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3Q26 SUPPLEMENTAL Supplemental Information3Q 2026
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3Q26 SUPPLEMENTAL LEADERSHIPBOARD OF DIRECTORSANALYSTS TABLE OF CONTENTS 2LTC 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: IWS866-708-5586Any 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. WENDY SIMPSONExecutive 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, InvestmentsMANDI HOGANSVP, MarketingERIC CLARKSVP, Corporate Finance and Investor RelationsWENDY SIMPSONExecutive ChairmanCORNELIA CHENGSustainability and Corporate ResponsibilityCommittee ChairmanDAVID GRUBERInvestment Committee ChairmanJEFFREY HAWKENCompensation Committee ChairmanPAM KESSLERCo-President and Co-CEOCLINT MALINCo-President and Co-CEOBRADLEY PREBERAudit Committee ChairmanTIMOTHY TRICHE, MDLead Independent Director andNominating & Corporate GovernanceCommittee ChairmanJUAN SANABRIABMO Capital Markets Corp.RICHARD ANDERSONCantor FitzgeraldAARON HECHTCitizens JMP Securities, LLCOMOTAYO "TAYO" OKUSANYADeutsche Bank Securities Inc.ROB STEVENSONHuntington SecuritiesJOE DICKSTEINJefferies LLCAUSTIN WURSCHMIDTKeyBanc Capital Markets, Inc.MIKE CARROLLRBC Capital Markets Corp. INVESTMENTS 3Seniors Housing Operating Portfolio (“SHOP”) TransformationPortfolio Transformation: Decreasing SNF and Loan ExposureReal Estate - InvestmentsReal Estate – Near-Term Expected Sales and Loan PayoffsPORTFOLIO 7Proforma ActivitiesProforma Portfolio OverviewProforma Portfolio Overview – DetailPortfolio Overview – Operator UpdateProforma Portfolio Diversification – GeographyProforma SHOP DiversificationSHOP Performance and GuidanceReal Estate Investments Triple-Net and Loan Portfolio – OperatorsReal Estate Investments Triple-Net and Loan Portfolio – MaturityReal Estate Investments Portfolio (Excludes SHOP) – MetricsFINANCIAL 18Enterprise ValueDebt MetricsProforma Debt MaturityReconciliation of 2026 GuidanceFinancial Data SummaryConsolidated Statements of IncomeConsolidated Balance SheetsFunds from OperationsReconciliation of Proforma NOIGLOSSARY 30FORWARD-LOOKING STATEMENTS 32AND NON-GAAP INFORMATION
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3Q26 SUPPLEMENTAL $737M$208M$55M$0$200$400$600$800YTD 3Q26 4Q26 4Q26ACQUISITIONSMILLIONS$0M$565M$1.6B$0$300$600$900$1,200$1,500$1,8002024 2025 Proforma 2026GROSS ASSET VALUEProforma 2026 assumes $1B in SHOP investments (mid-point) and $59M in SHOP conversions SENIORS HOUSING OPERATING PORTFOLIO (“SHOP”) TRANSFORMATION2026 SHOP INVESTMENT GUIDANCE - $1.0B MID-POINT 2026 SHOP CONVERSIONS ($59M)$26M completed in 1Q26$33M completed in 2Q26Two SHOP operators new to LTC2026 INVESTMENT FUNDING STRATEGY~ $730M proceeds from property sales and loan prepayments, of which $550M was received through September 2026~ $296M net proceeds from sales under our ATM through October 2026Proceeds from borrowings under our revolving line of credit and sales under our ATM SHOP GROWTH189% 3INVESTMENTS **Anticipated
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3Q26 SUPPLEMENTAL4 PORTFOLIO TRANSFORMATION: DECREASING SNF AND LOAN EXPOSURE(PROFORMA 2026 ASSUMES $1B IN SHOP INVESTMENTS (MID-POINT), $59M IN SHOP CONVERSION, AND $730M IN PROPERTY SALES AND LOAN PREPAYMENTS)ASSET TYPE TRANSFORMATION: 2024 - PROFORMA 2026NOI from Seniors Housing increases from 43% to 79% NOI from Skilled Nursing decreases from 57% to 20%INVESTMENT TYPE TRANSFORMATION: 2024 - PROFORMA 2026NOI from Owned investments increases from 76% to 90% NOI from Mortgage Loans investment decreases from 20% to 9%2026 PROFORMA ANNUALIZED NOI BY ASSET TYPE 2026 PROFORMA ANNUALIZED NOI BY INVESTMENT TYPESENIORS HOUSING - NNNSKILLED NURSINGOTHER/UDPSENIORS HOUSING - SHOP 30%49%20%1%OWNED PORTFOLIO - NNNOWNED ACCOUNTED FOR AS FINANCING RECEIVABLESMORTGAGE LOANSNOTES RECEIVABLE & UNCONSOLIDATED JVOWNED PORTFOLIO - SHOP 31%49%10%9%1% INVESTMENTS
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3Q26 SUPPLEMENTAL5 REAL ESTATE - INVESTMENTS(DOLLAR AMOUNTS IN THOUSANDS)# OF INVESTMENT PROPERTY # OF DATE OF YEAR 1PROPERTIES TYPE TYPE UNITS LOCATION OPERATOR CONSTRUCTION CAP RATE1 SHOP SH 67 Morgan Hill, CA Discovery Senior Living 2019 7.4% 35,200$ 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$ 1 SHOP SH 61 Freeburg, IL Arrow Senior Living 2019 8.1% (1)9,205 1 SHOP SH 104 Phoenix, AZ MorningStar Senior Living 2013 6.8% 54,250 2 SHOP SH 133 Various cities in CO & NM MorningStar Senior Living 2015-2016 6.9% 72,500 1 SHOP SH 147 Stevens Point, WI Health Dimensions Group 2007 7.2% (1)40,000 2 SHOP SH 215 Various cities in MN Lifespark 2020-2023 7.4% 95,350 4 SHOP SH 453 Various cities in MN Lifespark 2015-2019 6.8% 200,000 2 SHOP SH 130 Various cities in VA & MD IntegraCare 2021-2022 6.5% 89,000 1 SHOP SH 140 Land O'Lakes, FL Charter Senior Living 2018 6.4% 68,975 1 SHOP SH 85 Ankeny, IA Arrow Senior Living 2016 6.6% 23,825 1 SHOP SH 180 Owens Cross Roads, AL Charter Senior Living 2022 6.4% 70,950 1 SHOP SH 130 York, PA IntegraCare 2023 6.9% 52,000 1 SHOP SH 117 Lakewood Ranch, FL Grace Management, Inc 2016 6.5% 61,500 21 2,289 945,555$ DATEPURCHASEPRICEDec-2025Dec-2025Jan-2026Jul-2025Sep-2025Oct-2025Sep-2025Oct-2026Oct-2026Oct-2026Aug-2026Sep-2026Sep-2026Oct-2026Jul-2026Jul-2026May-2026Jul-2026Apr-2026ACQUISITIONS (1) Includes budgeted renovation.INVESTMENTS
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3Q26 SUPPLEMENTAL6 REAL ESTATE – NEAR-TERM EXPECTED SALES AND LOAN PA YOFFS(DOLLAR AMOUNTS IN THOUSANDS)Total 2026 expected gross proceeds $730MTotal 2026 annualized income $53M$64,000$22,100$464,100$180,000$4,800$2,200$25,600$20,300$0$100,000$200,000$300,000$400,000$500,0001Q26 2Q26 3Q26 4Q26E Expected Sales/Payoff proceeds Annualized IncomeINVESTMENTS(1) Assuming current transaction timing, we expect to receive $3,070 of interest in 4Q26 from a loan payoff.(1)
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3Q26 SUPPLEMENTAL7 PROFORMA ACTIVITIES(DOLLAR AMOUNTS IN THOUSANDS)Proforma represents amounts as of September 30, 2026 adjusted as follows:Annualized SHOP NOI at a weighted average year-one cap rate of 6.8% for 3Q26 & 4Q26 acquisitions totaling $774,100 on 16 seniors housing communities with a total of 1,730 units. See Acquisitions table on page 5 for further details. Reduction of annualized 3Q26 rental revenue related to 3Q26 dispositions totaling $464,100 on 17 skilled nursing centers with a total of 2,462 beds and 17 seniors housing communities with a total of 738 units.Issuance of 1,371,986 shares of common stock under our equity distribution agreement for net proceeds of $58,717 subsequent to quarter-end. Annualized interest expense for assumed borrowings under our unsecured revolving line of credit for 3Q26 & 4Q26 acquisitions, offset by the interest savings from an assumed paydown of our unsecured revolving line of credit from 3Q26 asset sales, the issuance of 1,371,986 shares of common stock under our equity distribution agreement and cash on hand.PORTFOLIO
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3Q26 SUPPLEMENTAL8 PROFORMA PORTFOLIO OVERVIEW(1)(PROFORMA AS OF SEPTEMBER 30, 2026, DOLLAR AMOUNTS IN THOUSANDS)# OF % OFBY INVESTMENT TYPE PROPERTIES INVESTMENT NOI (2) % OF NOI INCOME STATEMENT LINEOwned PortfolioTriple-Net Portfolio ("NNN") 58 713,932$ 23.7% 68,760$ 33.5%Rental incomeSeniors Housing Operating Portfolio ("SHOP")(1)50 1,581,106 52.6% 70,538 34.3%Resident fees and services, net of Seniors housing operating expenseOwned Portfolio 108 2,295,038 76.3% 139,298 67.8%Owned Properties accounted for as Financing Receivables(3)28 287,531 9.6% 22,548 11.1% Interest income from financing receivablesMortgage Loans 27 400,834 (4)13.3%(4)40,976 19.9% Interest income from mortgage loansNotes Receivable 5 25,025 0.8% 2,556 1.2% Interest and other incomeTotal 168 3,008,428$ 100.0% 205,378$ 100.0%# OF % OFBY ASSET TYPE PROPERTIES INVESTMENT NOI (1) % OF NOI Seniors HousingNNN 72 839,934$ 27.9% 64,530$ 31.5%SHOP(1)50 1,581,106 52.6% 70,538 34.3%Seniors Housing 122 2,421,040 80.5% 135,068 65.8%Skilled Nursing 45 575,383 19.1% 69,117 33.6%Other(5)1 12,005 0.4% 1,193 0.6%Total 168 3,008,428$ 100.0% 205,378$ 100.0% INVESTMENTGROSS INVESTMENTTRAILING TWELVE MONTHS ENDEDPROFORMA SEPTEMBER 30, 2026GROSS(1) See Proforma Activities on page 7 for further discussion.(2) See Trailing Twelve Months NOI definition in the Glossary.(3) Financing receivables represent acquisitions through sale-leaseback transactions, subject to lease agreements that contain purchaseoptions. 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 receivables on ourConsolidated Statements of Income.(4) Mortgage loans include short-term loans of $147,537, or 4.9% of gross investment, and long-term loans (Prestige) of $253,297, or 8.4%of gross investment. The weighted average maturity for our mortgage loans portfolio and long-term mortgage loans (Prestige) atSeptember 30, 2026 is 12.3 years and 17.6 years, respectively.(5) Includes one behavioral health care hospital and three parcels of land held-for-use.LONG-TERM INVESTMENTS include our Owned Portfolio, Owned Properties accounted for as Financing Receivables and Long-Term Mortgage Loans (Prestige) which represent 94% of our Gross Investments.SHORT-TERM INVESTMENTS represent investment durations shorter than 10 years and include our Notes Receivable and Short-Term Mortgage Loans which represent 6% of our Gross Investments. Long-Term Investments94%Short-TermInvestments 6%PORTFOLIO
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3Q26 SUPPLEMENTAL9 PROFORMA PORTFOLIO OVERVIEW – DETAIL(1)(1) See Proforma Activities on page 7 for further discussion. (2) See Trailing Twelve Months NOI definition in the Glossary.(3) Financing receivables represent acquisitions through sale-leaseback transactions, subject to lease agreements that contain purchase options. In accordance with GAAP, the purchased assets are presented as financing receivables on our Consolidated Balance Sheetsand the rental income received is presented as interest income from financing receivables on our Consolidated Statements of Income.(4) Skilled nursing long-term loans (Prestige) of $253,297, or 8.4% of gross investment. The weighted average maturity of Prestige loans is 17.6 years. # OFOWNED PROPERTIES - NNN PROPERTIESRENTAL INCOME(2)Seniors Housing 33 379,841$ 12.6% 27,637$ 13.5%Skilled Nursing 24 322,086 10.7% 39,930 19.4%Other 1 12,005 0.4% 1,193 0.6%Total 58 713,932$ 23.7% 68,760$ 33.5%# OFOWNED PROPERTIES - SHOP PROPERTIES SHOP NOI(2)Seniors Housing(1)50 1,581,106$ 52.6% 70,538$ 34.3%Total 50 1,581,106$ 52.6% 70,538$ 34.3%OWNED PROPERTIES ACCOUNTED FOR AS # OF FINANCINGFINANCING RECEIVABLES(3) PROPERTIESRECEIVABLES INCOME(2)Seniors Housing 28 287,531$ 9.6% 22,548$ 11.1%Total 28 287,531$ 9.6% 22,548$ 11.1%# OF MORTGAGE LOANSMORTGAGE LOANS PROPERTIESINTEREST INCOME(2)Seniors Housing 6 147,537$ 4.9% 11,789$ 5.7%Skilled Nursing(4)21 253,297 8.4% 29,187 14.2%Total 27 400,834$ 13.3% 40,976$ 19.9%# OF INTEREST ANDNOTES RECEIVABLE PROPERTIESOTHER INCOME(2)Seniors Housing 5 25,025$ 0.8% 2,556$ 1.2%Total 5 25,025$ 0.8% 2,556$ 1.2%TOTAL INVESTMENTS168 3,008,428$ 100.0% 205,378$ 100.0% % OF % OFTOTAL NOI % OFTOTAL NOI INVESTMENTTRAILING TWELVE MONTHS ENDEDPROFORMA SEPTEMBER 30, 2026GROSS % OF GROSS INVESTMENT TOTAL NOI % OFGROSS % OF % OF INVESTMENT GROSS INVESTMENT TOTAL NOI INVESTMENTGROSSGROSS INVESTMENT GROSS INVESTMENT % OF GROSS INVESTMENTGROSS % OF % OF INVESTMENT GROSS INVESTMENT TOTAL NOI PORTFOLIO (PROFORMA AS OF SEPTEMBER 30, 2026, DOLLAR AMOUNTS IN THOUSANDS)
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3Q26 SUPPLEMENTAL10 PORTFOLIO OVERVIEW – OPERATOR UPDATE (AS OF SEPTEMBER 30, 2026, DOLLAR AMOUNTS IN THOUSANDS)Market-Based Rent Resets:Received $1,380 of rental revenue during 3Q26 from the 10-property portfolio with leases containing market-based rent resets. We have taken the following steps to transition these assets to longer-term lease structures or dispose of them:During 3Q26, we entered into a 5-year master lease on two of the properties with initial annual rent of $2,400, increasing to $2,496 at the first anniversary, then increasing annually thereafter by CPI, subject to a minimum annual increase of 2%. The new long-term master lease has a SHOP conversion option, which allows LTC to convert these properties into SHOP.Subsequent to quarter-end, we commenced a plan to sell one of the properties. As a result, we recorded a $2,310 impairment charge associated with this property in 3Q26.Of the remaining seven properties, we engaged a broker in 4Q26 to sell two and expect to record an impairment charge of approximately $10,000 in connection with those sales. Upon completion of those sales, we expect to add the remaining five properties to an existing master lease. We expect to receive $780 of rental revenue from these seven properties during 4Q26. Purchase Option Exercise:Subsequent to September 30, 2026, an operator exercised its purchase option under its master lease to purchase four skilled nursing centers in Texas with a total of 339 beds. The sale is expected to close on April 1, 2027. A component of the purchase price will be based on fair market value, which will be determined by independent appraisers pursuant to the process set forth in the master lease. The total purchase price will be our current gross investment plus 50% of the difference between fair market value and our initial gross investment.These properties generate annualized cash rent of $4,840.PORTFOLIO
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3Q26 SUPPLEMENTAL11 PROFORMA PORTFOLIO DIVERSIFICATION – GEOGRAPHY(1)(PROFORMA AS OF SEPTEMBER 30, 2026) OPERATORS30 STATES28 PROPERTIES168UNITS/BEDS14,937 PORTFOLIO1(1) See Proforma Activities on page 7 for further discussion. Behavioral health care hospitalSNF (45)SH (72)OTH*(1)LAND (3)CAWA MENVWYILARWVNDNYORAZNMTXUTIDMTSDNEKSOKMSMNWIFLALGASCTNMOIAINOHPANJNCVACOKY271214 4 3315225 221225123 LA23MI21 3SH– SHOP (50)52 2581251 1111 21161 12 *1MD
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3Q26 SUPPLEMENTAL # OFSTATE(2) PROPERTIES %SH - SHOP %SH - NNN %SNF % %Wisconsin 14 361,655$ 12.0% 289,887$ 18.3% 57,822$ 6.9% 13,946$ 2.4% —$ — North Carolina 33 304,766 10.1% — — 304,766 36.3% — — — — Minnesota 6 296,103 9.8% 296,103 18.7% — — — — — — Michigan 24 294,147 9.8% — — 39,907 4.7% 253,297 44.0% 943 7.9%Florida(1)5 180,296 6.0% 130,561 8.3% 40,772 4.9% 8,963 1.6% — — Georgia 5 149,803 5.0% 149,803 9.5% — — — — — — California 6 145,071 4.8% 49,209 3.1% 95,862 11.4% — — — — Ohio 8 138,469 4.6% 15,172 1.0% 69,073 8.2% 54,224 9.4% — — Illinois 7 122,211 4.1% 68,303 4.3% 53,908 6.4% — — — — Texas 9 120,540 4.0% 27,024 1.7% — — 93,516 16.3% — — All Others(1)51 895,342 29.8% 555,044 35.1% 177,799 21.2% 151,437 26.3% 11,062 92.1%Total 168 3,008,403$ 100.0% 1,581,106$ 100.0% 839,909$ 100.0% 575,383$ 100.0% 12,005$ 100.0% OTH(3)INVESTMENTGROSS INVESTMENTGROSS 12 PROFORMA PORTFOLIO DIVERSIFICATION – GEOGRAPHY(1)(PROFORMA AS OF SEPTEMBER 30, 2026, DOLLAR AMOUNTS IN THOUSANDS) GROSS PORTFOLIO BY MSA(1)AVERAGE SENIORS HOUSING PORTFOLIO AGE(1) 49.5%22.6%22.6%4.2%1.1%0.0%50.0%100.0%MSAs1-31MSAs32-100MSAs> 100Cities inMicro-SACities not inMSA orMicro-SA(1) The MSA rank by population as of July 1, 2025, as estimated by the United States Census Bureau. Approximately 72% of our properties are in the top 100 MSAs. Represents our real properties, properties accounted for as financing receivables, and properties secured by our mortgage loans. 18 years9 years010203040NNN SHOPYears(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. (1) See Proforma Activities on page 7 for further discussion. (2) Due to master leases with properties in various states, revenue by state is not available. Also, working capital notes are provided to certain operators under their master leases covering properties in various states. Therefore, the working capital notes outstanding balance totaling $25 is also not available by state and is excluded from the table above.(3) Includes one behavioral health care hospital and three parcels of land held-for-use. PORTFOLIO
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3Q26 SUPPLEMENTAL13 PROFORMA SHOP DIVERSIFICATION(1)(AS OF SEPTEMBER 30, 2026, DOLLAR AMOUNTS IN THOUSANDS)BY OPERATOR (1) See Proforma Activities on page 7 for further discussion.PORTFOLIO Cloverland ParkBrentwood, TN# OF GROSSSTATEUNITS INVESTMENT %Minnesota 6 668 296,103$ 18.7%Wisconsin 8 889 289,887 18.3%Georgia 5 552 149,803 9.5%Florida(1)2 257 130,561 8.3%Colorado 5 292 82,049 5.2%Alabama(1)1 180 70,950 4.5%Illinois 5 325 68,303 4.3%Arizona 1 104 54,621 3.4%Pennsylvania(1)1 130 52,000 3.3%California 2 133 49,209 3.1%All Others(1)14 1,079 337,619 21.4%Total 50 4,609 1,581,105$ 100.0%# OF PROPERTIESBY STATE# OF # OFGROSSOPERATORS(1)PROPERTIES UNITS INVESTMENT %Lifespark 11 1,188 491,045$ 31.1%Charter Senior Living(1)4 478 179,995 11.4%Anthem Memory Care 12 732 156,461 9.9%IntegraCare(1)3 260 141,225 8.9%The Arbor Company 4 482 134,399 8.5%MorningStar Senior Living 3 237 127,449 8.1%Discovery Senior Living 2 167 67,279 4.3%Grace Management, Inc(1)1 117 61,500 3.9%New Perspective 2 222 54,807 3.5%Health Dimensions Group 1 147 40,137 2.5%All Others(1)7 579 126,808 7.9%50 4,609 1,581,105 100.0%
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3Q26 SUPPLEMENTAL 1Q26 2Q26 3Q26Properties, at end of quarter 27 27 27 Units, at end of quarter 2,281 2,281 2,281 Average units available 2,192 2,281 2,281 Average unit occupancy 89.4% 90.0% 91.0%Total revenues 47,042$ 49,491$ 50,046$ Operating expenses 34,416 36,188 36,093 NOI 12,626$ 13,303$ 13,953$ NOI margin 26.8% 26.9% 27.9%REVPOR 7,998$ 8,038$ 8,033$ EXPOR 5,851$ 5,877$ 5,793$ 14 SHOP PERFORMANCE AND GUIDANCE(AS OF SEPTEMBER 30, 2026, DOLLAR AMOUNTS IN THOUSANDS, EXCEPT RevPOR AND ExPOR) TOTAL SHOP PERFORMANCE CORE SHOP PORTFOLIORepresents 27 properties (2,281 units) that include initial conversions (13) and acquired SHOP properties (14) through 1Q26; excludes value-add conversions and additional acquisitions. CORE SHOP PORTFOLIO PERFORMANCEThree (3) properties, acquired in January 2026, had $314 of additional proforma NOI and additional proforma revenue of $1,732 for the period January 1st to the acquisition date, for a total proforma NOI of $12,940 on total proforma revenue of $48,774 for the 27 properties, for the period ending March 31, 2026. Proforma occupancy for the same period was 89.5%.3Q25 4Q25 1Q26 2Q26 3Q26Properties, at end of quarter 21 25 30 34 46 Units, at end of quarter 1,577 2,073 2,555 2,879 4,097 Average units available 899 1,766 2,450 2,799 3,436 Average unit occupancy 86.5% 89.3% 85.9% 86.1% 88.6%Total revenues 22,203$ 37,963$ 49,585$ 56,132$ 70,539$ Operating expenses 17,362 27,306 36,889 42,208 50,808 NOI 4,841$ 10,657$ 12,696$ 13,924$ 19,731$ NOI margin 21.8% 28.1% 25.6% 24.8% 28.0%REVPOR 9,518$ 8,022$ 7,850$ 7,765$ 7,720$ EXPOR 7,443$ 5,770$ 5,840$ 5,839$ 5,560$ CORE SHOP PORTFOLIO GUIDANCELow$53.5MHigh$55.5M2026 PROJECTED NOI Narrowed guidance at mid-point:NOI growth: ~13% over 2025 proforma NOIOccupancy growth: ~70 basis points from 2025 proforma average occupancy ~89.7%Projected increases: RevPOR ~5.1%; ExPOR ~2.8%2025 proforma NOI and occupancy include results reported under prior owners; adjusted for current management fee structure2026 Total SHOP FAD Capex Guidance: $3.8M to $4.2MNon-FAD Capex Currently Planned*:PORTFOLIO20272026$2.6M$3.3MConversions$10.2M$10.8MAcquisitions$12.8M$14.1MTotal*Currently committed for SHOP properties converted or acquired through 10/31/26; subject to change
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3Q26 SUPPLEMENTAL LTC PORTIONPROPERTY # OF GROSS OF GROSSOPERATORS(1)TYPE PROPERTIESCONTRACTUAL CASH NOI % %INVESTMENT INVESTMENTPrestige Healthcare SNF/OTH 23 29,240$ 21.5% 30,347$ 22.1% 267,294$ —$ 267,294$ ALG Senior SH 29 21,973 (3)16.2% 23,420 (3)17.0% 298,750 63,941 234,809 Encore Senior Living SH 15 14,299 (3)10.5% 13,992 (3)10.2% 220,709 9,134 211,575 Carespring Health Care Management SNF 4 11,597 8.4% 11,195 8.1% 102,940 — 102,940 101 W State Street SNF 6 9,999 7.4% 9,999 7.3% 53,339 — 53,339 Fundamental Long Term Care SNF/OTH 5 8,443 6.2% 8,417 6.1% 65,798 — 65,798 Ignite Medical Resorts SNF 6 8,415 6.2% 8,415 6.1% 89,054 — 89,054 Juniper Communities SH 5 7,650 5.6% 7,972 5.8% 83,293 — 83,293 Oxford Senior Living SH 7 5,337 3.9% 4,890 3.6% 50,658 — 50,658 GSL Management SH 2 4,716 3.5% 4,716 3.4% 56,379 — 56,379 All Others 16 14,357 10.6% 14,139 10.3% 139,108 — 139,108 118 136,026$ 100.0% 137,502$ 100.0% 1,427,322$ 73,075$ 1,354,247$ ANNUALIZED(2)NON-CONTROLLINGGAAP NOI INTEREST 15 REAL ESTATE INVESTMENTS TRIPLE-NET AND LOAN PORTFOLIO - OPERATORS(AS OF SEPTEMBER 30, 2026, DOLLAR AMOUNTS IN THOUSANDS)(1) See Operator Update on page 10 for further discussion.(2) See Glossary for definition of Annualized Contractual Cash NOI and Annualized GAAP NOI.(3) Includes the consolidated income from our joint ventures. The non-controlling member’s portion of the annualized contractual cash and annualized GAAP NOI are as follows:7 States63 PropertiesSNF/SHHospitals & Other RehabPrivately HeldFUNDAMENTAL7 States32 PropertiesSNF/SHTransitional CarePrivately HeldIGNITE4 States26 PropertiesSHPrivately HeldJUNIPER5 States20 PropertiesSHPrivately HeldOXFORD1 State5 PropertiesSHPrivately HeldGSL MGMT4 States82 PropertiesSNF/SHOther RehabPrivately HeldPRESTIGE6 States117 PropertiesSHPrivately HeldALG5 States37 PropertiesSHPrivately HeldENCORE2 States18 PropertiesSNF/SHTransitional CarePrivately HeldCARESPRING19 States170 PropertiesSNF/SHPrivately Held101 W STATE ST OPERATORS LTC PORTION JV PARTNER PORTION TOTAL OPERATORS LTC PORTION JV PARTNER PORTION TOTAL ALG Senior 17,261$ 4,712$ 21,973$ ALG Senior 18,708$ 4,712$ 23,420$ Encore Senior Living 14,299 — 14,299 Encore Senior Living 13,992 — 13,992 ANNUALIZED CONTRACTUAL CASH NOI ANNUALIZED GAAP NOI PORTFOLIO
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3Q26 SUPPLEMENTAL16 REAL ESTATE INVESTMENTS TRIPLE-NET AND LOAN PORTFOLIO – MATURITY(AS OF SEPTEMBER 30, 2026, DOLLAR AMOUNTS IN THOUSANDS)(1) See Annualized GAAP NOI definition in the Glossary. (2) The Prestige $179,373 mortgage loan secured by 14 skilled nursing centers in Michigan has an option to prepay the loan without penalty during the 12-month window starting July 2026, subject to customary conditions and contingent on Prestige’s ability to obtain replacement financing. This loan represents $20,255 of annualized GAAP interest income and is expected to pay off during 4Q26. The remaining $73,925 of mortgage loans mature in 2045.YEAR PRINCIPAL PRINCIPAL2026 —$ —$ — 25$ 2$ 8.0%2027 29,203 2,408 8.2% 25,000 2,554 10.2%2028 — — — — — — 2029 — — — — — — 2030 118,334 10,085 8.5% — — — 2031 — — — — — — 2032 — — — — — — 2033 — — — — — — Thereafter 253,297 (2)29,162 (2)11.5% — — — Total 400,834$ 41,655$ 10.4% 25,025$ 2,556$ 10.2%MORTGAGE LOANS RECEIVABLE NOTES RECEIVABLE GAAP NOI (1) ANNUALIZED WA GAAP RATE ANNUALIZED WA GAAP GAAP NOI (1) RATE PORTFOLIO
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3Q26 SUPPLEMENTAL17 (TRAILING TWELVE MONTHS THROUGH JUNE 30, 2026 AND MARCH 31, 2026)SAME PROPERTY PORTFOLIO (“SPP”) COVERAGE STATISTICS(1)SENIORS HOUSINGSKILLED NURSING 1.161.211.401.4687.4%88.3%80.0%85.0%90.0%95.0%100.0%0.00x1.00x2.00x1Q26 2Q26Occupancy % Normalized EBITDAR Normalized EBITDARMOccupancy 1.711.782.222.3083.6%83.7%75.0%80.0%85.0%90.0%95.0%100.0%0.00x2.00x4.00x1Q26 2Q26Occupancy % Normalized EBITDAR Normalized EBITDARMOccupancy(1) Information is from property level operator financial statements which are unaudited and have not been independently verified by LTC. The same property portfolio excludes properties re-tenanted or sold after April 1, 2025; and excludes properties transitioned to LTC’s SHOP portfolio prior to September 30, 2026.SNF metrics as allocated/reported by operators. Occupancy represents the average TTM occupancy. See Normalized EBITDAR and Normalized EBITDARM definitions in the Glossary.SH metrics as allocated/reported by operators. Occupancy represents the average TTM occupancy. See Normalized EBITDAR and Normalized EBITDARM definitions in the Glossary. REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDES SHOP) – METRICS PORTFOLIO
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3Q26 SUPPLEMENTAL18 ENTERPRISE VALUE(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) (1) We have fixed interest rate swap agreements on $200,000 of our revolving line of credit at a weighted average rate of 4.3%. Subsequent to September 30, 2026, we repaid $20,000 under our unsecured revolving line of credit. Accordingly, we have $409,900 outstanding and $490,100 available for borrowing under our unsecured revolving line of credit. (2) Represents outstanding balance of $200,000, net of debt issue costs of $1,530.(3) Represents outstanding balance of $357,500, net of debt issue costs of $776. Subsequent to September 30, 2026, we repaid $2,000 in scheduled principal on our senior unsecured notes. (4) Closing price of our common stock as reported by the NYSE on September 30, 2026. PROFORMASEPTEMBER 30, 2026Revolving line of credit - WA rate 4.6%(1)429,900$ 409,900$ Term loans, net of debt issue costs - WA rate 4.8%(2)198,470 198,470 Senior unsecured notes, net of debt issue costs - WA rate 4.1%(3)356,724 354,724 Total debt - WA rate 4.5% 985,094 29.5% 963,094 28.6%No. of shares Closing PriceCommon stock 54,819,683 56,191,669 42.87$ (4)2,350,120 70.5% 2,408,937 71.4%Total market value 2,350,120 2,408,937 3,335,214 100.0%3,372,031 100.0%Add: Non-controlling interest 73,075 73,075 Less: Cash and cash equivalents (182,983) (11,425) 3,225,306$ 3,433,681$ Debt to Enterprise Value 30.5% 28.0%TOTAL VALUEENTERPRISE VALUEPROFORMA No. of shares9/30/26CAPITALIZATION SEPTEMBER 30, 2026 CAPITALIZATIONDEBTEQUITY9/30/26 FINANCIAL
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3Q26 SUPPLEMENTAL $302,250 $144,350 $252,863 $429,900 $409,900 $97,750 $280,650 $347,137 $470,100 $490,100 $- $300,000 $600,000 $900,0002023 2024 2025 3Q26 Proforma 3Q26 Available Balance(1) 19 DEBT METRICS(DOLLAR AMOUNTS IN THOUSANDS)LINE OF CREDIT LIQUIDITY LEVERAGE RATIOS COVERAGE RATIOS 39.5%31.1%34.0%32.0%31.0%39.0%29.3%29.8%30.5%28.0%0.0%10.0%20.0%30.0%40.0%50.0%2023 2024 2025 3Q26 Proforma 3Q26 Debt to Gross Asset Value Debt to Total Enterprise Value 5.6x4.2x5.0x4.8x4.4x3.4x4.0x4.8x4.6x4.9x0.0x2.0x4.0x6.0x8.0x2023 2024 2025 3Q26 Proforma 3Q26 Debt to AnnualizedAdjusted EBITDAre Annualized Adjusted EBITDAre/Fixed ChargesFINANCIAL (1) Subsequent to September 30, 2026, we repaid $20,000 under our unsecured revolving line of credit. Accordingly, we have $409,900 outstanding and $490,100 available for borrowing under our unsecured revolving line of credit.
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3Q26 SUPPLEMENTAL Senior Unsecured Notes36.8%Term Loans20.7%Revolving Line of Credit42.5% 20 PROFORMA DEBT MATURITY(AS OF SEPTEMBER 30, 2026, DOLLAR AMOUNTS IN THOUSANDS)$900M SENIORREVOLVING TERM UNSECURED % OF YEAR LINE OF CREDIT LOANS(1) NOTES(1) TOTAL TOTAL2026 —$ —$ 15,000$ (2)15,000$ 1.6%2027 — — 54,500 54,500 5.6%2028 — 50,000 55,000 105,000 10.9%2029 409,900 55,000 63,000 527,900 54.7%2030 — 55,000 67,000 122,000 12.6%2031 — — 56,000 56,000 5.8%2032 — 40,000 35,000 75,000 7.8%2033 — — 10,000 10,000 1.0%Total 409,900$ (3)200,000$ 355,500$ 965,400$ 100.0%PROFORMA DEBT STRUCTURE(1) $409,900 $50,000 $55,000 $55,000 $40,000 $15,000 $54,500 $55,000 $63,000 $67,000 $56,000 $35,000 $10,000 $- $300,000 $600,000 $900,0002026 2027 2028 2029 2030 2031 2032 2033 Revolving Line of Credit Term Loans Senior Unsecured Notes(3)(1) Reflects scheduled principal payments and excludes debt issue costs on our term loans and senior unsecured notes, which are netted against the principal outstanding balances on our Consolidated Balance Sheets.(2) Subsequent to September 30, 2026, we repaid $2,000 in scheduled principal paydown on our senior unsecured notes. (3) Subsequent to September 30, 2026, we repaid $20,000 under our unsecured revolving line of credit. Accordingly, we have $409,900 outstanding and $490,100 available for borrowing under our unsecured revolving line of credit. FINANCIAL
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3Q26 SUPPLEMENTAL21 RECONCILIATION OF 2026 GUIDANCE(UNAUDITED, DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)GUIDANCEThe following guidance ranges reflect management’s view of current and future market conditions. There can be no assurance that the Company’s actual results will not differmaterially from the estimates set forth below. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoingguidance ranges as a result of new information or new or future developments. The 2026 full year guidance is as follows:Low High Diluted earnings per common share 7.80$ 7.82$ Less: Gain on sale, net of impairment loss (6.04) (6.04) Add: Depreciation and amortization 1.03 1.03 Add: Adjustments for participating securities 0.03 0.03 Diluted Nareit FFO attributable to common stockholders 2.82 2.84 Add: Non-core adjustments (0.06) (0.06) Diluted Core FFO 2.76$ 2.78$ Diluted Nareit FFO attributable to common stockholders 2.82$ 2.84$ Less: Non-cash income (0.01) (0.01) Add: Non-cash expense 0.11 0.11 Less: Recurring capital expenditures (0.08) (0.08) Diluted FAD 2.84 2.86 Add: Non-core adjustments (0.01) (0.01) Diluted Core FAD 2.83$ 2.85$ Full Year 2026 Guidance FINANCIALThe assumptions underlying the 2026 full year guidance are as follows:Gross investment estimates increased by $100,000 at the mid-point to $1,000,000 from $900,000. Gross investments include transactions closed to date, orexpected to close in 4Q26.Asset sales and loan payoffs projections of $730,000, including $550,200 of sales and payoffs to date, with the remaining $179,800 expected to pay off in 4Q26.Narrowed SHOP NOI guidance, inclusive of expected net investments, to a range of $73,500 to $76,400, from a range of $71,200 to $79,900, which represents a $500 decrease to prior mid-point of Core SHOP NOI guidance. See Core SHOP guidance on page 14. General and administrative costs estimates narrowed to a range of $33,100 to $33,900, from $31,700 to $33,900.Adjustments to Core FFO and Core FAD include the following:oOne-time exit IRR income that we received in connection with the sale of three skilled nursing centers accounted for as a financing receivableon our Consolidated Balance Sheets.See the reconciliation of non-core adjustments on page 28.oOne-time $2,581 lease termination fee received upon the sale of the leased properties. See the reconciliation of non-core adjustments on page 28.oTransaction costs, which are now expected to be in the range of $3,600 to $3,800, from $3,100 to $3,500 for the full year. oRecovery of provision for credit losses related to loan payoffs, including the $765 recovery of provision for credit losses included on the reconciliation of non-core adjustments on page 28.
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3Q26 SUPPLEMENTAL22 FINANCIAL DATA SUMMARY(DOLLAR AMOUNTS IN THOUSANDS)(1) For leases and loans in place at September 30, 2026, with no renewals or modifications.(2) Decrease due to a mezzanine loan maturing in April 2027.(1) Decrease primarily due to lower rent due to property sales and the conversion of 18 communities from triple-net to our SHOP segment, partially offset by a one-time lease termination fee received upon the sale of the leased properties, and rent increases from fair-market based rent resets, escalations, and capital improvement funding.(2) Decrease primarily due to property sales and the conversion of 18 communities from triple-net to our SHOP segment.(3) Increase primarily due to straight-line rent from lease extensions.(4) QoQ increase primarily due to a prior year straight-line rent receivable write-off related to an operator’s Chapter 11 filing. YoY increase also includes a straight-line rent receivable and lease incentive write-off due to consolidating two leases. 12/31/2023 12/31/2024 12/31/2025 9/30/2026PROFORMA 9/30/26(1)Gross investments $ 2,139,865 $ 2,088,613 $ 2,397,662 $ 2,800,153 $ 3,008,428 Net investments $ 1,741,093 $ 1,674,140 $ 1,981,017 $ 2,481,528 $ 2,689,803 Gross asset value $ 2,253,870 $ 2,200,615 $ 2,478,705 $ 3,073,873 $ 3,110,590 Total debt(2) $ 891,317 $ 684,600 $ 842,181 $ 985,094 $ 963,094 Total liabilities(2) $ 938,831 $ 733,137 $ 899,676 $ 1,047,392 $ 1,025,392 Non-controlling interest $ 34,988 $ 92,378 $ 87,400 $ 73,075 $ 73,075 Total equity $ 916,267 $ 1,053,005 $ 1,162,384 $ 1,707,856 $ 1,766,573 NON-CASH REVENUE COMPONENTSCOMPONENTS OF RENTAL INCOME(98)$ (174)$ (289)$ (340)$ (388)$ Amortization of lease incentives (116) (87) (81) (81) (81) Effective interest - Financing receivables 362 363 363 362 55 Effective interest - Mortgage loans receivable 272 262 251 237 230 Effective interest - Notes receivable (24) (24) (24) 44 — (2) $ 396 $ 340 220$ 222$ (184)$ Straight-line rent adjustment Total non-cash revenue components 3Q27(1) 2Q27(1) 1Q27(1) 4Q26(1) 3Q26Cash rent 25,602$ 27,079$ (1,477)$ (1)74,325$ 84,781$ (10,456)$ (1)Operator reimbursed real estate tax revenue 2,117 2,582 (465) (2)6,581 8,448 (1,867) (2)Straight-line rent adjustment (98) (372) 274 (696) (1,447) 751 (3)Adjustment of lease incentive and rental income — (1,271) 1,271 (4)— (1,514) 1,514 (4)Amortization of lease incentives (116) (176) 60 (376) (805) 429 Total rental income 27,505$ 27,842$ (337)$ 79,834$ 89,463$ (9,629)$ 2026 2025 2026 2025Variance VarianceTHREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30,SEPTEMBER 30,FINANCIAL (1) See Proforma Activities on page 7 for further discussion. (2) Includes outstanding gross revolving line of credit, term loans, net of debt issue costs, and senior unsecured notes, net of debt issue costs.
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3Q26 SUPPLEMENTAL23 FINANCIAL DATA SUMMARY(DOLLAR AMOUNTS IN THOUSANDS)RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAreAND FIXED CHARGESNet income 91,462$ 94,879$ 123,880$ 349,324$ 350,128$ Less: Gain on sale of real estate, net (37,296) (7,979) (77,822) (323,948) (323,948) Add: Income tax provision — — 179 398 398 Add: Impairment loss 15,775 6,953 — 2,310 2,310 Add: Interest expense 47,014 40,336 35,306 11,312 11,324 Add: Depreciation and amortization 37,416 36,367 37,874 13,718 13,718 EBITDAre 154,371 170,556 119,417 53,114 53,930 Add/less: Non-core adjustments 3,823 (1)(8,907) (2)49,783 (3)(1,416) (4)1,165 (6)Adjusted EBITDAre 158,194$ 161,649$ 169,200$ 51,698$ 55,095$ Interest expense 47,014$ 40,336$ 35,306$ 11,312$ 11,324$ Fixed charges 47,014$ 40,336$ 35,306$ 11,312$ 11,324$ Annualized Adjusted EBITDAre 206,792$ 220,380$ Annualized Fixed Charges 45,248$ 45,296$ Debt (net of debt issue costs) 891,317$ 684,600$ 842,181$ 985,094$ 963,094$ Debt (net of debt issue costs) to Annualized Adjusted EBITDAre 5.6x 4.2x 5.0x 4.8x 4.4xAnnualized Adjusted EBITDAre to Annualized Fixed Charges(5)3.4x 4.0x 4.8x 4.6x 4.9x FOR THE YEAR ENDED THREE MONTHS ENDED THREE MONTHS ENDED 12/31/2023 12/31/2024 9/30/2026 PROFORMA 9/30/26 12/31/2025 (1) Includes the $3,561 note receivable write-off related to the sale and transition of 10 seniors housing communities, $1,832 of provision for credit losses related to the acquisition of 11 seniors housing communitiesaccounted for as financing receivables and two mortgage loan originations, partially offset by the $1,570 exit IRR and prepayment fee received in connection with the payoff of two mezzanine loans.(2) Represents $4,052 of one-time income received from former operators, $3,158 of one-time additional straight-line income related to restoring accrual basis accounting for two master leases, $2,818 of rentalincome received in connection with the sale of two properties, and $1,738 recovery of provision for credit losses related to the payoffs of five mortgage loan receivables, partially offset by $1,635 of provision forcredit losses related to acquisitions totaling $163,460 accounted for as financing receivables, $613 of effective interest receivable write-off related to the partial paydown of a mortgage loan receivable, and thewrite-off of straight-line rent receivable ($321) and notes receivable ($290).(3) Represents a $41,455 write-off of effective interest receivable related to a mortgage loan amendment that permits penalty-free early payoff within an allowable window, $9,992 of costs associated with theconversion to our new SHOP segment ($5,971 lease termination fee and $4,021 of provision for credit losses related to the write-off of loan and interest receivables), $1,703 of costs associated with the startupof our new SHOP segment, $1,271 of straight-line rent receivable write-off due to an operator’s ongoing bankruptcy, $1,136 of expenses related to an employee retirement and $563 of provision for credit lossesrelated to loan originations, net of payoffs, offset by $5,737 of exit IRR received in connection with the redemption of LTC’s preferred equity investment in two joint ventures and a mezzanine loan, and $600 ofincome received from a former operator.(4) See the reconciliation of non-core adjustments on page 28 for further detail.(5) Given we do not have preferred stock, our fixed charge coverage ratio and interest coverage ratio are the same.(6) See Proforma Activities on page 7 for further discussion. FINANCIAL
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3Q26 SUPPLEMENTAL 2026 2025 2026 2025Revenues:Resident fees and services (1)70,539$ 22,203$ 176,256$ 34,153$ Rental income 27,505 27,842 79,834 89,463 Interest income from financing receivables(2)5,644 7,096 19,539 21,182 Interest income from mortgage loans 10,389 9,856 30,933 28,715 Interest and other income 1,169 2,293 2,954 5,048 Total revenues 115,246 69,290 309,516 178,561Expenses:Seniors housing operating expenses (1)50,808 17,362 129,905 26,781 Interest expense 11,312 8,791 31,578 24,718 Depreciation and amortization 13,718 8,987 38,068 26,925 Impairment loss 2,310 — 2,310 — Write-off of effective interest receivable — 41,455 — 41,455 Provision (recovery) for credit losses 47 203 (610) 3,642 Transaction costs 1,165 587 3,042 7,734 Triple-net lease property tax expense 1,987 2,581 6,482 8,483 General and administrative expenses 8,125 7,523 24,868 22,941 Total expenses 89,472 87,489 235,643 162,67925,774 (18,199) 73,873 15,882Gain (loss) on sale of real estate, net 323,948 (738) 331,500 (235) Income from unconsolidated joint ventures — 439 396 4,543 Income tax (provision) benefit (398) (42) (674) 39 Net income 349,324 (18,540) 405,095 20,229(1,178) (1,455) (3,719) (4,452) Net income attributable to LTC Properties, Inc. stockholders 348,146 (19,995) 401,376 15,777Non-forfeitable dividends on participating securities (157) (154) (471) (471)Undistributed income allocated to participating securities (1,615) — (1,646) — (1,772) (154) (2,117) (471) Net income available to common stockholders 346,374$ (20,149)$ 399,259$ 15,306$ Earnings per common share:Basic $6.44 ($0.44) $7.77 $0.33Diluted $6.39 ($0.44) $7.70 $0.33Weighted average shares used to calculate earnings per common share:Basic 53,763 46,123 51,412 45,726 Diluted 54,208 46,123 51,852 46,107 Dividends declared and paid per common share $0.57 $0.57 $1.71 $1.71Income allocated to non-controlling interestsIncome allocated to participating securitiesIncome before unconsolidated joint ventures, real estate dispositions and other itemsTHREE MONTHS ENDEDSEPTEMBER 30, SEPTEMBER 30,NINE MONTHS ENDED 24 CONSOLIDATED STATEMENTS OF INCOME(UNAUDITED, DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)(1) Represents our seniors housing operating portfolio (“SHOP”) operating income and expense. (2) Represents rental income from acquisitions through sale-leaseback transactions, subject to leases that contain purchase options. In accordance with GAAP, the properties are required to be presented as Financing receivables on the Consolidated Balance Sheets and the rental income to be presented as Interest income from financing receivables on our Consolidated Statements of Income. FINANCIAL
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3Q26 SUPPLEMENTAL25 CONSOLIDATED BALANCE SHEETS(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (1) Represents acquisitions through sale-leaseback transactions, subject to leases that contain purchase options. In accordance with GAAP, the properties are required to be presented as financing receivables on the Consolidated Balance Sheets. ASSETSInvestments:Land$ 145,778 $ 128,590 Buildings and improvements 1,940,985 1,482,075 Accumulated depreciation and amortization (311,498) (408,906) Owned real properties, net1,775,265 1,201,759 Financing receivables,(1) net of credit loss reserve: 2026—$2,875; 2025—$3,631284,656 359,457 Mortgage loans receivable, net of credit loss reserve: 2026—$4,002; 2025—$3,849 396,832 381,662 Real property investments, net 2,456,753 1,942,878 Notes receivable, net of credit loss reserve: 2026—$250; 2025—$259 24,775 25,615 Investments in unconsolidated joint ventures— 12,524 Investments, net 2,481,528 1,981,017 Other assets:Cash and cash equivalents 182,983 14,387 Debt issue costs related to revolving line of credit 5,639 4,742 Interest receivable 25,274 22,720 Straight-line rent receivable 15,979 17,949 Prepaid expenses and other assets 43,845 21,245 Total assets$ 2,755,248 $ 2,062,060 LIABILITIESRevolving line of credit$ 429,900 $ 252,863 Term loans, net of debt issue costs: 2026—$1,530; 2025—$1,787198,470 198,213 Senior unsecured notes, net of debt issue costs: 2026—$776; 2025—$895 356,724 391,105 Accrued interest 1,719 3,806 Accrued expenses and other liabilities 60,579 53,689 Total liabilities 1,047,392 899,676 EQUITYStockholders’ equity:Common stock: $0.01 par value; 110,000 shares authorized; shares issued and outstanding: 2026—54,820; 2025—48,482 548 485 Capital in excess of par value 1,426,948 1,189,846 Cumulative net income 2,244,783 1,843,407 Accumulated other comprehensive income11,568 482 Cumulative distributions (2,049,066) (1,959,236) Total LTC Properties, Inc. stockholders’ equity 1,634,781 1,074,984 Non-controlling interests 73,075 87,400 Total equity 1,707,856 1,162,384 Total liabilities and equity$ 2,755,248 $ 2,062,060 (unaudited) (audited)DECEMBER 31, 2025SEPTEMBER 30, 2026 FINANCIAL
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3Q26 SUPPLEMENTAL26 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD(UNAUDITED, DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (1) See the reconciliation of non-core adjustments on page 28 for further detail. 2026 2025 2026 2025GAAP net income attributable to LTC Properties, Inc. stockholders 348,146$ (19,995)$ 401,376$ 15,777$ Depreciation and amortization 13,718 8,987 38,068 26,925 Impairment loss 2,310 — 2,310 — (Gain) loss on sale of real estate, net (323,948) 738 (331,500) 235 Nareit FFO attributable to LTC Properties, Inc. stockholders 40,226 (10,270) 110,254 42,937 Non-forfeitable dividends on participating securities (157) (154) (471) (471) 40,069 (10,424) 109,783 42,466 Non-core adjustments(1)(1,416) 42,418 (1,918) 50,834 FFO available to common stockholders, excluding non-core adjustments ("Core FFO") 38,653$ 31,994$ 107,865$ 93,300$ 40,069$ (10,424)$ 109,783$ 42,466$ Non-cash income:Straight-line rental income 98 372 696 1,447Amortization of lease incentives 116 176 376 805Other non-cash contra-revenue — 1,271 — 1,514 Effective interest income (610) 736 (1,728) (2,194)Total non-cash income (396) 2,555 (656) 1,572Non-cash expense:Non-cash compensation charges 2,285 2,140 6,675 7,188Write-off of effective interest receivable — 41,455 — 41,455 Provision (Recovery) for credit losses 47 203 (610) 3,642 Total non-cash expense 2,332 43,798 6,065 52,285Recurring capital expenditures (1,105) (209) (2,313) (300) Funds available for distribution ("FAD") 40,900 35,720 112,879 96,023 Non-core adjustments(1)(1,416) (2,111) (1,351) 2,157 FAD, excluding non-core adjustments ("Core FAD") 39,484$ 33,609$ 111,528$ 98,180$ $0.74 ($0.23) $2.12 $0.92$0.71 $0.69 $2.08 $2.02$0.75 $0.77 $2.17 $2.08$0.73 $0.72 $2.15 $2.13 THREE MONTHS ENDED NINE MONTHS ENDEDSEPTEMBER 30, SEPTEMBER 30, Diluted Nareit FFO available to common stockholders per shareDiluted Core FFO per shareDiluted FAD per shareDiluted Core FAD per share Nareit FFO available to common stockholdersNareit FFO available to common stockholders FINANCIAL
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3Q26 SUPPLEMENTAL27 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO PER SHARE(UNAUDITED, DOLLAR AMOUNTS IN THOUSANDS) (1) See the reconciliation of non-core adjustments on page 28 for further detail. FOR THE THREE MONTHS ENDED SEPTEMBER 30,FFO/FAD available to common stockholders 40,069$ (10,424)$ 40,900$ 35,720$ Non-core adjustments(1)(1,416) 42,418 (1,416) (2,111) Core FFO/FAD available to common stockholders 38,653 31,994 39,484 33,609 Undistributed income allocated to participating securities (40) - (45) — Core FFO/FAD allocated to common stockholders 38,613 31,994 39,439 33,609 Effect of dilutive securities:Participating securities — 154 — 154 Diluted Core FFO/FAD 38,613$ 32,148$ 39,439$ 33,763$ 53,763 46,123 53,763 46,123 Effect of dilutive securities:Performance-based stock units 445 381 445 381 Participating securities — 271 — 271 Shares for diluted Core FFO/FAD per share 54,208 46,775 54,208 46,775 FOR THE NINE MONTHS ENDED SEPTEMBER 30,FFO/FAD available to common stockholders 109,783$ 42,466$ 112,879$ 96,023$ Non-core adjustments(1)(1,918) 50,834 (1,351) 2,157 Core FFO/FAD available to common stockholders 107,865 93,300 111,528 98,180 Undistributed income allocated to participating securities (104) — (124) — Core FFO/FAD allocated to common stockholders 107,761 93,300 111,404 98,180 Effect of dilutive securities:Participating securities 1 471 1 471 Diluted Core FFO/FAD 107,762$ 93,771$ 111,405$ 98,651$ 51,412 45,726 51,412 45,726 Effect of dilutive securities:Performance-based stock units 440 381 440 381 Participating securities — 273 — 273 Shares for diluted Core FFO/FAD per share 51,852 46,380 51,852 46,380 FAD2026 2025 2026 2025 Shares for basic Core FFO/FAD per share2026 2025 2025Shares for basic Core FFO/FAD per shareFFO FAD2026FFO FINANCIAL
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3Q26 SUPPLEMENTAL28 FUNDS FROM OPERATIONS – RECONCILIATION OF NON-CORE ADJUSTMENTS(UNAUDITED, DOLLAR AMOUNTS IN THOUSANDS)2026 2025 2026 2025Reconciliation of non-core adjustments to Nareit FFO:Add: Note receivable and related interest receivable write-off —$ —$ —$ 3,064$ (1)Add: Provision for credit losses reserve recorded upon origination — 554 — 938 Deduct: Recovery for credit losses related to loan payoffs — (375) (765) (375) Add (Deduct): Total provision for credit losses adjustments — 179 (765) 3,627 Add: Effective interest receivable write-off — 41,455 (2)— 41,455 (2)Add: Straight-line rent receivable write-off — 1,271 (3)— 1,271 (3)Add: Lease termination fee paid upon conversion to SHOP — — — 5,971 Add: Transaction costs 1,165 (4)488 (4)3,042 (4)1,311 (4)Add: One-time general and administrative expenses related to an employee retirement — — — 1,136 Add: Expense and contra-revenue adjustments 1,165 43,214 3,042 51,144 Deduct: Lease termination fee received upon sale of leased properties (2,581) — (2,581) — Deduct: Income related to exit IRRs received — (975) (5)(1,614) (6)(3,937) (7)Deduct: Income adjustments (2,581) (975) (4,195) (3,937) Total non-core adjustments to Nareit FFO available to common stockholders (1,416)$ 42,418$ (1,918)$ 50,834$ Reconciliation of non-core adjustments to FAD:Add: Lease termination fee paid upon conversion to SHOP —$ —$ —$ 5,971$ Add: Transaction costs 1,165 (4)488 (4)3,042 (4)1,311 (4)Add: One-time cash general and administrative expenses related to an employee retirement — — — 436 Add: Cash expense adjustments 1,165 488 3,042 7,718 Deduct: Lease termination fee received upon sale of leased properties (2,581) — (2,581) — Deduct: Cash income related to exit IRRs received — (2,599) (5)(1,812) (6)(5,561) (7)Deduct: Cash income adjustments (2,581) (2,599) (4,393) (5,561) Total non-core cash adjustments to FAD (1,416)$ (2,111)$ (1,351)$ 2,157$ SEPTEMBER 30,THREE MONTHS ENDED NINE MONTHS ENDEDSEPTEMBER 30, (1) Represents the write-off of a working capital note and the related interest receivable in connection with a SHOP conversion.(2) Represents an effective interest receivable write-off in connection with a mortgage loan amendment that permits penalty-free early payoff during a specified window.(3) Represents the write-off of straight-line rent receivable as a result of an operator’s bankruptcy filing.(4) For 2026, the transaction costs adjustment includes all transaction costs incurred; for 2025, it includes only SHOP segment startup costs. Transaction costs are excluded from FFO and FAD to improve period-over-period comparability, as these expenditures are not indicative of ongoing operations.(5) Represents $975 of exit IRR income recognized upon the early payoff of a mezzanine loan. The $975 reflects the receipt of $2,599, net of $1,624 of effective interest receivable previously recognized over the term of the loan through payoff.(6) Represents an exit IRR income received in connection with the sale of a portfolio of three skilled nursing centers in Florida that had been accounted for as a financing receivable. LTC recognized $1,614 of income, reflecting the receipt of $1,812, net of $198 of effective interest receivable previously recognized over the term of the loan through payoff.(7) Includes the $2,599 described in footnote (5) above, plus $2,962 of income from a 13% exit IRR received in connection with the redemption of LTC’s preferred equity investment in a joint venture. The $2,962 exit IRR income had not previously been recorded.FINANCIAL
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3Q26 SUPPLEMENTAL29 RECONCILIATION OF PROFORMA NOI(1)(UNAUDITED, DOLLAR AMOUNTS IN THOUSANDS)MORTGAGEFINANCING LOANS NOTESNNN SHOP SUBTOTAL RECEIVABLES RECEIVABLE RECEIVABLEOTHER(2)TOTALRevenues 106,542$ 253,860$ 360,402$ 26,673$ 41,241$ 2,569$ 2,566$ 433,451$ Income from unconsolidated joint ventures — — — — — — — — (Less)/Add:Property tax revenue (8,915) — (8,915) — — — — (8,915) Seniors housing operating expenses — (183,322) (183,322) — — — — (183,322) Sales, SHOP conversions and payoffs (28,867) — (28,867) (4,125) (265) (13) — (33,270) Other — — - — — — (2,566) (2,566) NOI 68,760$ 70,538$ 139,298$ 22,548$ 40,976$ 2,556$ —$ 205,378$ TRAILING TWELVE MONTHS ENDED SEPTEMBER 30, 2026(1) See Proforma Activities on page 7 for further discussion.(2) Represents income received from former operators and other miscellaneous income. FINANCIAL
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3Q26 SUPPLEMENTAL30 GLOSSARYAdjusted EBITDAre:EBITDAreexcluding the impact of non-core items unrelated to ongoing operations.Annualized Adjusted EBITDAre:Represents Adjusted EBITDArefor the quarter presented, multiplied by four.Annualized Contractual Cash NOI:Represents contractual cash rental income (prior to abatements & deferred rentrepayment and excludes real estate tax reimbursement), interest income from financing receivables, mortgage loans, andnotes receivable for the final month of the quarter reported herein times 12.Annualized GAAP NOI:Represents GAAP rent which includes contractual cash rent, straight-line rent, and amortizationof 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 times 12.Assisted Living Communities (“ALF”):The ALF portfolio consists of assisted living, independent living, and/ormemory care properties (see definitions for Independent Living and Memory Care Communities). Assisted livingproperties are seniors housing properties serving elderly persons who require assistance with activities of daily living, butdo not require the constant supervision skilled nursing properties provide. Services are usually available 24 hours a dayand include personal supervision and assistance with eating, bathing, grooming and administering medication. Thefacilities provide a combination of housing, supportive services, personalized assistance and health care designed torespond to individual needs.Contractual Lease Rent:Rental revenue as defined by the lease agreement between us and the operator for the leaseyear.Core SHOP Portfolio:Represents the 27 properties (2,281 units) that include initial conversions (13) and acquiredSHOP properties (14) through 1Q26; excludes value-add conversions and additional acquisitions.Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”):As defined by theNational Association of Real Estate Investment Trusts (“Nareit”), EBITDAreis calculated as net income (loss) available tocommon stockholders (computed in accordance with U.S. GAAP) excluding the impact of interest expense, income taxprovision (benefit), real estate depreciation and amortization, impairment write-downs of depreciable real estate, gains orlosses on the sale of depreciable real estate, and our related share of unconsolidated partnerships and joint ventures.Effective Interest Income:Effective interest method, as required by GAAP, is a technique for calculating the averageinterest rate for the term of a loan based on the initial origination value. The average interest rate is higher than the statedinterest rate in the early years of a loan thus creating an effective interest receivable asset included in the interestreceivable line item in the consolidated balance sheet and reduces down to zero when, at some point during the loanterm, the stated interest rate is higher than the actual interest rate.ExPOR:Average expenses per occupied room per month.FAD Capex:Recurring capital expenditures required to maintain and re-tenant our properties.Financing Receivables:Properties acquired through a sale-leaseback transaction with an operating entity being thesame before and after the sale-leaseback, subject to a lease contract that contains a purchase option. In accordance withGAAP, the purchased assets are required to be presented as Financing receivables on ourConsolidated Balance Sheetsand the rental income to be presented as Interest income from financing receivables on ourConsolidated Statements ofIncome.Funds Available for Distribution (“FAD”):FFO excluding the impact of straight-line rent, amortization of leaseincentives, other non-cash contra-revenue, effective interest income, non-cash compensation charges, provision for(recovery of) credit losses, and recurring capital expenditures required to maintain and re-tenant our properties. Asapplicable, the Company excludes the impact of non-core adjustments on FAD, which the Company defines as CoreFAD. Funds From Operations (“FFO”):As defined by Nareit, net income (loss) available to common stockholders(computed in accordance with U.S. GAAP) excluding the impact of real estate depreciation and amortization,gains or losses on the sale of real estate, impairment write-downs of depreciable real estate, and our relatedshare of unconsolidated partnerships and joint ventures. As applicable, the Company excludes the impact ofnon-core adjustments on FFO, which the Company defines as Core FFO.GAAP Interest Income:Represents cash and effective interest income from financing receivables, mortgageloans, and notes receivable.GAAP Rent:Represents cash rental income received, straight-line rental income, amortization of leaseincentives, and real estate tax reimbursements.Gross Asset Value:The carrying amount of total assets, as reported on our Consolidated Balance Sheets,after adding back accumulated depreciation and credit loss reserves.Gross Investment:The carrying amount of net investments, as reported on our Consolidated BalanceSheets, after adding back accumulated depreciation and credit loss reserves. Gross Investment is commonlyreferred to as undepreciated book value.Independent Living Communities (“ILF”):Seniors housing properties offering a sense of community andnumerous levels of service, such as laundry, housekeeping, dining options/meal plans, exercise and wellnessprograms, transportation, social, cultural and recreational activities, on-site security and emergency responseprograms. Many offer on-site conveniences like beauty/barber shops, fitness facilities, game rooms, librariesand activity centers. ILFs are also known as retirement communities or seniors apartments.Initial Conversion:13 properties converted to SHOP in 2Q25.Licensed Beds/Units:The number of beds and/or units that an operator is authorized to operate at seniorshousing and long-term care properties. Licensed beds and/or units may differ from the number of beds and/orunits in service at 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 specializedprogramming for various conditions relating to memory loss in a secured environment that is typically smallerin scale and more residential in nature than traditional assisted living facilities. These facilities have staffavailable 24 hours a day to respond to the unique needs of their residents.Metropolitan Statistical Areas (“MSA”):Based on the U.S. Census Bureau, an MSA is a geographic entitydelineated by the Office of Management and Budget (OMB) for use by Federal statistical agencies incollecting, tabulating, and publishing Federal statistics. Each MSA contains at least one core urban area of50,000 or more population, plus adjacent counties with strong commuting ties to the core. Based on CensusBureau Vintage 2025 estimates, MSAs ranked 1 to 31 have populations of approximately 20.1M to 2.3M;MSAs ranked 32 to 100 have populations of approximately 2.3M to 580K; and MSAs ranked above 100 havepopulations of approximately 580K to 59K. Micropolitan Statistical Areas (“Micro-SA”) contain a core urbanarea of at least 10,000 but less than 50,000 population. Areas outside any MSA or Micro-SA have no urbancore of 10,000 or more population.Mezzanine Loan:Mezzanine financing sits between senior debt and common equity in the capital structure,and typically is used to finance development projects, value-add opportunities on existing operationalproperties, partnership buy-outs and recapitalization of equity. Security for mezzanine loans can include all ora portion of the following credit enhancements: secured second mortgage, pledge of equity interests, andpersonal/corporate guarantees. Mezzanine loans can be recorded for GAAP purposes as either a loan or jointventure depending upon loan terms and related credit enhancements.GLOSSARY
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3Q26 SUPPLEMENTAL31 GLOSSARYMicropolitan Statistical Areas (“Micro-SA”):Based on the U.S. Census Bureau, Micro-SA is a geographic entitydefined by the Office of Management and Budget (OMB) for use by Federal statistical agencies in collecting, tabulating,and publishing Federal statistics. A micro area contains an urban core of at least 10,000 population.Mortgage Loan:Mortgage financing is provided on properties based on our established investment underwriting criteriaand secured by a first mortgage. Subject to underwriting, additional credit enhancements may be required including, butnot limited to, personal/corporate guarantees and debt service reserves. When possible, LTC attempts to negotiate apurchase option to acquire the property at a future time and lease the property back to the borrower.Net Real Estate Investments:Gross Investment less accumulated depreciation. Net Real Estate Investments 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 operation of the property.Non-cash Compensation Charges:Vesting expense relating to restricted stock and performance-based stock units.Non-cash Revenue:Straight-line rental income, amortization of lease incentives and effective interest income, andother non-cash contra-revenue.Non-FAD Capex:Capital expenditures, including significant renovations, to maintain marketability and to extend theuseful life of a property.Normalized EBITDAR Coverage:The trailing twelve months’ earnings from the operator financial statements excludingthe impact of non-core, infrequent, or unusual items and before interest, taxes, depreciation, amortization, and rentdivided by the operator’s contractual lease rent. Management fees are imputed at 5% of revenues.Normalized EBITDARM Coverage:The trailing twelve months’ earnings from the operator financial statementsexcluding the impact of non-core, infrequent, or unusual items and before interest, taxes, depreciation, amortization, rent,and management fees divided by the operator’s contractual lease rent.Notes Receivable:Consists of working capital loans provided to our operators and a mezzanine loan.Occupancy:The weighted average percentage of all beds and/or units that are occupied at a given time. Thecalculation uses the trailing twelve months and is based on licensed beds and/or units which may differ from the numberof beds and/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.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 segment consisting of investments in real property, financing receivables,mortgage loans receivable and notes receivable.Rental Income:Represents GAAP rent generated by our owned properties under triple-net leases.RevPOR:Average revenues per occupied room per month. RIDEA:Real Estate Investment Trust (REIT) Investment Diversification and Empowerment Act of 2007.Same Property Portfolio (“SPP”):Same property statistics allow for the comparative evaluation ofperformance across a consistent population of LTC’s leased property portfolio and the Prestige Healthcaremortgage loan portfolio. Our SPP is comprised of stabilized properties occupied and operated throughout theduration of the quarter-over-quarter comparison periods presented (excluding assets sold, assets held-for-saleand SHOP assets). Accordingly, a property must be occupied and stabilized for a minimum of 15 months to beincluded in our SPP. Each property transitioned to a new operator has been excluded from SPP and will beadded back to SPP for the SPP reporting period ending 15 months after the date of the transition.Seniors Housing (“SH”):Consists of independent living, assisted living, and/or memory care properties.Seniors Housing Operating Portfolio (“SHOP”):Includes Seniors Housing properties generally structuredto comply with RIDEA.SHOP Net Operating Income (“SHOP NOI”):Total SHOP revenues (resident fees and services) less totalSHOP expenses (seniors housing operating expenses).Skilled Nursing Properties (“SNF”):Seniors housing properties providing restorative, rehabilitative andnursing care for people not requiring the more extensive and sophisticated treatment available at acute carehospitals. Many SNFs provide ancillary services that include occupational, speech, physical, respiratory andIV therapies, as well as sub-acute care services which are paid either by the patient, the patient’s family,private health insurance, or through the federal Medicare or state Medicaid programs.Stabilized:Properties are generally considered stabilized upon the earlier of achieving certain occupancythresholds (e.g., 80% for SNFs and 90% for ALFs) and, as applicable, 12 months from the date ofacquisition/lease transition/restructure or, in the event of a de novo development, redevelopment, majorrenovations or addition, 24 months from the date the property is first placed into service, returned to service, oracquired during lease-up.Straight-line Rental Income:The difference between the cash rent and total rent expected to be received asa fixed amount over the initial term of the lease and recognized evenly over that term. The evenly recognizedfixed rental income is higher than the cash rent received in the early years of a lease and during the lateryears of the lease, the cash rent received is higher than evenly recognized fixed rental income recognized.Trailing Twelve Months NOI:For the owned portfolio under triple-net leases, rental income excluding realestate tax reimbursement, straight-line rent write-off and rental income from properties sold during the trailingtwelve months. For the owned portfolio under our SHOP segment, represents SHOP NOI during the trailingtwelve months. For owned properties accounted for as financing receivables, mortgage loan receivables andnotes receivable, NOI includes cash interest income and effective interest income during the trailing twelvemonths and excludes loan payoffs during the trailing twelve months.Under Development Properties (“UDP”):Development projects to construct seniors housing properties.Value-Add Conversion:Properties converted from our market-based rent reset NNN portfolio to SHOP – 1campus converted in 4Q25 (previously operated as 2 properties); 2 properties converted in 1Q26; and 2properties converted in 2Q26.GLOSSARY
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3Q26 SUPPLEMENTAL32 Founded in 1992, LTC Properties, Inc. (NYSE: LTC) is a self-administered real estate investment trust (REIT) investing in seniors housing and health care properties primarily through SHOP, triple-net leases, joint ventures and structured finance solutions including preferred equity and mezzanine lending. LTC’s portfolio encompasses Seniors Housing (SH) consisting of Assisted Living Communities (ALF), Independent Living Communities (ILF), Memory Care Communities (MC), Skilled Nursing Properties (SNF) and combinations thereof. Our main objective is to build and grow a diversified portfolio that creates and sustains shareholder value while providing our stockholders current distribution income. To meet this objective, we seek properties operated by regional operators, ideally offering upside and portfolio diversification (geographic, operator, property type and investment vehicle). For more information, visit www.LTCreit.com.FORWARD-LOOKING STATEMENTS NON-GAAP INFORMATIONThis supplemental information contains certain non-GAAP information including EBITDAre, adjusted EBITDAre, FFO, Core FFO, FAD, Core FAD, adjusted interest coverage ratio, adjusted fixed charges coverage ratio and NOI. A reconciliation of this non-GAAP information is provided on pages 23, 26, 27, 28 and 29 of this supplemental information, and additional information is available under the “Non-GAAP Financial Measures” subsection under the “Filings” section of our website at www.LTCreit.com. This supplemental information contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as “believes,” “expects,” “may,” “will,” “could,” “would,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or the negative of those words or similar words. Examples of forward-looking statements include the Company’s 2026 SHOP investment guidance and funding strategy, estimated 2026 proforma SHOP growth and gross asset value, near-term expected sales and loan payoffs, anticipated rent and gain on sales, core SHOP portfolio guidance, and future strategy. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect the Company’s future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, operational and legal risks and liabilities under the Company’s new SHOP segment; the Company’s dependence on the ability of its third-party independent operators to successfully manage and operate the Company’s SHOP communities; the Company’s dependence on its operators for revenue and cash flow; government regulation of the health care industry; changes in federal, state, or local laws limiting REIT investments in the health care sector; federal and state health care cost containment measures including reductions in reimbursement from third-party payors such as Medicare and Medicaid; required regulatory approvals for operation of health care facilities; a failure to comply with applicable law or regulations for the operation of health care facilities; the adequacy of insurance coverage maintained by the Company’s operators; the Company’s reliance on a few major operators; the Company’s ability to find suitable replacement operators for its SHOP communities; the Company’s ability to renew leases or enter into favorable terms of renewals or new leases; the impact of inflation; operator financial or legal difficulties; the sufficiency of collateral securing mortgage loans; an impairment of the Company’s real estate investments; the relative illiquidity of the Company’s real estate investments; the Company’s ability to develop and complete construction projects; the Company’s ability to invest cash proceeds for health care properties; a failure to qualify as a REIT; the Company’s ability to grow if access to capital is limited; and a failure to maintain or increase the Company’s dividend. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under “Risk Factors” and other information contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Company’s subsequent Quarterly Reports on Form 10-Q, and the Company’s publicly available filings with the Securities and Exchange Commission. The Company does not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise. Although the Company’s management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements.