LTC PROPERTIES INC

LTC Properties, Inc. (NASDAQ: LTC) operates as a real estate investment trust specializing in seniors housing and healthcare properties. The company's website is www.LTCreit.com.

LTC Properties invests primarily in seniors housing and health care facilities through various structures including fee ownership of properties leased to operators, mortgage financing, mezzanine loans, and real estate partnerships. The company began utilizing the REIT Investment Diversification and Empowerment Act of 2007 structure in the second quarter of 2025, establishing a new operating segment focused on directly operating seniors housing communities through independent third-party operators.

The company operates two reportable segments. The Real Estate Investments Segment comprises the Triple-Net Portfolio, financing receivables, mortgage loans, notes receivable, and unconsolidated joint ventures, generating approximately 90.3 percent of net operating income. The SHOP Segment, representing the company's direct operations of seniors housing communities, contributes approximately 8.8 percent of net operating income.

As of December 31, 2025, LTC Properties maintained a total investment portfolio with a carrying value of approximately $2.0 billion across 186 properties containing 7,962 units. The portfolio includes 98 triple-net leased properties, 31 financing receivable properties, 26 mortgage-secured properties, 5 note receivable properties, and 25 directly operated seniors housing communities located across multiple states. The company's property types include independent living facilities, assisted living communities, memory care facilities, and skilled nursing centers.

LTC Properties employs 25 people and maintains relationships with 18 different operators across its triple-net portfolio and seven independent operators managing its SHOP segment properties. The company has invested approximately $781.5 million in new acquisitions over the past three years while disposing of properties totaling $252.2 million in sales proceeds.

As a REIT, LTC Properties is required to distribute at least 90 percent of taxable income to shareholders annually and is generally not subject to federal income tax on distributed income. The company's business model focuses on identifying and acquiring healthcare properties with strong cash flows and experienced operators while maintaining portfolio diversification across geography and operator relationships.