Ltc Properties, Inc. · NYSE:LTC
Ltc Properties — Deutsche Bank conference January 2026
35 slides from Ltc Properties's conference presentation, January 2026
Slide 1: Deutsche Bank January 2026
Deutsche Bank January 2026
Slide 2: Leadership and Table of Contents
LEADERSHIP TABLE OF CONTENTS COMPANY 3 WENDY SIMPSON Executive Chairman PAM KESSLER Co-President and Co-CEO INVESTMENTS 7 CLINT MALIN Co-President and Co-CEO Acquisitions and Mortgage Loans CECE CHIKHALE EVP, Chief Financial Officer, Treasurer and Secretary Joint Ventures Purchase Options DAVID BOIT
Slide 3: LTC At-A-Glance
LTC AT-A-GLANCE LTC Properties, Inc. (NYSE: LTC) is a real estate investment trust (REIT) focused on seniors housing and health care properties, investing through SHOP, triple-net leases, joint ventures, and structured finance solutions. Our portfolio includes nearly 200 properties throughout the US
Slide 4: Why Invest in LTC?
WHY INVEST IN LTC? TRANSFORMATIONAL STRATEGY FOCUSED ON EXTERNAL GROWTH THROUGH SHOP (“SENIORS HOUSING OPERATING PORTFOLIO”) CONSISTENT MONTHLY DIVIDEND OF $0.19 PER SHARE LONGSTANDING EXECUTIVE LEADERSHIP TEAM WITH DECADES OF EXPERIENCE IN HEALTH CARE REAL ESTATE LOW LEVERED BALANCE SHEET WITH AN $
Slide 5: SHOP: Initiated May 2025
SHOP: INITIATED MAY 2025 (PROFORMA SEPTEMBER 30, 2025) TOTAL PORTFOLIO 25 PROPERTIES $360 $110 MILLION MILLION 24% INVESTED EXPECTED SHOP Since To close in 2,073 May 2025 1Q 2026 UNITS 7 INVESTING IN DECREASED SNF EXPOSURE OPERATORS NEWER ASSETS AND GOVERNMENT REIMBURSEMENT RISK 2020 Average Vintage
Slide 6: Favorable Industry Fundamentals
FAVORABLE INDUSTRY FUNDAMENTALS DEMOGRAPHICS DRIVE DEMAND(1) U.S. Senior Population Growth Projections by Age Bracket 60 85+ 80+ 75+ (1) Demographics and relatively low supply drives occupancy highs and above average rate 40 growth. Demand now exceeds new supply. Millions 20 (2) Construction starts
Slide 7: Real Estate Activities – Investments
REAL ESTATE ACTIVITIES – INVESTMENTS (DOLLAR AMOUNTS IN THOUSANDS) ACQUISITIONS CONTRACTUAL # OF INVESTMENT PROPERTY # OF DATE OF INITIAL PURCHASE DATE PROPERTIES TYPE TYPE UNITS LOCATION OPERATOR CONSTRUCTION CASH YIELD PRICE (1) (1) (1) Feb-2024 — — — — Great Bend, KS Brookdale Senior Living — 8.0
Slide 8: Real Estate Activities – Joint Ventures – Current Investments Held
REAL ESTATE ACTIVITIES – JOINT VENTURES –CURRENT INVESTMENTS HELD (DOLLAR AMOUNTS IN THOUSANDS) UNCONSOLIDATED JOINT VENTURES T O T AL CO M M ITM E N T # OF P RO P E RTY # OF I NVE ST M E NT INVE S TM E NT 3Q 25 FUN D E D RE M AININ G YE AR P RO P E RT IE S TYP E UNIT S/BE D S L O CATI O N O P E RAT
Slide 9: Real Estate Activities – Near-Term Purchase Options
REAL ESTATE ACTIVITIES – NEAR-TERM PURCHASE OPTIONS ANTICIPATED TO BE EXERCISED(1) (DOLLAR AMOUNTS IN THOUSANDS) LTC PORTION OF LTC PORTION OF OPTION # OF PROPERTY GROSS EXPECTED SALES ANNUALIZED WINDOW PROPERTIES TYPE INVESTMENTS PROCEEDS CONTRACTUAL CASH NOI (2) 2025 2 SNF $ 5,275 $ 9,000 $ 1,030
Slide 10: Proforma Activities
PROFORMA ACTIVITIES (DOLLAR AMOUNTS IN THOUSANDS) Proforma represents amounts as of September 30, 2025 adjusted as follows: Annualized SHOP NOI at an estimated year-one yield of 7% for the $194,050 3Q25 acquisition of five seniors housing communities totaling 520 units in Wisconsin. We annualized
Slide 11: Proforma Portfolio Overview
PROFORMA PORTFOLIO OVERVIEW (PROFORMA SEPTEMBER 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) TRAILING TWELVE MONTHS ENDED SEPTEMBER 30, 2025 # OF GROSS % OF (1) BY INVESTMENT TYPE PROPERTIES INVESTMENT INVESTMENT NOI % OF NOI INCOME STATEMENT LINE Owned Portfolio Triple-Net Portfolio ("NNN") 98 $ 1,045,08
Slide 12: Proforma Portfolio Overview - Detail
PROFORMA PORTFOLIO OVERVIEW - DETAIL (PROFORMA SEPTEMBER 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) TRAILING TWELVE MONTHS ENDED RENTAL INCOME (AS % OF TOTAL NOI) SEPTEMBER 30, 2025 50.0% # OF GROSS % OF 30.5% (1) OWNED PROPERTIES - NNN PROPERTIES INVESTMENT GROSS INVESTMENT RENTAL INCOME % OF TOTAL NOI
Slide 13: Proforma Portfolio Diversification – Geography and Property Type
PROFORMA PORTFOLIO DIVERSIFICATION – GEOGRAPHY AND PROPERTY TYPE (PROFORMA SEPTEMBER 30, 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 T
Slide 14: Proforma Portfolio Diversification – Geography
PROFORMA PORTFOLIO DIVERSIFICATION – GEOGRAPHY (PROFORMA SEPTEMBER 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) # OF GROSS GROSS INVESTMENT (1) (2) STATE PROPERTIES INVESTMENT % SH % SNF % UDP % OTH % Wisconsin 13 $ 320,233 13.4% $ 306,287 20.4% $ 13,946 1.6% $ — — $ — — Texas 29 314,232 13.2% 41,826 2.8%
Slide 15: Proforma SHOP Diversification
PROFORMA SENIORS HOUSING OPERATING PORTFOLIO (“SHOP”) DIVERSIFICATION (PROFORMA SEPTEMBER 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) SEVEN OPERATORS PROPERTY # OF # OF GROSS OPERATORS TYPE PROPERTIES UNITS STATES INVESTMENT % Lifespark SH 5 520 WI $ 194,215 34.3% Anthem Memory Care SH 12 732 CA, CO, IL,
Slide 16: Proforma Real Estate Investments (Excluding SHOP) Diversification - Operators
PROFORMA REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) DIVERSIFICATION -OPERATORS (PROFORMA SEPTEMBER 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) LTC PORTION (1) PROPERTY # OF ANNUALIZED GROSS NON-CONTROLLING OF GROSS (2) OPERATORS TYPE PROPERTIES CONTRACTUAL CASH NOI % GAAP NOI % INVESTMENT INTERES
Slide 17: Real Estate Investments (Excluding SHOP) - Operator Update
REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - OPERATOR UPDATE (DOLLAR AMOUNTS IN THOUSANDS) For our 14 property portfolio subject to market-based rent resets, we collected $1,590 and $4,065 of revenue during 3Q25 and YTD 2025, respectively. We continue to expect to collect $5,655 of revenue
Slide 18: Subsequent Events
SUBSEQUENT EVENTS (DOLLAR AMOUNTS IN THOUSANDS) Subsequent to September 30, 2025, we completed the following activities: Acquired within our SHOP segment an 88-unit seniors housing community in Georgia for $22,900 with an estimated year-one yield of 7%. In connection with the acquisition, we enter
Slide 19: Proforma Real Estate Investments (Excluding SHOP) - Maturity
PROFORMA REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - MATURITY (PROFORMA SEPTEMBER 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) RENTAL % OF FINANCING REC % OF MORTGAGE LOANS % OF OTHER NOTES % OF UNCONSOLIDATED % OF ANNUALIZED % OF YEAR INCOME TOTAL INCOME TOTAL INTEREST INCOME TOTAL INCOME TOTAL
Slide 20: Real Estate Investments (Excluding SHOP) - Metrics
REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - METRICS (TRAILING TWELVE MONTHS THROUGH JUNE 30, 2025 AND MARCH 31,2025) SAME PROPERTY PORTFOLIO (“SPP”) COVERAGE STATISTICS (1) SENIORS HOUSING SKILLED NURSING 2.00x 100.0% 3.00x 100.0% 1.36 1.36 2.15 2.15 Occupancy % 90.0% Occupancy % 1.11 90.0%
Slide 21: Enterprise Value
ENTERPRISE VALUE (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) PROFORMA SEPTEMBER 30, 2025 CAPITALIZATION SEPTEMBER 30, 2025 CAPITALIZATION DEBT (1) Revolving line of credit - WA rate 4.8% $ 548,450 $ 237,348 (1) Term loans, net of debt issue costs - WA rate 4.8% — 200,000 Se
Slide 22: Debt Metrics
DEBT METRICS (DOLLAR AMOUNTS IN THOUSANDS) LINE OF CREDIT LIQUIDITY Balance Available $800,000 $700,000 $600,000 $51,550 $500,000 $562,652 $400,000 $97,750 $300,000 $280,650 $548,450 $270,000 $200,000 $302,250 $100,000 $237,348 $130,000 $144,350 $- 2022 2023 2024 3Q25 3Q25 PROFORMA (1) (1) See Profo
Slide 23: Proforma Debt Maturity
PROFORMA DEBT MATURITY (PROFORMA SEPTEMBER 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) REVOLVING SENIOR LINE OF TERM UNSECURED % OF DEBT STRUCTURE (3) (2) (3) YEAR CREDIT LOANS NOTES TOTAL TOTAL 2025 $ — $ — $ 5,000 $ 5,000 0.6% 2026 — — 51,500 51,500 6.2% 2027 — — 54,500 54,500 6.5% Senior Unsecured Not
Slide 24: Financial Data Summary
FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) PROFORMA 12/31/22 12/31/23 12/31/24 9/30/25 9/30/2025 Gross investments $ 1,959,442 $ 2,139,865 $ 2,088,613 $ 2,397,591 $ 2,388,556 (1) Includes outstanding gross revolving line of credit, term loans, net of debt issue costs, and senior unsecured
Slide 25: Reconciliation of 2025 Guidance
RECONCILIATION OF 2025 GUIDANCE (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 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 estima
Slide 26: Consolidated Statements of Income
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) T H RE E M O N TH S E ND E D NINE M O NTH S E NDE D S E P TE M BE R 30, S E P TE M BE R 30, 2025 2 024 202 5 2024 Revenues: Rental income $ 27,842 $ 32,258 $ 89,463 $ 97,464 (1) Resident fees and services 2
Slide 27: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) S E P TE M BE R 30, 2025 D E CE M BE R 31, 2024 AS S E T S (unaudited) (audited) Investments: Land $ 121,884 $ 118,209 Buildings and improvements 1,402,825 1,212,853 Accumulated depreciation and amortization (398,017) (405,
Slide 28: Appendix A: SEC Reg. G Compliance
Appendix A: SEC Reg. G Compliance INVESTOR PRESENTATION JANUARY 2026 28
Slide 29: Appendix A: 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 FOR THE YEAR ENDED THREE MONTHS ENDED THREE MONTHS ENDED 12/31/22 12/31/23 12/31/24 9/30/25 PROFORMA 9/30/25 Net income (loss) $ 100,584 $ 91,462 $ 94,879 $ (18,540) $ 61,
Slide 30: Appendix A: Reconciliation of FFO and FAD
APPENDIX A: SEC REG. G COMPLIANCE - RECONCILIATION OF FFO AND FAD (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) TH RE E M O NTH S E ND E D N INE M O NTH S E ND E D S E P TE M BE R 30, S E P TE M BE R 30, 2025 2024 2025 2024 GAAP net (loss) income available to common stockholders $ (20,
Slide 31: Appendix A: 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 SE P T E M BE R 30, 2025 2024 2025 2024 FFO/FAD attributable to common stockholders $ (10,424) $ 34,556 $ 35,720 $ 34,721 (1) Non-recurring one-time ite
Slide 32: Appendix A: 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) TH RE E M O N TH S E N D E D NINE M O NTH S E NDE D S E P TE MBE R 30, S E P TE M BE R 30, 2025 2024 2025 2024 Reconciliation of non-recurring adjustments to NAREIT FFO: (1) Prov
Slide 33: Glossary
GLOSSARY Annualized Contractual Cash NOI: 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 reimburseme
Slide 34: 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 35: Forward-Looking Statements
Founded in 1992, LTC Properties, Inc. (NYSE: LTC) is a self-administered real estate investment trust (REIT) focused on seniors housing and health care properties, investing through SHOP, triple-net leases, joint ventures and structured finance solutions. LTC’s portfolio encompasses Skilled Nursing
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