Ltc Properties, Inc. · NYSE:LTC
Ltc Properties — Investor Presentation (March 2026)
34 slides from Ltc Properties's investor presentation, Mar 17, 2026
Slide 1: Growth Powered by SHOP
GROWTH POWERED BY SHOP Investor Presentation March 17-18, 2026
Slide 2: Leadership and Table of Contents
LEADERSHIP TABLE OF CONTENTS WENDY SIMPSON Executive Chairman COMPANY 3 PAM KESSLER Co-President and Co-CEO CLINT MALIN Co-President and Co-CEO APPENDIX 12 CECE CHIKHALE EVP, Chief Financial Officer, Treasurer and Secretary Portfolio Overview DAVID BOITANO EVP, Chief Investment Officer Operator Upda
Slide 3: LTC At-A-Glance
LTC AT-A-GLANCE LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, principally investing through SHOP, as well as triple-net leases, and joint ventures. The Company’s portfolio includes nearly 190 properties throughout the United States. Based on gros
Slide 4: Co-CEO comments on strategic shift toward SHOP
“Our strategic shift toward SHOP is delivering “The transformation of our portfolio to a material higher growth and fundamentally reshaping our composition of higher-growth SHOP investments long-term earnings profile. With a more resilient will drive better risk adjusted returns for our portfolio co
Slide 5: Recent Highlights (4Q25 and 1Q26)
RECENT HIGHLIGHTS (4Q25 AND 1Q26) 4Q 2025 1Q 2026 Acquired three SHOP communities for $84.2 million, Acquired a seniors housing community within its with an expected unlevered IRR in the low teens SHOP segment for $108 million, with an expected unlevered IRR in the low teens Converted two seni
Slide 6: Compelling Value: Lowest 2026 AFFO Multiple
COMPELLING VALUE HIGH SHOP CONCENTRATION YET AMONGST LOWEST 2026 AFFO MULTIPLE Proforma SHOP % of Total NOI Compare 2026 AFFO / FAD Multiple 90% 45.0x 80% 77% 39.3x 40.0x 72% 70% 35.0x 30.7x 60% 30.0x 27.9x 53% 50% 25.0x 40% 20.1x 40% 20.0x 16.6x 29% 15.5x 30% 15.0x 13.8x 13.2x 20% 20% 10.0x 10% 10%
Slide 7: Favorable Industry Fundamentals
FAVORABLE INDUSTRY FUNDAMENTALS DEMOGRAPHICS DRIVE DEMAND(1) U.S. Senior Population Growth Projections by Age Bracket 60 (1) Demographics and relatively low supply drives 85+ 80+ 75+ occupancy highs and above average rate growth. 40 Demand now exceeds new supply. Millions 20 (2) Construction starts
Slide 8: SHOP Spotlight
SHOP SPOTLIGHT AS OF MARCH 15, 2026 9 years $461 Million 22% NOI Growth ~14% Average Age SHOP Acquisitions Since In 2025 over 2024 Projected 2026 NOI May 2025 proforma NOI for the Growth for the 27 SHOP original 13 property SHOP properties as of conversions January 31, 2026 8 Operators 30 Properties
Slide 9: Seniors Housing Operating Portfolio (SHOP) Transformation
SENIORS HOUSING OPERATING PORTFOLIO (“SHOP”) TRANSFORMATION 2025 SHOP ACTIVITIES SINCE MAY ($565M) SHOP GROWTH (DOLLAR AMOUNTS IN MILLIONS) $353M in SHOP acquisitions $1,400 $212M - Three SHOP conversions $1,200 Seven SHOP operators, five new to LTC $1,000 116% GROSS ASSET VALUE $800 $600 2026
Slide 10: Portfolio Transformation: Decreasing SNF and Loan Exposure
PORTFOLIO TRANSFORMATION: DECREASING SNF AND LOAN EXPOSURE (PROFORMA 2026 ASSUMES $600M IN SHOP INVESTMENTS (MID-POINT) AND $58M IN SHOP CONVERSIONS) ASSET TYPE TRANSFORMATION: 2024 - PROFORMA 2026 INVESTMENT TYPE TRANSFORMATION: 2024 - PROFORMA 2026 Seniors Housing asset value concentration incre
Slide 11: 2026 Guidance
2026 GUIDANCE Full year First Quarter Diluted earnings per common share $1.80 to $1.84 $0.60 to $0.62 Diluted Core FFO per share $2.75 to $2.79 $0.66 to $0.68 Diluted Core FAD per share $2.82 to $ 2.86 $0.68 to $0.70 Assumptions: Gross investments for the full year in the range of $400 million and
Slide 12: Appendix
Appendix INVESTOR PRESENTATION MARCH 2026 12
Slide 13: Portfolio Overview
PORTFOLIO OVERVIEW (AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) TRAILING TW E L VE M O NTH S E ND E D D E CE M BE R 31, 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 P
Slide 14: Portfolio Overview - Operator Update
PORTFOLIO OVERVIEW - OPERATOR UPDATE (DOLLAR AMOUNTS IN THOUSANDS) Market-Based Rent Resets: Received $5,625 of revenue from a 14-property portfolio in 2025 vs. $3,448 in 2024 (63% increase). Two of the 14 properties were converted into SHOP in January 2026, with plans to convert two additional pr
Slide 15: Portfolio Diversification – Geography
PORTFOLIO DIVERSIFICATION – GEOGRAPHY (AS OF DECEMBER 31, 2025) 186 16,276 30 23 PROPERTIES UNITS/BEDS OPERATORS STATES WA 2 ND ME 1 MT OR 3 ID MN WI 1 7 3 SD 1 21 NY 5 WY MI PA NJ 1 NE IA OH 6 1 3 CA NV 1 2 1 UT CO IN 4 MO KS WV 4 8 4 IL VA 2 2 1 2 6 2 2 KY AZ NC 33 TN 1 2 OK NM 4 3 SC 2 AR 5 AL 3
Slide 16: Portfolio Diversification – Geography (table)
PORTFOLIO DIVERSIFICATION – GEOGRAPHY (AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) # OF GROSS GROSS INVESTMENT (1) (2) STATE PROPERTIES INVESTMENT % SH - NNN % SH - SHOP % SNF % UDP % OTH % Wisconsin 13 $ 319,951 13.3% $ 57,822 6.2% $ 248,183 43.9% $ 13,946 1.6% $ — — $ — — (3) Texas 29 31
Slide 17: SHOP Performance and Guidance
SHOP PERFORMANCE AND GUIDANCE (AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) TOTAL SHOP PERFORMANCE SHOP GUIDANCE 2 Q2 5 3 Q2 5 4 Q2 5 2026 PROJECTED NOI Low High Properties, at end of quarter 13 21 25 (millions) $53 $57 Units, at end of quarter 832 1,577 2,073 Represents 27 properties (2,
Slide 18: Real Estate Investments (Excluding SHOP) Diversification - Operators
REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) DIVERSIFICATION -OPERATORS (AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) L TC P O RT IO N (2 ) P RO P E RT Y # OF AN NUALIZE D G RO S S N O N-CO N TRO LL IN G O F G RO SS (1 ) O P E RATO RS T YP E P RO P E RT IE S CO NT RACTUAL CASH NO I %
Slide 19: Real Estate Investments (Excluding SHOP) - Maturity
REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - MATURITY (AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) RE NT AL % OF FINANC IN G RE C % OF M O RTG AG E LO ANS % OF O TH E R NO TE S % OF UNC O NS O L ID ATE D % OF ANN UALIZE D % OF (1 ) YE AR INCO ME TO T AL INCO M E TO TAL INT E RE ST
Slide 20: Real Estate Investments (Excluding SHOP) - Metrics
REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - METRICS (TRAILING TWELVE MONTHS THROUGH SEPTEMBER 30, 2025 AND JUNE 30, 2025) SAME PROPERTY PORTFOLIO (“SPP”) COVERAGE STATISTICS (1) SENIORS HOUSING SKILLED NURSING 2.00x 100.0% 3.00x 100.0% 1.37 1.37 2.15 2.24 Occupancy % 1.70 90.0% Occupancy %
Slide 21: Enterprise Value
ENTERPRISE VALUE (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) DECEMBER 31, 2025 CAPITALIZATION DEBT Revolving line of credit - WA rate 4.4%(1) $ 252,863 (2) Term loans, net of debt issue costs - WA rate 4.8% 198,213 Senior unsecured notes, net of debt issue costs - WA rate 4
Slide 22: Debt Metrics
DEBT METRICS (DOLLAR AMOUNTS IN THOUSANDS) LINE OF CREDIT LIQUIDITY Balance Available $600,000 $500,000 $347,137 $400,000 $97,750 $300,000 $280,650 $270,000 $200,000 $302,250 $252,863 $100,000 $130,000 $144,350 $- (1) 2022 2023 2024 4Q25 (1) Subsequent to December 31, 2025, we had a net borrowing of
Slide 23: Debt Maturity
DEBT MATURITY (AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) RE VO LVING SE NIO R DEBT STRUCTURE (2) LINE O F T E RM UNS E CURE D % OF (1 ) (1 ) YE AR CRE D IT L O ANS NOTES T O T AL TO TAL 2026 $ — $ — $ 51,500 $ 51,500 6.1% 2027 — — 54,500 54,500 6.5% Senior Unsecured Notes 2028 — 50,000 5
Slide 24: Financial Data Summary
FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) 12/31/2023 12/31/2024 12/31/2025 Gross investments $ 2,139,865 $ 2,088,613 $ 2,397,662 (1) Includes outstanding gross revolving line of credit, term loans, net Net investments $ 1,741,093 $ 1,674,140 $ 1,981,017 of debt issue costs, and senior uns
Slide 25: Appendix A: SEC Reg. G Compliance
Appendix A: SEC Reg. G Compliance INVESTOR PRESENTATION MARCH 2026 25
Slide 26: Reconciliation of 2026 Guidance
RECONCILIATION OF 2026 GUIDANCE (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Guidance The Company is providing guidance for the 2026 full year and 1Q26. The following guidance ranges reflect management's view of current and future market conditions. There can be no assurance that the
Slide 27: Reconciliation of Annualized Adjusted EBITDAre and Fixed Charges
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 NTH S E ND E D 12/31/23 12/31/24 12/31/25 12/31/25 Net income $ 91,462 $ 94,879 $ 123,880 $ 103,651 Less: Gain on sale of real estate
Slide 28: Reconciliation of FFO and FAD
APPENDIX A: SEC REG. G COMPLIANCE - RECONCILIATION OF FFO AND FAD (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) T HRE E M O N TH S E ND E D TWE LVE M O NT HS E N DE D D E C E M BE R 31, DE CE M BE R 31, 2025 2024 2025 2024 GAAP net income available to common stockholders $ 101,618 $ 17
Slide 29: Reconciliation of FFO per Share
APPENDIX A: SEC REG. G COMPLIANCE - RECONCILIATION OF FFO PER SHARE (UNAUDITED, AMOUNTS IN THOUSANDS) FFO FAD FO R TH E TH RE E M O N TH S E ND E D D E CE M BE R 31, 2025 2024 2025 2024 FFO/FAD attributable to common stockholders $ 34,510 $ 32,962 $ 37,039 $ 30,201 (1) Non-recurring one-time items (
Slide 30: 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) T HRE E M O N TH S E ND E D TW E LVE M O N TH S E NDE D D E CE M BE R 31, DE CE M BE R 31, 2025 2024 2025 2024 Reconciliation of adjustments to Nareit FFO: (1) Represents the wri
Slide 31: Reconciliation of NOI
APPENDIX A: SEC REG. G COMPLIANCE - RECONCILIATION OF NOI (UNAUDITED, AMOUNTS IN THOUSANDS) T RAIL ING TW E LVE M O NT HS E ND E D D E CE M BE R 31, 2025 M O RTG AG E UNCO NSO LID AT E D FIN AN CING LO AN S NOTES JO INT (1 ) N NN S HO P S UBTO TAL RE CE IVABL E S RE CE IVABLE RE CE IVABL E O T HE R
Slide 32: Glossary
GLOSSARY Annualized Contractual Cash NOI: Represents annualized contractual cash rental income (prior to abatements & deferred rent Funds From Operations (“FFO”): As defined by Nareit, net income available to common stockholders (computed in accordance with repayment and excludes real estate tax rei
Slide 33: Glossary
GLOSSARY Micropolitan Statistical Areas (“Micro-SA”): Based on the U.S. Census Bureau, Micro-SA is a geographic entity defined by Real Estate Investments: Represents our investments in real property, financing receivables, mortgage loans receivable and other the Office of Management and Budget (OMB)
Slide 34: Forward-Looking Statements
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 solutions including preferred equity and mezzanine le