Supplemental Operating & Financial Data Q3 2026

3Q26 SUPPLEMENTAL

2026 SHOP INVESTMENT GUIDANCE - $1.0B MID-POINT

$800

MILLIONS

$600

$400

$200

$0

$208M

$55M

$737M

ACQUISITIONS

$1,800

$1,500

GROSS ASSET VALUE

$1,200

$900

$600

$300

$0

$1.6B

$565M

$0M

189%

2024 2025 Proforma 2026

YTD 3Q26 4Q26 4Q26 *

* Anticipated

Proforma 2026 assumes $1B in SHOP investments (mid-point) and $59M in SHOP conversions

2026 SHOP CONVERSIONS ($59M)

• $26M completed in 1Q26

• $33M completed in 2Q26

• Two SHOP operators new to LTC

  2026 INVESTMENT FUNDING STRATEGY

• ~ $730M proceeds from property sales and loan prepayments, of which $550M was received through September 2026

• ~ $296M net proceeds from sales under our ATM through October 2026

• Proceeds from borrowings under our revolving line of credit and sales under our ATM

ASSET TYPE TRANSFORMATION: 2024 - PROFORMA 2026

• NOI from Seniors Housing increases from 43% to 79%

• NOI from Skilled Nursing decreases from 57% to 20%

  INVESTMENT TYPE TRANSFORMATION: 2024 - PROFORMA 2026

• NOI from Owned investments increases from 76% to 90%

• NOI from Mortgage Loans investment decreases from 20% to 9%

  2026 PROFORMA ANNUALIZED NOI BY ASSET TYPE 2026 PROFORMA ANNUALIZED NOI BY INVESTMENT TYPE

  20%

  1%

  49%

  30%

  SENIORS HOUSING - SHOP SENIORS HOUSING - NNN SKILLED NURSING

  OTHER/UDP

  OWNED PORTFOLIO - SHOP OWNED PORTFOLIO - NNN

  10%

  1%

  9%

  49%

  31%

  OWNED ACCOUNTED

  FOR AS FINANCING RECEIVABLES

  MORTGAGE LOANS NOTES RECEIVABLE &

  UNCONSOLIDATED JV

  ACQUISITIONS

  	# OF	INVESTMENT	PROPERTY	# OF			DATE OF	YEAR 1	PURCHASE
  DATE	PROPERTIES	TYPE	TYPE	UNITS	LOCATION	OPERATOR	CONSTRUCTION	CAP RATE		PRICE
  Jul-2025	1	SHOP	SH	67	Morgan Hill, CA	Discovery Senior Living	2019	7.4%	$ 35,200
  Sep-2025	2	SHOP	SH	158	Various cities in KY	Charter Senior Living	2023	7.6%		39,500
  Sep-2025	5	SHOP	SH	520	Various cities in WI	Lifespark	2019-2021	7.2%		194,050
  Oct-2025	1	SHOP	SH	88	Marietta, GA	The Arbor Company	2017	7.4%		22,900
  Dec-2025	1	SHOP	SH	100	Brentwood, TN	Discovery Senior Living	2022	7.4%		31,250
  Dec-2025	1	SHOP	SH	122	Hobart, WI	New Perspective	2012-2019	8.7%		30,000
  	11			1,055					$ 352,900
  Jan-2026	3	SHOP	SH	394	Various cities in GA	The Arbor Company	2014-2018	7.0%	$ 108,000
  Apr-2026	1	SHOP	SH	61	Freeburg, IL	Arrow Senior Living	2019	8.1% (1)		9,205
  May-2026	1	SHOP	SH	104	Phoenix, AZ	MorningStar Senior Living	2013	6.8%		54,250
  Jul-2026	2	SHOP	SH	133	Various cities in CO & NM	MorningStar Senior Living	2015-2016	6.9%		72,500
  Jul-2026	1	SHOP	SH	147	Stevens Point, WI	Health Dimensions Group	2007	7.2% (1)		40,000
  Jul-2026	2	SHOP	SH	215	Various cities in MN	Lifespark	2020-2023	7.4%		95,350
  Aug-2026	4	SHOP	SH	453	Various cities in MN	Lifespark	2015-2019	6.8%		200,000
  Sep-2026	2	SHOP	SH	130	Various cities in VA & MD	IntegraCare	2021-2022	6.5%		89,000
  Sep-2026	1	SHOP	SH	140	Land O'Lakes, FL	Charter Senior Living	2018	6.4%		68,975
  Oct-2026	1	SHOP	SH	85	Ankeny, IA	Arrow Senior Living	2016	6.6%		23,825
  Oct-2026	1	SHOP	SH	180	Owens Cross Roads, AL	Charter Senior Living	2022	6.4%		70,950
  Oct-2026	1	SHOP	SH	130	York, PA	IntegraCare	2023	6.9%		52,000
  Oct-2026	1	SHOP	SH	117	Lakewood Ranch, FL	Grace Management, Inc	2016	6.5%		61,500
  	21			2,289					$ 945,555
  (1) Includes budgeted renovation.

  Total 2026 expected gross proceeds

  $730M

  Total 2026 annualized income

  $53M

  $500,000

  $464,100

  $180,000

  $64,000

  $4,800

  $22,100

  (1)

  $2,200

  $20,300

  $25,600

  $400,000

  $300,000

  $200,000

  $100,000

  $0

  1Q26 2Q26 3Q26 4Q26E

  Expected Sales/Payoff proceeds Annualized Income

  (1) Assuming current transaction timing, we expect to receive $3,070 of interest in 4Q26 from a loan payoff.

  • Proforma represents amounts as of September 30, 2026 adjusted as follows:

    • Annualized SHOP NOI at a weighted average year-one cap rate of 6.8% for 3Q26 & 4Q26 acquisitions totaling $774,100 on 16 seniors housing communities with a total of 1,730 units. See Acquisitions table on page 5 for further details.

    • Reduction of annualized 3Q26 rental revenue related to 3Q26 dispositions totaling $464,100 on 17 skilled nursing centers with a total of 2,462 beds and 17 seniors housing communities with a total of 738 units.

    • Issuance of 1,371,986 shares of common stock under our equity distribution agreement for net proceeds of

      $58,717 subsequent to quarter-end.

    • Annualized interest expense for assumed borrowings under our unsecured revolving line of credit for 3Q26 & 4Q26 acquisitions, offset by the interest savings from an assumed paydown of our unsecured revolving line of credit from 3Q26 asset sales, the issuance of 1,371,986 shares of common stock under our equity distribution agreement and cash on hand.

Other(5)

65.8%

135,068

80.5%

2,421,040

12,005

122

1

SHOP(1) 50 1,581,106 52.6% 70,538 34.3%

Total 168 $ 3,008,428 100.0% $ 205,378 100.0%

0.6%

1,193

0.4%

Seniors Housing

31.5%

$ 64,530

27.9%

$ 839,934

72

NNN

BY ASSET TYPE

# OF

PROPERTIES

GROSS

INVESTMENT

% OF

INVESTMENT

NOI (1)

% OF NOI

Mortgage Loans 27 400,834 (4) 13.3% (4) 40,976 19.9% Interest income from mortgage loans

1. See Proforma Activities on page 7 for further discussion.

2. See Trailing Twelve Months NOI definition in the Glossary.

3. Financing receivables represent acquisitions through sale-leaseback transactions, subject to lease agreements that contain purchase options. In accordance with GAAP, the purchased assets are presented as financing receivables on our Consolidated Balance Sheets and the rental income received is presented as interest income from financing receivables on our Consolidated Statements of Income.

4. Mortgage loans include short-term loans of $147,537, or 4.9% of gross investment, and long-term loans (Prestige) of $253,297, or 8.4% of gross investment. The weighted average maturity for our mortgage loans portfolio and long-term mortgage loans (Prestige) at September 30, 2026 is 12.3 years and 17.6 years, respectively.

5. Includes one behavioral health care hospital and three parcels of land held-for-use.

   LONG-TERM INVESTMENTS include our Owned Portfolio, Owned Properties accounted for as Financing Receivables and Long-Term Mortgage Loans (Prestige) which represent 94% of our Gross Investments.

   SHORT-TERM INVESTMENTS represent investment durations shorter than 10 years and include our Notes Receivable and Short-Term Mortgage Loans which represent 6% of our Gross Investments.

   Long-Term Investments 94%

   Short-Term Investments 6%

   TRAILING TWELVE MONTHS ENDED PROFORMA SEPTEMBER 30, 2026 # OF GROSS % OF % OF OWNED PROPERTIES - NNN PROPERTIES INVESTMENT GROSS INVESTMENT RENTAL INCOME(2) TOTAL NOI
   Seniors Housing	33	$ 379,841	12.6%	$ 27,637	13.5%
   Skilled Nursing	24	322,086	10.7%	39,930	19.4%
   Other	1	12,005	0.4%	1,193	0.6%
   Total 58		$ 713,932	23.7%	$ 68,760	33.5%

   1. See Proforma Activities on page 7 for further discussion.

   2. See Trailing Twelve Months NOI definition in the Glossary.

      OWNED PROPERTIES ACCOUNTED FOR AS # OF

      FINANCING RECEIVABLES(3) PROPERTIES

      GROSS

      INVESTMENT

      % OF

      GROSS INVESTMENT

      FINANCING % OF

      RECEIVABLES INCOME(2) TOTAL NOI

      # OF GROSS % OF % OF OWNED PROPERTIES - SHOP PROPERTIES INVESTMENT GROSS INVESTMENT SHOP NOI(2) TOTAL NOI
      Seniors Housing(1)	50	$ 1,581,106	52.6%	$ 70,538	34.3%
      Total	50	$ 1,581,106	52.6%	$ 70,538	34.3%

   3. Financing receivables represent acquisitions through sale-leaseback transactions, subject to lease agreements that contain purchase options. In accordance with GAAP, the purchased assets are presented as financing receivables on our Consolidated Balance Sheets and the rental income received is presented as interest income from financing receivables on our Consolidated Statements of Income.

   4. Skilled nursing long-term loans (Prestige) of

hted

TOTAL INVESTMENTS 168 $ 3,008,428 100.0% $ 205,378 100.0%

• Market-Based Rent Resets: Received $1,380 of rental revenue during 3Q26 from the 10-property portfolio with leases containing market-based rent resets. We have taken the following steps to transition these assets to longer-term lease structures or dispose of them:

  • During 3Q26, we entered into a 5-year master lease on two of the properties with initial annual rent of $2,400, increasing to $2,496 at the first anniversary, then increasing annually thereafter by CPI, subject to a minimum annual increase of 2%. The new long-term master lease has a SHOP conversion option, which allows LTC to convert these properties into SHOP.

  • Subsequent to quarter-end, we commenced a plan to sell one of the properties. As a result, we recorded a $2,310 impairment charge associated with this property in 3Q26.

  • Of the remaining seven properties, we engaged a broker in 4Q26 to sell two and expect to record an impairment charge of approximately

    $10,000 in connection with those sales. Upon completion of those sales, we expect to add the remaining five properties to an existing master lease. We expect to receive $780 of rental revenue from these seven properties during 4Q26.

• Purchase Option Exercise:

  • Subsequent to September 30, 2026, an operator exercised its purchase option under its master lease to purchase four skilled nursing centers in Texas with a total of 339 beds. The sale is expected to close on April 1, 2027. A component of the purchase price will be based on fair market value, which will be determined by independent appraisers pursuant to the process set forth in the master lease. The total purchase price will be our current gross investment plus 50% of the difference between fair market value and our initial gross investment. These properties generate annualized cash rent of $4,840.

PROPERTIES

14,937

UNITS/BEDS

OPERATORS

STATES

WA

1

OR

3 ID

MT 2

ND ME

MN WI

8 3

1

CA NV

4

2

WY

UT CO

2 5

SD 6 1

5

IA 1

NE

2 5

MO

KS IL

2 2 1 2

21

MI

OH

IN 2

2

KY 2

NY

PA 1 NJ

5 3

1 MD

1

WV

VA 1

AZ

OK

NM 4

1

5 1

TX

7

2

TN 1

AR

AL

GA

1

1

MS 1 5

LA

NC 33

SC 2

2 1

FL

1

2

SH (72)

SH- SHOP (50)

SNF (45)

OTH* (1)

LAND (3)

* Behavioral health care hospital

2

(1) See Proforma Activities on page 7 for further discussion.

1. See Proforma Activities on page 7 for further discussion.

2. Due to master leases with properties in various states, revenue by state is not available. Also, working capital notes are provided to certain operators under their master leases covering properties in various states. Therefore, the working capital notes outstanding balance totaling $25 is also not available by state and is excluded from the table above.

3. Includes one behavioral health care hospital and three parcels of land held-for-use.

GROSS PORTFOLIO BY MSA(1) AVERAGE SENIORS HOUSING PORTFOLIO AGE(1)

100.0%

50.0%

0.0%

49.5%

22.6%

22.6%

4.2%

1.1%

MSAs 1-31

MSAs 32-100

MSAs

> 100

Cities in Micro-SA

Cities not in MSA or Micro-SA

40

18 years

9 years

30

Years

20

10

0

NNN SHOP

1. The MSA rank by population as of July 1, 2025, as estimated by the United States Census Bureau. Approximately 72% of our properties are in the top 100 MSAs. Represents our real properties, properties accounted for as financing receivables, and properties secured by our mortgage loans.

   1. As calculated from construction date or major renovation/expansion date. Represents our real properties, properties accounted for as financing receivables, and properties secured by our mortgage loans.

   BY OPERATOR

   OPERATORS(1)	# OF PROPERTIES	# OF UNITS	GROSS INVESTMENT	%
   Lifespark	11	1,188	$ 491,045	31.1%
   Charter Senior Living(1)	4	478	179,995	11.4%
   Anthem Memory Care	12	732	156,461	9.9%
   IntegraCare(1)	3	260	141,225	8.9%
   The Arbor Company	4	482	134,399	8.5%
   MorningStar Senior Living	3	237	127,449	8.1%
   Discovery Senior Living	2	167	67,279	4.3%
   Grace Management, Inc(1)	1	117	61,500	3.9%
   New Perspective	2	222	54,807	3.5%
   Health Dimensions Group	1	147	40,137	2.5%
   All Others(1)	7	579	126,808	7.9%
   	50	4,609	1,581,105	100.0%

   BY STATE

   STATE	# OF PROPERTIES	# OF UNITS	GROSS INVESTMENT	%
   Minnesota	6	668	$ 296,103	18.7%
   Wisconsin	8	889	289,887	18.3%
   Georgia	5	552	149,803	9.5%
   Florida(1)	2	257	130,561	8.3%
   Colorado	5	292	82,049	5.2%
   Alabama(1)	1	180	70,950	4.5%
   Illinois	5	325	68,303	4.3%
   Arizona	1	104	54,621	3.4%
   Pennsylvania(1)	1	130	52,000	3.3%
   California	2	133	49,209	3.1%
   All Others(1)	14	1,079	337,619	21.4%
   Total	50	4,609	$ 1,581,105	100.0%

   (1) See Proforma Activities on page 7 for further discussion.

   Cloverland Park

   Brentwood, TN

   CORE SHOP PORTFOLIO

   • Represents 27 properties (2,281 units) that include initial conversions (13) and acquired SHOP properties (14) through 1Q26; excludes value-add conversions and additional acquisitions.

CORE SHOP PORTFOLIO GUIDANCE

CORE SHOP PORTFOLIO PERFORMANCE

2026 PROJECTED NOI

Low

$53.5M

High

$55.5M

• Narrowed guidance at mid-point:

  • NOI growth: ~13% over 2025 proforma NOI

  • Occupancy growth: ~70 basis points from 2025 proforma average occupancy ~89.7%

  • Projected increases: RevPOR ~5.1%; ExPOR ~2.8%

  • 2025 proforma NOI and occupancy include results reported under prior owners; adjusted for current management fee structure

• 2026 Total SHOP FAD Capex Guidance: $3.8M to $4.2M

• Non-FAD Capex Currently Planned*:

*Currently committed for SHOP properties converted or acquired through 10/31/26;

Three (3) properties, acquired in January 2026, had $314 of additional proforma NOI and additional proforma revenue of $1,732 for the period January 1st to the acquisition date, for a total proforma NOI of $12,940 on total proforma revenue of $48,774 for the 27 properties, for the period ending March 31, 2026. Proforma occupancy for the same period was 89.5%.

TOTAL SHOP PERFORMANCE

subject to change

1. See Operator Update on page 10 for further discussion.

2. See Glossary for definition of Annualized Contractual Cash NOI and Annualized GAAP NOI.

3. Includes the consolidated income from our joint ventures. The non-controlling member's portion of the annualized contractual cash and annualized GAAP NOI are as follows:

   OPERATORS	ANNUALIZED CONTRACTUAL CASH NOI
   	LTC PORTION JV PARTNER PORTION TOTAL

   OPERATORS	ANNUALIZED GAAP NOI
   	LTC PORTION JV PARTNER PORTION TOTAL

   ALG Senior	$ 17,261 $	4,712 $ 21,973		ALG Senior	$ 18,708 $	4,712 $ 23,420
   Encore Senior Living	14,299	- 14,299		Encore Senior Living	13,992	- 13,992

   PRESTIGE	Privately Held	SNF/SH Other Rehab	82 Properties	4 States
   ALG	Privately Held	SH	117 Properties	6 States
   ENCORE	Privately Held	SH	37 Properties	5 States
   CARESPRING	Privately Held	SNF/SH Transitional Care	18 Properties	2 States
   101 W STATE ST	Privately Held	SNF/SH	170 Properties	19 States

   FUNDAMENTAL	Privately Held	SNF/SH Hospitals & Other Rehab	63 Properties	7 States
   IGNITE	Privately Held	SNF/SH Transitional Care	32 Properties	7 States
   JUNIPER	Privately Held	SH	26 Properties	4 States
   OXFORD	Privately Held	SH	20 Properties	5 States
   GSL MGMT	Privately Held	SH	5 Properties	1 State

   YEAR	MORTGAGE LOANS RECEIVABLE
   	PRINCIPAL	ANNUALIZED GAAP NOI (1)	WA GAAP RATE
   2026	$ -	$ -	-

   NOTES RECEIVABLE
   PRINCIPAL	ANNUALIZED GAAP NOI (1)	WA GAAP RATE
   $ 25	$ 2	8.0%

   2027	29,203		2,408	8.2%			25,000		2,554	10.2%
   2028	-		-	-			-		-	-
   2029	-		-	-			-		-	-
   2030	118,334		10,085	8.5%			-		-	-
   2031	-		-	-			-		-	-
   2032	-		-	-			-		-	-
   2033	-		-	-			-		-	-
   Thereafter	253,297 (2)		29,162 (2)	11.5%			-		-	-
   Total	$ 400,834	$	41,655	10.4%		$	25,025	$	2,556	10.2%

   1. See Annualized GAAP NOI definition in the Glossary.

   2. The Prestige $179,373 mortgage loan secured by 14 skilled nursing centers in Michigan has an option to prepay the loan without penalty during the 12-month window starting July 2026, subject to customary conditions and contingent on Prestige's ability to obtain replacement financing. This loan represents $20,255 of annualized GAAP interest income and is expected to pay off during 4Q26. The remaining $73,925 of mortgage loans mature in 2045.

      SAME PROPERTY PORTFOLIO ("SPP") COVERAGE STATISTICS(1)

      Occupancy %

      SENIORS HOUSING SKILLED NURSING

      1. x

      1.00x

      0.00x

      1.40 1.46

      1Q26 2Q26

      100.0%

      1.16

      1.21

      87.4%

      88.3%

      95.0%

      90.0%

      85.0%

      80.0%

      4.00x

      1. x

      0.00x

      2.22 2.30

      1Q26 2Q26

      100.0%

      Occupancy %

      95.0%

      1.71

      1.78

      83.6%

      83.7%

      90.0%

      85.0%

      80.0%

      75.0%

      Normalized EBITDAR Normalized EBITDARM Occupancy

      Normalized EBITDAR Normalized EBITDARM Occupancy

      SH metrics as allocated/reported by operators. Occupancy represents the average TTM occupancy. See Normalized EBITDAR and Normalized EBITDARM definitions in the Glossary.

      SNF metrics as allocated/reported by operators. Occupancy represents the average TTM occupancy. See Normalized EBITDAR and Normalized EBITDARM definitions in the Glossary.

      (1) Information is from property level operator financial statements which are unaudited and have not been independently verified by LTC. The same property portfolio excludes properties re-tenanted or sold after April 1, 2025; and excludes properties transitioned to LTC's SHOP portfolio prior to September 30, 2026.

      PROFORMA SEPTEMBER 30, 2026 CAPITALIZATION SEPTEMBER 30, 2026 CAPITALIZATION
      DEBT
      Revolving line of credit - WA rate 4.6%(1)			$ 429,900		$ 409,900
      Term loans, net of debt issue costs - WA rate 4.8%(2)			198,470		198,470
      Senior unsecured notes, net of debt issue costs - WA rate 4.1%(3)			356,724		354,724
      Total debt - WA rate 4.5%			985,094	29.5%	963,094	28.6%
      EQUITY 9/30/26 PROFORMA	9/30/26
      No. of shares No. of shares	Closing Price
      Common stock 54,819,683 56,191,669	$ 42.87	(4)	2,350,120	70.5%	2,408,937	71.4%
      Total market value			2,350,120		2,408,937
      TOTAL VALUE			3,335,214	100.0%	3,372,031	100.0%
      Add: Non-controlling interest			73,075		73,075
      Less: Cash and cash equivalents			(182,983)		(11,425)
      ENTERPRISE VALUE			$ 3,225,306		$ 3,433,681
      Debt to Enterprise Value			30.5%		28.0%

      1. We have fixed interest rate swap agreements on $200,000 of our revolving line of credit at a weighted average rate of 4.3%. Subsequent to September 30, 2026, we repaid $20,000 under our unsecured revolving line of credit. Accordingly, we have $409,900 outstanding and $490,100 available for borrowing under our unsecured revolving line of credit.

      2. Represents outstanding balance of $200,000, net of debt issue costs of $1,530.

      3. Represents outstanding balance of $357,500, net of debt issue costs of $776. Subsequent to September 30, 2026, we repaid $2,000 in scheduled principal on our senior unsecured notes.

      4. Closing price of our common stock as reported by the NYSE on September 30, 2026.

      LINE OF CREDIT LIQUIDITY

      $470,100

      $490,100

      $347,137

      $97,750

      $280,650

      $429,900

      $409,900

      $302,250

      $252,863

      $144,350

      $900,000

      $600,000

      Available

      $300,000 Balance

      $-

      2023 2024 2025 3Q26 Proforma 3Q26 (1)

      (1) Subsequent to September 30, 2026, we repaid $20,000 under our unsecured revolving line of credit. Accordingly, we have $409,900 outstanding and $490,100 available for borrowing under our unsecured revolving line of credit.

      50.0%

      39.0%

      31.1% 34.0%

      29.3%

      29.8%

      32.0%

      30.5%

      31.0%

      28.0%

      39.5%

      LEVERAGE RATIOS COVERAGE RATIOS

      8.0x

      40.0%

      6.0x

      5.6x

      30.0%

      20.0%

      10.0%

      0.0%

      2023 2024 2025 3Q26 Proforma 3Q26

      4.0x

      1. x

      0.0x

      5.0x

      4.2x

      4.8x

      4.8x 4.6x

      4.0x

      4.9x

      4.4x

      3.4x

      2023 2024 2025 3Q26 Proforma 3Q26

      Debt to Gross Asset Value Debt to Total Enterprise Value

      Debt to Annualized Adjusted EBITDAre

      Annualized Adjusted EBITDAre/ Fixed Charges

      YEAR	$900M REVOLVING LINE OF CREDIT	TERM LOANS(1)	SENIOR UNSECURED NOTES(1)		TOTAL	% OF TOTAL
      2026	$ -	$ -	$ 15,000	(2)	$ 15,000	1.6%

      PROFORMA DEBT STRUCTURE(1)

      $900,000

      Senior Unsecured Notes 36.8%

      2027	-	-	54,500	54,500	5.6%
      2028	-	50,000	55,000	105,000	10.9%
      2029	409,900	55,000	63,000	527,900	54.7%
      2030	-	55,000	67,000	122,000	12.6%
      2031	-	-	56,000	56,000	5.8%
      2032	-	40,000	35,000	75,000	7.8%
      2033	-	-	10,000	10,000	1.0%
      Total $ 409,900 (3) $ 200,000 $ 355,500 $ 965,400 100.0%

      Revolving Line of Credit 42.5%

      Term Loans 20.7%

      Revolving Line of Credit Term Loans Senior Unsecured Notes

      $600,000

      $409,900

      (3)

      $300,000

      $-

      $54,500

      $15,000

      $55,000 $63,000 $67,000

      $50,000 $55,000 $55,000

      $56,000 $40,000

      $35,000 $10,000

      2026 2027 2028 2029 2030 2031 2032 2033

      1. Reflects scheduled principal payments and excludes debt issue costs on our term loans and senior unsecured notes, which are netted against the principal outstanding balances on our Consolidated Balance Sheets.

      2. Subsequent to September 30, 2026, we repaid $2,000 in scheduled principal paydown on our senior unsecured notes.

      3. Subsequent to September 30, 2026, we repaid $20,000 under our unsecured revolving line of credit. Accordingly, we have $409,900 outstanding and $490,100 available for borrowing under our unsecured revolving line of credit.

         GUIDANCE

         The following guidance ranges reflect management's view of current and future market conditions. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth below. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments. The 2026 full year guidance is as follows:

         	Full Year 2026	Guidance
         	Low	High
         Diluted earnings per common share	$ 7.80	$ 7.82
         Less: Gain on sale, net of impairment loss	(6.04)	(6.04)
         Add: Depreciation and amortization	1.03	1.03
         Add: Adjustments for participating securities	0.03	0.03
         Diluted Nareit FFO attributable to common stockholders	2.82	2.84
         Add: Non-core adjustments	(0.06)	(0.06)
         Diluted Core FFO	$ 2.76	$ 2.78
         Diluted Nareit FFO attributable to common stockholders	$ 2.82	$ 2.84
         Less: Non-cash income	(0.01)	(0.01)
         Add: Non-cash expense	0.11	0.11
         Less: Recurring capital expenditures	(0.08)	(0.08)
         Diluted FAD	2.84	2.86
         Add: Non-core adjustments	(0.01)	(0.01)
         Diluted Core FAD	$ 2.83	$ 2.85

         The assumptions underlying the 2026 full year guidance are as follows:

         • Gross investment estimates increased by $100,000 at the mid-point to $1,000,000 from $900,000. Gross investments include transactions closed to date, or expected to close in 4Q26.

         • Asset sales and loan payoffs projections of $730,000, including $550,200 of sales and payoffs to date, with the remaining $179,800 expected to pay off in 4Q26.

         • Narrowed SHOP NOI guidance, inclusive of expected net investments, to a range of $73,500 to $76,400, from a range of $71,200 to $79,900, which represents a $500 decrease to prior mid-point of Core SHOP NOI guidance. See Core SHOP guidance on page 14.

         • General and administrative costs estimates narrowed to a range of $33,100 to $33,900, from $31,700 to $33,900.

         • Adjustments to Core FFO and Core FAD include the following:

           • One-time exit IRR income that we received in connection with the sale of three skilled nursing centers accounted for as a financing receivable on our Consolidated Balance Sheets. See the reconciliation of non-core adjustments on page 28.

           • One-time $2,581 lease termination fee received upon the sale of the leased properties. See the reconciliation of non-core adjustments on page 28.

           • Transaction costs, which are now expected to be in the range of $3,600 to $3,800, from $3,100 to $3,500 for the full year.

           • Recovery of provision for credit losses related to loan payoffs, including the $765 recovery of provision for credit losses included on the reconciliation of non-core adjustments on page 28.

      	12/31/2023	12/31/2024	12/31/2025	9/30/2026	PROFORMA 9/30/26(1)
      Gross investments	$ 2,139,865	$ 2,088,613	$ 2,397,662	$ 2,800,153	$ 3,008,428
      Net investments	$ 1,741,093	$ 1,674,140	$ 1,981,017	$ 2,481,528	$ 2,689,803
      Gross asset value	$ 2,253,870	$ 2,200,615	$ 2,478,705	$ 3,073,873	$ 3,110,590
      Total debt(2)	$ 891,317	$ 684,600	$ 842,181	$ 985,094	$ 963,094
      Total liabilities(2)	$ 938,831	$ 733,137	$ 899,676	$ 1,047,392	$ 1,025,392
      Non-controlling interest	$ 34,988	$ 92,378	$ 87,400	$ 73,075	$ 73,075
      Total equity	$ 916,267	$ 1,053,005	$ 1,162,384	$ 1,707,856	$ 1,766,573

      1. See Proforma Activities on page 7 for further discussion.

      2. Includes outstanding gross revolving line of credit, term loans, net of debt issue costs, and senior unsecured notes, net of debt issue costs.

      NON-CASH REVENUE COMPONENTS

      3Q26 4Q26(1) 1Q27(1) 2Q27(1) 3Q27(1)
      Straight-line rent adjustment	$ (98)	$ (174)	$ (289)	$ (340)	$ (388)
      Amortization of lease incentives	(116)	(87)	(81)	(81)	(81)
      Effective interest - Financing receivables	362	363	363	362	55
      Effective interest - Mortgage loans receivable	272	262	251	237	230
      Effective interest - Notes receivable	(24)	(24)	(24)	44	- (2)
      Total non-cash revenue components	$ 396	$ 340	$ 220	$ 222	$ (184)
      COMPONENTS OF RENTAL INCOME

      THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, 2026 2025 Variance 2026 2025 Variance
      Cash rent	$ 25,602	$27,079	$(1,477) (1)		$ 74,325	$ 84,781	$(10,456) (1)		(2)
      Operator reimbursed real estate tax revenue	2,117	2,582	(465) (2)		6,581	8,448	(1,867) (2)
      Straight-line rent adjustment	(98)	(372)	274		(696)	(1,447)	751	(3)	(3)
      Adjustment of lease incentive and rental income	-	(1,271)	1,271	(4)	-	(1,514)	1,514	(4)

      Amortization of lease incentives (116) (176) 60 (376) (805) 429

      Total rental income $ 27,505 $27,842 $ (337) $ 79,834 $ 89,463 $ (9,629)

      1. For leases and loans in place at September 30, 2026, with no renewals or modifications.

      2. Decrease due to a mezzanine loan maturing in April 2027.

      (1) Decrease primarily due to lower rent due to property sales and the conversion of 18 communities from triple-net to our SHOP segment, partially offset by a one-time lease termination fee received upon the sale of the leased properties, and rent increases from fair-market based rent resets, escalations, and capital improvement funding.

      Decrease primarily due to property sales and the conversion of 18 communities from triple-net to our SHOP segment.

      Increase primarily due to straight-line rent from lease extensions.

4. QoQ increase primarily due to a prior year straight-line rent receivable write-off related to an operator's Chapter 11 filing. YoY increase also includes a straight-line rent receivable and lease incentive write-off due to consolidating two leases.

   RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES

   		FOR THE YEAR ENDED				THREE MONTHS ENDED	THREE MONTHS ENDED
   	12/31/2023	12/31/2024		12/31/2025		9/30/2026	PROFORMA 9/30/26
   Net income	$ 91,462	$ 94,879		$ 123,880		$ 349,324	$ 350,128
   Less: Gain on sale of real estate, net	(37,296)	(7,979)		(77,822)		(323,948)	(323,948)
   Add: Income tax provision	-	-		179		398	398
   Add: Impairment loss	15,775	6,953		-		2,310	2,310
   Add: Interest expense	47,014	40,336		35,306		11,312	11,324
   Add: Depreciation and amortization	37,416	36,367		37,874		13,718	13,718
   EBITDAre	154,371	170,556		119,417		53,114	53,930
   Add/less: Non-core adjustments	3,823	(1)	(8,907) (2)	49,783	(3)	(1,416) (4)	1,165	(6)
   Adjusted EBITDAre	$ 158,194	$ 161,649		$ 169,200	$ 51,698		$ 55,095
   Interest expense	$ 47,014	$ 40,336		$ 35,306	$ 11,312		$ 11,324
   Fixed charges	$ 47,014	$ 40,336		$ 35,306	$ 11,312		$ 11,324
   Annualized Adjusted EBITDAre					$ 206,792		$ 220,380
   Annualized Fixed Charges					$ 45,248		$ 45,296
   Debt (net of debt issue costs)	$ 891,317	$ 684,600		$ 842,181	$ 985,094		$ 963,094
   Debt (net of debt issue costs) to Annualized Adjusted EBITDAre	5.6x	4.2x		5.0x	4.8x		4.4x
   Annualized Adjusted EBITDAre to Annualized Fixed Charges(5)	3.4x	4.0x		4.8x	4.6x		4.9x

   1. Includes the $3,561 note receivable write-off related to the sale and transition of 10 seniors housing communities, $1,832 of provision for credit losses related to the acquisition of 11 seniors housing communities accounted for as financing receivables and two mortgage loan originations, partially offset by the $1,570 exit IRR and prepayment fee received in connection with the payoff of two mezzanine loans.

   2. Represents $4,052 of one-time income received from former operators, $3,158 of one-time additional straight-line income related to restoring accrual basis accounting for two master leases, $2,818 of rental income received in connection with the sale of two properties, and $1,738 recovery of provision for credit losses related to the payoffs of five mortgage loan receivables, partially offset by $1,635 of provision for credit losses related to acquisitions totaling $163,460 accounted for as financing receivables, $613 of effective interest receivable write-off related to the partial paydown of a mortgage loan receivable, and the write-off of straight-line rent receivable ($321) and notes receivable ($290).

   3. Represents a $41,455 write-off of effective interest receivable related to a mortgage loan amendment that permits penalty-free early payoff within an allowable window, $9,992 of costs associated with the conversion to our new SHOP segment ($5,971 lease termination fee and $4,021 of provision for credit losses related to the write-off of loan and interest receivables), $1,703 of costs associated with the startup of our new SHOP segment, $1,271 of straight-line rent receivable write-off due to an operator's ongoing bankruptcy, $1,136 of expenses related to an employee retirement and $563 of provision for credit losses related to loan originations, net of payoffs, offset by $5,737 of exit IRR received in connection with the redemption of LTC's preferred equity investment in two joint ventures and a mezzanine loan, and $600 of income received from a former operator.

   4. See the reconciliation of non-core adjustments on page 28 for further detail.

   5. Given we do not have preferred stock, our fixed charge coverage ratio and interest coverage ratio are the same.

   6. See Proforma Activities on page 7 for further discussion.

      THREE MONTHS ENDED SEPTEMBER 30, 2026 2025	NINE MONTHS ENDED SEPTEMBER 30,
      	2026 2025
      Revenues:

      Resident fees and services (1)	$ 70,539	$ 22,203	$ 176,256	$ 34,153
      Rental income	27,505	27,842	79,834	89,463
      Interest income from financing receivables(2)	5,644	7,096	19,539	21,182
      Interest income from mortgage loans	10,389	9,856	30,933	28,715
      Interest and other income	1,169	2,293	2,954	5,048
      Total revenues	115,246	69,290	309,516	178,561

      1. Represents our seniors housing operating portfolio ("SHOP") operating income and expense.

         Expenses:
         Seniors housing operating expenses (1)	50,808	17,362	129,905	26,781
         Interest expense	11,312	8,791	31,578	24,718
         Depreciation and amortization	13,718	8,987	38,068	26,925
         Impairment loss	2,310	-	2,310	-
         Write-off of effective interest receivable	-	41,455	-	41,455
         Provision (recovery) for credit losses	47	203	(610)	3,642
         Transaction costs	1,165	587	3,042	7,734
         Triple-net lease property tax expense	1,987	2,581	6,482	8,483
         General and administrative expenses	8,125	7,523	24,868	22,941
         Total expenses	89,472	87,489	235,643	162,679
         Income before unconsolidated joint ventures, real estate dispositions and other items	25,774	(18,199)	73,873	15,882
         Gain (loss) on sale of real estate, net	323,948	(738)	331,500	(235)
         Income from unconsolidated joint ventures	-	439	396	4,543
         Income tax (provision) benefit	(398)	(42)	(674)	39
         Net income	349,324	(18,540)	405,095	20,229
         Income allocated to non-controlling interests	(1,178)	(1,455)	(3,719)	(4,452)
         Net income attributable to LTC Properties, Inc. stockholders	348,146	(19,995)	401,376	15,777
         Non-forfeitable dividends on participating securities	(157)	(154)	(471)	(471)
         Undistributed income allocated to participating securities	(1,615)	-	(1,646)	-
         Income allocated to participating securities	(1,772)	(154)	(2,117)	(471)
         Net income available to common stockholders	$ 346,374	$ (20,149)	$ 399,259	$ 15,306

      2. Represents rental income from acquisitions through sale-leaseback transactions, subject to leases that contain purchase options. In accordance with GAAP, the properties are required to be presented as Financing receivables on the Consolidated Balance Sheets and the rental income to be presented as Interest income from financing receivables on our Consolidated Statements of Income.

1. Represents acquisitions through sale-leaseback transactions, subject to leases that contain purchase options. In accordance with GAAP, the properties are required to be presented as financing receivables on the Consolidated Balance Sheets.

   THREE MONTHS ENDED SEPTEMBER 30, 2026 2025			NINE MONTHS ENDED SEPTEMBER 30,
   			2026	2025
   GAAP net income attributable to LTC Properties, Inc. stockholders	$ 348,146	$ (19,995)	$ 401,376	$ 15,777
   Depreciation and amortization	13,718	8,987	38,068	26,925
   Impairment loss	2,310	-	2,310	-
   (Gain) loss on sale of real estate, net	(323,948)	738	(331,500)	235
   Nareit FFO attributable to LTC Properties, Inc. stockholders	40,226	(10,270)	110,254	42,937
   Non-forfeitable dividends on participating securities	(157)	(154)	(471)	(471)
   Nareit FFO available to common stockholders	40,069	(10,424)	109,783	42,466
   Non-core adjustments(1)	(1,416)	42,418	(1,918)	50,834
   FFO available to common stockholders, excluding non-core adjustments ("Core FFO")	$ 38,653	$ 31,994	$ 107,865	$ 93,300
   Nareit FFO available to common stockholders	$ 40,069	$ (10,424)	$ 109,783	$ 42,466
   Non-cash income:
   Straight-line rental income	98	372	696	1,447
   Amortization of lease incentives	116	176	376	805
   Other non-cash contra-revenue	-	1,271	-	1,514
   Effective interest income	(610)	736	(1,728)	(2,194)
   Total non-cash income	(396)	2,555	(656)	1,572
   Non-cash expense:
   Non-cash compensation charges	2,285	2,140	6,675	7,188
   Write-off of effective interest receivable	-	41,455	-	41,455
   Provision (Recovery) for credit losses	47	203	(610)	3,642
   Total non-cash expense	2,332	43,798	6,065	52,285
   Recurring capital expenditures	(1,105)	(209)	(2,313)	(300)
   Funds available for distribution ("FAD")	40,900	35,720	112,879	96,023
   Non-core adjustments(1)	(1,416)	(2,111)	(1,351)	2,157
   FAD, excluding non-core adjustments ("Core FAD")	$ 39,484	$ 33,609	$ 111,528	$ 98,180
   Diluted Nareit FFO available to common stockholders per share	$0.74	($0.23)	$2.12	$0.92
   Diluted Core FFO per share	$0.71	$0.69	$2.08	$2.02
   Diluted FAD per share	$0.75	$0.77	$2.17	$2.08
   Diluted Core FAD per share	$0.73	$0.72	$2.15	$2.13

   1. See the reconciliation of non-core adjustments on page 28 for further detail.

      FOR THE THREE MONTHS ENDED SEPTEMBER 30,	2026	FFO 2025	FAD
      			2026	2025
      FFO/FAD available to common stockholders	$ 40,069	$ (10,424)	$ 40,900	$ 35,720
      Non-core adjustments(1)	(1,416)	42,418	(1,416)	(2,111)
      Core FFO/FAD available to common stockholders	38,653	31,994	39,484	33,609
      Undistributed income allocated to participating securities	(40)	-	(45)	-
      Core FFO/FAD allocated to common stockholders	38,613	31,994	39,439	33,609
      Effect of dilutive securities:
      Participating securities	-	154	-	154
      Diluted Core FFO/FAD	$ 38,613	$ 32,148	$ 39,439	$ 33,763
      Shares for basic Core FFO/FAD per share	53,763	46,123	53,763	46,123
      Effect of dilutive securities:
      Performance-based stock units	445	381	445	381
      Participating securities	-	271	-	271
      Shares for diluted Core FFO/FAD per share	54,208	46,775	54,208	46,775

      FOR THE NINE MONTHS ENDED SEPTEMBER 30,	2026	FFO 2025	FAD
      			2026	2025
      FFO/FAD available to common stockholders	$ 109,783	$ 42,466	$ 112,879	$ 96,023
      Non-core adjustments(1)	(1,918)	50,834	(1,351)	2,157
      Core FFO/FAD available to common stockholders	107,865	93,300	111,528	98,180
      Undistributed income allocated to participating securities	(104)	-	(124)	-
      Core FFO/FAD allocated to common stockholders	107,761	93,300	111,404	98,180
      Effect of dilutive securities:
      Participating securities	1	471	1	471
      Diluted Core FFO/FAD	$ 107,762	$ 93,771	$ 111,405	$ 98,651
      Shares for basic Core FFO/FAD per share	51,412	45,726	51,412	45,726
      Effect of dilutive securities:
      Performance-based stock units	440	381	440	381
      Participating securities	-	273	-	273
      Shares for diluted Core FFO/FAD per share	51,852	46,380	51,852	46,380

      1. See the reconciliation of non-core adjustments on page 28 for further detail.

Add: Effective interest receivable write-off - 41,455 (2) - 41,455 (2)

1,271 (3)

-

1,271 (3)

-

Add: Straight-line rent receivable write-off

Add: Lease termination fee paid upon conversion to SHOP - - - 5,971

Add: Lease termination fee paid upon conversion to SHOP

$ - $ -

$ - $

5,971

1. Represents the write-off of a working capital note and the related interest receivable in connection with a SHOP conversion.

2. Represents an effective interest receivable write-off in connection with a mortgage loan amendment that permits penalty-free early payoff during a specified window.

3. Represents the write-off of straight-line rent receivable as a result of an operator's bankruptcy filing.

4. For 2026, the transaction costs adjustment includes all transaction costs incurred; for 2025, it includes only SHOP segment startup costs. Transaction costs are excluded from FFO and FAD to improve period-over-period comparability, as these expenditures are not indicative of ongoing operations.

5. Represents $975 of exit IRR income recognized upon the early payoff of a mezzanine loan. The $975 reflects the receipt of $2,599, net of $1,624 of effective interest receivable previously recognized over the term of the loan through payoff.

6. Represents an exit IRR income received in connection with the sale of a portfolio of three skilled nursing centers in Florida that had been accounted for as a financing receivable. LTC recognized $1,614 of income, reflecting the receipt of $1,812, net of $198 of effective interest receivable previously recognized over the term of the loan through payoff.

7. Includes the $2,599 described in footnote (5) above, plus $2,962 of income from a 13% exit IRR received in connection with the redemption of LTC's preferred equity investment in a joint venture. The

$2,962 exit IRR income had not previously been recorded.

Income from unconsolidated joint ventures - - - - - - - -

(Less)/Add:

1. See Proforma Activities on page 7 for further discussion.

2. Represents income received from former operators and other miscellaneous income.

Adjusted EBITDAre: EBITDAre excluding the impact of non-core items unrelated to ongoing operations.

Annualized Adjusted EBITDAre: Represents Adjusted EBITDAre for the quarter presented, multiplied by four.

Annualized Contractual Cash NOI: Represents contractual cash rental income (prior to abatements & deferred rent repayment and excludes real estate tax reimbursement), interest income from financing receivables, mortgage loans, and notes receivable for the final month of the quarter reported herein times 12.

Annualized GAAP NOI: Represents GAAP rent which includes contractual cash rent, straight-line rent, and amortization of lease incentives and excludes real estate tax reimbursement, GAAP interest income from financing receivables, mortgage loans, mezzanine loans and working capital notes, and income from unconsolidated joint ventures for the final month of the quarter reported herein times 12.

Assisted Living Communities ("ALF"): The ALF portfolio consists of assisted living, independent living, and/or memory care properties (see definitions for Independent Living and Memory Care Communities). Assisted living properties are seniors housing properties serving elderly persons who require assistance with activities of daily living, but do not require the constant supervision skilled nursing properties provide. Services are usually available 24 hours a day and include personal supervision and assistance with eating, bathing, grooming and administering medication. The facilities provide a combination of housing, supportive services, personalized assistance and health care designed to respond to individual needs.

Contractual Lease Rent: Rental revenue as defined by the lease agreement between us and the operator for the lease year.

Core SHOP Portfolio: Represents the 27 properties (2,281 units) that include initial conversions (13) and acquired SHOP properties (14) through 1Q26; excludes value-add conversions and additional acquisitions.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"): As defined by the National Association of Real Estate Investment Trusts ("Nareit"), EBITDAre is calculated as net income (loss) available to common stockholders (computed in accordance with U.S. GAAP) excluding the impact of interest expense, income tax provision (benefit), real estate depreciation and amortization, impairment write-downs of depreciable real estate, gains or losses on the sale of depreciable real estate, and our related share of unconsolidated partnerships and joint ventures.

Effective Interest Income: Effective interest method, as required by GAAP, is a technique for calculating the average interest rate for the term of a loan based on the initial origination value. The average interest rate is higher than the stated interest rate in the early years of a loan thus creating an effective interest receivable asset included in the interest receivable line item in the consolidated balance sheet and reduces down to zero when, at some point during the loan term, the stated interest rate is higher than the actual interest rate.

ExPOR: Average expenses per occupied room per month.

FAD Capex: Recurring capital expenditures required to maintain and re-tenant our properties.

Financing Receivables: Properties acquired through a sale-leaseback transaction with an operating entity being the same before and after the sale-leaseback, subject to a lease contract that contains a purchase option. In accordance with GAAP, the purchased assets are required to be presented as Financing receivables on our Consolidated Balance Sheets and the rental income to be presented as Interest income from financing receivables on our Consolidated Statements of Income.

Funds Available for Distribution ("FAD"): FFO excluding the impact of straight-line rent, amortization of lease incentives, other non-cash contra-revenue, effective interest income, non-cash compensation charges, provision for (recovery of) credit losses, and recurring capital expenditures required to maintain and re-tenant our properties. As applicable, the Company excludes the impact of non-core adjustments on FAD, which the Company defines as Core FAD.

Funds From Operations ("FFO"): As defined by Nareit, net income (loss) available to common stockholders (computed in accordance with U.S. GAAP) excluding the impact of real estate depreciation and amortization, gains or losses on the sale of real estate, impairment write-downs of depreciable real estate, and our related share of unconsolidated partnerships and joint ventures. As applicable, the Company excludes the impact of non-core adjustments on FFO, which the Company defines as Core FFO.

GAAP Interest Income: Represents cash and effective interest income from financing receivables, mortgage loans, and notes receivable.

GAAP Rent: Represents cash rental income received, straight-line rental income, amortization of lease incentives, and real estate tax reimbursements.

Gross Asset Value: The carrying amount of total assets, as reported on our Consolidated Balance Sheets, after adding back accumulated depreciation and credit loss reserves.

Gross Investment: The carrying amount of net investments, as reported on our Consolidated Balance Sheets, after adding back accumulated depreciation and credit loss reserves. Gross Investment is commonly referred to as undepreciated book value.

Independent Living Communities ("ILF"): Seniors housing properties offering a sense of community and numerous levels of service, such as laundry, housekeeping, dining options/meal plans, exercise and wellness programs, transportation, social, cultural and recreational activities, on-site security and emergency response programs. Many offer on-site conveniences like beauty/barber shops, fitness facilities, game rooms, libraries and activity centers. ILFs are also known as retirement communities or seniors apartments.

Initial Conversion: 13 properties converted to SHOP in 2Q25.

Licensed Beds/Units: The number of beds and/or units that an operator is authorized to operate at seniors housing and long-term care properties. Licensed beds and/or units may differ from the number of beds and/or units in service at any given time.

Memory Care Communities ("MC"): Seniors housing properties offering specialized options for seniors with Alzheimer's disease and other forms of dementia. These facilities offer dedicated care and specialized programming for various conditions relating to memory loss in a secured environment that is typically smaller in scale and more residential in nature than traditional assisted living facilities. These facilities have staff available 24 hours a day to respond to the unique needs of their residents.

Metropolitan Statistical Areas ("MSA"): Based on the U.S. Census Bureau, an MSA is a geographic entity delineated by the Office of Management and Budget (OMB) for use by Federal statistical agencies in collecting, tabulating, and publishing Federal statistics. Each MSA contains at least one core urban area of 50,000 or more population, plus adjacent counties with strong commuting ties to the core. Based on Census Bureau Vintage 2025 estimates, MSAs ranked 1 to 31 have populations of approximately 20.1M to 2.3M; MSAs ranked 32 to 100 have populations of approximately 2.3M to 580K; and MSAs ranked above 100 have populations of approximately 580K to 59K. Micropolitan Statistical Areas ("Micro-SA") contain a core urban area of at least 10,000 but less than 50,000 population. Areas outside any MSA or Micro-SA have no urban core of 10,000 or more population.

Mezzanine Loan: Mezzanine financing sits between senior debt and common equity in the capital structure, and typically is used to finance development projects, value-add opportunities on existing operational properties, partnership buy-outs and recapitalization of equity. Security for mezzanine loans can include all or a portion of the following credit enhancements: secured second mortgage, pledge of equity interests, and personal/corporate guarantees. Mezzanine loans can be recorded for GAAP purposes as either a loan or joint venture depending upon loan terms and related credit enhancements.

Micropolitan Statistical Areas ("Micro-SA"): Based on the U.S. Census Bureau, Micro-SA is a geographic entity defined by the Office of Management and Budget (OMB) for use by Federal statistical agencies in collecting, tabulating, and publishing Federal statistics. A micro area contains an urban core of at least 10,000 population.

Mortgage Loan: Mortgage financing is provided on properties based on our established investment underwriting criteria and secured by a first mortgage. Subject to underwriting, additional credit enhancements may be required including, but not limited to, personal/corporate guarantees and debt service reserves. When possible, LTC attempts to negotiate a purchase option to acquire the property at a future time and lease the property back to the borrower.

Net Real Estate Investments: Gross Investment less accumulated depreciation. Net Real Estate Investments is commonly referred to as Net Book Value ("NBV").

NNN: Triple-net lease which requires the lessee to pay all taxes, insurance, maintenance and repair capital and non-capital expenditures and other costs necessary in the operation of the property.

Non-cash Compensation Charges: Vesting expense relating to restricted stock and performance-based stock units.

Non-cash Revenue: Straight-line rental income, amortization of lease incentives and effective interest income, and other non-cash contra-revenue.

Non-FAD Capex: Capital expenditures, including significant renovations, to maintain marketability and to extend the useful life of a property.

Normalized EBITDAR Coverage: The trailing twelve months' earnings from the operator financial statements excluding the impact of non-core, infrequent, or unusual items and before interest, taxes, depreciation, amortization, and rent divided by the operator's contractual lease rent. Management fees are imputed at 5% of revenues.

Normalized EBITDARM Coverage: The trailing twelve months' earnings from the operator financial statements excluding the impact of non-core, infrequent, or unusual items and before interest, taxes, depreciation, amortization, rent, and management fees divided by the operator's contractual lease rent.

Notes Receivable: Consists of working capital loans provided to our operators and a mezzanine loan.

Occupancy: The weighted average percentage of all beds and/or units that are occupied at a given time. The calculation uses the trailing twelve months and is based on licensed beds and/or units which may differ from the number of beds and/or units in service at any given time.

Operator Financial Statements: Property-level operator financial statements which are unaudited and have not been independently verified by us.

Purchase Price: Represents the fair value price of an asset that is exchanged in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets; it is not a forced transaction (for example, a forced liquidation or distress sale).

Real Estate Investments: Represents our segment consisting of investments in real property, financing receivables, mortgage loans receivable and notes receivable.

Rental Income: Represents GAAP rent generated by our owned properties under triple-net leases.

RevPOR: Average revenues per occupied room per month.

RIDEA: Real Estate Investment Trust (REIT) Investment Diversification and Empowerment Act of 2007.

Same Property Portfolio ("SPP"): Same property statistics allow for the comparative evaluation of performance across a consistent population of LTC's leased property portfolio and the Prestige Healthcare mortgage loan portfolio. Our SPP is comprised of stabilized properties occupied and operated throughout the duration of the quarter-over-quarter comparison periods presented (excluding assets sold, assets held-for-sale and SHOP assets). Accordingly, a property must be occupied and stabilized for a minimum of 15 months to be included in our SPP. Each property transitioned to a new operator has been excluded from SPP and will be added back to SPP for the SPP reporting period ending 15 months after the date of the transition.

Seniors Housing ("SH"): Consists of independent living, assisted living, and/or memory care properties.

Seniors Housing Operating Portfolio ("SHOP"): Includes Seniors Housing properties generally structured to comply with RIDEA.

SHOP Net Operating Income ("SHOP NOI"): Total SHOP revenues (resident fees and services) less total SHOP expenses (seniors housing operating expenses).

Skilled Nursing Properties ("SNF"): Seniors housing properties providing restorative, rehabilitative and nursing care for people not requiring the more extensive and sophisticated treatment available at acute care hospitals. Many SNFs provide ancillary services that include occupational, speech, physical, respiratory and IV therapies, as well as sub-acute care services which are paid either by the patient, the patient's family, private health insurance, or through the federal Medicare or state Medicaid programs.

Stabilized: Properties are generally considered stabilized upon the earlier of achieving certain occupancy thresholds (e.g., 80% for SNFs and 90% for ALFs) and, as applicable, 12 months from the date of acquisition/lease transition/restructure or, in the event of a de novo development, redevelopment, major renovations or addition, 24 months from the date the property is first placed into service, returned to service, or acquired during lease-up.

Straight-line Rental Income: The difference between the cash rent and total rent expected to be received as a fixed amount over the initial term of the lease and recognized evenly over that term. The evenly recognized fixed rental income is higher than the cash rent received in the early years of a lease and during the later years of the lease, the cash rent received is higher than evenly recognized fixed rental income recognized.

Trailing Twelve Months NOI: For the owned portfolio under triple-net leases, rental income excluding real estate tax reimbursement, straight-line rent write-off and rental income from properties sold during the trailing twelve months. For the owned portfolio under our SHOP segment, represents SHOP NOI during the trailing twelve months. For owned properties accounted for as financing receivables, mortgage loan receivables and notes receivable, NOI includes cash interest income and effective interest income during the trailing twelve months and excludes loan payoffs during the trailing twelve months.

Under Development Properties ("UDP"): Development projects to construct seniors housing properties.

Value-Add Conversion: Properties converted from our market-based rent reset NNN portfolio to SHOP - 1 campus converted in 4Q25 (previously operated as 2 properties); 2 properties converted in 1Q26; and 2 properties converted in 2Q26.

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 SHOP, triple-net leases, joint ventures and structured finance solutions including preferred equity and mezzanine lending. LTC's portfolio encompasses Seniors Housing (SH) consisting of Assisted Living Communities (ALF), Independent Living Communities (ILF), Memory Care Communities (MC), Skilled Nursing Properties (SNF) and combinations thereof. Our main objective is to build and grow a diversified portfolio that creates and sustains shareholder value while providing our stockholders current distribution income. To meet this objective, we seek properties operated by regional operators, ideally offering upside and portfolio diversification (geographic, operator, property type and investment vehicle). For more information, visit https://www.LTCreit.com.

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 Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as "believes," "expects," "may," "will," "could," "would," "should," "seeks," "approximately," "intends," "plans," "estimates" or "anticipates," or the negative of those words or similar words. Examples of forward-looking statements include the Company's 2026 SHOP investment guidance and funding strategy, estimated 2026 proforma SHOP growth and gross asset value, near-term expected sales and loan payoffs, anticipated rent and gain on sales, core SHOP portfolio guidance, and future strategy. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect the Company's future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, operational and legal risks and liabilities under the Company's new SHOP segment; the Company's dependence on the ability of its third-party independent operators to successfully manage and operate the Company's SHOP communities; the Company's dependence on its operators for revenue and cash flow; government regulation of the health care industry; changes in federal, state, or local laws limiting REIT investments in the health care sector; federal and state health care cost containment measures including reductions in reimbursement from third-party payors such as Medicare and Medicaid; required regulatory approvals for operation of health care facilities; a failure to comply with applicable law or regulations for the operation of health care facilities; the adequacy of insurance coverage maintained by the Company's operators; the Company's reliance on a few major operators; the Company's ability to find suitable replacement operators for its SHOP communities; the Company's ability to renew leases or enter into favorable terms of renewals or new leases; the impact of inflation; operator financial or legal difficulties; the sufficiency of collateral securing mortgage loans; an impairment of the Company's real estate investments; the relative illiquidity of the Company's real estate investments; the Company's ability to develop and complete construction projects; the Company's ability to invest cash proceeds for health care properties; a failure to qualify as a REIT; the Company's ability to grow if access to capital is limited; and a failure to maintain or increase the Company's dividend. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under "Risk Factors" and other information contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Company's subsequent Quarterly Reports on Form 10-Q, and the Company's publicly available filings with the Securities and Exchange Commission. The Company does not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise. Although the Company's management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements.

This supplemental information contains certain non-GAAP information including EBITDAre, adjusted EBITDAre, FFO, Core FFO, FAD, Core FAD, adjusted interest coverage ratio, adjusted fixed charges coverage ratio and NOI. A reconciliation of this non-GAAP information is provided on pages 23, 26, 27, 28 and 29 of this supplemental information, and additional information is available under the "Non-GAAP Financial Measures" subsection under the "Filings" section of our website at www.LTCreit.com.