LTC Properties, Inc. · NYSE:LTC
LTC Properties — Investor Presentation (October 2025)
34 slides from LTC Properties's investor presentation, October 2025
Slide 1: Wells Fargo October 2025
Wells Fargo October 2025
Slide 2: Leadership and Table of Contents
LEADERSHIP TABLE OF CONTENTS WENDY SIMPSON Executive Chairman COMPANY 3 PAM KESSLER Co-President and Co-CEO INVESTMENTS 7 CLINT MALIN Co-President and Co-CEO Portfolio Snapshot CECE CHIKHALE EVP, Chief Financial Officer, Treasurer and Secretary Mortgage Loans DAVID BOITANO EVP, Chief Investment Offi
Slide 3: About LTC
ABOUT LTC LTC Properties, Inc. (NYSE: LTC) is a real estate investment trust (REIT) focused on seniors housing and health care properties, investing through SHOP, triple-net leases, joint ventures, and structured finance solutions. MONTHLY DIVIDENDS AS OF JUNE 30, 2025 Established 1992 Dividend Yiel
Slide 4: LTC Is a Compelling Investment
LTC IS A COMPELLING INVESTMENT GENERATING SUBSTANTIAL GROWTH IN SHOP SINCE THE PORTFOLIO LAUNCH IN MAY 2025 LONGSTANDING EXECUTIVE LEADERSHIP TEAM WITH DECADES OF EXPERIENCE IN HEALTH CARE REAL ESTATE 246 CONSECUTIVE PAYMENTS OF MONTHLY DIVIDENDS CONSERVATIVE AND STRONG BALANCE SHEET LADDERED DEBT M
Slide 5: Why Senior Housing? Why Now?
WHY SENIOR HOUSING? WHY NOW? DEMOGRAPHICS DRIVE DEMAND THE STATE OF SENIORS HOUSING STARTS U.S. Senior Population Growth Projections by Age Bracket United States | 2022 – 2060 (1) 60 85+ 80+ 75+ 50 40 Millions 30 20 10 0 2022 2025 2030 2035 2040 2045 2050 2055 2060 (1) U.S. Census Bureau, Population
Slide 6: Execution Fuels Seniors Housing Operating Portfolio (SHOP)
EXECUTION FUELS SENIORS HOUSING OPERATING PORTFOLIO (“SHOP”) 21 1,577 5 OPERATORS ≈19% INCREASED GUIDANCE PROPERTIES UNITS 3 NEW TO LTC TOTAL LTC PORTFOLIO $400M TO $460M LAUNCHED SHOP ACQUISITIONS PIPELINE Q2 2025 Q3 2025 Q4 2025 •Cooperative Conversions •$270 million •Expect to close an additional
Slide 7: Portfolio Snapshot
PORTFOLIO SNAPSHOT (AS OF JUNE 30, 2025) GROSS INVESTMENT BY PROPERTY TYPE DIVERSIFIED PORTFOLIO Skilled Nursing By operator, geography, property 45.4% and investment type Other 0.6% Seniors Housing 54.0% 188 Properties Independent Living Skilled Nursing 25 States Assisted Living Memory Care 29 Oper
Slide 8: Real Estate Activities – Investments
REAL ESTATE ACTIVITIES – INVESTMENTS (DOLLAR AMOUNTS IN THOUSANDS) MORTGAGE LOANS CONTRACTUAL INITIAL # OF PROPERTY # UNITS/ MATURITY INITIAL INITIAL ADDITIONAL DATE PROPERTIES TYPE BEDS LOCATION OPERATOR DATE RATE ORIGINATION INVESTMENT COMMITMENT Jan-2024 1 UDP - SH 85 units Lansing, MI Encore Sen
Slide 9: Real Estate Activities – Joint Ventures – Current Investments Held
REAL ESTATE ACTIVITIES – JOINT VENTURES –CURRENT INVESTMENTS HELD (DOLLAR AMOUNTS IN THOUSANDS) UNCONSOLIDATED JOINT VENTURES TO TAL CO M M ITM E N T # OF P RO P E RTY # OF INVE ST M E NT INVE S T M E NT 2Q 25 FUNDE D RE M AININ G YE AR P RO P E RT IE S TYP E UN IT S /BE D S LO CAT IO N O P E RAT O
Slide 10: Real Estate Activities – Purchase Options
REAL ESTATE ACTIVITIES – PURCHASE OPTIONS (DOLLAR AMOUNTS IN THOUSANDS) CONSOLIDATED NON- LTC PORTION OF LTC PORTION OF OPTION # OF PROPERTY AVERAGE AGE GROSS CONTROLLING GROSS ANNUALIZED WINDOW OPERATOR STATE PROPERTIES TYPE IN YEARS INVESTMENTS INTEREST INVESTMENTS CONTRACTUAL CASH NOI (1) 2024-20
Slide 11: Portfolio Overview
PORTFOLIO OVERVIEW (AS OF JUNE 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) TRAILING TW E L VE M O NTH S E ND E D JUNE 30, 2025 # OF G RO SS % OF INVE ST M E NT (1 ) BY INVE ST M E NT TYP E P RO P E RTIE S INVE ST M E NT NO I % O F NO I INCO M E S TATE M E NT LINE Owned Portfolio Triple-Net Portfolio ("NN
Slide 12: Portfolio Overview - Detail
PORTFOLIO OVERVIEW - DETAIL (AS OF JUNE 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) T RAIL ING TW E LVE M O NT HS E N DE D RENTAL INCOME (AS % OF TOTAL NOI) JUNE 30, 2025 # OF G RO SS % OF 50.0% O W NE D P RO P E RTIE S - N NN P RO P E RT IE S IN VE ST ME N T G RO S S INVE S TM E NT (1 ) % O F T O T AL N
Slide 13: Portfolio Diversification - Geography
PORTFOLIO DIVERSIFICATION - GEOGRAPHY (AS OF JUNE 30, 2025) 25 188 29 STATES PROPERTIES OPERATORS WA 1 ME MT 2 ND OR ID MN WI 5 1 1 3 SD 1 21 NY 5 WY MI PA NJ 1 1 NE IA 1 OH 6 3 CA 2 1 NV UT CO 1 IN MO 4 VA KS WV 2 8 IL 4 4 1 2 1 6 2 2 KY AZ NC 33 1 OK TN 2 NM 4 SC 3 AR 3 2 5 AL GA SH– NNN (98) 1 SH
Slide 14: Portfolio Diversification – Geography - States
PORTFOLIO DIVERSIFICATION – GEOGRAPHY - 25 STATES (AS OF JUNE 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) # OF G RO SS G RO S S INVE S T M E NT (1 ) (2 ) S TAT E P RO P E RT IE S INVE S TM E N T % SH % SNF % OTH % Texas 30 $ 319,423 15.1% $ 48,430 4.3% $ 270,993 28.3% $ — — North Carolina 33 301,727 14.3
Slide 15: SHOP Diversification
SENIORS HOUSING OPERATING PORTFOLIO (“SHOP”) DIVERSIFICATION (AS OF JUNE 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) TWO OPERATORS P RO P E RTY # OF G RO SS (1 ) O P E RATO RS TYP E P RO PE RTIE S STAT E S INVE S T M E NT % Anthem Memory Care SH 12 CA, CO, IL, KS, OH $ 152,462 87.2% New Perspective SH 1
Slide 16: Real Estate Investments Portfolio (Excluding SHOP) Diversification
REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) DIVERSIFICATION (27 OPERATORS ) (AS OF JUNE 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) P RO P E RT Y # OF ANN UAL IZE D G RO SS NO N -CO NT RO L LING L TC P O RT IO N O F (2 ) O P E RAT O RS T YP E P RO P E RT IE S CO N TRACT UAL CASH % G AAP % IN VE S
Slide 17: Real Estate Investments Portfolio (Excluding SHOP) - Operator Update
REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - OPERATOR UPDATE (DOLLAR AMOUNTS IN THOUSANDS) During 2Q25, we received full contractual cash interest of $4,986 from Prestige Healthcare (“Prestige”) related to a mortgage loan secured by 14 skilled nursing centers in Michigan. None of Prestige’
Slide 18: Real Estate Investments Portfolio (Excluding SHOP) - Maturity
REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - MATURITY (AS OF JUNE 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) RE N TAL % OF FINAN CIN G RE C % OF M O RTG AG E L O ANS % OF O TH E R NO T E S % OF UN CO NS O LIDATE D % OF ANN UAL IZE D % OF YE AR INCO M E T O T AL INCO M E TO TAL I NT E RE S T IN C
Slide 19: Real Estate Investments Portfolio (Excluding SHOP) - Metrics
REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - METRICS (TRAILING TWELVE MONTHS THROUGH MARCH 31,2025 AND DECEMBER 31, 2024) SAME PROPERTY PORTFOLIO (“SPP”) COVERAGE STATISTICS (1) SENIORS HOUSING SKILLED NURSING 2.00x 100.0% 3.00x 100.0% 1.36 1.36 2.04 2.12 Occupancy % 90.0% Occupancy % 1.11 9
Slide 20: Enterprise Value
ENTERPRISE VALUE (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) JUNE 30, 2025 CAPITALIZATION DEBT Revolving line of credit - WA rate 5.5% (1) $ 168,550 Term loans, net of debt issue costs - WA rate 2.6% (2) 99,883 Senior unsecured notes, net of debt issue costs - WA rate 4.2%
Slide 21: Debt Metrics
DEBT METRICS (DOLLAR AMOUNTS IN THOUSANDS) LINE OF CREDIT LIQUIDITY Balance Available $425,000 $340,000 $270,000 $97,750 $256,450 $280,650 $255,000 $170,000 $302,250 $85,000 $144,350 $168,550 $130,000 $- 2022 2023 2024 2Q25 (1) Subsequent to June 30, 2025, we entered into a new four-year unsecured c
Slide 22: Debt Maturity
DEBT MATURITY (AS JUNE 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) RE VO LVING SE N IO R LINE O F TE RM UN S E CURE D % OF (2 ) (2 ) DEBT STRUCTURE (2) YE AR CRE D IT LO ANS N O TE S T O T AL TO TAL (1) 2025 $ — $ 50,000 $ 37,000 $ 87,000 12.5% (1) (1) 2026 168,550 50,000 51,500 270,050 38.7% 2027 — — 54
Slide 23: Financial Data Summary
FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) 12/31/22 12/31/23 12/31/24 6/30/25 Gross investments $ 1,959,442 $ 2,139,865 $ 2,088,613 $ 2,109,864 (1) Includes outstanding gross revolving line of credit, term loans, net of Net investments $ 1,562,668 $ 1,741,093 $ 1,674,140 $ 1,680,447 debt i
Slide 24: Reconciliation of FFO and FAD 2025 Guidance
RECONCILIATION OF FFO AND FAD 2025 GUIDANCE (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Guidance We are updating 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 Compan
Slide 25: Consolidated Statements of Income
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) TH RE E MO N TH S E ND E D S IX MO N TH S E ND E D JUN E 30, JUNE 30, 2025 2024 2025 2024 Revenues: Rental income $ 30,177 $ 31,657 $ 61,621 $ 65,206 (1) Resident fees and services 11,950 — 11,950 — (2) Int
Slide 26: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) JUNE 30, 2025 D E CE M BE R 31, 2024 ASS E TS (unaudited) (audited) Investments: Land $ 109,881 $ 118,209 Buildings and improvements 1,148,060 1,212,853 Accumulated depreciation and amortization (392,516) (405,884) Operatin
Slide 27: Appendix A: SEC Reg. G Compliance
Appendix A: SEC Reg. G Compliance INVESTOR PRESENTATION OCTOBER 2025 27
Slide 28: Appendix A: SEC Reg. G Compliance
APPENDIX A: SEC REG. G COMPLIANCE (DOLLAR AMOUNTS IN THOUSANDS) RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES FO R TH E YE AR E ND E D T H RE E M O NT H S E ND E D 12/31/22 12/31/23 12/31/24 6/30/25 Net income $ 100,584 $ 91,462 $ 94,879 $ 16,548 Less: Gain on sale of real estate,
Slide 29: Reconciliation of FFO and FAD
APPENDIX A: SEC REG. G COMPLIANCE - RECONCILIATION OF FFO AND FAD (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) TH RE E M O NTH S E ND E D SIX MO NTH S E ND E D JUNE 30, JUNE 30, 2025 2024 2025 2024 GAAP net income available to common stockholders $ 14,938 $ 19,188 $ 35,455 $ 43,253 Ad
Slide 30: Reconciliation of FFO Per Share
APPENDIX A: SEC REG. G COMPLIANCE - RECONCILIATION OF FFO PER SHARE (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) FFO FAD FO R TH E T HRE E M O N TH S E ND E D JUNE 30, 2025 2024 2025 2024 FFO/FAD attributable to common stockholders $ 23,382 $ 28,244 $ 25,623 $ 29,548 (1) Non-recurring
Slide 31: Reconciliation of FFO and FAD (Non-Recurring Items)
APPENDIX A: SEC REG. G COMPLIANCE - RECONCILIATION OF FFO AND FAD (NON-RECURRING ITEMS) (UNAUDITED, AMOUNTS IN THOUSANDS) TH RE E M O NT HS E ND E D S IX M O N TH S E ND E D JUNE 30, JUNE 30, 2025 2024 2025 2024 Reconciliation of non-recurring adjustments to NAREIT FFO: (1) Provision for credit loss
Slide 32: Glossary
GLOSSARY Annualized Contractual Cash Income: Represents annualized contractual cash rental income (prior to abatements & GAAP Rent: Total rent we will receive as a fixed amount over the initial term of the lease and recognized evenly over deferred rent repayment and excludes real estate tax reimburs
Slide 33: Glossary
GLOSSARY Mortgage Loan: Mortgage financing is provided on properties based on our established investment underwriting Real Estate Investments: Represents our investments in real property, financing receivables, mortgage loans receivable criteria and secured by a first mortgage. Subject to underwriti
Slide 34: Forward-Looking Statements
Founded in 1992, LTC Properties, Inc. (NYSE: LTC) is a self-administered real estate investment trust (REIT) focused on seniors housing and health care properties, investing through SHOP, triple-net leases, joint ventures and structured finance solutions. LTC’s portfolio encompasses Skilled Nursing
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