Slide 1: Renewal and Transition Supplemental Operating and Financial Data Fourth Quarter 2025
RENEWAL AND TRANSITION SUPPLEMENTAL OPERATING AND FINANCIAL DATA FOURTH QUARTER 2025
Slide 2: Table of Contents, Leadership and Contact Information
4Q 2025 SUPPLEMENTAL REPORT INVESTMENTS 3 Seniors Housing Operating Portfolio ("SHOP") Transformation Portfolio Transformation Acquisitions and Mortgage Loans Near-Term Loan Payoffs Expected & Purchase Options to be Exercised PORTFOLIO 7 Portfolio Overview Operator Update and Subsequent Events Portf
Slide 3: Seniors Housing Operating Portfolio (SHOP) Transformation
4Q 2025 SUPPLEMENTAL REPORT INVESTMENTS I 3 SENIORS HOUSING OPERATING PORTFOLIO (“SHOP”) TRANSFORMATION 2025 SHOP ACTIVITIES SINCE MAY ($565M) $353M in SHOP acquisitions $212M - Three SHOP conversions Seven SHOP operators, five new to LTC SHOP GROWTH (DOLLAR AMOUNTS IN MILLIONS) 2026 INVESTMEN
Slide 4: Portfolio Transformation: Decreasing SNF and Loan Exposure
4Q 2025 SUPPLEMENTAL REPORT Mortg Loans, 15% Mortg Loans, 16% Mortg Loans, 8% Fin Rec, 17% Fin Rec, 15% Fin Rec, 10% NNN 64% NNN 44% NNN 36% SHOP 24% SHOP 45% 0% 20% 40% 60% 80% 100% 2024 2025 2026E NNN SHOP FIN REC LOANS NOTES REC & UNCONS JV INVESTMENTS I 4 PORTFOLIO TRANSFORMATION: DECREASING SNF
Slide 5: Mortgage Loans
4Q 2025 SUPPLEMENTAL REPORT MORTGAGE LOANS INVESTMENTS I 5 (1) Represents mortgage loans commitment to construct seniors housing communities and to fund working capital and interest reserve. The borrowers contribute equity, which initially funds the construction. Once all of the borrower’s equity ha
Slide 6: Near-Term Loan Payoffs Expected & Purchase Options Anticipated to Be Exercised
4Q 2025 SUPPLEMENTAL REPORT INVESTMENTS I 6 REAL ESTATE – NEAR-TERM LOAN PAYOFFS EXPECTED & PURCHASE OPTIONS ANTICIPATED TO BE EXERCISED(1) (DOLLAR AMOUNTS IN THOUSANDS) EXPECTED OPTION # OF PROPERTY GROSS SALES/PAYO FF WINDOW INVESTMENT TYPE PROPE RTIES TYPE INVESTME NTS PROCEEDS 2025 (2) Owned 2 S
Slide 7: Portfolio Overview by Investment Type
4Q 2025 SUPPLEMENTAL REPORT # OF % OF BY INVESTMENT TYPE PROPERTIES INVESTMENT NOI (1 ) % OF NOI INCOME STATEMENT LINE Owned Portfolio Triple-Net Portfolio ("NNN") 98 1,045,400 $ 43.6% 93,947 $ 52.1% Rental income Seniors Housing Operating Portfolio ("SHOP")(2) 565,265 25 23.6% 18,028 (2) 10.0% Resi
Slide 8: Portfolio Overview by Property Type
4Q 2025 SUPPLEMENTAL REPORT PORTFOLIO I 8 # OF OWNED PRO PERTIES - NNN PROPERTIES RENTAL INCOME(1 ) Seniors Housing 54 505,473 $ 21.1% 38,040 $ 21.1% Skilled Nursing 43 527,922 22.0% 54,718 30.3% Other 1 12,005 0.5% 1,189 0.7% Total 98 1,045,400 $ 43.6% 93,947 $ 52.1% # OF OWNED PRO PERTIES - SHOP P
Slide 9: Portfolio Overview - Operator Update
4Q 2025 SUPPLEMENTAL REPORT PORTFOLIO I 9 PORTFOLIO OVERVIEW - OPERATOR UPDATE (DOLLAR AMOUNTS IN THOUSANDS) Market-Based Rent Resets: Received $5,625 of revenue from a 14-property portfolio in 2025 vs. $3,448 in 2024 (63% increase). Two of the 14 properties were converted into SHOP in January 202
Slide 10: Portfolio Diversification - Geography
4Q 2025 SUPPLEMENTAL REPORT PORTFOLIO I 10 PORTFOLIO DIVERSIFICATION – GEOGRAPHY (AS OF DECEMBER 31, 2025) * Behavioral health care hospital SNF (68) SH– NNN (92) OTH* (1) LAND (3) UDP (1) CA WA ME NV WY IL AR WV ND NY OR AZ NM TX UT ID MT SD NE KS OK MS MN WI FL AL GA SC TN MO IA IN OH PA NJ NC VA
Slide 11: Gross Portfolio by MSA and Average Portfolio Age
4Q 2025 SUPPLEMENTAL REPORT 39.0% 25.7% 27.6% 6.0% 1.7% 0.0% 25.0% 50.0% MSAs 1-31 MSAs 32-100 MSAs > 100 Cities in Micro-SA Cities not in MSA or Micro-SA 17 years 9 years 0 10 20 30 40 NNN SHOP Years (1) The MSA rank by population as of July 1, 2024, as estimated by the United States Census Bureau.
Slide 12: SHOP Performance and Guidance
4Q 2025 SUPPLEMENTAL REPORT # O F # OF GROSS O PERATO RS(1 ) PRO PERTIES UNITS STATES INVESTMENT % Lifespark Acquired 5 520 WI 194,577 $ 34.4% Anthem Memory Care Initial Conversion 12 732 CA, CO, IL, KS, OH 154,343 27.3% Discovery Senior Living Acquired 2 167 CA, TN 66,822 11.8% New Perspective Init
Slide 13: Real Estate Investments (Excluding SHOP) - Operators
4Q 2025 SUPPLEMENTAL REPORT LTC PORTION PRO PERTY # OF GRO SS OF GROSS OPERATO RS(1 ) TYPE PROPERTIES CONTRACTUAL CASH NOI % % INVESTMENT INVESTMENT Prestige Healthcare SNF/OTH 23 29,167 $ 17.5% 30,435 $ 18.1% 267,982 $ — $ 267,982 $ ALG Senior SH 29 21,864 (4) 13.1% 23,497 (4) 14.0% 297,292 63,941
Slide 14: Real Estate Investments Portfolio (Excluding SHOP) - Maturity
4Q 2025 SUPPLEMENTAL REPORT REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - MATURITY (AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) PORTFOLIO I 14 (1) See Annualized GAAP NOI definition in the Glossary. (2) One of the six lease maturities is a master lease covering two skilled nursing c
Slide 15: Real Estate Investments Portfolio (Excluding SHOP) - Metrics
4Q 2025 SUPPLEMENTAL REPORT (1) Information is from property level operator financial statements which are unaudited and have not been independently verified by LTC. The same store portfolio excludes properties re-tenanted or sold after July 1, 2024; and excludes properties transitioned to LTC’s SHO
Slide 16: Enterprise Value
4Q 2025 SUPPLEMENTAL REPORT DE CEMBE R 31, 2025 Revolving line of credit - WA rate 4.4%(1) $ 252,863 Term loans, net of debt issue costs - WA rate 4.8%(2) 198,213 Senior unsecured notes, net of debt issue costs - WA rate 4.1%(3) 391,105 Total debt - WA rate 4.4% 842,181 30.6% No. of shares Closing P
Slide 17: Debt Metrics
4Q 2025 SUPPLEMENTAL REPORT LEVERAGE RATIOS COVERAGE RATIOS LINE OF CREDIT LIQUIDITY FINANCIAL I 17 DEBT METRICS (DOLLAR AMOUNTS IN THOUSANDS) $130,000 $302,250 $144,350 $252,863 $270,000 $97,750 $280,650 $347,137 $- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 2022 2023 2024 4Q25 Balance A
Slide 18: Debt Maturity
4Q 2025 SUPPLEMENTAL REPORT REVOLVING SENIOR LINE OF TERM UNSECURED % O F YEAR CREDIT LOANS(1 ) NOTES(1 ) TOTAL TOTAL 2026 — $ — $ 51,500 $ 51,500 $ 6.1% 2027 — — 54,500 54,500 6.5% 2028 — 50,000 55,000 105,000 12.4% 2029 252,863 55,000 63,000 370,863 43.9% 2030 — 55,000 67,000 122,000 14.4% 2031 —
Slide 19: Reconciliation of 2026 Guidance
4Q 2025 SUPPLEMENTAL REPORT FINANCIAL I 19 RECONCILIATION OF 2026 GUIDANCE (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Guidance The Company is introducing guidance for the 2026 full year, and is providing 1Q26 guidance. The following guidance ranges reflect management's view of curre
Slide 20: 2026 Guidance Notes and Reconciliation
4Q 2025 SUPPLEMENTAL REPORT (1) For leases and loans in place at December 31, 2025 and adjusted for the anticipated activities listed on the Operator Update on page 9. (2) Decrease of $200 due to the expected write-off of effective interest related to the anticipated 1Q26 sale of three properties in
Slide 21: Financial Data Summary
4Q 2025 SUPPLEMENTAL REPORT RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES FINANCIAL I 21 FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) 12/31/25 Net income 91,462 $ 94,879 $ 123,880 $ 103,651 $ Less: Gain on sale of real estate, net (37,296) (7,979) (77,822) (78,057) Add: In
Slide 22: Consolidated Statements of Income
4Q 2025 SUPPLEMENTAL REPORT 2025 2024 2025 2024 Revenues: Rental income 26,708 $ 34,814 $ 116,171 $ 132,278 $ Resident fees and services (1) 37,963 — 72,116 — Interest income from financing receivables(2) 7,133 7,002 28,315 21,663 Interest income from mortgage loans 10,308 9,374 39,023 45,216 Intere
Slide 23: Consolidated Balance Sheets
4Q 2025 SUPPLEMENTAL REPORT FINANCIAL I 23 CONSOLIDATED BALANCE SHEETS (AUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) ASSETS Investments: Land $ 128,590 $ 118,209 Buildings and improvements 1,482,075 1,212,853 Accumulated depreciation and amortization (408,906) (405,884) Operating real es
Slide 24: Funds from Operations
4Q 2025 SUPPLEMENTAL REPORT 2025 2024 2025 2024 GAAP net income available to common stockholders 101,618 $ 17,912 $ 117,276 $ 90,358 $ Add: Impairment loss — 6,953 — 6,953 Add: Depreciation and amortization 10,949 9,194 37,874 36,367 Less: Gain on sale of real estate, net (78,057) (1,097) (77,822) (
Slide 25: Funds from Operations - Core FFO/FAD
4Q 2025 SUPPLEMENTAL REPORT FOR THE THREE MONTHS ENDED DECEMBER 31, FFO/FAD attributable to common stockholders 34,510 $ 32,962 $ 37,039 $ 30,201 $ Non-recurring one-time items(1) (3,379) (1,051) (2,008) — Core FFO/FAD 33,459 29,583 35,031 30,201 Effect of dilutive securities: Participating securiti
Slide 26: Reconciliation of Adjustments to Nareit FFO
4Q 2025 SUPPLEMENTAL REPORT 2025 2024 2025 2024 Reconciliation of adjustments to Nareit FFO: Notes receivables and related interest receivable, if applicable, write-off 957 $ (1) $ 290 (2) $ 4,021 (1) $ 290 (2) Provision for credit losses related to partial principal paydown — — — 613 Provision for
Slide 27: Glossary
4Q 2025 SUPPLEMENTAL REPORT Annualized Contractual Cash NOI: Represents annualized contractual cash rental income (prior to abatements & deferred rent repayment and excludes real estate tax reimbursement), interest income from financing receivables, mortgage loans, mezzanine loans and working capita
Slide 28: Glossary (continued)
4Q 2025 SUPPLEMENTAL REPORT 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 micro
Slide 29: Forward-Looking Statements and Non-GAAP Information
4Q 2025 SUPPLEMENTAL REPORT FORWARD-LOOKING STATEMENTS This supplemental information contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, adopted pursuant to the Private Se