Slide 1: Renewal and Transition Supplemental Operating and Financial Data First Quarter 2026
RENEWAL AND TRANSITION SUPPLEMENTAL OPERATING AND FINANCIAL DATA FIRST QUARTER 2026
Slide 2: Table of Contents, Leadership and Contact Information
1Q26 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 Portfoli
Slide 3: Seniors Housing Operating Portfolio (SHOP) Transformation
1Q26 SUPPLEMENTAL REPORT INVESTMENTS I 3 SENIORS HOUSING OPERATING PORTFOLIO (“SHOP”) TRANSFORMATION 2026 INVESTMENT FUNDING STRATEGY ~ $266M proceeds from SNF sales and loan prepayments, of which $64M was received during 1Q26 Proceeds from untapped opportunities within our portfolio, borrowings
Slide 4: Portfolio Transformation: Decreasing SNF and Loan Exposure
1Q26 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 AN
Slide 5: Acquisitions and Mortgage Loans
1Q26 SUPPLEMENTAL REPORT MORTGAGE LOANS INVESTMENTS I 5 REAL ESTATE – INVESTMENTS (DOLLAR AMOUNTS IN THOUSANDS) ACQUISITIONS # OF INVESTMENT PROPE RTY # OF DATE O F YE AR 1 PROPERTIES TYPE TYPE UNITS LOCATION OPERATO R CO NSTRUCTIO N CAP RATE 1 SHOP SH 67 Morgan Hill, CA Discovery Senior Living 2019
Slide 6: Near-Term Loan Payoffs Expected & Purchase Options Anticipated to be Exercised
1Q26 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 SNF
Slide 7: Portfolio Overview
1Q26 SUPPLEMENTAL REPORT PORTFOLIO I 7 LONG-TERM INVESTMENTS include our Owned Portfolio, Owned Properties accounted for as Financing Receivables and Long-Term Mortgage Loans (Prestige) which represent 93% of our Gross Investments. SHORT-TERM INVESTMENTS represent investment durations shorter than 1
Slide 8: Portfolio Overview - Detail
1Q26 SUPPLEMENTAL REPORT PORTFOLIO I 8 PORTFOLIO OVERVIEW - DETAIL (AS OF MARCH 31, 2026, DOLLAR AMOUNTS IN THOUSANDS) # OF O WNED PROPERTIES - NNN PRO PERTIES RENTAL INCO ME(1 ) Seniors Housing 52 479,641 $ 19.6% 38,438 $ 20.2% Skilled Nursing 43 528,302 21.7% 55,326 29.1% Other 1 12,005 0.5% 1,189
Slide 9: Portfolio Overview - Operator Update and Subsequent Events
1Q26 SUPPLEMENTAL REPORT PORTFOLIO I 9 PORTFOLIO OVERVIEW - OPERATOR UPDATE AND SUBSEQUENT EVENTS (DOLLAR AMOUNTS IN THOUSANDS) Market-Based Rent Resets: Received $1,620 of rental revenue during 1Q26 from the 12-property portfolio with leases containing market-based rent resets. Two of the 12 prop
Slide 10: Portfolio Diversification - Geography
1Q26 SUPPLEMENTAL REPORT PORTFOLIO I 10 PORTFOLIO DIVERSIFICATION – GEOGRAPHY * Behavioral health care hospital SNF (65) SH– NNN (90) 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 CO KY 2 21 1 3 1 2 2 1 4 4 6
Slide 11: Portfolio Diversification - Geography (MSA and Portfolio Age)
1Q26 SUPPLEMENTAL REPORT GROSS PORTFOLIO BY MSA (1) AVERAGE SENIORS HOUSING PORTFOLIO AGE (1) PORTFOLIO I 11 PORTFOLIO DIVERSIFICATION – GEOGRAPHY (AS OF MARCH 31, 2026, DOLLAR AMOUNTS IN THOUSANDS) 42.9% 24.3% 25.3% 5.9% 1.6% 0.0% 25.0% 50.0% MSAs 1-31 MSAs 32-100 MSAs > 100 Cities in Micro-SA Citi
Slide 12: SHOP Performance and Guidance
1Q26 SUPPLEMENTAL REPORT 1Q26 Properties, at end of quarter 27 Units, at end of quarter 2,281 Average units available 2,192 Average unit occupancy 89.4% Total revenues 47,042 $ Operating expenses 34,416 NOI 12,626 $ (1) NOI margin 26.8% REVPOR 7,998 $ EXPOR 5,851 $ PORTFOLIO I 12 SHOP PERFORMANCE AN
Slide 13: Real Estate Investments Portfolio (Excluding SHOP) Diversification - Operators
1Q26 SUPPLEMENTAL REPORT PORTFOLIO I 13 REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) DIVERSIFICATION - OPERATORS LTC PORTION PRO PERTY # OF GRO SS OF GROSS OPERATO RS(1 ) TYPE PROPERTIES CONTRACTUAL CASH NOI % % INVESTMENT INVESTMENT Prestige Healthcare SNF/OTH 23 29,230 $ 18.1% 30,420 $ 18.8%
Slide 14: Real Estate Investments Portfolio (Excluding SHOP) - Loans and Notes Receivable Maturity
1Q26 SUPPLEMENTAL REPORT REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) – LOANS AND NOTES RECEIVABLE MATURITY (AS OF MARCH 31, 2026, DOLLAR AMOUNTS IN THOUSANDS) PORTFOLIO I 14 (1) See Annualized GAAP NOI definition in the Glossary. (2) We are in the process of extending one of the two loans mat
Slide 15: Real Estate Investments Portfolio (Excluding SHOP) - Metrics
1Q26 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 October 1, 2024; and excludes properties transitioned to LTC’s SHO
Slide 16: Enterprise Value
1Q26 SUPPLEMENTAL REPORT FINANCIAL I 16 ENTERPRISE VALUE (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) PRO FORMA MARCH 31, 2026 Revolving line of credit - WA rate 4.4%(1) $ 226,963 282,963 $ Term loans, net of debt issue costs - WA rate 4.9%(2) 198,315 198,315 Senior unsecure
Slide 17: Debt Metrics
1Q26 SUPPLEMENTAL REPORT FINANCIAL I 17 DEBT METRICS (DOLLAR AMOUNTS IN THOUSANDS) $302,250 $144,350 $252,863 $282,963 $226,963 $97,750 $280,650 $347,137 $317,037 $373,037 $- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 2023 2024 2025 1Q26 1Q26 Proforma Balance Available (1) LEVERAGE RATIOS
Slide 18: Debt Maturity
1Q26 SUPPLEMENTAL REPORT FINANCIAL I 18 DEBT MATURITY (AS OF MARCH 31, 2026, DOLLAR AMOUNTS IN THOUSANDS) REVOLVING SENIOR LINE OF TERM UNSECURED % OF YEAR CREDIT LOANS(1 ) NOTES(1 ) TOTAL TO TAL 2026 — $ — $ 46,500 $ 46,500 $ 5.3% 2027 — — 54,500 54,500 6.3% 2028 — 50,000 55,000 105,000 12.1% 2029
Slide 19: Reconciliation of 2026 Guidance
1Q26 SUPPLEMENTAL REPORT FINANCIAL I 19 RECONCILIATION OF 2026 GUIDANCE (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Guidance The Company is reaffirming its guidance for the 2026 full year. The following guidance ranges reflect management's view of current and future market conditions
Slide 20: Financial Data Summary
1Q26 SUPPLEMENTAL REPORT (1) For leases and loans in place at March 31, 2026, adjusted for the subsequent conversion of two seniors housing communities from triple-net into our SHOP segment described on page 9. (2) The lower amount in 1Q26 is due to the write-off of effective interest following the
Slide 21: Reconciliation of Annualized Adjusted EBITDAre and Fixed Charges
1Q26 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 $ 24,956 $ 25,622 $ Add: Loss on sale of real estate, net (37,296) (7,979) (77,822) 10 10 Add: I
Slide 22: Consolidated Statements of Income
1Q26 SUPPLEMENTAL REPORT 2026 2025 Revenues: Rental income 26,339 $ 31,444 $ Resident fees and services (1) 49,585 — Interest income from financing receivables(2) 8,255 7,002 Interest income from mortgage loans 10,229 9,179 Interest and other income 1,003 1,406 Total revenues 95,411 49,031 Expenses:
Slide 23: Consolidated Balance Sheets
1Q26 SUPPLEMENTAL REPORT FINANCIAL I 23 CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) ASSETS Investments: Land $ 137,170 $ 128,590 Buildings and improvements 1,584,390 1,482,075 Accumulated depreciation and amortization (420,820) (408,906) Operating real estate propert
Slide 24: Funds from Operations
1Q26 SUPPLEMENTAL REPORT 2026 2025 GAAP net income available to common stockholders 23,437 $ 20,517 $ Add: Depreciation and amortization 11,979 9,162 Add (Less): Loss (gain) on sale of real estate, net 10 (171) Nareit FFO attributable to common stockholders 35,426 29,508 (Less) Add: Adjustments(1) 4
Slide 25: Funds from Operations - Reconciliation of FFO per Share
1Q26 SUPPLEMENTAL REPORT FOR THE THREE MONTHS ENDED MARCH 31, FFO/FAD attributable to common stockholders 35,426 $ 29,508 $ 36,374 $ 34,680 $ Non-recurring one-time items(1) 405 (1,691) (1,124) (2,659) Core FFO/FAD 33,735 29,913 35,250 32,021 Effect of dilutive securities: Participating securities 1
Slide 26: Funds from Operations - Reconciliation of Non-Recurring Items
1Q26 SUPPLEMENTAL REPORT 2026 2025 Reconciliation of adjustments to Nareit FFO: Deduct: Recovery for credit losses related to loan payoffs (765) $ (1) $ — Add: Notes receivables and related interest receivable, if applicable, write-off — 3,064 (2) Add: Transaction costs 688 (3) 303 (3) Deduct: Incom
Slide 27: Reconciliation of Net Operating Income (Trailing Twelve Months)
1Q26 SUPPLEMENTAL REPORT FINANCIAL I 27 MORTGAGE UNCONSOLIDATE D FINANCING LOANS NOTE S JOINT NNN SHOP SUBTOTAL RE CEIVABLE S RE CEIVABLE RECEIVABLE OTHER (1 ) VE NTURES TO TAL Revenues 111,066 $ 121,701 $ 232,767 $ 29,568 $ 40,073 $ 4,706 $ 2,120 $ $ — $ 309,234 Income from unconsolidated joint ven
Slide 28: Glossary
1Q26 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 capital n
Slide 29: Glossary (continued)
1Q26 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 ar
Slide 30: Forward-Looking Statements and Non-GAAP Information
1Q26 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 Secur