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RENEWAL AND TRANSITION SUPPLEMENTAL OPERATINGANDFINANCIAL DATASECOND QUARTER 2025
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2Q 2025 SUPPLEMENTAL REPORT INVESTMENTS 3Seniors Housing Operating Portfolio ("SHOP") Conversions & InvestmentsMortgage LoansJoint VenturesPurchase Options PORTFOLIO 7Overview Diversification - GeographySeniors Housing Operating Portfolio ("SHOP") DiversificationReal Estate Investments (Excluding SHOP) Diversification - OperatorsReal Estate Investments (Excluding SHOP) - MaturityReal Estate Investments (Excluding SHOP) - MetricsFINANCIAL 16Enterprise Value Debt MetricsDebt Maturity Financial Data SummaryConsolidated Statements of IncomeConsolidated Balance Sheets Funds from Operations GLOSSARY 27FORWARD-LOOKING STATEMENTS 29AND NON-GAAP INFORMATION2 LEADERSHIP 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 DIRECTORSANALYSTSLTC PROPERTIES, INC.3011 Townsgate Road, Suite 220Westlake Village, CA 91361805-981-8655www.LTCreit.comTRANSFER AGENTBroadridge Shareholder Servicesc/o Broadridge Corporate Issuer Solutions1155 Long Island AvenueEdgewood, NY 11717-8309ATTN: IWS866-708-5586 WENDY SIMPSON Executive ChairmanCORNELIA CHENGSustainability and Corporate Responsibility Committee ChairmanDAVID GRUBERInvestment Committee ChairmanJEFFREY HAWKENCompensation Committee ChairmanBRADLEY PREBERAudit Committee ChairmanTIMOTHY TRICHE, MDLead Independent Director andNominating & Corporate Governance Committee ChairmanJUAN SANABRIABMO Capital Markets Corp. AARON HECHTCitizens BankOMOTAYO OKUSANYADeutsche Bank Securities Inc.JOE DICKSTEINJefferies LLCAUSTIN WURSCHMIDTKeyBanc Capital Markets, Inc.MICHAEL CARROLLRBC Capital Markets Corp.JAY KORNREICHWedbushJOHN KILICHOWSKIWells Fargo Securities, LLC WENDY SIMPSON Executive ChairmanPAM KESSLERCo-President and Co-CEOCLINT MALINCo-President and Co-CEOCECE CHIKHALEEVP, Chief Financial Officer, Treasurer and SecretaryDAVID BOITANOEVP, Chief Investment OfficerGIBSON SATTERWHITEEVP, Asset ManagementMIKE BOWDENSVP, Investments MANDI HOGANSVP, Marketing TABLE OF CONTENTS CONTACT INFORMATION
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2Q 2025 SUPPLEMENTAL REPORTINVESTMENTS I3 SENIORS HOUSING OPERATING PORTFOLIO (“SHOP”) – CONVERSIONS AND INVESTMENTS(DOLLAR AMOUNTS IN THOUSANDS)Portfolio as of June 30, 202513 properties with a total of 832 units in six states (CA, CO, KS, IL, OH and WI) and a gross book value of $174,847Cooperative triple-net conversions with Anthem and New Perspective during 2Q 20252Q 2025 SHOP NOI of $2,531, which represents two months from 12 properties operated by Anthem and partial month of June for one property operated by New Perspective, at an average combined occupancy for the total SHOP segment of 81%2025 Same store NOI guidance for eight months of 2025 of $9,400 -$10,300Recent InvestmentPurchased a 67-unit seniors housing community in CA for $35,200 in July 2025Entered into a management agreement with an affiliate of Discovery Senior LivingAnticipated year-one yield of 7%Investment PipelineApproximately $320,000 of investments expected to close in next 60 days$60,000 represents an 8.25% five-year mortgage loan (Non-SHOP)$260,000 represents SHOP investments at an anticipated year-one yield of 7%Upon closing these transactions, our SHOP segment will represent nearly 20% of our total portfolioApproximate gross book value: $475,000 Five operators (Three new to LTC)
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2Q 2025 SUPPLEMENTAL REPORTTO TALINVE STMENT 2Q25 FUNDE D REM AININGLO CATIO N TO DATE CO MMITME NT 1Q24 (1)Lansing, MI 19,500$ 1,121$ 15,794$ 3,706$ 3Q25 (2)Loves Park, IL 26,120 — — 26,120 2Q25 Summerfield, FL 2,000 145 145 1,855 47,620$ 1,266$ 15,939$ 31,681$ INCEP TIO N DATE COMMITME NT FUNDINGINTERESTE STIMATEDMORTGAGE LOANS 4INVESTMENTS I # O F PROP ERTY # UNITS/ MATURITY INITIAL PRO PE RTIE S TYPE BEDS LO CATION O P ERATO R DATE O RIGINATIO N INVESTME NT1 UDP - SH 85 units Lansing, MI Encore Senior Living Sep-2026 8.75% 19,500$ 2,940$ 16,560$ 1 UDP - SH 116 units Loves Park, IL Encore Senior Living Jul-2030 9.00% 26,120 — 26,120 2 201 units 45,620$ (1)2,940$ 42,680$ (1)1 SH 250 units Summerfield, FL Momentum Senior Living May-2030 8.50% 42,300$ 38,350$ 3,950$ (2)INITIAL CO NTRACTUALJan-2024Jul-2024CO MMITME NTADDITIONALINITIALRATEMay-2025DATE(1) Represents mortgage loans commitment to construct seniors housing communities and to fund working capital and interest reserves. The borrowers contribute equity, which initially funds the construction. Once all of the borrower’s equity has been drawn, we fund the additional commitment. (2) The initial additional commitment includes interest reserve of $2,000 and additional loan proceeds of $1,950 which are available between June 2026 and November 2027, based on debt service coverage.REAL ESTATE – INVESTMENTS(DOLLAR AMOUNTS IN THOUSANDS) (1) Began funding in 1Q24 under this construction loan commitment which was originated in July 2023. The borrower contributed $12,100 of equity at commencement, which was used to initially fund the construction. The interest only loan term is approximately three years, and includes two, one-year extensions, each of which is contingent to certain coverage thresholds. (2) The borrower contributes $12,300 of equity, which will initially fund the construction. Once all of the borrower’s equity has been drawn, expected in 3Q25, we will begin funding the commitment. The loan term is approximately six years at a current rate of 9.0% and IRR of 9.5%. MORTGAGE LOANS FUNDING
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2Q 2025 SUPPLEMENTAL REPORT (1) The initial cash rate is 7.00% increasing to 9.00% in year-four until the IRR is 8.00%. After achieving an 8.00% IRR, the cash rate drops to 8.00% with an IRR ranging between of 12.00% and 14.00% depending upon timing of redemption. Our investment represents 15.50% of the total investment. We have the option to require the JV partner to purchase our preferred equity interest at any time between August 17, 2031 and December 31, 2036.(2) Represents a mortgage loan accounted for as an unconsolidated JV in accordance with GAAP. The five-year mortgage loan is interest only. CONSOLIDATED JOINT VENTURESUNCONSOLIDATED JOINT VENTURES INVESTMENTS I5 REAL ESTATE – JOINT VENTURES - CURRENT INVESTMENTS HELD(DOLLAR AMOUNTS IN THOUSANDS) (1) We entered into these JVs to purchase seniors housing and health care properties. In accordance with GAAP, the purchased assets are presented as a financing receivable on our Consolidated Balance Sheets.(2) We entered into two JVs with an affiliate of ALG Senior to purchase 17 seniors housing communities and a parcel of land, which we previously held three mortgage loans receivable due from affiliates of ALG Senior. In accordancewith GAAP, the purchased assets are presented as a financing receivable on ourConsolidated Balance Sheets.INVESTME NT PRO PE RTY # O F # O F LTCYE AR TYPE PRO PE RTIE S UNITS/BE DS LO CATIO N O PE RATO R GAAP ACCO UNTING %2022 SNF 3 299 beds Various cities in FL PruittHealth Financing Receivable(1) 76,801$ 14,325$ 62,476$ 81%2023 SH 11 523 units Various cities in NC ALG Senior Financing Receivable(1)121,419 2,916 118,503 98%2023 SH 1 242 units Centerville, OH Encore Senior Living Owned Real Estate 56,388 9,134 47,254 84%2024 SH 13 523 units Various cities in NC & SC ALG Senior Financing Receivable(2)122,460 58,010 64,450 53%2024 SH 4 217 units Various cities in NC ALG Senior Financing Receivable(2) 41,000 3,015 37,985 93%32 1,505 units/299 beds 418,068$ 87,400$ 330,668$ TO TAL NO N-CO NTRO LLINGJO INT VE NTURE S INTE RE ST LTCCO MMITME NT CO NTRIBUTIO N CO NTRIBUTIO NTO TAL# O F PRO PERTY # O F INVE STM ENT 2Q 25 FUNDE DPRO PE RTIE S TYPE UNITS/BEDS LO CATIO N OPE RATOR TYPE FUNDING TO DATE2020 1 SH 109 units Arlington, WA Fields Senior Living Preferred Equity 9.00%(1)6,340$ —$ 6,340$ —$ 2024 1 SNF/SH 104 beds Katy, TX Ignite Medical Resorts Senior Loan 9.15%(2) 12,700 191 11,453 1,247 2 109 units/104 beds 19,040$ 191$ 17,793$ 1,247$ CO MMITME NT INVESTMENTCO MMITM E NTREMAININGYEAR CO MMITM E NTRETURN
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2Q 2025 SUPPLEMENTAL REPORTINVESTMENTS I6 REAL ESTATE – PURCHASE OPTIONS (DOLLAR AMOUNTS IN THOUSANDS)CO NSO LIDATE D NO N-O PTIO N # O F PRO PERTY AVERAGE AGE GRO SS CO NTROLLING G RO SSWINDO W O PERATO R STATE PRO PERTIE S TYPE IN YE ARS INVE STME NTS INTERE ST INVE STME NTS2024-2028(1)ALG Senior North Carolina 4 SH 5.7 41,000$ 3,015$ 37,985$ 2,973$ 2024-2028(1)ALG Senior North Carolina, South Carolina 13 SH 24.6 122,460 58,010 64,450 8,878 2025(2)Community Living Centers Tennessee 2 SNF 11.5 5,275 — 5,275 1,030 2025-2027(3)PruittHealth Florida 3 SNF 6.2 76,559 14,325 62,234 5,951 2025-2029(4)ALG Senior North Carolina 11 SH 20.3 121,419 2,916 118,503 9,106 2026 Mainstay Senior Living South Carolina 1 SH 26.5 11,680 — 11,680 — (5)2027 Legacy Senior Living Georgia, South Carolina 2 SH 9.5 32,361 — 32,361 1,440 (5)2027-2029 Oxford Senior Living Oklahoma 4 SH 28.8 9,052 — 9,052 984 2027-2029(6)Ignite Medical Resorts Texas 4 SNF 8.0 52,726 — 52,726 4,580 2029 Brookdale Senior Living Colorado, Kansas, Ohio, Texas 17 SH 13.4 65,403 — 65,403 10,077 2029 Navion Senior Solutions North Carolina 5 SH 27.5 15,239 — 15,239 3,492 Total 66 553,174$ 78,266$ 474,908$ 48,511$ ANNUALIZE D CO NTRACTUAL CASH NO ILTC PO RTION O FLTC PO RTIO N O F(1) We entered into two JVs with an affiliate of ALG Senior to purchase 17 seniors housing communities and a parcel of land, which we previously held three mortgage loans receivable due from affiliates of ALG Senior. In accordance with GAAP, the purchased assets are presented as a financing receivable on our Consolidated Balance Sheets.(2) In 1Q25, a master lease covering two skilled nursing centers in Tennessee that was scheduled to mature in December 2025, was amended extending the maturity to December 31, 2026. Additionally, the master lease purchase option window which expired on December 31, 2024, was extended for another year to December 31, 2025. Subsequent to June 30, 2025, the operator provided notice of its intent to exercise its purchase option.(3) These properties were acquired through a sale-leaseback transaction, subject to a lease agreement that contains a purchase option. In accordance with GAAP, the purchased properties are presented as a financing receivable on our Consolidated Balance Sheets.(4) The operator has the option to buy the properties in multiple tranches and in serial closings approved by us, with an exit IRR of 9.0% on any portion of the properties being purchased. In accordance with GAAP, these properties are presented as a financing receivable on our Consolidated Balance Sheets.(5) The rent for these leases is based on mutually agreed upon fair market rent.(6) The master lease allows the operator to elect either an earn-out payment or purchase option. If neither option is elected within the timeframe defined in the lease, both elections are terminated.
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2Q 2025 SUPPLEMENTAL REPORT # O F % O FBY INVE STME NT TYPE PRO PE RTIE S INVE STME NT NOI (1 ) % O F NO I INCO ME STATE ME NT LINEOwned PortfolioTriple-Net Portfolio ("NNN") 108 1,154,836$ 54.8% 105,586$ 57.4% Rental IncomeSeniors Housing Operating Portfolio ("SHOP") 13 174,847 8.3% 2,531 (2)1.4% Resident fees & services, net of Property operating expenseOwned Portfolio 121 1,329,683 63.1% 108,117 58.8%Owned Properties accounted for as Financing Receivables(3)31 361,438 17.1% 28,089 15.3% Interest Income from Financing ReceivablesMortgage Loans 28 356,815 (4)16.9%(4)37,242 20.3% Interest Income from Mortgage LoansNotes Receivable 6 44,135 2.1% 4,852 2.6% Interest and Other IncomeUnconsolidated Joint Ventures 2 17,793 0.8% 5,499 3.0% Income from Unconsolidated Joint VenturesTotal 188 2,109,864$ 100.0% 183,799$ 100.0%# O F % O FBY PRO PE RTY TYPE PRO PE RTIE S INVE STME NTSeniors HousingTriple-Net Portfolio ("NNN") 98 963,952 45.7%Seniors Housing Operating Portfolio ("SHOP") 13 174,847 8.3%Seniors Housing 111 1,138,799 54.0%Skilled Nursing 76 959,060 45.4%Other(5)1 12,005 0.6%Total 188 2,109,864$ 100.0% INVE STME NTGRO SS INVE STME NTTRAILING TWELVE MO NTHS E NDE DJUNE 30, 2025GRO SS PORTFOLIO I PORTFOLIO OVERVIEW(AS OF JUNE 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) 29 Operators 25States 188 Properties(1) See Trailing Twelve Months NOI definition in the Glossary.(2) Represents the 13 properties, with a total of 832 units, that converted from under Anthem’s and New Perspective’s triple-netleases into SHOP. Trailing twelve months NOI from these portfolios, which includes their SHOP NOI and triple-net rental incomethat was excluded from the triple-net portfolio rental income above, was $13,259 as of June 30, 2025. See Trailing TwelveMonths NOI definition in the Glossary.(3) Financing receivables represent acquisitions through sale-leaseback transactions, subject to lease agreements that containpurchase options. In accordance with GAAP, the purchased assets are presented as a financing receivable on ourConsolidated Balance Sheetsand the rental income received is required to be presented as interest income from financingreceivables on ourConsolidated Statements of Income.(4) Mortgage loans include short-term loans of $102,245 or 4.8% of gross investment and long-term loans (Prestige) of $254,570or 12.1% of gross investment. The weighted average maturity for our mortgage loans portfolio and long-term mortgage loans(Prestige) at June 30, 2025 is 14.2 years and 18.8 years, respectively.(5) Includes one behavioral health care hospital and three parcels for land held-for-use.7 LONG-TERM INVESTMENTS include our Owned Portfolio, Owned Properties accounted for as Financing Receivables and Long-Term Mortgage Loans (Prestige) which represent 92% of our Gross Investments.SHORT-TERM INVESTMENTS represent investment durations shorter than 10 years and include our Notes Receivable, Unconsolidated Joint Ventures and Short-Term Mortgage Loans which represent 8% of our Gross Investments. Long-TermInvestments92%Short-TermInvestments, 8%
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2Q 2025 SUPPLEMENTAL REPORTPORTFOLIO I8 PORTFOLIO OVERVIEW – DETAIL(AS OF JUNE 30, 2025, DOLLAR AMOUNTS IN THOUSANDS)# O FO WNE D PRO PE RTIES - NNN PRO PE RTIE SRENTAL INCO ME(1 )Seniors Housing 57 544,031$ 25.8% 40,356$ 22.0%Skilled Nursing 50 598,800 28.4% 64,041 34.8%Other 1 12,005 0.6% 1,189 0.6%Total 108 1,154,836$ 54.8% 105,586$ 57.4%# O FO WNE D PRO PE RTIES - SHOP PRO PE RTIE S SHO P NO I(1 )Seniors Housing 13 174,847$ 8.3% 2,531$ 1.4%Total 13 174,847$ 8.3% 2,531$ 1.4%O WNE D PRO PE RTIES ACCO UNTE D FO R AS # O FFINANCING RECEIVABLES(2 ) PRO PE RTIE SFINANCING INCO ME(1 )Seniors Housing 28 284,879$ 13.5% 22,397$ 12.2%Skilled Nursing 3 76,559 3.6% 5,692 3.1%Total 31 361,438$ 17.1% 28,089$ 15.3%# O F MO RTGAGE LO ANSMO RTGAGE LO ANS PRO PE RTIE SINTEREST INCO ME(1 )Seniors Housing 6 85,745$ 4.1% 4,435$ 2.4%Skilled Nursing(3)22 271,070 12.8% 32,807 17.9%Total 28 356,815$ 16.9% 37,242$ 20.3%# O F INTE RE ST ANDNO TES RE CE IVABLE PRO PE RTIE SO THER INCO ME(1 )Seniors Housing 6 42,957$ 2.0% 4,793$ 2.6%Skilled Nursing — 1,178 0.1% 59 0.0%Total 6 44,135$ 2.1% 4,852$ 2.6%# O F UNCO NSO LIDATEDUNCO NSO LIDATED JO INT VENTURE S PRO PE RTIE SJV INCO M E(1 )Seniors Housing 1 6,340$ 0.3% 4,321$ 2.4%Skilled Nursing 1 11,453 0.5% 1,178 0.6%Total 2 17,793$ 0.8% 5,499$ 3.0%TO TAL INVESTME NTS188 2,109,864$ 100.0% 183,799$ 100.0% GRO SS % O F INVE STME NT GRO SS INVESTME NT % O F TO TAL NO IGRO SS % O F INVE STME NT GRO SS INVESTME NT % O F TO TAL NO I INVE STME NTGRO SSGRO SS INVE STME NT GRO SS INVESTME NT % OF GRO SS INVESTME NT % OF INVE STME NTTRAILING TWE LVE MO NTHS E NDEDJUNE 30, 2025GRO SS % O F GRO SS INVESTME NT % O F TO TAL NO I GRO SS INVESTME NT % OFGRO SS INVE STME NT % O F TO TAL NO I% O F TO TAL NO I% O F TO TAL NO I 22.0%34.8%0.6%0.0%25.0%50.0%SH SNF OTHRENTAL INCOME (AS % OF TOTAL NOI)MORTGAGE LOANS INTEREST INCOME (AS % OF TOTAL NOI)INTEREST & OTHER INCOME (AS % OF TOTAL NOI)UNCONSOLIDATED JV INCOME (AS % OF TOTAL NOI) 2.4%17.9%0.0%15.0%30.0%SH SNF 2.6%0.0%0.0%2.5%5.0%SH SNF 2.4%0.6%0.0%10.0%SH SNF 12.2%3.1%0.0%15.0%30.0%SH SNFFINANCING RECEIVABLES (AS % OF TOTAL NOI) (1) See Trailing Twelve Months NOI definition in the Glossary.(2) Financing receivables represent acquisitions through sale-leaseback transactions, subject to lease agreements that contain purchase options. In accordance with GAAP, thepurchased assets are required to be presented as a financing receivable on ourConsolidated Balance Sheetsand the rental income received is required to be presented asinterest income from financing receivables on ourConsolidated Statements of Income.(3) Skilled nursing mortgage loans include short-term loans of $16,500 or 0.8% of gross investment and long-term loans (Prestige) of $254,570 or 12.1% of gross investment.The weighted average maturity of Prestige loans is 18.8 years. 1.4%0.0%25.0%50.0%SHSHOP NOI (AS % OF TOTAL NOI)
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2Q 2025 SUPPLEMENTAL REPORTPORTFOLIO I9 PORTFOLIO DIVERSIFICATION – GEOGRAPHY(AS OF JUNE 30, 2025) * Behavioral health care hospitalSNF (76)SH– NNN (98)OTH* (1)LAND (3)UDP (1)CAWA MENVWYILARWVNDNYORAZNMTXUTIDMTSDNEKSOKMSMNWI FLALGASCTNMOIAINOHPA NJNCVACOKY721113 124212 49 3346685 3212151125 LA223MI21113SH– SHOP (13)41 241125STATES188PROPERTIES29OPERATORS
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2Q 2025 SUPPLEMENTAL REPORT 45.1%18.2%27.2%6.9%2.6%0.0%50.0%100.0%MSAs1-31MSAs32-100MSAs> 100Cities inMicro-SACities not inMSA orMicro-SA 22 years16 years010203040Skilled Nursing Assisted LivingYears(1) The MSA rank by population as of July 1, 2024, as estimated by the United States Census Bureau. Approximately 63% of our properties are in the top 100 MSAs. Represents our real properties, properties accounted for as financing receivables, and properties secured by our mortgage loans.(1) As calculated from construction date or major renovation/expansion date.Represents our real properties, properties accounted for as financingreceivables, and properties secured by our mortgage loans.GROSS PORTFOLIO BY MSA (1)AVERAGE PORTFOLIO AGE (1)PORTFOLIO I10 PORTFOLIO DIVERSIFICATION – GEOGRAPHY (25 STATES)(AS OF JUNE 30, 2025, DOLLAR AMOUNTS IN THOUSANDS)# O FSTATE(1 ) P ROP ERTIE S % SH % SNF % %Texas 30 319,423$ 15.1% 48,430$ 4.3% 270,993$ 28.3% —$ — North Carolina 33 301,727 14.3% 301,727 26.5% — — — — Michigan 24 293,189 13.9% 37,676 3.3% 254,570 26.6% 943 7.9%Florida 11 168,626 8.0% 59,201 5.2% 109,425 11.4% — — Ohio 9 140,812 6.7% 86,589 7.6% 54,223 5.7% — — Illinois 6 106,445 5.0% 89,945 7.9% 16,500 1.7% — — Colorado 12 102,429 4.9% 102,429 9.0% — — — — Wisconsin 7 94,051 4.5% 80,105 7.0% 13,946 1.5% — — California 4 69,717 3.3% 52,085 4.6% 17,632 1.8% — — Kansas 8 60,294 2.9% 60,294 5.3% — — — — All Others 44 451,016 21.4% 219,361 19.3% 220,593 23.0% 11,062 92.1%Total 188 2,107,729$ 100.0% 1,137,842$ 100.0% 957,882$ 100.0% 12,005$ 100.0% O TH(2 )INVE STMENTGRO SS INVESTME NTGROSS(1) 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 $2,135 is also not available by state and is excluded from the table above.(2) Includes one behavioral health care hospital and three parcels for land held-for-use.
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2Q 2025 SUPPLEMENTAL REPORTPORTFOLIO I11 SENIORS HOUSING OPERATING PORTFOLIO (“SHOP”) DIVERSIFICATION(AS OF JUNE 30, 2025, DOLLAR AMOUNTS IN THOUSANDS)PRO PE RTY # O F GRO SSO PERATO RS(1 )TYPE PRO PERTIES STATE S INVE STMENT% Anthem Memory Care SH 12 CA, CO, IL, KS, OH 152,462$ 87.2%New Perspective SH 1 WI 22,385 12.8%13 174,847$ 100.0%(1) Subsequent to June 30, 2025, we acquired a 67-unit seniors housing community offering assisted living and memory care services in Californiawithin our SHOP segment for $35,200, with an estimated year-one yield of 7%. In connection with the acquisition, we entered into a managementagreement with an operator new to us.TWO OPERATORS SIX STATES PRO PERTY # O FSTATE TYPE PROP ERTIE S %California SH 1 13,191$ 7.6%Colorado SH 4 40,932 23.4%Illinois SH 4 57,562 32.9%Kansas SH 2 25,949 14.8%Ohio SH 1 14,828 8.5%Wisconsin SH 1 22,385 12.8%13 174,847$ 100.0%INVE STME NTGRO SS
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2Q 2025 SUPPLEMENTAL REPORTPORTFOLIO I12 REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) DIVERSIFICATION (27 OPERATORS )(AS OF JUNE 30, 2025, DOLLAR AMOUNTS IN THOUSANDS) 6 States26 PropertiesSNF/SHTransitional CarePrivately HeldIGNITE41 States645 PropertiesSHContinuing CareNYSE: BKDBROOKDALE17 StatesNearly 200 PropertiesSNF/SHPrivately HeldGENESIS4 States11 PropertiesSNF/SHPrivately HeldARK7 States74 PropertiesSNF/SHHospitals & Other RehabPrivately HeldFUNDAMENTAL5 States78 PropertiesSNF/SHOther RehabPrivately HeldPRESTIGE6 States118 PropertiesSHPrivately HeldALG5 States34 PropertiesSHPrivately HeldENCORE2 States37 PropertiesSNF/SHPrivately HeldHMG2 States18 PropertiesSNF/SHTransitional CarePrivately HeldCARESPRING(1) See Glossary for definition of Annualized Contractual Cash Income and Annualized GAAP Income.(2) See Operator Update on page 13 for further discussion.(3) Includes the consolidated income from our joint ventures. The non-controlling member’s portion of the annualized contractual cash and annualized GAAP income are as follows: OPERATORS LTC PORTION JV PARTNER PORTION TOTAL OPERATORS LTC PORTION JV PARTNER PORTION TOTAL ALG Senior 17,035$ 4,712$ 21,747$ ALG Senior 18,644$ 4,712$ 23,356$ Encore Senior Living 12,003 — 12,003 Encore Senior Living 11,765 — 11,765 All Others 43,679 1,110 44,789 All Others 43,852 1,110 44,962 ANNUALIZED CONTRACTUAL CASH ANNUALIZED GAAPPRO PE RTY # OF GRO SS NON-CONTRO LLING LTC PORTIO N OF OPE RATO RS(2 )TYPE PRO PERTIE S % GAAP % INVE STME NT INTE RE ST GROSS INVE STME NTPrestige Healthcare SNF/OTH 23 28,711$ 16.1% 30,062$ 16.6% 268,567$ —$ 268,567$ ALG Senior SH 29 21,747 (3)12.2% 23,356 (3)12.9% 295,628 63,941 231,687 Encore Senior Living SH/UDP 14 12,003 6.7% 11,765 6.5% 196,735 9,134 187,601 HMG Healthcare SNF 13 11,700 (3)6.6% 11,700 (3)6.5% 167,202 — 167,202 Carespring Health Care Management SNF 4 11,038 6.2% 11,195 6.2% 102,940 — 102,940 Ignite Medical Resorts SNF 8 10,727 6.0% 10,727 5.9% 117,008 — 117,008 Brookdale Senior Living SH 17 10,077 5.7% 10,294 5.7% 65,403 — 65,403 Genesis Healthcare SNF 6 9,746 5.5% 10,202 5.6% 53,339 — 53,339 Ark Post Acute Network SNF 7 9,516 5.3% 8,257 4.6% 71,742 — 71,742 Fundamental Long Term Care SNF/OTH 5 8,237 4.6% 8,417 4.7% 65,798 — 65,798 All Others 49 44,789 (3)25.1% 44,962 (3)24.8% 530,655 14,325 516,330 175 178,291$ 100.0% 180,937$ 100.0% 1,935,017$ 87,400$ 1,847,617$ CO NTRACTUAL CASHANNUALIZE D
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2Q 2025 SUPPLEMENTAL REPORTPORTFOLIO I13 REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - OPERATOR UPDATE(DOLLAR AMOUNTS IN THOUSANDS)During 2Q25, we received full contractual cash interest of $4,986 from Prestige Healthcare (“Prestige”) related to a mortgage loan secured by 14 skilled nursing centers in Michigan. None of Prestige’s security was used to pay the difference between the contractual interest rate and the 8.5% current pay interest rate. Subsequent to 2Q25, the Prestige mortgage loan was amended to provide Prestige an option to prepay the loan without penalty during a 12-month window starting in July 2026, subject to customary conditions and contingent on Prestige’s ability to obtain replacement financing. In consideration for granting the prepayment option, the amendment eliminates the 8.5% current pay rate and reverts monthly interest payments to the full contractual interest rate of 11.14%, effective July 1, 2025, and escalates annually. As of June 30, 2025, we have $41,455 of accrued effective interest related to the Prestige loan, which is expected to be recovered through payments collected through the contractual maturity of the loan. If Prestige exercises its contingent prepayment option, we will no longer be able to collect our remaining accrued effective interest as of such date. Prestige is current on contractual loan obligations through July 2025. The following table summarizes the year-to-date 2025 activity for Prestige’s security:For our 14 property portfolio subject to market-based rent resets, we expect to collect $5,655 of revenue during 2025, which is an increase of 10% from the $5,145 estimate from last quarter and up 64% from the rent collected in 2024 of $3,448. Genesis Healthcare, Inc. (“Genesis”) filed for Chapter 11 bankruptcy on July 9, 2025. Affiliates of Genesis lease six skilled nursing centers in New Mexico (five) and Alabama (one) with a total of 782 beds under a master lease with LTC. On June 3, 2025, LTC received Genesis’ written notice of its exercise of one of its three 5-year extension option, which would extend the term of the lease to April 30, 2031. Genesis is current on its contractual rent obligations through August 2025. LTC holds $4,731 of security from Genesis as required by the master lease in a letter of credit.We are under contract to sell seven skilled nursing centers in California (1), Florida (2), and Virgina (4), which are covered under a master lease, as a result of the operator electing not to exercise the renewal option available under the master lease. We expect these transactions to close in the first part of 4Q25, generating net proceeds of approximately $120,000 against our gross book value of $71,742. We anticipate recording a gain on sale of approximately $80,000 in conjunction with the sales. BALANCE AT DEPOSITS INTERESTBALANCE AT DEPOSITS INTERESTBALANCE AT 12/31/2024RECEIVED APPLICATIONS3/31/2025RECEIVED APPLICATIONS6/30/20254,953$ —$ (1,165)$ 3,788$ 2,289$ —$ 6,077$
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2Q 2025 SUPPLEMENTAL REPORT REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - MATURITY(AS OF JUNE 30, 2025, DOLLAR AMOUNTS IN THOUSANDS)% OF % OF % OF % O F % O F % O F YEAR TOTAL TO TAL TO TAL TOTAL TO TAL TOTAL2025 —$ — —$ — 2,640$ 6.7% —$ — —$ — 2,640$ 1.5%2026 15,127 (2)14.3% — — 1,483 3.7% — — — — 16,610 (2)9.2%2027 11,271 10.6% — — — — 3,174 57.9% — — 14,445 8.0%2028 12,609 11.9% — — 1,464 3.7% 2,239 40.8% — — 16,312 9.0%2029 14,456 13.7% — — — — — — 1,178 67.0% 15,634 8.6%2030 16,369 15.5% — — 5,056 12.8% 73 1.3% — — 21,498 11.9%2031 14,884 14.1% — — — — — — — — 14,884 8.2%2032 6,260 5.9% 5,940 21.0% — — — — — — 12,200 6.7%Thereafter 14,861 14.0% 22,397 79.0% 28,877 73.1% — — 579 (3)33.0% 66,714 36.9%Total 105,837$ 100.0% 28,337$ 100.0% 39,520$ 100.0% 5,486$ 100.0% 1,757$ 100.0% 180,937$ 100.0%RENTAL UNCO NSO LIDATE DINCO MEO THE R NOTESFINANCING RE CINCO ME INTE RE ST INCOMEMO RTGAGE LOANSINCO ME JV INCO ME GAAPANNUALIZE D PORTFOLIO I14(1) See Annualized GAAP NOI definition in the Glossary. (2) One of the seven lease maturities is an operator which represents 55% of the triple-net portfolio annualized GAAP NOI and 50% of the annualized GAAP NOI maturing in 2026. The operator elected not to exercise its renewal option on its master lease covering seven skilled nursing centers in California (1), Florida (2), and Virgina (4). We are under contract to sell all seven properties and expect to complete all of the sales in the first part of 4Q25. See Operator Update on page 13 for further discussion.(3) Represents income from a preferred equity investment accounted for as an unconsolidated joint venture. The preferred equity investment does not have a scheduled maturity but provides the entity an option to redeem our investment at a future date. MORTGAGE LOANS WA GAAP % OF NO TE S WA GAAP % O F % OF YEAR RECE IVABLE RATE TOTAL RE CE IVABLE RATE TO TAL TOTAL2025 31,456$ 8.4% 8.8% —$ — — 31,456$ 7.9%2026 15,794 9.4% 4.5% — — — 15,794 3.9%2027 — — — 25,000 12.7% 56.6% 25,000 6.2%2028 16,500 8.9% 4.6% 18,178 12.3% 41.2% 34,678 8.7%2029 — — — — — — — — 2030 38,495 — 10.8% 957 7.6% 2.2% 39,452 9.8%2031 — — — — — — — — 2032 — — — — — — — — Thereafter 254,570 11.3% 71.3% — — — 254,570 63.5%Total 356,815$ 11.1% 100.0% 44,135$ 12.4% 100.0% 400,950$ 100.0% RECE IVABLETO TAL LOANSLOANS REC EIVABLE PRIN CIPAL MATURITIESNear Term Lease and Loan Maturities:Three loans in 2025 with an annualized GAAP NOI totaling $2.6 millionSeven leases and one loan in 2026 with an annualized GAAP NOI totaling $16.6 million(2)Three leases and one loan in 2027 with an annualized GAAP NOI totaling $14.4 million As of June 30, 2025, approximately 95% of owned properties are covered under master leases and approximately 96% of rental revenues come from master leases or cross-default leases.
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2Q 2025 SUPPLEMENTAL REPORT(1) Information is from property level operator financial statements which are unaudited and have not been independently verified by LTC. The same store portfolio excludes properties re-tenanted or sold after January 1, 2024; and excludes properties transitioned to LTC’s SHOP portfolio prior to June 30, 2025.SENIORS HOUSINGSKILLED NURSING 1.521.592.042.1278.5%79.3%60.0%70.0%80.0%90.0%100.0%0.00x1.00x2.00x3.00x4Q24 1Q25Occupancy % Normalized EBITDAR Normalized EBITDARMOccupancy 1.101.111.361.3680.0%80.1%70.0%80.0%90.0%100.0%0.00x1.00x2.00x4Q24 1Q25Occupancy % Normalized EBITDAR Normalized EBITDARMOccupancySNF metrics exclude CSF, as allocated/reported by operators. Occupancy represents the average TTM occupancy.SH metrics exclude Coronavirus Stimulus Funds (“CSF”) as allocated/reported by operators. See definition of Coronavirus Stimulus Funds in the Glossary. Occupancy represents the average TTM occupancy. PORTFOLIO I15 REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - METRICS(TRAILING TWELVE MONTHS THROUGH MARCH 31, 2025 AND DECEMBER 31, 2024)SAME PROPERTY PORTFOLIO (“SPP”) COVERAGE STATISTICS(1)
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2Q 2025 SUPPLEMENTAL REPORT JUNE 30, 2025Revolving line of credit - WA rate 5.5% (1)168,550$ Term loans, net of debt issue costs - WA rate 2.6% (2)99,883 Senior unsecured notes, net of debt issue costs - WA rate 4.2% (3)428,024 Total debt - WA rate 4.3% 696,457 30.4%No. of shares Closing PriceCommon stock 46,065,292 34.61$ (4)1,594,320 69.6%Total Market Value 1,594,320 2,290,777 100.0%Add: Non-controlling interest 87,400 Less: Cash and cash equivalents (7,609) 2,370,568$ Debt to Enterprise Value 29.4%Debt to Annualized Adjusted EBITDAre(5)4.2xTO TAL VALUEENTE RPRISE VALUE6/30/25CAPITALIZATIO NDEBTEQ UITY FINANCIAL I16 ENTERPRISE VALUE(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) (1) Subsequent to June 30, 2025, we entered into a new four-year unsecured credit agreement (“New Credit Agreement”) maturing in July 2029 to replace our previous unsecured credit agreement. The New Credit Agreement increased the aggregate commitment on the revolver from $425,000 to $600,000 and provides for the opportunity to increase the commitment size up to $1,200,000. Additionally, the New Credit Agreement provides for a one-year extension option, subject to customary conditions. Material terms of the New Credit Agreement remain unchanged. In connection with the New Credit Agreement, the two $50,000 term loans were rolled into the revolving credit line, keeping the interest swap agreements intact through November 2025 at 2.3% and November 2026 at 2.4%, based on current margins. Also, subsequent toJune 30, 2025, we borrowed $41,850 under our revolving credit line. Accordingly, we have $310,400 outstanding with $289,600 available for borrowing.(2) Represents outstanding balance of $100,000, net of debt issue costs of $117. Subsequent to June 30, 2025, the two $50,000 term loans were repaid in connection with the New Credit Agreement. See footnote (1) above for further discussion.(3) Represents outstanding balance of $429,000, net of debt issue costs of $976.(4) Closing price of our common stock as reported by the NYSE on June 30, 2025, the last trading day of 2Q25.(5) See Reconciliation of Annualized Adjusted EBITDAre on page 20.
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2Q 2025 SUPPLEMENTAL REPORTLEVERAGE RATIOSCOVERAGE RATIOS LINE OF CREDIT LIQUIDITY FINANCIAL I17 DEBT METRICS(DOLLAR AMOUNTS IN THOUSANDS) $130,000 $302,250 $144,350 $168,550 $270,000 $97,750 $280,650 $256,450 $- $85,000 $170,000 $255,000 $340,000 $425,0002022 2023 2024 2Q25 Balance Available(1) Subsequent to June 30, 2025, we entered into a new four-year unsecured credit agreement (“New Credit Agreement”) maturing in July 2029 to replace our previous unsecured credit agreement. The New Credit Agreement increased the aggregate commitment on the revolver from $425,000 to $600,000 and provides for the opportunity to increase the commitment size up to $1,200,000. Additionally, the New Credit Agreement provides for a one-year extension option, subject to customary conditions. Material terms of the New Credit Agreement remain unchanged. In connection with the New Credit Agreement, the two $50,000 term loans were rolled into the revolving credit line, keeping the interest swap agreements intact through November 2025 at 2.3% and November 2026 at 2.4%, based on current margins. Also, subsequent to June 30, 2025, we borrowed $41,850 under our revolving credit line. Accordingly, we have $310,400 outstanding with $289,600 available for borrowing.(1) 37.4%39.5%31.1%31.3%34.2%39.0%29.3%29.4%0.0%10.0%20.0%30.0%40.0%50.0%2022 2023 2024 2Q25 Debt to Gross Asset Value Debt to Total Enterprise Value 5.6x 5.6x4.2x4.2x4.3x3.4x4.0x5.1x0.0x2.0x4.0x6.0x8.0x2022 2023 2024 2Q25 Debt to AnnualizedAdjusted EBITDAre Annualized Adjusted EBITDAre/Fixed Charges
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2Q 2025 SUPPLEMENTAL REPORT REVO LVING SE NIOR LINE O F TE RM UNSE CURED % O F YE AR CRE DIT LO ANS(2 ) NO TES(2 ) TOTAL TO TAL2025 —$ 50,000$ (1)37,000$ 87,000$ 12.5%2026 168,550 (1)50,000 (1)51,500 270,050 38.7%2027 — — 54,500 54,500 7.8%2028 — — 55,000 55,000 7.9%2029 — — 63,000 63,000 9.0%2030 — — 67,000 67,000 9.6%2031 — — 56,000 56,000 8.0%2032 — — 35,000 35,000 5.0%Thereafter — — 10,000 10,000 1.4%Total 168,550$ 100,000$ (3)429,000$ (3)697,550$ 100.0% $168,550 $-$50,000 $50,000 $37,000 $51,500 $54,500 $55,000 $63,000 $67,000 $56,000 $35,000 $10,000 $- $100,000 $200,000 $300,000 $400,0002025 2026 2027 2028 2029 2030 2031 2032 Thereafter Revolving Line of Credit Term Loans Senior Unsecured Notes Senior Unsecured Notes61.5%Term Loans14.3%Revolving Line of Credit24.2%DEBT STRUCTURE (2) FINANCIAL I18 DEBT MATURITY(AS OF JUNE 30, 2025, DOLLAR AMOUNTS IN THOUSANDS)(1) Subsequent to June 30, 2025, we entered into a new four-year unsecured credit agreement (“New Credit Agreement”) maturing in July 2029 to replace our previous unsecured credit agreement. The New Credit Agreement increased the aggregate commitment on the revolver from $425,000 to $600,000 and provides for the opportunity to increase the commitment size up to $1,200,000. Additionally, the New Credit Agreement provides for a one-year extension option, subject to customary conditions. Material terms of the New Credit Agreement remain unchanged. In connection with the New Credit Agreement, the two $50,000 term loans were rolled into the revolving credit line, keeping the interest swap agreements intact through November 2025 at 2.3% and November 2026 at 2.4%, based on current margins. Also, subsequent to June 30, 2025, we borrowed $41,850 under our revolving credit line. Accordingly, we have $310,400 outstanding with $289,600 available for borrowing.(2) Reflects scheduled principal payments. (3) Excludes debt issue costs which are netted against the principal outstanding in the term loans and senior unsecured notes balance on our Consolidated Balance Sheets.
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2Q 2025 SUPPLEMENTAL REPORT (1) For leases and loans in place at June 30, 2025 assuming the sale of seven skilled nursing centers in the first part of 4Q25 and no other renewals or modifications.(2) Increase primarily due to scheduled rent escalations and other lease modifications.(1) Decrease due to the conversion of Anthem’s and New Perspective’s triple-net leases into SHOP, partially offset by rent increases from fair-market rent resets.(2) Decrease due to the turnaround impact of one-time revenue of $2,377 received in 1Q24, lower rent from property sales and (1) above, partially offset by higher rent from escalations.(3) Decrease primarily due to the conversion of Anthem’s and New Perspective’s triple-net leases into SHOP and property sales.(4) Increase primarily due to scheduled rent escalations. COMPONENTS OF RENTAL INCOMEFINANCIAL I19 FINANCIAL DATA SUMMARY(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT NUMBER OF SHARES)12/31/22 12/31/23 12/31/24 6/30/25Gross investments $ 1,959,442 $ 2,139,865 $ 2,088,613 $ 2,109,864 Net investments $ 1,562,668 $ 1,741,093 $ 1,674,140 $ 1,680,447 Gross asset value $ 2,052,687 $ 2,253,870 $ 2,200,615 $ 2,224,774 Total debt (1) $ 767,854 $ 891,317 $ 684,600 $ 696,457 Total liabilities (1) $ 805,796 $ 938,831 $ 733,137 $ 750,450 Non-controlling interest $ 21,940 $ 34,988 $ 92,378 $ 87,400 Total equity $ 850,307 $ 916,267 $ 1,053,005 $ 1,044,907 Cash rent 28,079$ 28,976$ (897)$ (1)57,702$ 59,927$ (2,225)$ (2)Operator reimbursed real estate tax revenue 2,777 3,255 (478) (3)5,866 6,636 (770) (3)Straight-line rent adjustment (497) (48) (449) (4)(1,075) (598) (477) (4)Straight-line rent write-off — (321) 321 (243) (321) 78 Amortization of lease incentives (182) (205) 23 (629) (438) (191) Total rental income 30,177$ 31,657$ (1,480)$ 61,621$ 65,206$ (3,585)$ 2025 2024 2025 2024Varian c e Varian ceTHREE MO NTHS E NDED SIX MO NTHS E NDE D JUNE 30,JUNE 30, (1) 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 COMPONENTS2Q 25 3Q 25(1 )4Q25(1 )1Q26(1 )2Q 26(1 )(497)$ (858)$ (2)(611)$ (362)$ (412)$ Amortization of lease incentives (182) (176) (192) (131) (131) Effective interest - Financing receivables 357 364 379 378 378 Effective interest - Mortgage loans receivable 1,013 962 878 782 768 Effective interest - Notes receivable 159 159 159 159 159 $ 850 $ 451 $ 613 $ 826 $ 762 Straight-line rent adjustment Total non-cash revenue components
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2Q 2025 SUPPLEMENTAL REPORT RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAreAND FIXED CHARGES FINANCIAL I20 FINANCIAL DATA SUMMARY(DOLLAR AMOUNTS IN THOUSANDS) 12/31/24Net income 100,584$ 91,462$ 94,879$ 16,548$ Less: Gain on sale of real estate, net (37,830) (37,296) (7,979) (332) Add: Impairment loss 3,422 15,775 6,953 — Add: Interest expense 31,437 47,014 40,336 8,014 Add: Depreciation and amortization 37,496 37,416 36,367 8,776 EBITDAre135,109 154,371 170,556 33,006 Add/less: Non-recurring items 824 (1)3,823 (2)(8,907) (3)8,011 (4)Adjusted EBITDAre135,933$ 158,194$ 161,649$ 41,017$ Interest expense 31,437$ 47,014$ 40,336$ 8,014$ Fixed charges 31,437$ 47,014$ 40,336$ 8,014$ Annualized Adjusted EBITDAre 164,068$ Annualized Fixed Charges 32,056$ Debt (net of debt issue costs) 767,854$ 891,317$ 684,600$ 696,457$ Debt (net of debt issue costs) to Annualized Adjusted EBITDAre5.6x 5.6x 4.2x 4.2xAnnualized Adjusted EBITDAre to Annualized Fixed Charges(4)4.3x 3.4x 4.0x 5.1x FO R THE YEAR ENDE D THRE E MO NTHS ENDE D 12/31/22 12/31/23 6/30/25 (1) Represents a lease incentive balance write-off of $173 related to a closed property, a $1,332 provision for credit losses reserve related to the acquisition of three skilled nursingcenters accounted for as a financing receivable, and the origination of two mortgage loans and a mezzanine loan, and a lease termination fee of $500 paid to a former operator of12 seniors housing communities, offset by lease termination fee income of $1,181 received in connection with the sale of a seniors housing community.(2) Includes the $3,561 note receivable write-off related to the sale and transition of 10 seniors housing communities and $1,832 of provision for credit losses related to theacquisition of 11 seniors housing communities accounted for as a financing receivable and two mortgage loan originations, offset by the $1,570 exit IRR and prepayment feereceived in connection to the payoff of two mezzanine loans.(3) 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 twomaster 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 fivemortgage loan receivables, offset by $1,635 of provision for credit losses related to acquisitions totaling $163,460 accounted for as financing receivables, $613 of effectiveinterest 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 ($290).(4) See the reconciliation of non-recurring items on page 24 for further detail.(5) Given we do not have preferred stock, our fixed charge coverage ratio and interest coverage ratio are the same.
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2Q 2025 SUPPLEMENTAL REPORTFINANCIAL I21 CONSOLIDATED STATEMENTS OF INCOME(UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (1) Represents our seniors housing operating portfolio (“SHOP”) operating income and expense.(2) Represents rental income from acquisitions through sale-leaseback transactions, subject to leases which contain purchase options. In accordance with GAAP,the properties are required to be presented as Financing receivables on ourConsolidated Balance Sheetsand the rental income to be presented as Interestincome from financing receivables on ourConsolidated Statements of Income. 2025 2024 2025 2024Revenues:Rental income 30,177$ 31,657$ 61,621$ 65,206$ Resident fees and services (1)11,950 — 11,950 — Interest income from financing receivables(2)7,084 3,830 14,086 7,660 Interest income from mortgage loans 9,680 12,661 18,859 25,109 Interest and other income 1,349 1,968 2,755 3,507 Total revenues 60,240 50,116 109,271 101,482Expenses:Interest expense 8,014 10,903 15,927 21,948 Depreciation and amortization 8,776 9,024 17,938 18,119 Seniors housing operating expenses (1)9,419 — 9,419 — Provision for credit losses 387 703 3,439 727 Transaction costs 6,706 380 7,147 646 Property tax expense 2,795 3,247 5,902 6,630 General and administrative expenses 8,447 6,760 15,418 13,251 Total expenses 44,544 31,017 75,190 61,32115,696 19,099 34,081 40,161Gain (loss) on sale of real estate, net 332 (32) 503 3,219 Income tax benefit 81 — 81 — Income from unconsolidated joint ventures 439 671 4,104 1,047 Net Income 16,548 19,738 38,769 44,427Income allocated to non-controlling interests (1,456) (377) (2,997) (836) Net income attributable to LTC Properties, Inc. 15,092 19,361 35,772 43,591Income allocated to participating securities (154) (173) (317) (338)Net income available to common stockholders 14,938$ 19,188$ 35,455$ 43,253$ Earn in gs per common s hare:Basic $0.33 $0.44 $0.78 $1.01Diluted $0.32 $0.44 $0.77 $1.00Weighted average shares u sed to c alcu lat e earn in gs per c ommon share:Basic 45,714 43,171 45,524 43,030 Diluted 46,028 43,463 45,838 43,322 Dividends declared and paid per common share $0.57 $0.57 $1.14 $1.14Income before unconsolidated joint ventures, real estate dispositions and other items:THREE MONTHS ENDE DJUNE 30, JUNE 30,SIX M ONTHS ENDE D
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2Q 2025 SUPPLEMENTAL REPORTFINANCIAL I22 CONSOLIDATED BALANCE SHEETS(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)ASSE TSInvestments:Land $ 109,881 $ 118,209 Buildings and improvements 1,148,060 1,212,853 Accumulated depreciation and amortization (392,516) (405,884) Operating real estate property, net 865,425 925,178 Properties held-for-sale, net of accumulated depreciation: 2025—$29,284; 2024—$1,346 42,458 670 Real property investments, net 907,883 925,848 Financing receivables,(1) net of credit loss reserve: 2025—$3,614; 2024—$3,615 357,824 357,867 Mortgage loans receivable, net of credit loss reserve: 2025—$3,562; 2024—$3,151 353,253 312,583 Real estate investments, net 1,618,960 1,596,298 Notes receivable, net of credit loss reserve: 2025—$441; 2024—$477 43,694 47,240 Investments in unconsolidated joint ventures 17,793 30,602 Investments, net 1,680,447 1,674,140 Other assets:Cash and cash equivalents 7,609 9,414 Debt issue costs related to revolving line of credit 809 1,410 Interest receivable 64,454 60,258 Straight-line rent receivable 20,187 21,505 Lease incentives 2,893 3,522 Prepaid expenses and other assets 18,958 15,893 Total assets$ 1,795,357 $ 1,786,142 LIABILITIE SRevolving line of credit $ 168,550 $ 144,350 Term loans, net of debt issue costs: 2025—$117; 2024—$192 99,883 99,808 Senior unsecured notes, net of debt issue costs: 2025—$976; 2024—$1,058 428,024 440,442 Accrued interest 2,882 3,094 Accrued expenses and other liabilities 51,111 45,443 Total liabilities 750,450 733,137 E Q UITYStockholders’ equity:Common stock: $0.01 par value; 110,000 shares authorized; shares issued and outstanding: 2025—46,065; 2024—45,511 461 455 Capital in excess of par value 1,099,049 1,082,764 Cumulative net income 1,761,207 1,725,435 Accumulated other comprehensive income 2,188 3,815 Cumulative distributions (1,905,398) (1,851,842) Total LTC Properties, Inc. stockholders’ equity 957,507 960,627 Non-controlling interests 87,400 92,378 Total equity 1,044,907 1,053,005 Total liabilities and equity$ 1,795,357 $ 1,786,142 (unaudited) (audited)DECE MBER 31, 2024JUNE 30, 2025 (1) Represents acquisitions through sale-leaseback transactions, subject to leases which contain purchase options. In accordance with GAAP, the properties are required to bepresented as financing receivables on ourConsolidated Balance Sheets.
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2Q 2025 SUPPLEMENTAL REPORTFINANCIAL I23 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD(UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)2025 2024 2025 2024GAAP net income available to common stockholders 14,938$ 19,188$ 35,455$ 43,253$ Add: Depreciation and amortization 8,776 9,024 17,938 18,119 (Less) Add: (Gain) loss on sale of real estate, net (332) 32 (503) (3,219) NAREIT FFO attributable to common stockholders 23,382 28,244 52,890$ 58,153$ Add (Less): Non-recurring items(1) 8,011 1,022 8,416 (1,355) 31,393$ 29,266$ 61,306$ 56,798$ NAREIT FFO attributable to common stockholders 23,382$ 28,244$ 52,890$ 58,153$ Non-cash income:Add: Straight-line rent adjustment 497 48 1,075 598Add: Amortization of lease incentives 182 205 629 438Add: Other non-cash contra-revenue — 321 243 321 Less: Effective interest income (1,529) (2,293) (2,930) (3,937)Net non-cash income (850) (1,719) (983) (2,580)Non-cash expense:Add: Non-cash compensation charges 2,795 2,320 5,048 4,522Add: Provision for credit losses 387 703 3,439 727 Less: Recurring capital expenditures (91) — (91) — Net non-cash expense 3,091 3,023 8,396 5,249Funds available for distribution ("FAD") 25,623 29,548 60,303$ 60,822$ Add (Less): Non-recurring items(1)6,927 (886) 4,268 (3,263) FAD, excluding non-recurring items ("Core FAD") 32,550$ 28,662$ 64,571$ 57,559$ $0.51 $0.65 $1.15 $1.34$0.68 $0.67 $1.34 $1.31$0.56 $0.68 $1.31 $1.40$0.71 $0.66 $1.41 $1.33 THRE E MO NTHS E NDE D SIX MO NTHS E NDE DJUNE 30, JUNE 30, Diluted NAREIT FFO attributable to common stockholders per shareDiluted Core FFO per shareDiluted FAD per shareDiluted Core FAD per share FFO, excluding non-recurring item ("Core FFO") (1) See the reconciliation of non-recurring items on page 24 for further detail.
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2Q 2025 SUPPLEMENTAL REPORT 2025 2024 2025 2024Reconciliation of non-recurring adjustments to NAREIT FFO:Provision for credit losses reserve recorded upon origination(1)384$ 1,635$ 384$ 1,635$ Recovery for credit losses related to loan payoffs(1)— (934) — (934) Provision for credit losses related to the write-off of loan receivables and related interest receivable — — 3,064 (5)— Add: Total provision for credit losses non-recurring adjustments 384 701 3,448 701 Add: Straight-line rent receivable write-off — 321 (3)— 321 (3)Add: Lease termination fee payment 5,971 (2)— 5,971 (2)— Add: One-time general and administrative expenses related to an employee retirement 1,136 — 1,136 — Add: One-time transaction costs associated with the startup of new RIDEA platform 520 — 823 — Deduct: Income from unconsolidated joint venture related to the 13% exit IRR received — — (2,962) (6)— Deduct: One-time rental income related to sold properties — — — (2,377) (7)Total n on -recu rrin g adju st men ts to NARE IT FFO 8,011$ 1,022$ 8,416$ (1,355)$ Reconciliation of non-recurring adjustments to FAD:Deduct: Income from unconsolidated joint venture related to the 13% exit IRR received —$ (886)$ (4)—$ (886)$ (4)Add: Lease termination fee payment 5,971 (2)— 5,971 (2)— Add: One-time cash general and administrative expenses related to an employee retirement 436 — 436 — Add: One-time transaction costs associated with the startup of new RIDEA platform 520 — 823 — Deduct: One-time rental income related to sold properties — — (2,962) (6)(2,377) (7)Total n on -recu rrin g cash adju st men ts to FAD 6,927$ ( 886)$ 4,268$ (3,263)$ JUNE 30,THRE E MO NTHS E NDED SIX MO NTHS ENDE DJUNE 30, FINANCIAL I24 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD (NON-RECURRING ITEMS)(UNAUDITED, AMOUNTS IN THOUSANDS) (1) A 1% credit loss reserve is taken upon origination of loan receivables and financing transactions, then decreased as the balance is paid down through scheduled principal payments and payoffs. a. During 2025, LTC originated a $42,300 mortgage loan, with initial funding of $38,350, secured by a 250-unit seniors housing community, consisting of independent living, assisted living and memory care services.b. During 2024, LTC acquired $163,460 of properties accounted for as financing receivables and received $102,435 from the payoff of three mortgage loans.(2) Represents a one-time lease termination fee paid to an operator for the conversion of the operator’s triple-net lease into SHOP.(3) Represents the straight-line rent receivable write-off related to a lease that converted to fair market rent during 2Q 2024. The straight-line rent write-off is a contra-revenue on the Consolidated Statements of Income. (4) The exit IRR income was received upon the payoff of three mortgage loans in 2024. The exit IRR was previously recorded ratably over the term of the loan through effective interest income. (5) Represents the write-off of a working capital note and related interest receivable balance in connection with the transition to RIDEA.(6) Represents the 13% exit IRR received in connection with the redemption of LTC’s preferred equity investment in a joint venture during 1Q 2025. The exit IRR was not previously recorded.(7) Represents one-time rent credit received in connection with the sale of a 110-unit seniors housing community in Wisconsin. The rent credit was provided to the operator during the new construction lease-up.
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2Q 2025 SUPPLEMENTAL REPORT FOR THE THREE MONTHS E NDED JUNE 30,FFO/FAD attributable to common stockholders 23,382$ 28,244$ 25,623$ 29,548$ Non-recurring one-time items(1)8,011 1,022 6,927 (886) Core FFO/FAD 31,393 29,266 32,550 28,662 Effect of dilutive securities:Participating securities 154 173 154 173 Diluted Core FFO/FAD 31,547$ 29,439$ 32,704$ 28,835$ 45,714 43,171 45,714 43,171 Effect of dilutive securities:Performance-based stock units 314 292 314 292 Participating securities 269 304 269 304 Shares for diluted FFO/FAD per share 46,297 43,767 46,297 43,767 FOR THE SIX MO NTHS E NDE D JUNE 30,FFO/FAD attributable to common stockholders 52,890$ 58,153$ 60,303$ 60,822$ Non-recurring one-time items(1)8,416 (1,355) 4,268 (3,263) Core FFO/FAD 61,306 56,798 64,571 57,559 Effect of dilutive securities:Participating securities 317 338 317 338 Diluted Core FFO/FAD 61,623$ 57,136$ 64,888$ 57,897$ 45,524 43,030 45,524 43,030 Effect of dilutive securities:Performance based stock units 314 292 314 292 Participating securities 274 291 274 291 Shares for diluted FFO/FAD per share 46,112 43,613 46,112 43,613 FAD2025 2024 2025 2024 Shares for basic FFO/FAD per share2025 2024 2024Shares for basic FFO/FAD per shareFFO FAD2025FFO FINANCIAL I25 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO PER SHARE(UNAUDITED, AMOUNTS IN THOUSANDS) (1) See the reconciliation of non-recurring items on page 24 for further detail.
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2Q 2025 SUPPLEMENTAL REPORTFINANCIAL I26 GuidanceWe are raising guidance for the 2025 full year. The following guidance ranges reflect management's view of current and future market conditions. There can be no assurance that theCompany'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 2025 full year guidance is as follows:FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD (GUIDANCE)(UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)Low High GAAP net income attributable to LTC Properties, Inc. 3.45$ 3.48$ Less: Gain on sale, net of impairment loss (1.76) (1.76) Add: Depreciation and amortization 0.77 0.77 Add: Effect of dilutive securities 0.02 0.02 Diluted NAREIT FFO attributable to common stockholders 2.48 2.51 Add: Non-recurring one-time items(2)0.19 0.20 Diluted Core FFO 2.67$ (1)2.71$ (1)Diluted NAREIT FFO attributable to common stockholders 2.48$ 2.51$ Less: Non-cash income (0.04) (0.04) Add: Non-cash expense 0.27 0.28 Less: Recurring capital expenditures (0.01) (0.02) Diluted FAD 2.70 2.73 Add: Non-recurring one-time items(3)0.10 0.10 Diluted Core FAD 2.80$ (1)2.83$ (1)Full Year 2025 Guidance(1) The guidance assumptions include the following:a) Transactions announced or closed to date;b) Conversion of Anthem’s and New Perspective’s triple-net portfolios of 13 properties with a total of 832 units into our new SHOP segment;c) SHOP NOI for the 2025 full-year in the range of $10,400 to $15,600 or $17,300 to $35,700 annualized;d) SHOP FAD capital expenditures for the 2025 full-year in the range of $660 to $920 or $1.2 to $1.4 annualized per unit; ande) General and administrative expenses for the full year of 2025 between $29,000 and $29,800.f) The guidance excludes additional investments beyond those closed to date or expected to close in the next 60 days, potential asset sales, financing, or equity issuances.(2) Represents items included in the reconciliation of non-recurring items on page 24, as well as the following:a) Incremental RIDEA ramp-up and execution costs of approximately $1,100 to $1,500, of which $823 were expensed during the first half of 2025; andb) 1% loan loss reserve on the approximate $60,000 mortgage loan origination discussed in Investment Pipeline on page 3.(3) Represents items included in the reconciliation of non-recurring items on page 24, as well as, the incremental RIDEA ramp-up and execution costs of approximately $1,100 to $1,500, of which$823 were expensed during the first half of 2025.
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2Q 2025 SUPPLEMENTAL REPORT Annualized Contractual Cash Income:Represents annualized contractual cash rental income (prior to abatements &deferred rent repayment and excludes real estate tax reimbursement), interest income from financing receivables,mortgage loans, mezzanine loans and working capital notes, and income from unconsolidated joint ventures for themonth of June 2025 for investments as of June 30, 2025. Also, represents annualized projected 3Q 2025 SHOP NOI.Annualized GAAP Income:Represents annualized GAAP rent which includes contractual cash rent, straight-line rentand amortization of lease incentives and excludes real estate tax reimbursement, GAAP interest income fromfinancing receivables, mortgage loans, mezzanine loans and working capital notes, and income from unconsolidatedjoint ventures for the month of June 2025 for investments as of June 30, 2025. Also, represents annualized projected3Q 2025 SHOP NOI.Assisted Living Communities (“ALF”):The ALF portfolio consists of assisted living, independent living, and/or memorycare properties. (See Independent Living and Memory Care) Assisted living properties are seniors housing propertiesserving elderly persons who require assistance with activities of daily living, but do not require the constantsupervision skilled nursing properties provide. Services are usually available 24 hours a day and include personalsupervision and assistance with eating, bathing, grooming and administering medication. The facilities provide acombination of housing, supportive services, personalized assistance and health care designed to respond toindividual needs.Contractual Lease Rent:Rental revenue as defined by the lease agreement between us and the operator for thelease year.Coronavirus Stimulus Funds (“CSF”):CSF includes funding from various state and federal programs to supporthealthcare providers in dealing with the challenges of the coronavirus pandemic. Included in CSF are state-specificpayments identified by operators as well as federal payments connected to the Paycheck Protection Program and theProvider Relief Fund. CSF is self-reported by operators in unaudited financial statements provided to LTC. Specificallyexcluded from CSF are the suspension of the Medicare sequestration cut, and increases to the Federal MedicalAssistance Percentages (FMAP), both of which are reflected in reported coverage both including and excluding CSF.Earnings Before Interest, Tax, Depreciation and Amortization for Real Estate (“EBITDAre”):As defined by the NationalAssociation of Real Estate Investment Trusts (“NAREIT”), EBITDAreis calculated as net income (computed in accordancewith GAAP) excluding (i) interest expense, (ii) income tax expense, (iii) real estate depreciation and amortization, (iv)impairment write-downs of depreciable real estate, (v) gains or losses on the sale of depreciable real estate, and (vi)adjustments for unconsolidated partnerships and joint ventures.Financing Receivables:Properties acquired through a sale-leaseback transaction with an operating entity being thesame before and after the sale-leaseback, subject to a lease contract that contains a purchase option. In accordancewith GAAP, the purchased assets are required to be presented asFinancing Receivableson ourConsolidated BalanceSheetsand the rental income to be presented asInterest income from financing receivableson ourConsolidatedStatements of Income.Funds Available for Distribution (“FAD”):FFO excluding the effects of straight-line rent, amortization of lease costs,effective interest income, provision for credit losses, non-cash compensation charges, non-cash interest charges andrecurring capital expenditures required to maintain and re-tenant our properties.Funds From Operations (“FFO”):As defined by NAREIT, net income available to common stockholders (computed inaccordance with U.S. GAAP) excluding gains or losses on the sale of real estate and impairment write-downs of depreciablereal estate plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and jointventures. GAAP Rent:Total rent we will receive as a fixed amount over the initial term of the lease and recognized evenly overthat term. GAAP rent recorded in the early years of a lease is higher than the cash rent received and during the lateryears of the lease, the cash rent received is higher than GAAP rent recognized. The difference between the cash rentand GAAP rent is commonly referred to as straight-line rental income. GAAP rent also includes amortization of leaseincentives and real estate tax reimbursements.Gross Asset Value:The carrying amount of total assets after adding back accumulated depreciation and loan lossreserves, as reported in the company’s consolidated financial statements.Gross Investment:Original price paid for an asset plus capital improvements funded by LTC, without any deductions fordepreciation or provision for credit losses. Gross Investment is commonly referred to as undepreciated book value.Independent Living Communities (“ILF”):Seniors housing properties offering a sense of community and numerouslevels 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. Manyoffer on-site conveniences like beauty/barber shops, fitness facilities, game rooms, libraries and activity centers. ILFsare also known as retirement communities or seniors apartments.Interest Income:Represents interest income from financing receivables, mortgage loans and other notes.Licensed Beds/Units:The number of beds and/or units that an operator is authorized to operate at seniors housingand long-term care properties. Licensed beds and/or units may differ from the number of beds and/or units in serviceat any given time.Memory Care Communities (“MC”):Seniors housing properties offering specialized options for seniors withAlzheimer’s disease and other forms of dementia. These facilities offer dedicated care and specialized programmingfor various conditions relating to memory loss in a secured environment that is typically smaller in scale and moreresidential in nature than traditional assisted living facilities. These facilities have staff available 24 hours a day torespond to the unique needs of their residents.Metropolitan Statistical Areas (“MSA”):Based on the U.S. Census Bureau, MSA is a geographic entity defined by theOffice of Management and Budget (OMB) for use by Federal statistical agencies in collecting, tabulating, andpublishing Federal statistics. A metro area contains a core urban area of 50,000 or more population. MSAs 1 to 31have a population of 19.8M – 2.2M. MSAs 32 to 100 have a population of 2.2M – 0.6M. MSAs greater than 100 havea population of 0.6M – 59K. Cities in a Micro-SA have a population of 223K – 12K. Cities not in a MSA haspopulation of less than 100K.Mezzanine:Mezzanine financing sits between senior debt and common equity in the capital structure, and typically isused 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 creditenhancements; secured second mortgage, pledge of equity interests and personal/corporate guarantees. Mezzanineloans can be recorded for GAAP purposes as either a loan or joint venture depending upon specifics of the loan termsand related credit enhancements.Micropolitan Statistical Areas (“Micro-SA”):Based on the U.S. Census Bureau, Micro-SA is a geographic entity definedby the Office of Management and Budget (OMB) for use by Federal statistical agencies in collecting, tabulating, andpublishing Federal statistics. A micro area contains an urban core of at least 10,000 population.GLOSSARY I27 GLOSSARY
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2Q 2025 SUPPLEMENTAL REPORT Mortgage Loan:Mortgage financing is provided on properties based on our established investment underwritingcriteria and secured by a first mortgage. Subject to underwriting, additional credit enhancements may be requiredincluding, but not limited to, personal/corporate guarantees and debt service reserves. When possible, LTCattempts to negotiate a purchase option to acquire the property at a future time and lease the property back to theborrower.Net Real Estate Assets:Gross real estate investment less accumulated depreciation. Net Real Estate Asset iscommonly 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 operations of the property.Non-cash Revenue:Straight-line rental income, amortization of lease inducement and effective interest.Non-cash Compensation Charges:Vesting expense relating to restricted stock and performance-based stock units.Normalized EBITDAR Coverage:The trailing twelve month’s earnings from the operator financial statementsadjusted for non-recurring, infrequent, or unusual items and before interest, taxes, depreciation, amortization, andrent divided by the operator’s contractual lease rent. Management fees are imputed at 5% of revenues.Normalized EBITDARM Coverage:The trailing twelve month’s earnings from the operator financial statementsadjusted for non-recurring, infrequent, or unusual items and before interest, taxes, depreciation, amortization,rent, and management fees divided by the operator’s contractual lease rent.Occupancy:The weighted average percentage of all beds and/or units that are occupied at a given time. Thecalculation uses the trailing twelve months and is based on licensed beds and/or units which may differ from thenumber of beds and/or units in service at any given time.Operator Financial Statements:Property level operator financial statements which are unaudited and have notbeen independently verified by us.Payor Source:LTC revenue by operator underlying payor source for the period presented. LTC is not a Medicaid ora Medicare recipient. Statistics represent LTC's rental revenues times operators' underlying payor source revenuepercentage. Underlying payor source revenue percentage is calculated from property level operator financialstatements which are unaudited and have not been independently verified by us.Private Pay:Private pay includes private insurance, HMO, VA, and other payors.Purchase Price:Represents the fair value price of an asset that is exchanged in an orderly transaction betweenmarket participants at the measurement date. An orderly transaction is a transaction that assumes exposure to themarket for a period prior to the measurement date to allow for marketing activities that are usual and customary fortransactions involving such assets; it is not a forced transaction (for example, a forced liquidation or distress sale). Real Estate Investments:Represents our investments in real property, financing receivables, mortgage loans receivableand other notes receivables.Rental Income:Represents GAAP rent generated by our owned properties under triple-net leases.RIDEA:Real Estate Investment Trust (REIT) Investment Diversification and Empowerment Act of 2007Same Property Portfolio (“SPP”):Same property statistics allow for the comparative evaluation of performance across aconsistent population of LTC’s leased property portfolio and the Prestige Healthcare mortgage loan portfolio. Our SPP iscomprised of stabilized properties occupied and operated throughout the duration of the quarter-over-quarter comparisonperiods presented (excluding assets sold, assets held-for-sale and SHOP assets). Accordingly, a property must be occupiedand stabilized or a minimum of 15 months to be included in our SPP. Each property transitioned to a new operator hasbeen excluded from SPP and will be added back to SPP for the SPP reporting period ending 15 months after the date of thetransition.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 withRIDEA.SHOP Net Operating Income (“NOI”):The difference between Resident fees and services and Property operating expense lineitems on our Consolidated Statements of Income.Skilled Nursing Properties (“SNF”):Seniors housing properties providing restorative, rehabilitative and nursing care forpeople not requiring the more extensive and sophisticated treatment available at acute care hospitals. Many SNFs provideancillary services that include occupational, speech, physical, respiratory and IV therapies, as well as sub-acute care serviceswhich are paid either by the patient, the patient’s family, private health insurance, or through the federal Medicare or stateMedicaid 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 or, in the eventof a de novo development, redevelopment, major renovations or addition, 24 months from the date the property is firstplaced in or returned to service, or properties acquired in lease-up.Trailing Twelve Months NOI:For the owned portfolio under triple-net leases, rental income excluding real estate taxreimbursement, straight-line rent write-off and rental income from properties sold during the trailing twelve months. For theowned portfolio under our SHOP segment, represents SHOP NOI during the trailing twelve months. For owned propertiesaccounted for as a financing receivables, mortgage loan receivables and notes receivables, NOI includes cash interestincome and effective interest during the trailing twelve months and excludes loan payoffs during the trailing twelve months.For Unconsolidated JV, NOI includes income from our investments in joint ventures during the trailing twelve months.Under Development Properties (“UDP”):Development projects to construct seniors housing properties.GLOSSARY I28 GLOSSARY
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2Q 2025 SUPPLEMENTAL REPORT FORWARD-LOOKING STATEMENTSThis 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 SecuritiesExchange 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. Youcan identify some of the forward-looking statements by their use of forward-looking words, such as ‘‘believes,’’ ‘‘expects,’’ ‘‘may,’’ ‘‘will,’’ ‘‘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 2025 full-year guidance andstatements regarding the Company’s SHOP pipeline, anticipated growth, and future strategy. Forward- looking statements involve inherent risks and uncertainties regarding events,conditions and financial trends that may affect our future plans of operation, business strategy, results of operations and financial position. A number of important factors could causeactual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, our dependence on our operators forrevenue 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 statehealth care cost containment measures including reductions in reimbursement from third-party payors such as Medicare and Medicaid; required regulatory approvals for operation ofhealth care facilities; a failure to comply with federal, state, or local regulations for the operation of health care facilities; the adequacy of insurance coverage maintained by ouroperators; our reliance on a few major operators; our ability to renew leases or enter into favorable terms of renewals or new leases; the impact of inflation, operator financial or legaldifficulties; the sufficiency of collateral securing mortgage loans; an impairment of our real estate investments; the relative illiquidity of our real estate investments; our ability to developand complete construction projects; our ability to invest cash proceeds for health care properties; a failure to qualify as a REIT; our ability to grow if access to capital is limited; and afailure to maintain or increase our dividend. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-lookingstatements, please see the discussion under ‘‘Risk Factors’’ and other information contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and inour publicly available filings with the Securities and Exchange Commission. We do not undertake any responsibility to update or revise any of these factors or to announce publicly anyrevisions to forward-looking statements, whether as a result of new information, future events or otherwise. Although our management believes that the assumptions and expectationsreflected 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 may differmaterially from any forward-looking statements due to the risks and uncertainties of such statements.29 Founded in 1992, LTC Properties, Inc. (NYSE: LTC) is a self-administered real estate investment trust (REIT) investing in seniors housing and health care propertiesprimarily through RIDEA, triple-net leases, joint ventures and structured finance solutions including preferred equity and mezzanine lending. LTC’s portfolio encompassesSkilled Nursing Facilities (SNF) and Seniors Housing (SH) consisting of Assisted Living Communities (ALF), Independent Living Communities (ILF), Memory CareCommunities (MC) and combinations thereof. Our main objective is to build and grow a diversified portfolio that creates and sustains shareholder value while providingour 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 www.LTCreit.com. FORWARD-LOOKING STATEMENTS AND NON-GAAP INFORMATION NON-GAAP INFORMATIONThis supplemental information contains certain non-GAAP information including EBITDAre, adjusted EBITDAre, FFO, FFO excluding non-recurring items, FAD, FADexcluding non-recurring items, adjusted interest coverage ratio, and adjusted fixed charges coverage ratio. A reconciliation of this non-GAAP information is providedon pages 20, 23, 24 and 25 of this supplemental information, and additional information is available under the “Non-GAAP Financial Measures” subsection underthe “Filings” section of our website atwww.LTCreit.com.