Slide 1: Renewal and Transition Supplemental Operating and Financial Data Third Quarter 2023
RENEWAL AND TRANSITION SUPPLEMENTAL OPERATING AND FINANCIAL DATA THIRD QUARTER 2023
Slide 2: Forward-Looking Statements
3Q 2023 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, Leadership and Analysts
3Q 2023 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. 2829 Townsgate Road Suite 35
Slide 4: Real Estate Activities – Investments 2022-2023 YTD
3Q 2023 SUPPLEMENTAL REPORT CONTRACTUAL # OF PROPERTY # BEDS/ DATE OF INITIAL PROPERTIES TYPE UNITS LOCATION OPERATOR CONSTRUCTION CASH YIELD 2022 4/1 4 SNF 339 beds Various cities in TX Ignite Medical Resorts 2017-2018 8.00% 51,534 $ (1) 2023 6/1 1 ILF/ALF/MC 242 units Centerville, OH Encore Senior
Slide 5: Mortgage Loans and Mezzanine Loans Investments
3Q 2023 SUPPLEMENTAL REPORT MORTGAGE LOANS INVESTMENTS I 5 MEZZANINE LOANS (1) The loan includes two 12-month extension options. The initial cash rate is 8.00% with a 11.00% IRR. Our investment represents approximately 12.00% of the total investment. (2) The initial cash rate is 8.75% with a 12.00%
Slide 6: Investment Properties Detail
3Q 2023 SUPPLEMENTAL REPORT INVESTMENT PROPERTY # OF LTC YEAR TYPE UNITS/BEDS LOCATION OPERATOR INVESTMENT PURPOSE COMMITMENT 2017 ILF/ALF/MC 110 units Cedarburg, WI Tealwood Senior Living Owned Real Estate 22,244 $ 2,305 $ — 19,939 $ 2017 ALF 87 units Spartanburg, SC ALG Senior Owned Real Estate 11
Slide 7: Development and Renovation Commitments
3Q 2023 SUPPLEMENTAL REPORT CONTRACTUAL TOTAL COMMITMENT # OF PROPERTY PROJECT INITIAL INVESTMENT 3Q23 FUNDED REMAINING YEAR PROPERTIES TYPE TYPE LOCATION OPERATOR CASH YIELD TO DATE COMMITMENT — (1) 2021 1 ALF/MC Expansion Ocala, FL Pointe Group Care 7.75% 4,177 $ 181 $ 4,177 $ — $ — (2) 2021 13 IL
Slide 8: Investment and Revenue by Type
3Q 2023 SUPPLEMENTAL REPORT # OF % OF % OF BY INVESTMENT TYPE PROPERTIES INVESTMENT REVENUES(1) REVENUES INCOME STATEMENT LINE Owned Portfolio 143 1,405,848 $ 65.0% 114,687 $ 64.1% Rental Income Financing Receivables 14 198,033 9.1% 12,818 7.1% Interest Income from Financing Receivables Mortgage Loa
Slide 9: Portfolio Overview – Detail
3Q 2023 SUPPLEMENTAL REPORT PORTFOLIO I 9 PORTFOLIO OVERVIEW – DETAIL (AS OF SEPTEMBER 30, 2023, DOLLAR AMOUNTS IN THOUSANDS) # OF OWNED PORTFOLIO PROPERTIES RENTAL INCOME(1) Assisted Living 92 800,963 $ 37.0% 54,802 $ 30.6% Skilled Nursing 50 592,880 27.4% 58,882 32.9% Other 1 12,005 0.6% 1,003 0.6
Slide 10: Portfolio Diversification – Operators
3Q 2023 SUPPLEMENTAL REPORT PORTFOLIO I 10 PORTFOLIO DIVERSIFICATION – 29 OPERATORS (AS OF SEPTEMBER 30, 2023, DOLLAR AMOUNTS IN THOUSANDS) HMG Privately Held SNF/ILF/ALF 37 Properties 2 States IGNITE Privately Held SNF/ALF 19 Properties 6 States ARK Privately Held SNF/ILF/ALF 14 Properties 4 States
Slide 11: Portfolio Revenue Updates
3Q 2023 SUPPLEMENTAL REPORT PORTFOLIO I 11 REVENUE UPDATES During 3Q23, we collected 96.9% or $36,851 of contractual rent and mortgage interest income. We deferred, net of repayments, 1.4% or $516 of contractual rent and mortgage interest income and provided 1.7% or $645 of abated rent to an existin
Slide 12: Portfolio Diversification – Maturity
3Q 2023 SUPPLEMENTAL REPORT 8.2% 5.1% 4.7% 9.8% 6.1% 2.2% 4.0% 1.8% 19.5% 8.2% 3.4% 3.6% 1.5% 0.8% 16.9% 0.3% 1.8% 1.2% 0.1% 0.8% 0.0% 10.0% 20.0% 30.0% 2023 2024 2025 2026 2027 2028 2029 2030 Thereafter RENTAL FINANCING INTEREST OTHER NOTES JV (As a % of Total Annualized GAAP Income) Near Term Matu
Slide 13: Portfolio Diversification – Geography
3Q 2023 SUPPLEMENTAL REPORT States in which we have some of the highest concentration of properties are states with the highest projected increases in the 80+ population cohort over the next decade. PORTFOLIO I 13 PORTFOLIO DIVERSIFICATION – GEOGRAPHY (AS OF SEPTEMBER 30, 2023) 27 STATES * Behaviora
Slide 14: Portfolio Diversification – Geography by State, MSA and Age
3Q 2023 SUPPLEMENTAL REPORT 47.4% 19.2% 24.5% 5.9% 3.0% 0.0% 20.0% 40.0% 60.0% 80.0% MSAs 1-31 MSAs 32-100 MSAs > 100 Cities in Micro-SA Cities not in MSA or Micro-SA 21 years 15 years 0 10 20 30 40 Skilled Nursing Assisted Living Years (1) The MSA rank by population as of July 1, 2021, as estimated
Slide 15: Operator Coverage and Occupancy – Assisted Living and Skilled Nursing
3Q 2023 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 January 1, 2022. (2) The coverage and occupancy levels at our pr
Slide 16: Enterprise Value and Capitalization
3Q 2023 SUPPLEMENTAL REPORT SEPTEMBER 30, 2023 Revolving line of credit - WA rate 6.6% 362,250 $ Term loans, net of debt issue costs - WA rate 2.7% (1) 99,620 Senior unsecured notes, net of debt issue costs - WA rate 4.2% (2) 494,353 Total debt - WA rate 5.0% 956,223 41.8% No. of shares Common stock
Slide 17: Debt Metrics
3Q 2023 SUPPLEMENTAL REPORT LEVERAGE RATIOS COVERAGE RATIOS LINE OF CREDIT LIQUIDITY FINANCIAL I 17 DEBT METRICS (DOLLAR AMOUNTS IN THOUSANDS) 35.8% 29.8% 38.4% 34.9% 37.4% 34.2% 42.1% 41.4% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Debt to Gross Asset Value Debt to Total Enterprise Value 2020 2021 2022 3Q
Slide 18: Debt Maturity and Structure
3Q 2023 SUPPLEMENTAL REPORT Senior Unsecured Notes 51.8% Term Loans 10.4% Revolving Line of Credit 37.8% $362,250 $50,000 $50,000 $5,000 $49,160 $49,500 $51,500 $54,500 $55,000 $63,000 $67,000 $101,000 $- $100,000 $200,000 $300,000 $400,000 2023 2024 2025 2026 2027 2028 2029 2030 Thereafter Revolvin
Slide 19: Financial Data Summary
3Q 2023 SUPPLEMENTAL REPORT (1) For leases and loans in place at September 30, 2023 assuming no renewals, modifications or replacements. (2) 3Q23 includes deferred interest of $900 and 4Q23 includes $1,500 repayment of deferred interest related to Prestige Healthcare. See page 11 for further discuss
Slide 20: Reconciliation of Annualized Adjusted EBITDAre and Fixed Charges
3Q 2023 SUPPLEMENTAL REPORT RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES FINANCIAL I 20 FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) (1) Represents the gain from insurance proceeds related to previously sold properties. (2) Represents a loss of $758 from the sale of prope
Slide 21: Consolidated Statements of Income
3Q 2023 SUPPLEMENTAL REPORT FINANCIAL I 21 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2023 2022 2023 2022 Revenues Rental income 31,589 $ 31,585 $ 94,861 $ 93,537 $ Interest income from financing receivables(1) 3,832 357 11,413 357 Interest income f
Slide 22: Consolidated Balance Sheets
3Q 2023 SUPPLEMENTAL REPORT FINANCIAL I 22 CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) ASSETS Investments: Land $ 123,919 $ 124,665 Buildings and improvements 1,260,891 1,273,025 Accumulated depreciation and amortization (386,483) (389,182) Operating real estate prop
Slide 23: Non-Recurring Items Footnotes
3Q 2023 SUPPLEMENTAL REPORT (1) Represents the net of (2) and (3) below. (2) Includes $760 of provision for credit loss related to the acquisition of the three skilled nursing centers accounted for as a financing receivable. (3) Represents the lease termination fee of $500 paid to a former operator
Slide 24: FFO/FAD Reconciliation
3Q 2023 SUPPLEMENTAL REPORT FOR THE THREE MONTHS ENDED SEPTEMBER 30, FFO/FAD attributable to common stockholders 26,679 $ 24,217 $ 27,213 $ 26,019 $ Non-recurring one-time items — 1,260 (2) 500 — (4) FFO/FAD attributable to common stockholders excluding non-recurring items 26,679 25,477 27,213 26,51
Slide 25: ESG Accomplishments to Date
3Q 2023 SUPPLEMENTAL REPORT 25 ESG (ENVIRONMENTAL, SOCIAL & GOVERNANCE) ACCOMPLISHMENTS TO DATE ESG I The Board committed to an ESG Initiative Appointed Cornelia Cheng as new Board member Board established an ESG committee to oversee practices and performance Created and published an Environmental S
Slide 26: ESG Agenda
3Q 2023 SUPPLEMENTAL REPORT ESG I 26 ESG (ENVIRONMENTAL, SOCIAL & GOVERNANCE) 2023 2023 ESG Agenda ENVIRONMENT • Measure and report on energy and water usage, and waste management at LTC across select operator portfolios • Continue to build out our use of ClimateCheck®, which provides detailed clima
Slide 27: Glossary
3Q 2023 SUPPLEMENTAL REPORT Annualized Actual Cash Income: Represents annualized cash rental income includes cash rent and excludes real estate tax reimbursement, interest income from financing receivables, mortgage loans, mezzanine loans and working capital notes, and income from unconsolidated joi
Slide 28: Glossary – Mezzanine
3Q 2023 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