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RENEWAL AND TRANSITION SUPPLEMENTAL OPERATINGANDFINANCIAL DATAFOURTH QUARTER 2025
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4Q 2025 SUPPLEMENTAL REPORT INVESTMENTS 3Seniors Housing Operating Portfolio ("SHOP") TransformationPortfolio TransformationAcquisitions and Mortgage LoansNear-Term Loan Payoffs Expected & Purchase Options to be ExercisedPORTFOLIO 7Portfolio Overview Operator Update and Subsequent EventsPortfolio Diversification - GeographySHOP Performance and GuidanceReal Estate Investments (Excluding SHOP) Diversification - OperatorsReal Estate Investments (Excluding SHOP) - MaturityReal Estate Investments (Excluding SHOP) - MetricsFINANCIAL 16Enterprise Value Debt MetricsDebt Maturity Reconciliation of 2026 GuidanceFinancial 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. RICHARD ANDERSONCantor FitzgeraldAARON HECHTCitizens JMP Securities, LLCOMOTAYO OKUSANYADeutsche Bank Securities Inc.JOE DICKSTEINJefferies LLCAUSTIN WURSCHMIDTKeyBanc Capital Markets, Inc.MICHAEL CARROLLRBC Capital Markets Corp.JOHN 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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4Q 2025 SUPPLEMENTAL REPORTINVESTMENTS I3 SENIORS HOUSING OPERATING PORTFOLIO (“SHOP”) TRANSFORMATION2025 SHOP ACTIVITIES SINCE MAY ($565M)$353M in SHOP acquisitions$212M - Three SHOP conversionsSeven SHOP operators, five new to LTCSHOP GROWTH(DOLLAR AMOUNTS IN MILLIONS) 2026 INVESTMENT FUNDING STRATEGY~ $266M proceeds from SNF sales and loan prepaymentsProceeds from untapped opportunities within our portfolio, borrowings under our revolving line of credit, and sales under our ATM 2026 SHOP INVESTMENT GUIDANCE AND ACQUISITIONS COMPLETED TO DATE(~$400M - $800M)$108M SHOP acquisitions completed in 1Q26$157M SHOP acquisitions over the next 60 days$135M - $535M SHOP acquisitions expected to close through the end of 2026$0$200$400$600$800$1,000$1,200$1,4002024 2025 Proforma 2026GROSS ASSET VALUEProforma 2026 assumes $600M in SHOP investments (mid-point) and $58M in SHOP conversions116%2026 SHOP CONVERSIONS ($58M)$26M completed in 1Q26$32M expected over the next 60 daysTwo SHOP operators new to LTC
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4Q 2025 SUPPLEMENTAL REPORT Mortg Loans, 15%Mortg Loans, 16%Mortg Loans, 8%Fin Rec, 17%Fin Rec, 15%Fin Rec, 10%NNN64%NNN44%NNN36%SHOP24%SHOP45%0%20%40%60%80%100%2024 2025 2026ENNN SHOPLOANSNOTES REC & UNCONS JVFIN RECINVESTMENTS I4 PORTFOLIO TRANSFORMATION: DECREASING SNF AND LOAN EXPOSURE2026 PROFORMA GROSS ASSET VALUE BY ASSET TYPE 2026 PROFORMA GROSS ASSET VALUE BY INVESTMENT TYPEASSET TYPE TRANSFORMATION: 2024 - PROFORMA 2026Seniors Housing asset value concentration increases to 77% Skilled Nursing asset value concentration decreases to 22%INVESTMENT TYPE TRANSFORMATION: 2024 - PROFORMA 2026Owned investments asset value concentration increases to 91% Mortgage Loans investment asset value concentration decreases to 8% 40%40%10%8%2%OWNED PORTFOLIO - NNNOWNED ACCOUNTED FOR AS FINANCING RECEIVABLESMORTGAGE LOANSNOTES REC & UNCONS JV OWNED PORTFOLIO - SHOP 31%40%28%1%SENIORS HOUSING - NNNSKILLED NURSINGOTHER/UDP SENIORS HOUSING - SHOP (PROFORMA 2026 ASSUMES $600M IN SHOP INVESTMENTS (MID-POINT) AND $58M IN SHOP CONVERSIONS) 2026 PROFORMA NOI BY ASSET TYPE2026 PROFORMA NOI BY INVESTMENT TYPE SNF46%SNF36%SNF22%NNN54%NNN39%NNN32%SHOP24%SHOP45%0%20%40%60%80%100%2024 2025 2026E4%1%1%OTHER/UDPSH - NNN SH - SHOPSNF1%1%
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4Q 2025 SUPPLEMENTAL REPORTMORTGAGE LOANS5INVESTMENTS I(1) Represents mortgage loans commitment to construct seniors housing communities and to fund working capital and interest reserve. 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.(3) The initial additional commitment includes interest reserve of $2,200. REAL ESTATE – INVESTMENTS(DOLLAR AMOUNTS IN THOUSANDS) # O F PROP ERTY # UNITS/ MATURITY INITIAL PRO PE RTIE S TYPE BEDS LO CATION O P ERATO R DATE O RIGINATIO N INVESTME NT1 UDP - SH 85 units Lansing, MI Encore Senior Living Sep-2026 8.75% 19,500$ 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)2 SH 171 units Various cities in CA Gallaher Signature Living Aug-2030 8.25% 57,550 55,350 2,200 (3)3 421 units 99,850$ 93,700$ 6,150$ Aug-2025INITIAL CO NTRACTUALJan-2024Jul-2024CO MMITME NTADDITIONALINITIALRATEMay-2025DATE ACQUISITIONS# O F INVESTME NT PROP ERTY # O F DATE O F YE AR 1PRO PERTIES TYPE TYPE UNITS LOCATIO N O PE RATOR CO NSTRUCTIO N CAP RATE1 SHOP SH 67 Morgan Hill, CA Discovery Senior Living 2019 7.4% 35,200$ 2 SHOP SH 158 Various cities in KY Charter Senior Living 2023 7.6% 39,500 5 SHOP SH 520 Various cities in WI Lifespark 2019-2021 7.2% 194,050 1 SHOP SH 88 Marietta, GA The Arbor Company 2017 7.4% 22,900 1 SHOP SH 100 Brentwood, TN Discovery Senior Living 2022 7.4% 31,250 1 SHOP SH 122 Hobart, WI New Perspective 2012-2019 8.7% 30,000 11 1,055 352,900$ 3 SHOP SH 394 Various cities in GA The Arbor Company 2014-2018 7.0% 108,000$ DATEPURCHASEPRICEDec-2025Dec-2025Jan-2026Jul-2025Sep-2025Oct-2025Sep-2025
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4Q 2025 SUPPLEMENTAL REPORTINVESTMENTS I6 REAL ESTATE – NEAR-TERM LOAN PAYOFFS EXPECTED & PURCHASE OPTIONS ANTICIPATED TO BE EXERCISED(1)(DOLLAR AMOUNTS IN THOUSANDS)E XPECTEDO PTIO N # O F PROP ERTY GRO SS SALE S/P AYO FFWIND OW INVESTMENT TYPE PROPE RTIE S TYPE INVESTME NTS PRO CE EDS2025(2)Owned 2 SNF 5,275$ 9,500$ 1,055$ 2025-2027(3)Owned accounted for as Financing Receivable 3 SNF 62,220 64,032 4,841 2026-2027(4)Mortgage Loan 14 SNF 179,885 179,885 20,323 2026(5)Unconsolidated Joint Venture 1 SNF 12,524 12,524 1,178 20 259,904$ 265,941$ 27,397$ LTC P O RTIO N O F LTC PO RTION O FANNUALIZED CONTRACTUAL CASH NO I(1) See our Form 10-K for a list of all of our purchase options. Expected sales proceeds are subject to change.(2) In 3Q25, 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. In 4Q25, the operator provided notice of its intent to exercise its purchase option. In connection with the sale, we expect to receive approximately $1,500 of exit IRR. See Operator Update on page 9 for further discussion.(4) The Prestige $179,885 mortgage loan secured by 14 skilled nursing centers in Michigan has an option to prepay the loan without penalty during a 12-month window starting in July 2026, subject to customary conditions and contingent on Prestige’s ability to obtain replacement financing. See Operator Update on page 9 for further discussion.(5) Subsequent to December 31, 2025, the operator provided notice of its intent to payoff a mortgage loan accounted for as an unconsolidated joint venture. We expect to receive the payoff in 2Q26. See Operator Update on page 9 for further discussion.
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4Q 2025 SUPPLEMENTAL REPORT # O F % O FBY INVE STME NT TYPE PRO PE RTIES INVE STME NT NO I (1 ) % O F NO I INCO ME STATE ME NT LINEOwned PortfolioTriple-Net Portfolio ("NNN") 98 1,045,400$ 43.6% 93,947$ 52.1% Rental incomeSeniors Housing Operating Portfolio ("SHOP")(2)25 565,265 23.6% 18,028 (2)10.0% Resident fees and services, net of Seniors housing operating expenseOwned Portfolio 123 1,610,665 67.2% 111,975 62.1%Owned Properties accounted for as Financing Receivables(3)31 363,088 15.2% 28,315 15.7% Interest income from financing receivablesMortgage Loans 26 385,511 (4)16.1%(4)36,468 20.2% Interest income from mortgage loansNotes Receivable 5 25,874 1.0% 2,555 1.4% Interest and other incomeUnconsolidated Joint Ventures 1 12,524 0.5% 1,178 0.6% Income from unconsolidated joint venturesTotal 186 2,397,662$ 100.0% 180,491$ 100.0%# O F % O FBY PRO PE RTY TYPE PRO PE RTIES INVE STME NTSeniors HousingNNN 92 940,773$ 39.3%SHOP(2)25 565,265 23.6%Seniors Housing 117 1,506,038 62.9%Skilled Nursing 68 871,825 36.3%Other(5)1 12,005 0.5%Under Development — 7,794 0.3%Total 186 2,397,662$ 100.0% INVE STME NTGRO SS INVE STME NTTRAILING TWELVE MO NTHS E NDE DDE CE MBE R 31, 2025GRO SS PORTFOLIO I(1) See Trailing Twelve Months NOI definition in the Glossary.(2) Subsequent to December 31, 2025, we acquired three seniors housing communities and converted two seniors housingcommunities from our NNN portfolio into our SHOP segment. See Subsequent Events on page 9 for further discussion.(3) Financing receivables represent acquisitions through sale-leaseback transactions, subject to lease agreements thatcontain purchase options. In accordance with GAAP, the purchased assets are presented as financing receivables on ourConsolidated Balance Sheetsand the rental income received is presented as interest income from financing receivableson ourConsolidated Statements of Income.(4) Mortgage loans include short-term loans of $131,526 or 5.5% of gross investment and long-term loans (Prestige) of$253,985 or 10.6% of gross investment. The weighted average maturity for our mortgage loans portfolio and long-termmortgage loans (Prestige) at December 31, 2025 is 13.3 years and 18.3 years, respectively. See Operator Update onpage 9 for further discussion on a Prestige loan.(5) Includes one behavioral health care hospital and three parcels for land held-for-use.7 LONG-TERM INVESTMENTS include our Owned Portfolio, Owned Properties accounted for as Financing Receivables and Long-Term Mortgage Loans (Prestige) which represent 93% of our Gross Investments.SHORT-TERM INVESTMENTS represent investment durations shorter than 10 years and include our Notes Receivable, Unconsolidated Joint Ventures and Short-Term Mortgage Loans which represent 7% of our Gross Investments. Long-TermInvestments93%Short-TermInvestments7% PORTFOLIO OVERVIEW(AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS)
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4Q 2025 SUPPLEMENTAL REPORTPORTFOLIO I8 # OFOWNE D PRO PE RTIE S - NNN PROPERTIESRENTAL INCOME(1 )Seniors Housing 54 505,473$ 21.1% 38,040$ 21.1%Skilled Nursing 43 527,922 22.0% 54,718 30.3%Other 1 12,005 0.5% 1,189 0.7%Total 98 1,045,400$ 43.6% 93,947$ 52.1%# OFOWNE D PRO PE RTIE S - SHOP PROPERTIES SHOP NO I(1 )Seniors Housing(2)25 565,265$ 23.6% 18,028$ 10.0%Total 25 565,265$ 23.6% 18,028$ 10.0%OWNE D PRO PE RTIE S ACCOUNTED FO R AS # OF FINANCINGFINANCING RE CEIVABLE S(3 ) PROPE RTIE SRECE IVABLE S INCOME(1 )Seniors Housing 28 286,543$ 12.0% 22,430$ 12.4%Skilled Nursing 3 76,545 3.2% 5,885 3.3%Total 31 363,088$ 15.2% 28,315$ 15.7%# OF M ORTGAGE LOANSMO RTGAGE LOANS PROPERTIESINTERE ST INCO ME(1 )Seniors Housing 5 123,732$ 5.2% 6,193$ 3.4%Skilled Nursing(4)21 253,985 10.6% 30,144 16.7%Under Development — 7,794 0.3% 131 0.1%Total 26 385,511$ 16.1% 36,468$ 20.2%# OF INTERE ST ANDNO TE S RE CE IVABLE PROPERTIESOTHE R INCOM E(1 )Seniors Housing 5 25,025$ 1.0% 2,555$ 1.4%Skilled Nursing — 849 0.0% — 0.0%Total 5 25,874$ 1.0% 2,555$ 1.4%# OF UNCONSOLIDATE DUNCO NSOLIDATED JO INT VENTURE S PROPERTIESJV INCO ME(1 )Skilled Nursing 1 12,524 0.5% 1,178 0.6%Total 1 12,524$ 0.5% 1,178$ 0.6%TO TAL INVESTM E NTS186 2,397,662$ 100.0% 180,491$ 100.0% GROSS INVE STM E NT % O FGROSS INVE STME NT % O F TOTAL NO I% O F TOTAL NO I% O F TOTAL NO I INVE STME NTTRAILING TWELVE MO NTHS E NDE DDE CE M BE R 31, 2025GROSS % O F GROSS INVE STM E NT % O F TOTAL NO IGROSS % O F INVE STME NT GROSS INVE STM ENT % O F TOTAL NO I INVE STME NTGROSSGROSS INVE STME NT GROSS INVE STM E NT % O F GROSS INVE STM E NT % O FGROSS % O F INVE STME NT GROSS INVE STM ENT % O F TOTAL NO I 21.1%30.3%0.7%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) 3.4%16.7%0.1%0.0%15.0%30.0%SH SNF UDP 1.4%0.0%5.0%10.0%SH 0.6%0.0%5.0%10.0%SNF 12.4%3.3%0.0%15.0%30.0%SH SNFFINANCING RECEIVABLES INCOME (AS % OF TOTAL NOI)(1) See Trailing Twelve Months NOI definition in the Glossary.(2) Subsequent to December 31, 2025, we acquired three seniors housing communities and converted two seniors housing communities from our NNN portfolio into our SHOPsegment. See Subsequent Events on page 9 for further discussion.(3) Financing receivables represent acquisitions through sale-leaseback transactions, subject to lease agreements that contain purchase options. In accordance with GAAP, thepurchased assets are presented as financing receivables on ourConsolidated Balance Sheetsand the rental income received is presented as interest income from financingreceivables on ourConsolidated Statements of Income.(4) Skilled nursing long-term loans (Prestige) of $253,985 or 10.6% of gross investment. The weighted average maturity of Prestige loans is 18.3 years. See Operator Update onpage 9 for further discussion on a Prestige loan. 10.0%0.0%10.0%20.0%SHSHOP NOI (AS % OF TOTAL NOI)PORTFOLIO OVERVIEW - DETAIL(AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS)
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4Q 2025 SUPPLEMENTAL REPORTPORTFOLIO I9 PORTFOLIO OVERVIEW - OPERATOR UPDATE(DOLLAR AMOUNTS IN THOUSANDS)Market-Based Rent Resets:Received $5,625 of revenue from a 14-property portfolio in 2025 vs. $3,448 in 2024 (63% increase). Two of the 14 properties were converted into SHOP in January 2026, with plans to convert two additional properties with a total of 159 units in the next 60-days. See below for further discussion of the SHOP conversions. Anticipated rent on the remaining 10 properties in 2026 is $4,880, vs. $4,140 in 2025 (18% increase).Operator Update (Genesis): As previously discussed, Genesis filed for Chapter 11 bankruptcy on July 9, 2025. Since filing, Genesis has made all contractual rent payments through February 2026.Purchase Option Exercised (TN):$9,500 under a master lease for two skilled nursing centers. The sale is expected to close in the next 60-days with an anticipated gain of approximately $7,400. Purchase Option Exercised (FL):$64,032, inclusive of an exit IRR of approximately $1,500, under a master lease for three skilled nursing centers expected to close by the end of 1Q26. These properties are presented as a financing receivable on our Consolidated Balance Sheets, since they were acquired through a sale-leaseback transaction, subject to a lease agreement. We expect to record one-time income of approximately $1,300, which represents the exit IRR of $1,500, offset by $200 of effective interest receivable balance previously recognized over the term of the financing receivable through payoff. SUBSEQUENT EVENTSPreviously Announced SHOP Acquisition:Three seniors housing communities in Georgia for $108,000, with a year-one yield of approximately 7% and expected unlevered IRR in the low teens, operated by the Arbor Company, an existing SHOP relationship.SHOP Conversion (TX): Two seniors housing communities, operated by Pegasus Senior Living, an operator new to us. These properties comprised of 88 units were previously included in the portfolio of market-based rent resets discussed above.Mortgage Loan Prepayment Option:Prestige Healthcare provided a prepayment notice on its $179,885 mortgage loan secured by 14 skilled nursing centers. Prestige has the option to prepay without penalty during a 12-month window starting in July 2026, subject to customary conditions and contingent on the ability to obtain replacement financing. Mortgage Loan Extension (MI):We intend to extend a $17,104 mortgage loan secured by an 85-unit seniors housing community, currently set to mature in 2026, to 1Q27.Loan Payoff Notice (TX):The operator provided notice of its intent to pay off a $12,524 mortgage loan secured by a 104-bed skilled nursing center. The mortgage loan is accounted for as an unconsolidated joint venture. We expect to receive the payoff in 2Q26.Anticipated SHOP Conversions (GA and SC):We anticipate converting two seniors housing communities with an operator new to us in April 2026. These properties are currently included in the portfolio of market-based rent resets discussed above.
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4Q 2025 SUPPLEMENTAL REPORTPORTFOLIO I10 PORTFOLIO DIVERSIFICATION – GEOGRAPHY(AS OF DECEMBER 31, 2025) * Behavioral health care hospitalSNF (68)SH– NNN (92)OTH* (1)LAND (3)UDP (1)CAWA MENVWYILARWVNDNYORAZNMTXUTIDMTSDNEKSOKMSMNWIFLALGASCTNMOIAINOHPA NJNCVACOKY52113 12214 48 3316685 321215123 LA123MI2113SH– SHOP (25)42 2471211 1 OPERATORS30 STATES23 PROPERTIES186UNITS/BEDS16,276
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4Q 2025 SUPPLEMENTAL REPORT 39.0%25.7%27.6%6.0%1.7%0.0%25.0%50.0%MSAs1-31MSAs32-100MSAs> 100Cities inMicro-SACities not inMSA orMicro-SA 17 years9 years010203040NNN SHOPYears(1) The MSA rank by population as of July 1, 2024, as estimated by the United States Census Bureau. Approximately 65% 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 SENIORS HOUSING PORTFOLIO AGE (1)PORTFOLIO I11 (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 $874 is also not available by state and is excluded from the table above.(2) Includes one behavioral health care hospital and three parcels for land held-for-use.(3) Subsequent to December 31, 2025, we converted two seniors housing communities from our NNN portfolio into our SHOP segment. See Subsequent Events on page 9 for further discussion.# OFSTATE(1 ) PRO PE RTIES % SH - NNN % SH - SHOP % SNF % UDP % %Wisconsin 13 319,951$ 13.3% 57,822$ 6.2% 248,183$ 43.9% 13,946$ 1.6% —$ — —$ — Texas(3)29 314,987 13.1% 42,059 4.5% — — 272,928 31.3% — — — — North Carolina 33 303,391 12.7% 303,391 32.2% — — — — — — — — Michigan 24 293,954 12.3% 39,026 4.2% — — 253,985 29.2% — — 943 7.9%California 6 143,906 6.0% 95,163 10.1% 48,743 8.6% — — — — — — Ohio 9 141,114 5.9% 71,867 7.6% 15,024 2.7% 54,223 6.2% — — — — Florida 6 125,406 5.2% 39,897 4.2% — — 85,509 9.8% — — — — Colorado 12 103,298 4.3% 61,497 6.5% 41,801 7.4% — — — — — — Illinois 5 98,541 4.1% 32,725 3.5% 58,022 10.3% — — 7,794 100.0% — — Kentucky 4 88,479 3.7% — — 39,763 7.0% 48,716 5.6% — — — — All Others 45 463,761 19.4% 197,301 21.0% 113,729 20.1% 141,669 16.3% — — 11,062 92.1%Total 186 2,396,788$ 100.0% 940,748$ 100.0% 565,265$ 100.0% 870,976$ 100.0% 7,794$ 100.0% 12,005$ 100.0% O TH(2 )INVESTME NTGROSS INVESTME NTGRO SSPORTFOLIO DIVERSIFICATION – GEOGRAPHY(AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS)
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4Q 2025 SUPPLEMENTAL REPORT# O F # OF GRO SSO PE RATO RS(1 )PRO PERTIE S UNITS STATE S INVESTME NT % Lifespark Acquired 5 520 WI 194,577$ 34.4%Anthem Memory Care Initial Conversion 12 732 CA, CO, IL, KS, OH 154,343 27.3%Discovery Senior Living Acquired 2 167 CA, TN 66,822 11.8%New Perspective Initial Conversion; Acquired 2 222 WI 53,606 9.5%Charter Senior Living Acquired 2 158 KY 39,763 7.0%Compass Senior Living Value-Add Conversion 1 186 OR 33,139 5.9%The Arbor Company(1)Acquired 1 88 GA 23,015 4.1%25 2,073 565,265$ 100.0%PORTFOLIO I12 SHOP PERFORMANCE AND GUIDANCE(AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS, EXCEPT REVPOR AND EXPOR) OPERATOR DIVERSIFICATON(1) Subsequent to December 31, 2025, we acquired three seniors housing communities with a total of 394 units and converted two seniors housing communities (Value-Add Conversions) with a total of 88 units into our SHOP segment. See Subsequent Events on page 9 for further discussion. Represents 27 properties (2,281 units) that include Initial Conversions (13) and Acquired SHOP properties (14) through January 31, 2026; excludes Value-Add Conversions and additional acquisitionsGuidance at the midpoint:NOI growth: ~14% over 2025 Proforma NOIOccupancy growth: ~150 basis points from 2025 Proforma Ave Occupancy ~89.7%Projected Increases: REVPOR ~5%; EXPOR ~2.5%Projected margin: ~27.5%2025 Proforma NOI and occupancy include results reported under prior owners; adjusted for current management fee structure2026 Total SHOP Capex Guidance:FAD: ~$1,500 per unit, annuallyNon-FAD: $9M; $4M announced for Initial Conversions; $4M underwritten for Acquired SHOP properties to date; $1M for Value-Add Conversions for three (3) properties TOTAL SHOP PERFORMANCE2Q25 3Q25 4Q25Properties, at end of quarter 13 21 25Units, at end of quarter 832 1,577 2,073 Average units available 501 899 1,766 Average unit occupancy 80.7% 86.5% 89.3%Total revenues 11,950$ 22,203$ 37,963$ Operating expenses 9,419 17,362 27,307 NOI 2,531$ 4,841$ 10,656$ NOI margin 21.2% 21.8% 28.1%REVPOR 9,855$ 9,518$ 8,022$ EXPOR 7,768$ 7,443$ 5,770$ SHOP GUIDANCELow$53High$572026 PROJECTED NOI (millions)
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4Q 2025 SUPPLEMENTAL REPORT LTC PO RTIONPRO PE RTY # OF GRO SS OF GRO SSOPE RATO RS(1 )TYPE PRO PERTIE S CONTRACTUAL CASH NOI % % INVESTME NT INVE STME NTPrestige Healthcare SNF/OTH 23 29,167$ 17.5% 30,435$ 18.1% 267,982$ —$ 267,982$ ALG Senior SH 29 21,864 (4)13.1% 23,497 (4)14.0% 297,292 63,941 233,351 Encore Senior Living SH/UDP 14 12,837 (4)7.7% 12,600 (4)7.5% 206,429 9,134 197,295 HMG Healthcare SNF 13 11,778 7.1% 11,778 7.0% 167,737 — 167,737 Carespring Health Care Management SNF 4 11,314 6.8% 11,195 6.7% 102,940 — 102,940 Brookdale Senior Living SH 17 10,094 6.1% 10,310 6.1% 65,599 — 65,599 Genesis Healthcare SNF 6 9,746 5.8% 9,746 5.8% 53,339 — 53,339 Ignite Medical Resorts SNF 7 9,457 5.7% 9,457 5.6% 101,578 — 101,578 Fundamental Long Term Care SNF/OTH 5 8,237 4.9% 8,417 5.0% 65,798 — 65,798 Juniper Communities SH 5 7,484 4.5% 6,730 4.0% 83,293 — 83,293 All Others(3)38 34,637 (4)20.8% 33,885 (4)20.2% 420,410 14,325 406,085 161 166,615$ 100.0% 168,050$ 100.0% 1,832,397$ 87,400$ 1,744,997$ ANNUALIZED(2 )NON-CONTRO LLINGGAAP NOI INTE RE ST PORTFOLIO I13 REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) DIVERSIFICATION - OPERATORS 41 States584 PropertiesSNF/SHContinuing CareNYSE: BKDBROOKDALE19 StatesNearly 200 PropertiesSNF/SHPrivately HeldGENESIS6 States27 PropertiesSNF/SHTransitional CarePrivately HeldIGNITE7 States69 PropertiesSNF/SHHospitals & Other RehabPrivately HeldFUNDAMENTAL5 States26 PropertiesSHPrivately HeldJUNIPER4 States82 PropertiesSNF/SHOther RehabPrivately HeldPRESTIGE6 States118 PropertiesSHPrivately HeldALG5 States34 PropertiesSHPrivately HeldENCORE2 States37 PropertiesSNF/SHPrivately HeldHMG2 States18 PropertiesSNF/SHTransitional CarePrivately HeldCARESPRING (1) See Operator Update on page 9 for further discussion.(2) See Glossary for definition of Annualized Contractual Cash NOI and Annualized GAAP NOI.(3) Subsequent to December 31, 2025, we converted two seniors housing communities from our NNN portfolio into our SHOP segment. See Subsequent Events on page 9 for further discussion.(4) 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 LTC PORTION JV PARTNER PORTION TOTAL OPERATORS LTC PORTION JV PARTNER PORTION TOTAL ALG Senior 17,152$ 4,712$ 21,864$ ALG Senior 18,785$ 4,712$ 23,497$ Encore Senior Living 12,837 — 12,837 Encore Senior Living 12,600 — 12,600 All Others 33,527 1,110 34,637 All Others 32,775 1,110 33,885 ANNUALIZED CONTRACTUAL CASH NOI ANNUALIZED GAAP NOI (AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS)
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4Q 2025 SUPPLEMENTAL REPORT REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - MATURITY(AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) PORTFOLIO I14(1) See Annualized GAAP NOI definition in the Glossary. (2) One of the six lease maturities is a master lease covering two skilled nursing centers in Tennessee which represents 15% of rental income and 11% of annualized GAAP NOI maturing in 2026. In 4Q25, the operator provided notice of its intent to exercise its purchase option. Another of the six 2026 maturities is a master lease that was terminated subsequent to December 31, 2025. The master lease, which covered two seniors housing communities in Texas converted into our SHOP segment. Additionally, we expect to terminate another master lease that was scheduled to mature in 2026 and covers two seniors housing communities in Georgia and South Carolina. The properties will convert into our SHOP segment. Lastly, we intend to extend one of the three loans maturing in 2026 to 1Q27. See page 9 for further discussion. (3) Represents income from three skilled nursing centers in Florida 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. The operator provided notice of intent to exercise the purchase option.(4) The Prestige $179,885 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 $20,313 of annualized GAAP interest income. See Operator Update on page 9 for further discussion.(5) Subsequent to December 31, 2025, an operator provided notice of its intent to payoff the mortgage loan, which is accounted for as an unconsolidated joint venture. We expect to receive the payoff in 2Q26. See Subsequent Events on page 9 for further discussion. Near Term Lease and Loan Maturities:Six leases and three loans in 2026 with an annualized GAAP NOI totaling $9.2 million.(2)Three leases and one loan in 2027 with an annualized GAAP NOI totaling $14.2 million.Three leases and one loan in 2028 with an annualized GAAP NOI totaling $12.7 million.As of December 31, 2025, approximately 95% of owned properties are covered under master leases and approximately 95% of rental revenues come from master leases or cross-default leases.MO RTGAGE LO ANS WA GAAP % O F NO TE S WA GAAP % O F % OF YEAR RE CE IVABLE RATE TO TAL RE CE IVABLE RATE TO TAL TOTAL2026 27,854$ (2)8.9% 7.2% 25$ 8.0% 0.1% 27,879$ 6.8%2027 — — — 25,000 10.2% 96.6% 25,000 6.1%2028 — — — 849 — 3.3% 849 0.2%2029 — — — — — — — — 2030 103,672 8.5% 26.9% — — — 103,672 25.2%2031 — — — — — — — — 2032 — — — — — — — — 2033 — — — — — — — — Thereafter 253,985 (4) 11.5% 65.9% — — — 253,985 61.7%Total 385,511$ 10.5% 100.0% 25,874$ 9.9% 100.0% 411,385$ 100.0% RECEIVABLETOTAL LO ANSLOANS REC EIVABLE PRINC IPAL MATURITIES% O F % O F % O F % O F % O F % OF YEAR TO TAL TO TAL TO TAL TO TAL TOTAL TO TAL2026 6,751$ (2)7.1% —$ — 2,485$ (2)6.1% 2$ 0.1% —$ — 9,238$ 5.5%2027 11,631 12.2% — — — — 2,554 99.9% — — 14,185 8.4%2028 12,687 13.3% — — — — — — — — 12,687 7.5%2029 14,472 15.2% — — — — — — 1,178 (5)100.0% 15,650 9.3%2030 13,859 14.6% — — 8,818 21.8% — — — — 22,677 13.5%2031 14,449 15.2% — — — — — — — — 14,449 8.6%2032 6,417 6.7% 6,025 (3)21.1% — — — — — — 12,442 7.4%2033 14,942 15.7% 9,847 34.5% — — — — — — 24,789 14.8%Thereafter — — 12,684 44.4% 29,249 (4)72.1% — — — — 41,933 25.0%Total 95,208$ 100.0% 28,556$ 100.0% 40,552$ 100.0% 2,556$ 100.0% 1,178$ 100.0% 168,050$ 100.0%INCO ME JV INCO ME GAAP NOI(1 )RE NTAL UNCO NSO LIDATE DINCO MEO THE R NO TE SFINANCING RECINCO ME INTEREST INCO MEMO RTGAGE LO ANS ANNUALIZE D
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4Q 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 July 1, 2024; and excludes properties transitioned to LTC’s SHOP portfolio prior to December 31, 2025.SENIORS HOUSINGSKILLED NURSING 1.611.702.152.2479.0%79.3%60.0%70.0%80.0%90.0%100.0%0.00x1.00x2.00x3.00x2Q25 3Q25Occupancy % Normalized EBITDAR Normalized EBITDARMOccupancy 1.121.131.371.3783.4%83.6%70.0%80.0%90.0%100.0%0.00x1.00x2.00x2Q25 3Q25Occupancy % Normalized EBITDAR Normalized EBITDARMOccupancySNF metrics exclude CSF, as allocated/reported by operators. Occupancy represents the average TTM occupancy. See Normalized EBITDAR and Normalized EBITDARM definitions in the Glossary.SH metrics exclude Coronavirus Stimulus Funds (“CSF”) as allocated/reported by operators. See Coronavirus Stimulus Funds definition in the Glossary. Occupancy represents the average TTM occupancy. See Normalized EBITDAR and Normalized EBITDARM definitions in the Glossary. PORTFOLIO I15 REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - METRICS(TRAILING TWELVE MONTHS THROUGH SEPTEMBER 30, 2025 AND JUNE 30, 2025)SAME PROPERTY PORTFOLIO (“SPP”) COVERAGE STATISTICS(1)
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4Q 2025 SUPPLEMENTAL REPORT DE CE MBE R 31, 2025Revolving line of credit - WA rate 4.4%(1)252,863$ Term loans, net of debt issue costs - WA rate 4.8%(2)198,213 Senior unsecured notes, net of debt issue costs - WA rate 4.1%(3)391,105 Total debt - WA rate 4.4% 842,181 30.6%No. of shares Closing PriceCommon stock 48,481,892 39.39$ (4)1,909,702 69.4%Total market value 1,909,702 2,751,883 100.0%Add: Non-controlling interest87,400 Less: Cash and cash equivalents (14,387) 2,824,896$ Debt to Enterprise Value 29.8%Debt to Annualized Adjusted EBITDAre(5)4.5xTO TAL VALUEENTE RPRISE VALUE2/13/26CAPITALIZATIO NDE BTEQ UITY12/31/25 FINANCIAL I16 ENTERPRISE VALUE(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) (1) Subsequent to December 31, 2025, we borrowed $107,000 under our unsecured revolving line of credit. Accordingly, we have $359,863 outstanding and $240,137 available for borrowing under our unsecured revolving line of credit. (2) Represents outstanding balance of $200,000, net of debt issue costs of $1,787.(3) Represents outstanding balance of $392,000, net of debt issue costs of $895. Subsequent to December 31, 2025, we repaid $5,000 in scheduled principal paydown on our senior unsecured notes.(4) Closing price of our common stock as reported by the NYSE on February 13, 2025.(5) See Reconciliation of Annualized Adjusted EBITDAre on page 21.
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4Q 2025 SUPPLEMENTAL REPORTLEVERAGE RATIOSCOVERAGE RATIOS LINE OF CREDIT LIQUIDITY FINANCIAL I17 DEBT METRICS(DOLLAR AMOUNTS IN THOUSANDS) $130,000 $302,250 $144,350 $252,863 $270,000 $97,750 $280,650 $347,137 $- $100,000 $200,000 $300,000 $400,000 $500,000 $600,0002022 2023 2024 4Q25 Balance Available 39.5%31.1%34.0%39.0%29.3%29.8%0.0%10.0%20.0%30.0%40.0%50.0%2023 2024 2025 Debt to Gross Asset Value Debt to Total Enterprise Value 5.6x4.2x5.0x4.5x3.4x4.0x4.8x4.4x0.0x2.0x4.0x6.0x8.0x2023 2024 2025 4Q25 Debt to AnnualizedAdjusted EBITDAre Annualized Adjusted EBITDAre/Fixed Charges(1) Subsequent to December 31, 2025, we borrowed $107,000 under our unsecured revolving line of credit. Accordingly, we have $359,863 outstanding and $240,137 available for borrowing under our unsecured revolving line of credit. (1)
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4Q 2025 SUPPLEMENTAL REPORT REVO LVING SE NIO R LINE O F TERM UNSE CURED % O F YE AR CRE DIT LOANS(1 ) NOTES(1 ) TOTAL TO TAL2026 —$ —$ 51,500$ 51,500$ 6.1%2027 — — 54,500 54,500 6.5%2028 — 50,000 55,000 105,000 12.4%2029 252,863 55,000 63,000 370,863 43.9%2030 — 55,000 67,000 122,000 14.4%2031 — — 56,000 56,000 6.6%2032 — 40,000 35,000 75,000 8.9%2033 — — 10,000 10,000 1.2%Total 252,863$ (2)200,000$ 392,000$ (3)844,863$ 100.0% $252,863 $50,000 $55,000 $55,000 $40,000 $51,500 $54,500 $55,000 $63,000 $67,000 $56,000 $35,000 $10,000 $- $100,000 $200,000 $300,000 $400,0002026 2027 2028 2029 2030 2031 2032 2033 Revolving Line of Credit Term Loans Senior Unsecured Notes Senior Unsecured Notes46.4%Term Loans23.7%Revolving Line of Credit29.9%DEBT STRUCTURE (2) FINANCIAL I18 DEBT MATURITY(AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS)(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 December 31, 2025, we borrowed $107,000 under our unsecured revolving line of credit. Accordingly, we have $359,863 outstanding and $240,137 available for borrowing under our unsecured revolving line of credit. (3) Subsequent to December 31, 2025, we repaid $5,000 in scheduled principal paydowns on our senior unsecured notes.
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4Q 2025 SUPPLEMENTAL REPORTFINANCIAL I19 RECONCILIATION OF 2026 GUIDANCE(UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)GuidanceThe Company is introducing guidance for the 2026 full year, and is providing 1Q26 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, andhereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments.The assumptions underlying the full year and 1Q26 guidance are as follows:Gross investments for the full year in the range of $400,000 and $800,000, including transactions closed to date or expected to close over the next 60 days; Asset sales and loan payoffs of $265,941 for the 2026 full year and $73,532 for 1Q26;SHOP NOI, inclusive of expected net investments, in the range of $65,100 to $77,200 for the full year, and $12,100 to $13,000 for 1Q26. See SHOP guidance on page 12 for further discussion.SHOP FAD capital expenditures in the range of $4,600 to $4,900 for the full year, and $890 to $910 for 1Q26; General and administrative costs for the full year in the range of $31,700 to $33,900, and $8,400 to $8,700 for 1Q26; andAdjustments to Core FFO and Core FAD include the following:oOne-time exit IRR income of $1,500 that we expect to receive in connection with the sale of three skilled nursing centers accounted for as a Financing receivable on our Consolidated Balance Sheets; See Operator Update on page 9 for further discussion.oTransaction costs in the range of $1,900 to $2,400 for the full year, and $400 to $500 for 1Q26;oRecovery of provision for credit losses related to loan payoffs. Low High Low High Diluted earnings per common share 1.80$ 1.84$ 0.60$ 0.62$ Less: Gain on sale, net of impairment loss (0.13) (0.13) (0.15) (0.15) Add: Depreciation and amortization 1.10 1.10 0.25 0.25 Diluted Nareit FFO attributable to common stockholders 2.77 2.81 0.70 0.72 Add: Adjustments (0.02) (0.02) (0.04) (0.04) Diluted Core FFO 2.75$ 2.79$ 0.66$ 0.68$ Diluted Nareit FFO attributable to common stockholders 2.77$ 2.81$ 0.70$ 0.72$ Add: Non-cash expense 0.14 0.14 0.03 0.03 Less: Recurring capital expenditures (0.10) (0.10) (0.02) (0.02) Diluted FAD 2.81 2.85 0.71 0.73 Add: Adjustments 0.01 0.01 (0.03) (0.03) Diluted Core FAD 2.82$ 2.86$ 0.68$ 0.70$ Full Year 2026 Guidance 1Q26 Guidance
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4Q 2025 SUPPLEMENTAL REPORT (1) For leases and loans in place at December 31, 2025 and adjusted for the anticipated activities listed on the Operator Update on page 9.(2) Decrease of $200 due to the expected write-off of effective interest related to the anticipated 1Q26 sale of three properties in Florida accounted for as a financing receivable. See Operator Update on page 9.(1) Decrease primarily due to the conversion of 15 communities from triple-net to our new SHOP segment and lower rent due to property sales, partially offset by rent increases from fair-market rent resets, escalations and capital improvements.(2) Decrease primarily due to the repayment of $2,377 rent credit received in 2024 and (1) above.(3) Decrease due to the conversion of 15 communities from triple-net to our new SHOP segment and property sales.(4) Due to Genesis’ on-going Chapter 11 bankruptcy filing, we wrote off the Genesis master lease straight-line rent receivable balance of $1,271 and we also wrote off a straight-line rent receivable of $243 in connection with the termination of two existing leases with the same operator, combining them into a single master lease.COMPONENTS OF RENTAL INCOMEFINANCIAL I20 FINANCIAL DATA SUMMARY(DOLLAR AMOUNTS IN THOUSANDS) 12/31/2023 12/31/2024 12/31/2025Gross investments $ 2,139,865 $ 2,088,613 $ 2,397,662 Net investments $ 1,741,093 $ 1,674,140 $ 1,981,017 Gross asset value $ 2,253,870 $ 2,200,615 $ 2,478,705 Total debt (1) $ 891,317 $ 684,600 $ 842,181 Total liabilities (1) $ 938,831 $ 733,137 $ 899,676 Non-controlling interest $ 34,988 $ 92,378 $ 87,400 Total equity $ 916,267 $ 1,053,005 $ 1,162,384 Cash rent 24,690$ 29,056$ (4,366)$ (1)109,471$ 118,198$ (8,727)$ (2)Operator reimbursed real estate tax revenue 2,333 3,121 (788) (3)10,781 12,951 (2,170) (3)Straight-line rent adjustment (184) 2,829 (3,013) (1)(1,631) 2,268 (3,899) (2)Straight-line rent write-off — — — (1,514) (321) (1,193) (4) Amortization of lease incentives (131) (192) 61 (936) (818) (118) Total rental income 26,708$ 34,814$ (8,106)$ 116,171$ 132,278$ (16,107)$ 2025 2024 2025 2024Varian ce Vari an ceTHRE E MO NTHS E NDE D TWE LVE MO NTHS E NDED DE CE MBER 31,DE CE MBER 31, (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 COMPONENTS4Q25 1Q26(1 )2Q 26(1 )3Q26(1 )4Q26(1 )(184)$ (361)$ (404)$ (459)$ (483)$ Amortization of lease incentives (131) (131) (131) (131) (120) Effective interest - Financing receivables 382 169 (2)361 361 361 Effective interest - Mortgage loans receivable 351 342 312 277 266 Effective interest - Notes receivable (23) (23) (23) (24) (24) $ 395 $ (4) $ 115 $ 24 —$ Straight-line rent adjustment Total non-cash revenue components
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4Q 2025 SUPPLEMENTAL REPORT RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAreAND FIXED CHARGES FINANCIAL I21 FINANCIAL DATA SUMMARY(DOLLAR AMOUNTS IN THOUSANDS) 12/31/25Net income 91,462$ 94,879$ 123,880$ 103,651$ Less: Gain on sale of real estate, net (37,296) (7,979) (77,822) (78,057) Add: Income tax provision — — 179 218 Add: Impairment loss 15,775 6,953 — — Add: Interest expense 47,014 40,336 35,306 10,588 Add: Depreciation and amortization 37,416 36,367 37,874 10,949 EBITDAre154,371 170,556 119,417 47,349 Add/less: Non-recurring items 3,823 (1)(8,907) (2)49,783 (3)(1,051) (3)Adjusted EBITDAre158,194$ 161,649$ 169,200$ 46,298$ Interest expense 47,014$ 40,336$ 35,306$ 10,588$ Fixed charges 47,014$ 40,336$ 35,306$ 10,588$ Annualized Adjusted EBITDAre 185,192$ Annualized Fixed Charges 42,352$ Debt (net of debt issue costs) 891,317$ 684,600$ 842,181$ 842,181$ Debt (net of debt issue costs) to Annualized Adjusted EBITDAre5.6x 4.2x 5.0x 4.5xAnnualized Adjusted EBITDAre to Annualized Fixed Charges(4)3.4x 4.0x 4.8x 4.4x FO R THE YE AR ENDE D THRE E MO NTHS ENDE D 12/31/23 12/31/24 12/31/25 (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 11seniors 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 connectionwith 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 masterleases, $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 loanreceivables, 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 receivablewrite-off related to the partial paydown of a mortgage loan receivable, and the write-off of straight-line rent receivable ($321) and notes receivable ($290).(3) See the reconciliation of non-recurring items on page 26 for further detail.(4) Given we do not have preferred stock, our fixed charge coverage ratio and interest coverage ratio are the same.
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4Q 2025 SUPPLEMENTAL REPORT 2025 2024 2025 2024Revenues:Rental income 26,708$ 34,814$ 116,171$ 132,278$ Resident fees and services (1)37,963 — 72,116 — Interest income from financing receivables(2)7,133 7,002 28,315 21,663 Interest income from mortgage loans 10,308 9,374 39,023 45,216 Interest and other income 2,181 1,392 7,229 10,690 Total revenues 84,293 52,582 262,854 209,847Expenses:Interest expense 10,588 8,365 35,306 40,336 Depreciation and amortization 10,949 9,194 37,874 36,367 Seniors housing operating expenses (1)27,307 — 54,088 — Impairment loss — 6,953 — 6,953 Write-off of effective interest receivable — — 41,455 — Provision (recovery) for credit losses 873 (201) 4,515 741 Transaction costs 487 140 8,221 819 Triple-net lease property tax expense 2,312 3,114 10,795 12,930 General and administrative expenses 8,179 7,227 31,120 27,243 Total expenses 60,695 34,792 223,374 125,38923,598 17,790 39,480 84,458Gain on sale of real estate, net 78,057 1,097 77,822 7,979 Income from unconsolidated joint ventures 2,214 703 6,757 2,442 Income tax provision (218) — (179) — Net income 103,651 19,590 123,880 94,879Income allocated to non-controlling interests (1,456) (1,507) (5,908) (3,839) Net income attributable to LTC Properties, Inc. 102,195 18,083 117,972 91,040Income allocated to participating securities (577) (171) (696) (682)Net income available to common stockholders 101,618$ 17,912$ 117,276$ 90,358$ E arn in gs per common share:Basic $2.13 $0.40 $2.54 $2.07Diluted $2.11 $0.39 $2.52 $2.04Weighted average s hares u s ed to calc u lat e earn in gs per c ommon share:Basic 47,724 45,025 46,230 43,743 Diluted 48,054 45,523 46,560 44,241 Dividends declared and paid per common share $0.57 $0.57 $2.28 $2.28Income before unconsolidated joint ventures, real estate dispositions and other itemsTHREE MONTHS END EDDE CE MBER 31, DECEMBE R 31,TWE LVE MO NTH S ENDED(unaudited) (audited) FINANCIAL I22 CONSOLIDATED STATEMENTS OF INCOME(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 withGAAP, the properties are required to be presented as Financing receivables on ourConsolidated Balance Sheetsand the rental income to be presented asInterest income from financing receivables on ourConsolidated Statements of Income.
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4Q 2025 SUPPLEMENTAL REPORTFINANCIAL I23 CONSOLIDATED BALANCE SHEETS(AUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)ASSE TSInvestments:Land $ 128,590 $ 118,209 Buildings and improvements 1,482,075 1,212,853 Accumulated depreciation and amortization (408,906) (405,884) Operating real estate property, net 1,201,759 925,178 Properties held-for-sale, net of accumulated depreciation: 2025—$0; 2024—$1,346 — 670 Real property investments, net 1,201,759 925,848 Financing receivables,(1) net of credit loss reserve: 2025—$3,631; 2024—$3,615 359,457 357,867 Mortgage loans receivable, net of credit loss reserve: 2025—$3,849; 2024—$3,151 381,662 312,583 Real estate investments, net 1,942,878 1,596,298 Notes receivable, net of credit loss reserve: 2025—$259; 2024—$477 25,615 47,240 Investments in unconsolidated joint ventures 12,524 30,602 Investments, net 1,981,017 1,674,140 Other assets:Cash and cash equivalents 14,387 9,414 Debt issue costs related to revolving line of credit 4,742 1,410 Interest receivable 22,720 60,258 Straight-line rent receivable 17,949 21,505 Prepaid expenses and other assets 21,245 19,415 Total assets$ 2,062,060 $ 1,786,142 LIABILITIE SRevolving line of credit $ 252,863 $ 144,350 Term loans, net of debt issue costs: 2025—$1,787; 2024—$192 198,213 99,808 Senior unsecured notes, net of debt issue costs: 2025—$895; 2024—$1,058 391,105 440,442 Accrued interest 3,806 3,094 Accrued expenses and other liabilities 53,689 45,443 Total liabilities 899,676 733,137 E QUITYStockholders’ equity:Common stock: $0.01 par value; 110,000 shares authorized; shares issued and outstanding: 2025—48,482; 2024—45,511 485 455 Capital in excess of par value 1,189,846 1,082,764 Cumulative net income 1,843,407 1,725,435 Accumulated other comprehensive income 482 3,815 Cumulative distributions (1,959,236) (1,851,842) Total LTC Properties, Inc. stockholders’ equity 1,074,984 960,627 Non-controlling interests 87,400 92,378 Total equity 1,162,384 1,053,005 Total liabilities and equity$ 2,062,060 $ 1,786,142 DECE MBE R 31, 2024DECE MBER 31, 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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4Q 2025 SUPPLEMENTAL REPORT 2025 2024 2025 2024GAAP net income available to common stockholders 101,618$ 17,912$ 117,276$ 90,358$ Add: Impairment loss — 6,953 — 6,953 Add: Depreciation and amortization 10,949 9,194 37,874 36,367 Less: Gain on sale of real estate, net (78,057) (1,097) (77,822) (7,979) Nareit FFO attributable to common stockholders 34,510 32,962 77,328$ 125,699$ (Less) Add: Adjustments(1) (1,051) (3,379) 49,783 (8,907) 33,459$ 29,583$ 127,111$ 116,792$ Nareit FFO attributable to common stockholders 34,510$ 32,962$ 77,328$ 125,699$ Non-cash income:Add (Less): Straight-line rent adjustment 184 (2,829) 1,631 (2,268)Add: Amortization of lease incentives 131 192 936 818Add: Other non-cash contra-revenue — — 1,514 321 Less: Effective interest income (710) (2,184) (2,904) (8,591)Net non-cash income (395) (4,821) 1,177 (9,720)Non-cash expense:Add: Non-cash compensation charges 2,141 2,261 9,329 9,052Add: Write-off of effective interest receivable — — 41,455 — Add (Less): Provision (recovery) for credit losses 873 (201) 4,515 741 Less: Recurring capital expenditures (90) — (390) — Net non-cash expense 2,924 2,060 54,909 9,793Funds available for distribution ("FAD") 37,039 30,201 133,414 125,772 (Less) Add: Adjustments(1)(2,008) — 149 (7,756) FAD, excluding non-recurring items ("Core FAD") 35,031$ 30,201$ 133,563$ 118,016$ $0.72 $0.72 $1.66 $2.84$0.70 $0.65 $2.73 $2.64$0.77 $0.66 $2.86 $2.84$0.73 $0.66 $2.87 $2.67Diluted Nareit FFO attributable to common stockholders per shareDiluted Core FFO per shareDiluted FAD per shareDiluted Core FAD per share FFO, excluding non-recurring items ("Core FFO")THREE MONTHS E NDE D TWE LVE MO NTHS E NDE DDECEMBER 31, DE CE MBE R 31, FINANCIAL I24 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD(UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (1) See the reconciliation of non-recurring items on page 26 for further detail.
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4Q 2025 SUPPLEMENTAL REPORT FO R THE THREE MO NTHS E NDED DECEMBER 31,FFO/FAD attributable to common stockholders 34,510$ 32,962$ 37,039$ 30,201$ Non-recurring one-time items(1)(1,051) (3,379) (2,008) — Core FFO/FAD 33,459 29,583 35,031 30,201 Effect of dilutive securities:Participating securities — 171 — 171 Diluted Core FFO/FAD 33,459$ 29,754$ 35,031$ 30,372$ 47,724 45,025 47,724 45,025 Effect of dilutive securities:Performance-based stock units 330 498 330 498 Participating securities — 301 — 301 Shares for diluted Core FFO/FAD per share 48,054 45,824 48,054 45,824 FO R THE TWE LVE MO NTHS ENDE D DE CE MBE R 31,FFO/FAD attributable to common stockholders 77,328$ 125,699$ 133,414$ 125,772$ Non-recurring one-time items(1)49,783 (8,907) 149 (7,756) Core FFO/FAD 127,111 116,792 133,563 118,016 Effect of dilutive securities:Participating securities 696 682 696 682 Diluted Core FFO/FAD 127,807$ 117,474$ 134,259$ 118,698$ 46,230 43,743 46,230 43,743 Effect of dilutive securities:Performance based stock units 330 498 330 498 Participating securities 272 296 272 296 Shares for diluted Core FFO/FAD per share 46,832 44,537 46,832 44,537 Shares for basic Core FFO/FAD per share2025 2024 2024Shares for basic Core FFO/FAD per shareFFO FAD2025FFO FAD2025 2024 2025 2024 FINANCIAL I25 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO PER SHARE(UNAUDITED, AMOUNTS IN THOUSANDS) (1) See the reconciliation of non-recurring items on page 26 for further detail.
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4Q 2025 SUPPLEMENTAL REPORT 2025 2024 2025 2024Reconciliation of adjustments to Nareit FFO:Notes receivables and related interest receivable, if applicable, write-off 957$ (1)290$ (2)4,021$ (1)290$ (2)Provision for credit losses related to partial principal paydown — — — 613 Provision for credit losses reserve recorded upon origination — — 938 1,635 Recovery for credit losses related to loan payoffs — (511) (375) (1,738) Add: Total provision for credit losses adjustments 957 (221) 4,584 800 Effective interest receivable write-off — — 41,455 (3)— Straight-line rent receivable write-off — — 1,271 (4)321 (4)Lease termination fee paid upon conversion to SHOP — — 5,971 — Transaction costs associated with the startup of new SHOP segment 392 — 1,703 — One-time general and administrative expenses related to an employee retirement — — 1,136 — Add: Expenses and contra-revenue adjustments 392 — 51,536 321 Income related to exit IRRs received (1,800) (5)— (5,737) (5)— Other income received from former operators (600) — (600) (4,052) One-time rental income related to sold properties — — — (2,818) One-time additional straight-line income — (3,158) — (3,158) Deduct: Income adjustments (2,400) (3,158) (6,337) (10,028) Total adju stmen ts to Nareit FFO ( 1,051)$ (3,379)$ 49,783$ ( 8,907)$ Reconciliation of adjustments to FAD:Lease termination fee paid upon conversion to SHOP —$ —$ 5,971$ —$ Transaction costs associated with the startup of new SHOP segment 392 — 1,703 — One-time general and administrative expenses related to an employee retirement — — 436 — Add: Cash expense adjustments 392 — 8,110 — Income related to exit IRRs received (1,800) (5)— (7,361) (5)(886) (6)Other income received from former operators (600) — (600) (4,052) One-time rental income related to sold properties — — — (2,818) Deduct: Cash income adjustments (2,400) — (7,961) (7,756) Total cash adju stmen ts to FAD ( 2,008)$ —$ 149$ ( 7,756)$ DECE M BE R 31,THRE E M ONTHS E NDED TWE LVE MO NTHS E NDE DDE CEMBE R 31, FINANCIAL I26 FUNDS FROM OPERATIONS – RECONCILIATION OF NON-RECURRING ITEMS(UNAUDITED, AMOUNTS IN THOUSANDS)(1) Represents the write-off of a working capital note and related interest receivable balance, if applicable, in connection with the transition to SHOP.(2) Represents a note receivable write-off in connection with the pending closure of a 56-unit seniors housing community located in Texas. The property was sold during 3Q25.(3) During 2025, we wrote off $41,455 of effective interest receivable related to a mortgage loan amendment that permits penalty-free early payoff within an allowable window.(4) During 2025, we wrote off $1,271 of straight-line rent receivable due to an operator’s ongoing bankruptcy filing. During 2024, we wrote off $321 of straight-line rent receivable related to a lease that converted to fair market rent. The straight-line rent write-offs are recorded as contra-revenue on the Consolidated Statements of Income.(5) The exit IRR income adjustment includes the following:a. $1,800 received in connection with the redemption of our preferred equity investment in a joint venture during 4Q25. The 12% exit IRR was not previously recorded;b. $2,599 received upon the early payoff of a mezzanine loan during 3Q25. The FFO adjustment represents the $2,599 offset by $1,624 of effective interest receivable balance previously recognized over the term of the loan through payoff; andc. $2,962 received in connection with the redemption of our preferred equity investment in a joint venture during 1Q25. The 13% exit IRR was not previously recorded. (6) 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.
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4Q 2025 SUPPLEMENTAL REPORT Annualized Contractual Cash NOI:Represents annualized contractual cash rental income (prior to abatements & deferred rentrepayment 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 the final month of the quarterreported herein.Annualized GAAP NOI:Represents annualized GAAP rent which includes contractual cash rent, straight-line rent andamortization 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 finalmonth of the quarter reported herein.Assisted Living Communities (“ALF”):The ALF portfolio consists of assisted living, independent living, and/or memory careproperties (see definitions for Independent Living and Memory Care Communities). Assisted living properties are seniorshousing properties serving 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 personal supervisionand 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.Coronavirus Stimulus Funds (“CSF”):CSF includes funding from various state and federal programs to support healthcareproviders in dealing with the challenges of the coronavirus pandemic. Included in CSF are state-specific payments identifiedby operators as well as federal payments connected to the Paycheck Protection Program and the Provider Relief Fund. CSF isself-reported by operators in unaudited financial statements provided to LTC. Specifically excluded from CSF are thesuspension of the Medicare sequestration cut, and increases to the Federal Medical Assistance Percentages (FMAP), both ofwhich 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 accordance withGAAP) excluding (i) interest expense, (ii) income tax expense, (iii) real estate depreciation and amortization, (iv) impairmentwrite-downs of depreciable real estate, (v) gains or losses on the sale of depreciable real estate, and (vi) adjustments forunconsolidated partnerships and joint ventures.EXPOR:Average expenses per occupied room per monthFAD Capex:Recurring capital expenditures that extend the useful life of a propertyFinancing Receivables:Properties acquired through a sale-leaseback transaction with an operating entity being the samebefore and after the sale-leaseback, subject to a lease contract that contains a purchase option. In accordance with GAAP, thepurchased assets are required to be presented asFinancing receivableson ourConsolidated Balance Sheetsand the rentalincome to be presented asInterest income from financing receivableson ourConsolidated Statements of Income.Funds Available for Distribution (“FAD”):FFO excluding the effects of straight-line rent, amortization of lease costs, effective interestincome, provision for credit losses, non-cash compensation charges, non-cash interest charges and recurring capital expendituresrequired to maintain and re-tenant our properties. Funds From Operations (“FFO”):As defined by Nareit, net income available to common stockholders (computed in accordance withU.S. GAAP) excluding gains or losses on the sale of real estate and impairment write-downs of depreciable real estate plus real estatedepreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.GAAP Rent:Total rent we will receive as a fixed amount over the initial term of the lease and recognized evenly over that term.GAAP rent recorded in the early years of a lease is higher than the cash rent received and during the later years of the lease, thecash rent received is higher than GAAP rent recognized. The difference between the cash rent and GAAP rent is commonlyreferred to as straight-line rental income. GAAP rent also includes amortization of lease incentives and real estate taxreimbursements.Gross Asset Value:The carrying amount of total assets after adding back accumulated depreciation and loan loss reserves, asreported 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 numerous levels ofservice, 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 likebeauty/barber shops, fitness facilities, game rooms, libraries and activity centers. ILFs are also known as retirementcommunities or seniors apartments.Initial Conversion:13 properties converted to SHOP in 2Q25.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 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 diseaseand other forms of dementia. These facilities offer dedicated care and specialized programming for various conditions relatingto memory loss in a secured environment that is typically smaller in scale and more residential in nature than traditionalassisted 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, MSA is a geographic entity defined by the Office ofManagement and Budget (OMB) for use by Federal statistical agencies in collecting, tabulating, and publishing Federalstatistics. A metro area contains a core urban area of 50,000 or more population. MSAs 1 to 31 have a population of 19.5M –2.2M. MSAs 32 to 100 have a population of 2.2M – 0.6M. MSAs greater than 100 have a population of 0.6M – 58K. Cities ina Micro-SA have a population of 264K – 12K. Cities not in an MSA have a population of less than 100K.Mezzanine:Mezzanine financing sits between senior debt and common equity in the capital structure, and typically is used tofinance development projects, value-add opportunities on existing operational properties, partnership buy-outs andrecapitalization 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 recordedfor GAAP purposes as either a loan or joint venture depending upon loan terms and related credit enhancements.GLOSSARY I27 GLOSSARY
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4Q 2025 SUPPLEMENTAL REPORT Micropolitan Statistical Areas (“Micro-SA”):Based on the U.S. Census Bureau, Micro-SA is a geographic entity defined bythe Office of Management and Budget (OMB) for use by Federal statistical agencies in collecting, tabulating, and publishingFederal 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 andsecured by a first mortgage. Subject to underwriting, additional credit enhancements may be required including, but notlimited to, personal/corporate guarantees and debt service reserves. When possible, LTC attempts to negotiate a purchaseoption to acquire the property at a future time and lease the property back to the borrower.Net Real Estate Assets:Gross real estate investment less accumulated depreciation. Net Real Estate Asset is commonlyreferred 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-capitalexpenditures 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.Non-FAD Capex:Capital expenditures, including significant renovations, to bring a property to a marketable and functionalstandard.Normalized EBITDAR Coverage:The trailing twelve month’s earnings from the operator financial statements adjusted fornon-recurring, infrequent, or unusual items and before interest, taxes, depreciation, amortization, and rent divided by theoperator’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 statements adjusted fornon-recurring, infrequent, or unusual items and before interest, taxes, depreciation, amortization, rent, and managementfees 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. The calculationuses the trailing twelve months and is based on licensed beds and/or units which may differ from the number of bedsand/or units in service at any given time.Operator Financial Statements:Property level operator financial statements which are unaudited and have not beenindependently verified by us.Payor Source:LTC revenue by operator underlying payor source for the period presented. LTC is not a Medicaid or aMedicare recipient. Statistics represent LTC's rental revenues times operators' underlying payor source revenue percentage.Underlying payor source revenue percentage is calculated from property level operator financial statements which areunaudited 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 between marketparticipants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for aperiod prior to the measurement date to allow for marketing activities that are usual and customary for transactionsinvolving 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 receivable and othernotes receivables.Rental Income:Represents GAAP rent generated by our owned properties under triple-net leases.REVPOR:Average revenues per occupied room per monthRIDEA: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 a consistentpopulation of LTC’s leased property portfolio and the Prestige Healthcare mortgage loan portfolio. Our SPP is comprised of stabilizedproperties occupied and operated throughout the duration of the quarter-over-quarter comparison periods presented (excludingassets sold, assets held-for-sale and SHOP assets). Accordingly, a property must be occupied and stabilized or a minimum of 15months to be included in our SPP. Each property transitioned to a new operator has been excluded from SPP and will be added backto 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 (“NOI”):Total SHOP revenues (resident fees and services) less total SHOP expenses (seniors housingoperating expenses).Skilled Nursing Properties (“SNF”):Seniors housing properties providing restorative, rehabilitative and nursing care for people notrequiring the more extensive and sophisticated treatment available at acute care hospitals. Many SNFs provide ancillary services thatinclude occupational, speech, physical, respiratory and IV therapies, as well as sub-acute care services which are paid either by thepatient, 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% forSNFs and 90% for ALFs) and, as applicable, 12 months from the date of acquisition/lease transition/restructure or, in the event of ade novo development, redevelopment, major renovations or addition, 24 months from the date the property is first placed in orreturned 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 tax reimbursement,straight-line rent write-off and rental income from properties sold during the trailing twelve months. For the owned portfolio under ourSHOP segment, represents SHOP NOI during the trailing twelve months. For owned properties accounted for as financingreceivables, mortgage loan receivables and notes receivables, NOI includes cash interest income and effective interest during thetrailing twelve months and excludes loan payoffs during the trailing twelve months. For Unconsolidated JV, NOI includes income fromour investments in joint ventures during the trailing twelve months.Under Development Properties (“UDP”):Development projects to construct seniors housing properties.Value-Add Conversion:Properties converted to date, or planned to be converted, from our market-based rent reset portfolio – 1campus converted in 4Q25 (previously disclosed as 2 properties); 2 properties converted in 1Q26; and 2 properties expected to beconverted in 2Q26.GLOSSARY I28 GLOSSARY
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4Q 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, 2025 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 21, 24, 25, and 26 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.