Slide 1: Supplemental Operating and Financial Data Second Quarter 2025
SUPPLEMENTAL RENEWAL OPERATING AND AND TRANSITION FINANCIAL DATA SECOND QUARTER 2025
Slide 2: Leadership and Table of Contents
LEADERSHIP TABLE OF CONTENTS WENDY SIMPSON Executive Chairman INVES TMENTS 3 Seniors Housing Operating Portfolio ("SHOP") Conversions & Investments PAM KESSLER Co-President and Co-CEO Mortgage Loans CLINT MALIN Co-President and Co-CEO Joint Ventures CECE CHIKHALE EVP, Chief Financial Officer, Treasu
Slide 3: SHOP – Conversions and Investments
SENIORS HOUSING OPERATING PORTFOLIO (“SHOP”) – CONVERSIONS AND INVESTMENTS (DOLLAR AMOUNTS IN THOUSANDS) Portfolio as of June 30, 2025 Recent Investment 13 properties with a total of 832 units in six states (CA, CO, KS, IL, OH and Purchased a 67-unit seniors housing community in WI) and a gross
Slide 4: Real Estate – Investments
REAL ESTATE – INVESTMENTS (DOLLAR AMOUNTS IN THOUSANDS) MORTGAGE LOANS CO N TRACT UAL IN ITIAL # OF P RO P E RTY # UN ITS/ M ATURITY INITIAL INITIAL AD D ITIO N AL D AT E P RO P E RT IE S TYP E BE D S LO CATIO N O P E RATO R D ATE RATE O RIGIN AT IO N IN VE S TM E NT CO M M ITM E NT Jan-2024 1 UDP -
Slide 5: Real Estate – Joint Ventures - Current Investments Held
REAL ESTATE – 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 R T YP E R
Slide 6: Real Estate – Purchase Options
REAL ESTATE – PURCHASE OPTIONS (DOLLAR AMOUNTS IN THOUSANDS) CO NS O LI DATE D NO N- L TC P O RTIO N O F LTC P O RTIO N O F O P TIO N # OF P RO P E RTY AVE RAG E AG E G RO S S CO NT RO L L IN G G RO S S ANNUAL CO NT IZE DCAS H RACT UAL WIND O W O P E RATO R ST ATE P RO P E RT IE S TYP E IN YE ARS IN
Slide 7: 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 8: Portfolio Overview – Detail
PORTFOLIO OVERVIEW – DETAIL (AS OF JUNE 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) TRAILING T WE LVE M O NT H S E ND E D RENTAL INCOME (AS % OF TOTAL NOI) JUNE 30, 2025 # OF G RO SS % OF 50.0% 34.8% INVE ST M E NT G RO SS INVE S T ME NT (1 ) % O F T O TAL NO I O WNE D PRO P E RTI E S - NNN P RO P E RT I
Slide 9: 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 10: Portfolio Diversification – Geography (25 States)
PORTFOLIO DIVERSIFICATION – GEOGRAPHY (25 STATES) (AS OF JUNE 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) # OF G RO S S G RO SS INVE S T ME NT (1 ) (2 ) S TAT E P RO P E RT IE S INVE ST M E NT % SH % S NF % OTH % Texas 30 $ 319,423 15.1% $ 48,430 4.3% $ 270,993 28.3% $ — — North Carolina 33 301,727 14.3%
Slide 11: SHOP Diversification
SENIORS HOUSING OPERATING PORTFOLIO (“SHOP”) DIVERSIFICATION (AS OF JUNE 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) TWO OPERATORS P RO P E RT Y # OF G RO SS (1 ) O P E RATO RS T YPE P RO P E RTIE S ST ATE S INVE ST M E N T % Anthem Memory Care SH 12 CA, CO, IL, KS, OH $ 152,462 87.2% New Perspective SH
Slide 12: 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 AN NUALIZE D G RO SS N O N -CO N TRO LL ING L TC P O RT IO N O F (2 ) O P E RATO RS T YP E P RO P E RTIE S CO NT RACT UAL CASH % GAAP % INVE S T M
Slide 13: Real Estate Investments Portfolio - 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 14: 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 15: 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
Slide 16: Enterprise Value
ENTERPRISE VALUE (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) JUNE 30, 2025 CAP ITALIZATIO N D E BT (1) Revolving line of credit - WA rate 5.5% $ 168,550 (2) Term loans, net of debt issue costs - WA rate 2.6% 99,883 (3) Senior unsecured notes, net of debt issue costs - WA ra
Slide 17: 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 $- (1) 2022 2023 2024 2Q25 (1) Subsequent to June 30, 2025, we entered into a new four-year unsecur
Slide 18: Debt Maturity
DEBT MATURITY (AS OF JUNE 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) RE VO LVING S E NIO R LINE O F TE RM UNS E CURE D % OF YE AR CRE D IT LO ANS (2 ) NO T E S (2 ) T O T AL TO TAL DEBT STRUCTURE (2) (1) 2025 $ — $ 50,000 $ 37,000 $ 87,000 12.5% (1) (1) 2026 168,550 50,000 51,500 270,050 38.7% 2027 — —
Slide 19: Financial Data Summary
FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT NUMBER OF SHARES) 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 $ 1,6
Slide 20: Reconciliation of Annualized Adjusted EBITDAre and Fixed Charges
FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES FO R TH E YE AR E ND E D T HRE 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, net (37,830
Slide 21: Consolidated Statements of Income
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) T HRE E MO N TH S E N DE D SIX M O N TH S E N DE D JUNE 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) Inte
Slide 22: 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 23: Funds from Operations – Reconciliation of FFO and FAD
FUNDS FROM OPERATIONS – 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 Add: Depreciat
Slide 24: Reconciliation of FFO and FAD (Non-Recurring Items)
FUNDS FROM OPERATIONS – 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 NTH 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 losses reserve re
Slide 25: Funds from Operations – Reconciliation of FFO per Share
FUNDS FROM OPERATIONS – RECONCILIATION OF FFO PER SHARE (UNAUDITED, AMOUNTS IN THOUSANDS) 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 one-time items 8,011 1,022 6,927 (886
Slide 26: Reconciliation of FFO and FAD (Guidance)
FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD (GUIDANCE) (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Guidance We are raising guidance for the 2025 full year. The following guidance ranges reflect management's view of current and future market conditions. There can be no assur
Slide 27: 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 28: 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 29: Forward-Looking Statements and Non-GAAP Information
FORWARD-LOOKING STATEMENTS AND NON-GAAP INFORMATION Founded in 1992, LTC Properties, Inc. (NYSE: LTC) is a self-administered real estate investment trust (REIT) investing in seniors housing and health care properties primarily through RIDEA, triple-net leases, joint ventures and structured finance s