Slide 1: Renewal and Transition Supplemental Operating and Financial Data First Quarter 2025
RENEWAL AND TRANSITION SUPPLEMENTAL OPERATING AND FINANCIAL DATA FIRST QUARTER 2025
Slide 2: Table of Contents, Leadership and Contact Information
1Q 2025 SUPPLEMENTAL REPORT INVESTMENTS 3 Acquisitions and Acquisitions Accounted for as Financing Receivables Mortgage Loans Joint Ventures Purchase Options PORTFOLIO 7 Overview Diversification - Operators Diversification - Maturity Diversification - Geography Real Estate Investments Metrics FINANC
Slide 3: Real Estate Activities – Investments
1Q 2025 SUPPLEMENTAL REPORT CONTRACTUAL # O F PROPERTY DATE OF INITIAL PRO PERTIES TYPE # O F UNITS LO CATIO N OPERATOR CONSTRUCTIO N CASH YIELD — (1) — (1) Feb-2024 — Great Bend, KS Brookdale Senior Living — 8.00% 315 $ DATE PURCHASE PRICE ACQUISITIONS INVESTMENTS I 3 REAL ESTATE ACTIVITIES – INVES
Slide 4: Mortgage Loans
1Q 2025 SUPPLEMENTAL REPORT TOTAL INVESTMENT 1Q25 FUNDED REMAINING LOCATION TO DATE COMMITMENT 1Q24 (1) Lansing, MI 19,500 $ 1,919 $ 14,672 $ 4,828 $ 3Q25 (2) Loves Park, IL 26,120 — — 26,120 $ 1,919 45,620 $ 14,672 $ 30,948 $ INCEPTION DATE COMMITMENT FUNDING INTEREST ESTIMATED MORTGAGE LOANS INVES
Slide 5: Real Estate Activities – Joint Ventures
1Q 2025 SUPPLEMENTAL REPORT (1) The initial cash rate is 7.00% increasing to 9.00% in year-four until the IRR is 8.00%. After achieving an 8.00% IRR, the cash rate drops to 8.00% with an IRR ranging between of 12.00% and 14.00% depending upon timing of redemption. Our investment represents 15.50% of
Slide 6: Real Estate Activities – Purchase Options
1Q 2025 SUPPLEMENTAL REPORT INVESTMENTS I 6 REAL ESTATE ACTIVITIES – PURCHASE OPTIONS (DOLLAR AMOUNTS IN THOUSANDS) PURCHASE OPTIONS CONSOLIDATED NON-OPTION # OF PRO PERTY AVERAGE AGE GROSS CONTROLLING GROSS WINDOW OPERATOR STATE PROPERTIES TYPE IN YEARS INVESTMENTS INTEREST INVESTMENTS 2024-2028 (1
Slide 7: Portfolio Overview
1Q 2025 SUPPLEMENTAL REPORT # OF % OF % OF BY INVESTME NT TYPE PROPERTIE S INVESTME NT REVENUES(1 ) REVENUE S INCO ME STATE MENT LINE Owned Portfolio 121 1,329,856 $ 64.2% 117,699 $ 63.3% Rental Income Owned Properties accounted for as Financing Receivables(2) 361,460 31 17.5% 24,834 13.3% Interest
Slide 8: Portfolio Overview – Detail
1Q 2025 SUPPLEMENTAL REPORT PORTFOLIO I 8 PORTFOLIO OVERVIEW – DETAIL (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) # OF OWNED PORTFOLIO PROPERTIES RENTAL INCOME(1) Assisted Living 70 719,428 $ 34.7% 52,467 $ 28.2% Skilled Nursing 50 598,423 28.9% 64,059 34.5% Other 1 12,005 0.6% 1,173 0.6% To
Slide 9: Portfolio Diversification – Operators
1Q 2025 SUPPLEMENTAL REPORT OPERATORS PROPERTY TYPE # OF PROPERTIES % % % GRO SS INVESTMENT NON-CONTROLLING INTEREST LTC PORTION OF GROSS INVESTMENT Prestige Healthcare(3) SNF/OTH 23 28,701 $ 15.5% 28,701 $ 15.5% 32,399 $ 17.2% 268,896 $ — $ 268,896 $ ALG Senior ALF 29 21,747 11.7% 21,747 (4) 11.7%
Slide 10: Portfolio Diversification – Operator Update
1Q 2025 SUPPLEMENTAL REPORT PORTFOLIO I 10 PORTFOLIO DIVERSIFICATION – OPERATOR UPDATE (DOLLAR AMOUNTS IN THOUSANDS) During 1Q25, we received full contractual cash interest of $4,991 from Prestige Healthcare (“Prestige”), through $3,826 of cash receipts and application of $1,165 of Prestige’s secu
Slide 11: Portfolio Maturity
1Q 2025 SUPPLEMENTAL REPORT PORTFOLIO MATURITY (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) % O F % OF % OF % OF % O F ANNUALIZED % O F YEAR TO TAL TOTAL TOTAL TO TAL TOTAL TO TAL 2025 5,170 $ (3) 4.5% — $ — 2,472 $ 6.7% — $ — — $ — 7,642 $ 4.1% 2026 19,719 (4) 17.0% — — 1,483 4.0% — — — — 21
Slide 12: Portfolio Diversification – Geography
1Q 2025 SUPPLEMENTAL REPORT PORTFOLIO I 12 PORTFOLIO DIVERSIFICATION – GEOGRAPHY (AS OF MARCH 31, 2025) * Behavioral health care hospital SNF (76) ALF (110) OTH* (1) LAND (3) UDP (1) 25 STATES 187 PROPERTIES 28 OPERATORS 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 G
Slide 13: Portfolio Diversification – Geography (25 States)
1Q 2025 SUPPLEMENTAL REPORT 46.0% 18.5% 25.8% 7.0% 2.7% 0.0% 50.0% 100.0% MSAs 1-31 MSAs 32-100 MSAs > 100 Cities in Micro-SA Cities not in MSA or Micro-SA 22 years 16 years 0 10 20 30 40 Skilled Nursing Assisted Living Years (1) The MSA rank by population as of July 1, 2024, as estimated by the Uni
Slide 14: Real Estate Investments Metrics
1Q 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 transitioned on or after October 1, 2023 and properties sold. ASSISTED LIVING SKILLED NUR
Slide 15: Enterprise Value
1Q 2025 SUPPLEMENTAL REPORT MARCH 31, 2025 Revolving line of credit - WA rate 5.5% (1) $ 148,850 Term loans, net of debt issue costs - WA rate 2.6% (2) 99,846 Senior unsecured notes, net of debt issue costs - WA rate 4.2% (3) 433,483 Total debt - WA rate 4.2% 682,179 29.5% No. of shares Closing Pric
Slide 16: Debt Metrics
1Q 2025 SUPPLEMENTAL REPORT LEVERAGE RATIOS COVERAGE RATIOS LINE OF CREDIT LIQUIDITY FINANCIAL I 16 DEBT METRICS (DOLLAR AMOUNTS IN THOUSANDS) $130,000 $302,250 $144,350 $148,850 $270,000 $97,750 $280,650 $276,150 $- $85,000 $170,000 $255,000 $340,000 $425,000 2022 2023 2024 1Q25 Balance Available (
Slide 17: Debt Maturity
1Q 2025 SUPPLEMENTAL REPORT Senior Unsecured Notes 63.6% Term Loans 14.6% Revolving Line of Credit 21.8% $148,850 $50,000 $50,000 $42,500 $51,500 $54,500 $55,000 $63,000 $67,000 $56,000 $35,000 $10,000 $- $100,000 $200,000 $300,000 $400,000 2025 2026 2027 2028 2029 2030 2031 2032 Thereafter Revolvin
Slide 18: Financial Data Summary
1Q 2025 SUPPLEMENTAL REPORT (1) For leases and loans in place at March 31, 2025 assuming the sale of seven skilled nursing centers and no other renewals or modifications. (2) In connection with the termination of two existing leases and combining them into a single master lease, we wrote off $492 of
Slide 19: Reconciliation of Annualized Adjusted EBITDAre and Fixed Charges
1Q 2025 SUPPLEMENTAL REPORT RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES FINANCIAL I 19 FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) 12/31/24 Net income 100,584 $ 91,462 $ 94,879 $ 22,221 $ Less: Gain on sale of real estate, net (37,830) (37,296) (7,979) (171) Add: Impair
Slide 20: Consolidated Statements of Income
1Q 2025 SUPPLEMENTAL REPORT FINANCIAL I 20 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2025 2024 Revenues: Rental income 31,444 $ 33,549 $ Interest income from financing receivables(1) 7,002 3,830 Interest income from mortgage loans 9,179 12,448 Inte
Slide 21: Consolidated Balance Sheets
1Q 2025 SUPPLEMENTAL REPORT FINANCIAL I 21 CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) ASSETS Investments: Land $ 111,223 $ 118,209 Buildings and improvements 1,146,891 1,212,853 Accumulated depreciation and amortization (383,853) (405,884) Operating real estate prop
Slide 22: Funds from Operations – Reconciliation of FFO and FAD
1Q 2025 SUPPLEMENTAL REPORT FINANCIAL I 22 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2025 2024 GAAP net income available to common stockholders 20,517 $ 24,065 $ Add: Depreciation and amortization 9,162 9,095 Less: Gain on sale
Slide 23: Reconciliation of Non-Recurring Adjustments
1Q 2025 SUPPLEMENTAL REPORT 2025 2024 Reconciliation of non-recurring adjustments to NAREIT FFO: Add: Working capital note and interest receivable write-off 3,064 $ (1) $ — Add: One-time transaction costs associated with the startup of new RIDEA platform 303 — Deduct: Income from unconsolidated join
Slide 24: Funds from Operations – Reconciliation of FFO per Share
1Q 2025 SUPPLEMENTAL REPORT FOR THE THREE MO NTHS ENDED MARCH 31, FFO/FAD attributable to common stockholders 29,508 $ 29,909 $ 34,680 $ 31,274 $ Non-recurring one-time items(1) (2,377) 405 (2,659) (2,377) FFO/FAD attributable to common stockholders excluding non-recurring items ("Core FFO/FAD") 29,
Slide 25: Guidance – FFO and FAD Reconciliation
1Q 2025 SUPPLEMENTAL REPORT FINANCIAL I 25 Guidance We are providing 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 will not differ materially from the estim
Slide 26: Glossary
1Q 2025 SUPPLEMENTAL REPORT Annualized Actual Cash Income: Represents annualized cash rental income includes cash rent (excluding real estate tax reimbursement), interest income from financing receivables, mortgage loans, mezzanine loans and working capital notes, and income from unconsolidated join
Slide 27: Glossary (continued)
1Q 2025 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
Slide 28: Forward-Looking Statements and Non-GAAP Information
1Q 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