Slide 1: Renewal and Transition Supplemental Operating and Financial Data Second Quarter 2023
RENEWAL AND TRANSITION SUPPLEMENTAL OPERATING AND FINANCIAL DATA SECOND QUARTER 2023
Slide 2: Forward-Looking Statements
2Q 2023 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
Slide 3: Board of Directors, Leadership, Analysts and Company Information
2Q 2023 SUPPLEMENTAL REPORT 3 Any opinions, estimates, or forecasts regarding LTC’s performance made by the analysts listed above do not represent the opinions, estimates, and forecasts of LTC or its management. BOARD OF DIRECTORS ANALYSTS LEADERSHIP LTC PROPERTIES, INC. 2829 Townsgate Road Suite 35
Slide 4: Real Estate Activities – Investments and Capital Recycling Since 2014
2Q 2023 SUPPLEMENTAL REPORT Million $ 415.0 Total Sales (2) INVESTMENTS I 4 Million 190.8 Total Gains $ Billion $ 1.4 Total Investments (1) MILLION REAL ESTATE ACTIVITIES – INVESTMENTS AND CAPITAL RECYCLING SINCE 2014 (FROM JANUARY 1, 2014 THROUGH JULY 27, 2023) $176.4 $257.9 $74.3 $39.1 $0.0 $11.8
Slide 5: Real Estate Activities – Acquisitions and Financing Receivables 2022-2023 YTD
2Q 2023 SUPPLEMENTAL REPORT CONTRACTUAL # OF PROPERTY # BEDS/ DATE OF INITIAL PROPERTIES TYPE UNITS LOCATION OPERATOR CONSTRUCTION CASH YIELD 2022 4/1 4 SNF 339 beds Various cities in TX Ignite Medical Resorts 2017-2018 8.00% 51,534 $ (1) 2023 6/1 1 ILF/ALF/MC 242 units Centerville, OH Encore Senior
Slide 6: Real Estate Activities – Mortgage & Mezzanine Loan Originations 2022-2023 YTD
2Q 2023 SUPPLEMENTAL REPORT MORTGAGE LOANS INVESTMENTS I 6 REAL ESTATE ACTIVITIES – MORTGAGE & MEZZANINE LOAN ORIGINATIONS - 2022-2023 YTD (DOLLAR AMOUNTS IN THOUSANDS) MEZZANINE LOANS (1) The loan includes two 12-month extension options. The initial cash rate is 8.00% with a 11.00% IRR. Our investm
Slide 7: Investments – Development and Investment Properties
2Q 2023 SUPPLEMENTAL REPORT INVESTMENT PROPERTY # OF LTC YEAR TYPE UNITS/BEDS LOCATION OPERATOR INVESTMENT PURPOSE COMMITMENT 2017 ILF/ALF/MC 110 units Cedarburg, WI Tealwood Senior Living Owned Real Estate 22,244 $ 2,305 $ — 19,939 $ 2017 ALF 87 units Spartanburg, SC ALG Senior Owned Real Estate 11
Slide 8: Investments – Development and Renovation Commitments
2Q 2023 SUPPLEMENTAL REPORT CONTRACTUAL TOTAL COMMITMENT # OF PROPERTY PROJECT INITIAL INVESTMENT 2Q23 FUNDED REMAINING YEAR PROPERTIES TYPE TYPE LOCATION OPERATOR CASH YIELD TO DATE COMMITMENT — (1) 2018 1 SNF Renovation Grand Haven, MI Prestige Healthcare 9.41% 3,000 $ 31 $ 1,807 $ 1,193 $ (1) — (
Slide 9: Portfolio Overview by Investment Type and Property Type
2Q 2023 SUPPLEMENTAL REPORT # OF % OF % OF BY INVESTMENT TYPE PROPERTIES INVESTMENT REVENUES(1) REVENUES INCOME STATEMENT LINE Owned Portfolio 148 1,421,260 $ 65.8% 113,809 $ 66.1% Rental Income Financing Receivables 14 198,056 9.1% 9,344 5.5% Interest Income from Financing Receivables Mortgage Loan
Slide 10: Portfolio Overview – Detail
2Q 2023 SUPPLEMENTAL REPORT PORTFOLIO I 10 PORTFOLIO OVERVIEW – DETAIL (AS OF JUNE 30, 2023, DOLLAR AMOUNTS IN THOUSANDS) # OF OWNED PORTFOLIO PROPERTIES RENTAL INCOME(1) Assisted Living 97 817,781 $ 37.8% 53,992 $ 31.4% Skilled Nursing 50 591,474 27.4% 58,814 34.1% Other 1 12,005 0.6% 1,003 0.6% To
Slide 11: Portfolio Diversification – Operators
2Q 2023 SUPPLEMENTAL REPORT PORTFOLIO I 11 PORTFOLIO DIVERSIFICATION – 29 OPERATORS (AS OF JUNE 30, 2023, DOLLAR AMOUNTS IN THOUSANDS) CARESPRING Privately Held SNF/ILF/ALF Transitional Care 17 Properties 2 States IGNITE Privately Held SNF/ALF 19 Properties 6 States ARK Privately Held SNF/ILF/ALF 14
Slide 12: Portfolio Revenue Updates
2Q 2023 SUPPLEMENTAL REPORT PORTFOLIO I 12 REVENUE UPDATES During 2Q23, we deferred, net of repayments, 0.8% or $300 of contractual rent and mortgage interest income. We collected 97.5% or $36,685 of contractual rent and mortgage interest income and provided 1.7% or $645 of abated rent to an existin
Slide 13: Portfolio Diversification – Maturity
2Q 2023 SUPPLEMENTAL REPORT 8.6% 5.2% 4.6% 9.9% 6.2% 2.2% 4.0% 1.8% 19.6% 8.3% 3.5% 3.6% 1.5% 0.8% 17.1% 0.3% 1.8% 0.1% 0.1% 0.8% 0.0% 20.0% 40.0% 2023 2024 2025 2026 2027 2028 2029 2030 Thereafter RENTAL FINANCING INTEREST OTHER NOTES JV (As a % of Total Annualized GAAP Income) Near Term Maturities
Slide 14: Portfolio Diversification – Geography
2Q 2023 SUPPLEMENTAL REPORT States in which we have some of the highest concentration of properties are states with the highest projected increases in the 80+ population cohort over the next decade. PORTFOLIO I 14 PORTFOLIO DIVERSIFICATION – GEOGRAPHY (AS OF JUNE 30, 2023, DOLLAR AMOUNTS IN THOUSAND
Slide 15: Portfolio Diversification – Geography (29 States)
2Q 2023 SUPPLEMENTAL REPORT 47.5% 19.1% 24.3% 6.1% 3.0% 0.0% 20.0% 40.0% 60.0% 80.0% MSAs 1-31 MSAs 32-100 MSAs > 100 Cities in Micro-SA Cities not in MSA or Micro-SA 20 years 15 years 0 10 20 30 40 Skilled Nursing Assisted Living Years (1) The MSA rank by population as of July 1, 2021, as estimated
Slide 16: Operator Coverage and Occupancy
2Q 2023 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 transitioned on or after October 1, 2021. (2) The coverage and occupancy levels at our pr
Slide 17: Capitalization
2Q 2023 SUPPLEMENTAL REPORT JUNE 30, 2023 Revolving line of credit - WA rate 6.4% (1) $ 326,350 Term loans, net of debt issue costs - WA rate 2.7% (2) 99,583 Senior unsecured notes, net of debt issue costs - WA rate 4.2% (3) 527,456 Total debt - WA rate 4.8% 953,389 41.1% No. of shares Common stock
Slide 18: Debt Metrics
2Q 2023 SUPPLEMENTAL REPORT LEVERAGE RATIOS COVERAGE RATIOS LINE OF CREDIT LIQUIDITY FINANCIAL I 18 DEBT METRICS (DOLLAR AMOUNTS IN THOUSANDS) 35.8% 29.8% 38.4% 34.9% 37.4% 34.2% 42.1% 40.6% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Debt to Gross Asset Value Debt to Total Enterprise Value 2020 2021 2022 2Q
Slide 19: Debt Structure and Debt Maturity
2Q 2023 SUPPLEMENTAL REPORT Senior Unsecured Notes 55.3% Term Loans 10.5% Revolving Line of Credit 34.2% $326,350 $50,000 $50,000 $38,160 $49,160 $49,500 $51,500 $54,500 $55,000 $63,000 $67,000 $101,000 $- $100,000 $200,000 $300,000 $400,000 2023 2024 2025 2026 2027 2028 2029 2030 Thereafter Revolvi
Slide 20: Financial Data Summary
2Q 2023 SUPPLEMENTAL REPORT (1) For leases and loans in place at June 30, 2023, including the $17,000 mezzanine loan investment subsequent to June 30, 2023 and assuming no renewals, modifications or replacements. (2) Includes deferred interest related to Prestige Healthcare. See page 12 for further
Slide 21: Reconciliation of Annualized Adjusted EBITDAre and Fixed Charges
2Q 2023 SUPPLEMENTAL REPORT RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES FINANCIAL I 21 FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) (1) Represents the gain from insurance proceeds related to previously sold properties. (2) Represents a loss of $758 from the sale of prope
Slide 22: Consolidated Statements of Income
2Q 2023 SUPPLEMENTAL REPORT FINANCIAL I 22 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2023 2022 2023 2022 Revenues Rental income 31,537 $ 31,628 $ 63,272 $ 61,952 $ Interest income from financing receivables(1) 3,830 — 7,581 — Interest income from m
Slide 23: Consolidated Balance Sheets
2Q 2023 SUPPLEMENTAL REPORT FINANCIAL I 23 CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) ASSETS Investments: Land $ 124,901 $ 124,665 Buildings and improvements 1,286,615 1,273,025 Accumulated depreciation and amortization (393,449) (389,182) Operating real estate prop
Slide 24: Funds from Operations Reconciliation Notes
2Q 2023 SUPPLEMENTAL REPORT (1) Represents the net of (2) and (3) below. (2) Includes $1,832 of provision for credit losses related to the $121,321 acquisition accounted for as a financing receivable and $61,900 of mortgage loan originations. (3) Represents the prepayment fee and exit IRR related to
Slide 25: FFO/FAD Reconciliation
2Q 2023 SUPPLEMENTAL REPORT FOR THE THREE MONTHS ENDED JUNE 30, FFO/FAD attributable to common stockholders 27,178 $ 25,350 $ 27,935 $ 26,779 $ Non-recurring one-time items — (859) (2) (1,181) — (4) FFO/FAD attributable to common stockholders excluding non-recurring items 27,178 24,491 27,935 25,598
Slide 26: ESG Accomplishments to Date
2Q 2023 SUPPLEMENTAL REPORT 26 ESG (ENVIRONMENTAL, SOCIAL & GOVERNANCE) ACCOMPLISHMENTS TO DATE ESG I The Board committed to an ESG Initiative Appointed Cornelia Cheng as new Board member Board established an ESG committee to oversee practices and performance Created and published an Environmental S
Slide 27: ESG Agenda
2Q 2023 SUPPLEMENTAL REPORT ESG I 27 ESG (ENVIRONMENTAL, SOCIAL & GOVERNANCE) 2023 2023 ESG Agenda ENVIRONMENT • Measure and report on energy and water usage, and waste management at LTC across select operator portfolios • Continue to build out our use of ClimateCheck®, which provides detailed clima
Slide 28: Glossary
2Q 2023 SUPPLEMENTAL REPORT Annualized Actual Cash Income: Represents annualized cash rental income includes cash rent and excludes real estate tax reimbursement, interest income from financing receivables, mortgage loans, mezzanine loans and working capital notes, and income from unconsolidated joi
Slide 29: Glossary – Mezzanine and Other Definitions
2Q 2023 SUPPLEMENTAL REPORT Mezzanine: In certain circumstances, the Company strategically allocates a portion of its capital deployment toward mezzanine loans to grow relationships with operating companies that have not typically utilized sale-leaseback financing as a component of their capital str