Slide 1: Renewal and Transition Supplemental Operating and Financial Data Fourth Quarter 2024
RENEWAL AND TRANSITION SUPPLEMENTAL OPERATING AND FINANCIAL DATA FOURTH QUARTER 2024
Slide 2: Forward-Looking Statements
4Q 2024 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, Analysts, Leadership
4Q 2024 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. 3011 Townsgate Road Suite 22
Slide 4: Real Estate Activities – Investments 2023-2024
4Q 2024 SUPPLEMENTAL REPORT CONTRACTUAL # O F PROPERTY DATE OF INITIAL PRO PERTIES TYPE # O F UNITS LO CATIO N OPERATOR CONSTRUCTIO N CASH YIELD 1 ILF/ALF/MC 242 units Centerville, OH Encore Senior Living 2019-2022 8.25% 54,134 $ (1) — (2) — (2) — Great Bend, KS Brookdale Senior Living — 8.00% 315 $
Slide 5: Real Estate Activities – Acquisitions Accounted for as Financing Receivables
4Q 2024 SUPPLEMENTAL REPORT INVESTMENTS I 5 REAL ESTATE ACTIVITIES – INVESTMENTS - 2023-2024 ACQUISITIONS ACCOUNTED FOR AS FINANCING RECEIVABLES(1) (DOLLAR AMOUNTS IN THOUSANDS) CONTRACTUAL # OF PRO PERTY DATE O F INITIAL PURCHASE PRO PERTIES TYPE # OF UNITS LOCATIO N OPERATO R CO NSTRUCTION CASH YI
Slide 6: Mortgage and Mezzanine Loans Investments
4Q 2024 SUPPLEMENTAL REPORT TOTAL COMMITMENT INVESTMENT 4Q24 FUNDED REMAINING YEAR TO DATE COMMITMENT 1Q24 (1) 2023 19,500 $ 2,754 $ 12,753 $ 6,747 $ — (2) 2024 26,120 — — 26,120 $ $ 2,754 45,620 $ 12,753 $ 32,867 $ INCEPTION DATE COMMITMENT FUNDING INTEREST ESTIMATED MORTGAGE LOANS INVESTMENTS I 6
Slide 7: Investments Footnotes
4Q 2024 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 8: Real Estate Activities – Purchase Options
4Q 2024 SUPPLEMENTAL REPORT INVESTMENTS I 8 REAL ESTATE ACTIVITIES – PURCHASE OPTIONS (DOLLAR AMOUNTS IN THOUSANDS) PURCHASE OPTIONS CONSOLIDATED NO N-O PTION # OF PROPERTY AVERAGE AGE GROSS CONTROLLING GROSS WINDOW OPERATOR STATE PROPERTIES TYPE IN YEARS INVESTMENTS INTEREST INVESTMENTS 2024-2025 A
Slide 9: Portfolio Overview
4Q 2024 SUPPLEMENTAL REPORT # OF % OF % OF BY INVESTME NT TYPE PROPERTIE S INVESTME NT REVENUES(1 ) REVENUE S INCO ME STATE MENT LINE Owned Portfolio(2) 1,333,078 123 $ 63.8% 116,140 $ 63.8% Rental Income Owned Properties accounted for as Financing Receivables(3) 361,482 31 17.3% 21,663 11.9% Intere
Slide 10: Portfolio Overview – Detail
4Q 2024 SUPPLEMENTAL REPORT PORTFOLIO I 10 PORTFOLIO OVERVIEW – DETAIL (AS OF DECEMBER 31, 2024, DOLLAR AMOUNTS IN THOUSANDS) # OF OWNED PORTFOLIO PRO PE RTIES RENTAL INCOME(1 ) Assisted Living(2) 723,010 72 $ 34.6% 51,537 $ 28.3% Skilled Nursing 50 598,063 28.6% 63,479 34.9% Other 1 12,005 0.6% 1,1
Slide 11: Portfolio Diversification – Operators
4Q 2024 SUPPLEMENTAL REPORT O PERATORS PROPERTY TYPE # O F PROPERTIES % % % GROSS INVE STMENT % Prestige Healthcare(3) SNF/OTH 23 28,639 $ 15.9% 28,639 $ 15.6% 32,413 $ 17.3% 269,022 $ 12.9% ALG Senior(3) ALF 29 18,346 10.2% 21,444 (4) 11.7% 23,338 (4) 12.5% 295,629 14.2% Encore Senior Living ALF/UD
Slide 12: Portfolio Diversification – Operator Update
4Q 2024 SUPPLEMENTAL REPORT PORTFOLIO I 12 PORTFOLIO DIVERSIFICATION – OPERATOR UPDATE (DOLLAR AMOUNTS IN THOUSANDS) We deferred a total of $774 in consolidated JV rent from ALG ($750 of which is LTC's portion) in 4Q24 on a portfolio of 11 assisted living communities in North Carolina that we own
Slide 13: Portfolio Maturity
4Q 2024 SUPPLEMENTAL REPORT PORTFOLIO MATURITY (AS OF DECEMBER 31, 2024, 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 4,406 $ (3) 3.9% — $ — 2,623 $ 7.1% — $ — — $ — 7,029 $ (3) 3.8% 2026 18,694 (4) 16.4% — — 1,423 3.9% — —
Slide 14: Portfolio Diversification – Geography
4Q 2024 SUPPLEMENTAL REPORT PORTFOLIO I 14 PORTFOLIO DIVERSIFICATION – GEOGRAPHY (AS OF DECEMBER 31, 2024) * Behavioral health care hospital SNF (76) ALF (113) OTH* (1) LAND (3) UDP (1) 25 STATES 190 PROPERTIES 30 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 A
Slide 15: Portfolio Diversification – Geography (25 States)
4Q 2024 SUPPLEMENTAL REPORT 46.0% 18.6% 25.6% 7.1% 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, 2023, as estimated by the Uni
Slide 16: Operator Coverage and Occupancy: Assisted Living and Skilled Nursing
4Q 2024 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 July 1, 2023 and properties sold. ASSISTED LIVING SKILLED NURSIN
Slide 17: Enterprise Value
4Q 2024 SUPPLEMENTAL REPORT DECEMBER 31, 2024 Revolving line of credit - WA rate 6.0% (1) $ 144,350 Term loans, net of debt issue costs - WA rate 2.6% (2) 99,808 Senior unsecured notes, net of debt issue costs - WA rate 4.2% (3) 440,442 Total debt - WA rate 4.3% 684,600 30.3% No. of shares Closing P
Slide 18: Debt Metrics
4Q 2024 SUPPLEMENTAL REPORT LEVERAGE RATIOS COVERAGE RATIOS LINE OF CREDIT LIQUIDITY FINANCIAL I 18 DEBT METRICS (DOLLAR AMOUNTS IN THOUSANDS) $130,000 $302,250 $144,350 $270,000 $97,750 $280,650 $- $85,000 $170,000 $255,000 $340,000 $425,000 2022 2023 2024 Balance Available 37.4% 34.2% 39.5% 39.0%
Slide 19: Debt Maturity
4Q 2024 SUPPLEMENTAL REPORT Senior Unsecured Notes 64.4% Term Loans 14.6% Revolving Line of Credit 21.0% $144,350 $50,000 $49,500 $50,000 $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 20: Financial Data Summary – Components of Rental Income
4Q 2024 SUPPLEMENTAL REPORT (1) For leases and loans in place at December 31, 2024 assuming no other renewals or modifications except for one master lease extension. (2) Includes $3,200 related to restoring accrual basis accounting to two master leases. (1) Decrease due to property sales, offset by
Slide 21: Reconciliation of Annualized Adjusted EBITDAre and Fixed Charges
4Q 2024 SUPPLEMENTAL REPORT RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES FINANCIAL I 21 FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) 12/31/24 Net income 100,584 $ 91,462 $ 94,879 $ 19,590 $ Less: Gain on sale of real estate, net (37,830) (37,296) (7,979) (1,097) Add: Impa
Slide 22: Consolidated Statements of Income
4Q 2024 SUPPLEMENTAL REPORT FINANCIAL I 22 CONSOLIDATED STATEMENTS OF INCOME (AUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2024 2023 2024 2023 Revenues: Rental income 34,814 $ 32,489 $ 132,278 $ 127,350 $ Interest income from financing receivables(1) 7,002 3,830 21,663 15,243 Interest in
Slide 23: Consolidated Balance Sheets
4Q 2024 SUPPLEMENTAL REPORT FINANCIAL I 23 CONSOLIDATED BALANCE SHEETS (AUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) ASSETS Investments: Land $ 118,209 $ 121,725 Buildings and improvements 1,212,853 1,235,600 Accumulated depreciation and amortization (405,884) (387,751) Operating real es
Slide 24: Funds from Operations – Reconciliation of FFO and FAD
4Q 2024 SUPPLEMENTAL REPORT FINANCIAL I 24 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD (AUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2024 2023 2024 2023 GAAP net income available to common stockholders 17,912 $ 28,057 $ 90,358 $ 89,148 $ Add: Impairment loss 6,953 3,265 6,953 1
Slide 25: Reconciliation of Non-Recurring Adjustments to NAREIT FFO
4Q 2024 SUPPLEMENTAL REPORT 2024 2023 2024 2023 Reconciliation of non-recurring adjustments to NAREIT FFO: Provision for credit losses reserve recorded upon origination — $ — $ 1,635 $ (1) $ 1,832 (1) Provision for credit losses recovery related to loan payoffs (511) (1) (1,738) — (1) — — — 613 (2)
Slide 26: FFO/FAD Per Share Reconciliation
4Q 2024 SUPPLEMENTAL REPORT FOR THE THREE MO NTHS ENDED DECEMBER 31, FFO/FAD attributable to common stockholders 32,962 $ 23,902 $ 30,201 $ 30,021 $ Non-recurring one-time items(1) 3,561 (3,379) — — FFO/FAD attributable to common stockholders excluding non-recurring items 29,583 27,463 30,201 30,021
Slide 27: Definitions of Income Measures
4Q 2024 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 28: Definitions: Mezzanine and Other Terms
4Q 2024 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