTAL RECEIVABLES RECEIVABLE RECEIVABLE OTHER(2) TOTAL Revenues 106,542 $ 253,860 $ 360,402 $ 26,673 $ 41,241 $ 2,569 $ 2,566 $ 433,451 $ Income from unconsolida
Slide 30: Glossary
3Q26 SUPPLEMENTAL 30 GLOSSARY Adjusted EBITDAre: EBITDAre excluding the impact of non-core items unrelated to ongoing operations. Annualized Adjusted EBITDAre: Represents Adjusted EBITDAre for the quarter presented, multiplied by four. Annualized Contractual Cash NOI: Represents contractual cash ren
Slide 31: Glossary
3Q26 SUPPLEMENTAL 31 GLOSSARY Micropolitan Statistical Areas (“Micro-SA”): Based on the U.S. Census Bureau, Micro-SA is a geographic entity defined by the Office of Management and Budget (OMB) for use by Federal statistical agencies in collecting, tabulating, and publishing Federal statistics. A mic
Slide 32: About LTC Properties, Inc.
3Q26 SUPPLEMENTAL 32 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 SHOP, triple-net leases, joint ventures and structured finance solutions including preferred equ