LTC Properties, Inc. (LTC) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings, and welcome to the LTC Properties, Inc. Fourth Quarter 2025 Earnings Conference Call and Webcast. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. You may be placed into question queue at any time by pressing star 1 on your telephone keypad. As a reminder, this conference is being recorded. If anyone should require operator assistance, please press star 0. It's now my pleasure to introduce Pam Kessler, co-president and co-CEO. Pam, please go ahead. Good morning, and thank you for joining us. Eight months after launching our shop initiative, we are almost halfway through our transformation from a lower-growth triple net REIT into a faster-growing shop-focused REIT, a transformation that will lead to higher multi-year internal and external shop and earnings growth and to superior shareholder returns. This transformation has included substantial investment in people, systems, and technology, which will continue to be a focus to support our aggressive growth plans. We have made great progress growing our seniors housing portfolio through SHOP, reflecting successful execution across every aspect of the business. Today, we are guiding to 600 million in acquisitions at the midpoint for 2026, all of which we anticipate will be in SHOP. This acquisition guidance is nearly 70% higher than shop acquisitions in 2025. 2026 started off strong with $108 million in shop acquisitions already completed and another $160 million on schedule to close in the second quarter, which takes us nearly halfway to our $600 million midpoint investment guidance for the year. Throughout our transformation, We have continued to maintain a strong balance sheet with well-laddered debt maturities and a fad payout ratio ...