8-K - LTC - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20459

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report: May 5, 2025

(Date of earliest event reported)

LTC PROPERTIES, INC.

(Exact name of Registrant as specified in its charter)


Maryland	1-11314	71-0720518
(State or other jurisdiction of	(Commission file number)	(I.R.S. Employer
incorporation or organization)		Identification No)

3011 Townsgate Road, Suite 220

Westlake Village , CA **** 91361

(Address of principal executive offices)

( 805 ) 981-8655

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common stock, $.01 par value		LTC		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. — Results of Operations and Financial Condition

On May 5, 2025, LTC Properties, Inc. announced the operating results for the quarter ended March 31, 2025. The text of the press release and the supplemental information package are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are specifically incorporated by reference herein.

The information in this Form 8-K and the related information in the exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any filing of LTC under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01. — Financial Statements and Exhibits

	99.1	Press Release issued May 5, 2025.

	99.2	LTC Properties, Inc. Supplemental Information Package for the period ending March 31, 2025.

	104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

	LTC PROPERTIES, INC.
Dated: May 5, 2025	By:	/s/ CAROLINE CHIKHALE
		Caroline Chikhale
		Executive Vice President, Chief Financial Officer <br>and Treasurer

Exhibit 99.1

<br><br><br><br>	<br><br><br><br><br><br><br><br>-8655<br><br>
<br><br><br><br>	<br><br>FOR IMMEDIATE RELEASE<br><br><br><br>For more information contact:<br><br>Mandi Hogan<br><br>(805) 981-8655

LTC REPORTS 2025 FIRST QUARTER RESULTS

-- Transitioned 12 Properties to New SHOP Portfolio; RIDEA Strategy Unlocking New Opportunities for Value Creation --

-- Issues Full Year 2025 Guidance --

WESTLAKE VILLAGE, CALIFORNIA, May 5, 2025 -- LTC Properties, Inc. (NYSE: LTC) (“LTC” or the “Company”), a real estate investment trust that primarily invests in seniors housing and health care properties, today announced operating results for the first quarter ended March 31, 2025.


	Three Months Ended
	March 31,
(unaudited, amounts in thousands, except per share data)	2025		2024
Total revenues	$	49,031	$	51,366
Net income available to common stockholders	$	20,517	$	24,065
Diluted earnings per common share	$	0.45	$	0.56

NAREIT funds from operations attributable to common stockholders ("FFO")^(1)^	$	29,508	$	29,909
NAREIT diluted FFO per common share^(1)^	$	0.65	$	0.69

FFO attributable to common stockholders, excluding non-recurring items ("Core FFO")^(1)^	$	29,913	$	27,532
Diluted Core FFO per share^(1)^	$	0.65	$	0.64

Funds available for distribution ("FAD")^(1)^	$	34,680	$	31,274
Diluted FAD per share^(1)^	$	0.76	$	0.73

FAD, excluding non-recurring items ("Core FAD")^(1)^	$	32,021	$	28,897
Diluted Core FAD per share^(1)^	$	0.70	$	0.67

(1)	Represents non-GAAP financial measures. A reconciliation of these measures is included in the tables at the end of this press release.

More detailed financial information is available in the tables at the end of this press release, the Company’s Supplemental Operating and Financial Data presentation for the 2025 first quarter, and its Form 10-Q, as filed with the Securities and Exchange Commission, both of which can be found in the Investor Relations section of www.ltcreit.com.

“We’re off to a strong start this year, with $176 million in gross assets converted or soon to be converted into a new SHOP portfolio, the hiring of an industry veteran with significant experience as our new chief investment officer, and a strong and growing pipeline,” said LTC’s co-CEOs Pam Kessler and Clint Malin. “The implementation of our RIDEA strategy has unlocked new opportunities for performance-driven upside. With momentum building and growth as our key priority, and backed by a seasoned team, ample access to capital, and a $300 million investment pipeline, we’re prepared to execute with discipline and precision to drive long-term, value-driven growth.” 1

First Quarter 2025 Financial Results:

●	Total revenues decreased due to one-time revenue received in 2024 related to the repayment of a $2.4 million of rent credit received in connection with the sale of a 110-unit assisted living community, and lower revenue from property sales and mortgage loan payoffs, partially offset by rent increases from fair-market rent resets, and higher income from sale lease-back financing receivables and additional loan funding.
●	Expenses increased due to a higher provision for credit losses related to the write-off of a note receivable and related interest receivable in connection with the conversion of a triple-net portfolio of 12 properties into the Company’s new structure authorized by the Real Estate Investment Trust (“REIT”) Investment Diversification and Empowerment Act of 2007 (“RIDEA”), and higher general and administrative expenses primarily due to higher incentive compensation in 2025 than in 2024. These increases were partially offset by lower interest expense from paying down the Company’s unsecured revolving line of credit, and scheduled principal paydowns on its senior unsecured notes, as well as reduced property tax expense.
---	---
●	Income from unconsolidated joint ventures increased as a result of receiving a 13% exit IRR of $3.0 million from the redemption of the Company’s preferred equity interest in a joint venture, and a 2024 mortgage loan origination accounted for as an unconsolidated joint venture in accordance with Generally Accepted Accounting Principles.
---	---
●	Income allocated to non-controlling interests increased due to new consolidated joint ventures formed in 2024 related to the increase in the sale lease-back financing receivable.
---	---
●	Net income available to common shareholders decreased by $3.5 million, primarily due to a decrease in gain on sale, and the changes in revenue and expenses, discussed above. These impacts were partially offset by an increase in income from unconsolidated joint ventures as a result of receiving a 13% exit IRR upon the redemption of our preferred equity interest in a joint venture.
---	---

2025 First Quarter Portfolio Update:

Preferred Equity Redemption and Asset Sale

●	Received $16.0 million, including a 13% exit IRR of $3.0 million, from the redemption of a preferred equity investment in a joint venture that owns a 267-unit independent and assisted living community in Washington;
●	Closed and sold a non-revenue producing 39-unit assisted living community in Ohio for $1.0 million, recording a gain on sale of $267,000; and
---	---
●	As previously announced, sold a non-revenue producing 29-unit assisted living community in Oklahoma for $670,000.
---	---

Debt and Equity

●	Borrowed $4.5 million under the Company’s unsecured revolving line of credit;
●	Repaid $7.0 million in scheduled principal paydowns on the Company’s senior unsecured notes; and
---	---
●	Sold 238,100 shares of common stock, generating $8.5 million of net proceeds under an equity distribution agreement.
---	---

Activities subsequent to March 31, 2025:

●	Transitioned 12 properties under Anthem’s triple-net leases into the new seniors housing operating portfolio (“SHOP”) under the RIDEA structure. An additional property with New Perspective is expected to transition later in the second quarter. The combined existing gross book value totals $176.1 million;
●	Repaid $18.9 million under the unsecured revolving line of credit; and
---	---
●	Sold 30,400 shares of common stock, generating $1.1 million in net proceeds under an equity distribution agreement.
---	---

Balance Sheet and Liquidity as of March 31, 2025:

LTC’s total liquidity was $681.2 million, including:

●	$23.3 million of cash on hand;
●	$276.2 million available under the unsecured revolving line of credit; and
---	---
●	Capacity to issue up to $381.7 million of common stock under LTC’s equity distribution agreements.
---	---

Guidance

The Company introduced 2025 full-year guidance, which includes the following:

●	The conversion of Anthem’s triple-net portfolio of 12 properties and the pending conversion of a property under New Perspective’s triple-net lease into the Company’s new SHOP portfolio;
●	SHOP net operating income (“NOI”) for the remaining eight months of 2025 in the range of $9.4 million to $10.3 million;
---	---
●	SHOP FAD capital expenditures for the remaining eight months of 2025 in the range of $600,000 to $800,000, or approximately $700 to $1,000 per unit (or $1,100 to $1,400 annualized per unit); and
---	---
●	General and administrative expenses for the full year of 2025 between $28.6 million and $29.5 million.
---	---
●	The guidance excludes additional investments, potential asset sales, financing, or equity issuances, as well as one-time, non-recurring items as follows:
---	---
o	A $6.5 million lease termination fee payment related to the pending New Perspective conversion;
---	---
o	Incremental RIDEA ramp-up and execution costs of approximately $1.1 million to $1.5 million, of which $303,000 were expensed during the first quarter; and
---	---
o	Approximately $1.1 million associated with an employee’s retirement.
---	---

Information and a reconciliation of funds from operations attributable to common stockholders, excluding non-recurring items, (“Core FFO”) and funds available for distribution, excluding non-recurring items, (“Core FAD”) can be found in the tables at the end of this press release.

●	GAAP net income attributable to LTC between $3.38 and $3.42 per share.
●	Diluted Core FFO between $2.65 and $2.69 per share.
---	---
●	Diluted Core FAD between $2.78 and $2.82 per share.
---	---

Conference Call Information

LTC will conduct a conference call on Tuesday, May 6, 2025, at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time), to provide commentary on its performance and operating results for the quarter ended March 31, 2025. The conference call is accessible by telephone and the internet. Interested parties may access the live conference call via the following:


Webcast		www.LTCreit.com
USA Toll-Free Number		(888) 506-0062
International Number		(973) 528-0011
Conference Access Code		157482

Additionally, an audio replay of the call will be available one hour after the live call through May 20, 2025 via the following:


USA Toll-Free Number		(877) 481-4010
International Number		(919) 882-2331
Conference Number		52316

About LTC

LTC is a real estate investment trust (REIT) investing in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint-ventures and structured finance solutions including preferred equity and mezzanine lending. LTC’s investment portfolio includes 187 properties in 25 states with 28 operating partners. Based on its gross real estate investments, LTC’s investment portfolio is comprised of approximately 50% seniors housing and 50% skilled nursing properties. Learn more at www.LTCreit.com. 3

Forward-Looking Statements

This press release 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 2025 full-year guidance and statements regarding the Company’s RIDEA pipeline, anticipated growth, 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, 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 federal, state, or local 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 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” contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025, 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.

(financial tables follow) 4

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(amounts in thousands, except per share amounts)


	Three Months Ended
	March 31,
	2025			2024
	(unaudited)
Revenues:
Rental income	$	31,444		$	33,549
Interest income from financing receivables ^(1)^		7,002	^^		3,830
Interest income from mortgage loans		9,179			12,448
Interest and other income		1,406			1,539
Total revenues		49,031			51,366

Expenses:
Interest expense		7,913			11,045
Depreciation and amortization		9,162			9,095
Provision for credit losses		3,052			24
Transaction costs		441			266
Property tax expense		3,107	^^		3,383
General and administrative expenses		6,971			6,491
Total expenses		30,646			30,304

Other operating income:
Gain on sale of real estate, net		171			3,251
Operating income		18,556			24,313
Income from unconsolidated joint ventures		3,665	^(2)^		376
Net income		22,221			24,689
Income allocated to non-controlling interests		(1,541)			(459)
Net income attributable to LTC Properties, Inc.		20,680			24,230
Income allocated to participating securities		(163)			(165)
Net income available to common stockholders	$	20,517		$	24,065

Earnings per common share:
Basic	$	0.45		$	0.56
Diluted	$	0.45		$	0.56

Weighted average shares used to calculate earnings per
common share:
Basic		45,333			42,891
Diluted		45,683			43,032

Dividends declared and paid per common share	$	0.57		$	0.57

(1)	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 the Consolidated Statements of Income.
(2)	Increase primarily due to the 13% exit IRR received in connection with the redemption of LTC’s preferred equity investment in a joint venture.
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LTC PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except per share amounts)


	March 31, 2025			December 31, 2024
	(unaudited)			(audited)
ASSETS
Investments:
Land	$	111,223		$	118,209
Buildings and improvements		1,146,891			1,212,853
Accumulated depreciation and amortization		(383,853)			(405,884)
Operating real estate property, net		874,261			925,178
Properties held-for-sale, net of accumulated depreciation: 2025—$29,284;<br><br>2024—$1,346		42,458			670
Real property investments, net		916,719			925,848
Financing receivables,^(1)^net of credit loss reserve: 2025—$3,615; 2024—$3,615		357,845			357,867
Mortgage loans receivable, net of credit loss reserve: 2025—$3,169; 2024—$3,151		314,358			312,583
Real estate investments, net		1,588,922			1,596,298
Notes receivable, net of credit loss reserve: 2025—$448; 2024—$477		44,338			47,240
Investments in unconsolidated joint ventures		17,602			30,602
Investments, net		1,650,862			1,674,140

Other assets:
Cash and cash equivalents		23,295			9,414
Debt issue costs related to revolving line of credit		1,218			1,410
Interest receivable		61,754			60,258
Straight-line rent receivable		20,685	^^		21,505
Lease incentives		3,074	^^		3,522
Prepaid expenses and other assets		14,621	^^		15,893
Total assets	$	1,775,509		$	1,786,142

LIABILITIES
Revolving line of credit	$	148,850		$	144,350
Term loans, net of debt issue costs: 2025—$154; 2024—$192		99,846			99,808
Senior unsecured notes, net of debt issue costs: 2025—$1,017; 2024—$1,058		433,483			440,442
Accrued interest		2,924			3,094
Accrued expenses and other liabilities		41,104	^^		45,443
Total liabilities		726,207			733,137

EQUITY
Stockholders’ equity:
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2025—45,888; 2024—45,511		459			455
Capital in excess of par value		1,091,524			1,082,764
Cumulative net income		1,746,115			1,725,435
Accumulated other comprehensive income		2,905			3,815
Cumulative distributions		(1,879,101)			(1,851,842)
Total LTC Properties, Inc. stockholders’ equity		961,902			960,627
Non-controlling interests		87,400			92,378
Total equity		1,049,302			1,053,005
Total liabilities and equity	$	1,775,509		$	1,786,142

(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.

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOW****S

(unaudited, amounts in thousands)


	Three Months Ended
	March 31,
	2025		2024
OPERATING ACTIVITIES:
Net income	$	22,221	$	24,689
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		9,162		9,095
Stock-based compensation expense		2,253		2,202
Gain on sale of real estate, net		(171)		(3,251)
Income from unconsolidated joint ventures		(3,665)		(376)
Income distributions from unconsolidated joint ventures		3,699		112
Straight-line rent adjustment		578		550
Adjustment for collectability of rental income		243		—
Adjustment for collectability of lease incentives		249		—
Amortization of lease incentives		199		233
Provision for credit losses		3,052		24
Application of interest reserve		—		(52)
Amortization of debt issue costs		271		267
Other non-cash items, net		24		24
Change in operating assets and liabilities
Lease incentives funded		—		(1,395)
Increase in interest receivable		(2,951)		(2,220)
(Decrease) increase in accrued interest payable		(170)		996
Net change in other assets and liabilities		(5,423)		(9,832)
Net cash provided by operating activities		29,571		21,066
INVESTING ACTIVITIES:
Investment in real estate properties		—		(315)
Investment in real estate capital improvements		(1,326)		(1,329)
Proceeds from sale of real estate, net		1,512		25,306
Investment in real estate mortgage loans receivable		(1,919)		(3,128)
Principal payments received on mortgage loans receivable		124		125
Proceeds from redemption of investments in unconsolidated joint ventures		13,000		—
Principal payments received on notes receivable		238		550
Net cash provided by investing activities		11,629		21,209
FINANCING ACTIVITIES:
Borrowings from revolving line of credit		15,000		10,300
Repayment of revolving line of credit		(10,500)		(35,500)
Principal payments on senior unsecured notes		(7,000)		(6,000)
Proceeds from common stock issued		8,485		4,453
Payments of common share issuance costs		(74)		(116)
Distributions paid to stockholders		(27,259)		(24,616)
Acquisition of and distribution paid to non-controlling interests		(1,188)		(109)
Financing costs paid		—		(402)
Cash paid for taxes in lieu of shares upon vesting of restricted stock		(4,772)		(1,532)
Other		(11)		(29)
Net cash used in financing activities		(27,319)		(53,551)
Increase (decrease) in cash and cash equivalents		13,881		(11,276)
Cash and cash equivalents, beginning of period		9,414		20,286
Cash and cash equivalents, end of period	$	23,295	$	9,010

See LTC’s most recent Quarterly Report on Form 10-Q for Supplemental Cash Flow Information 7

Supplemental Reporting Measures

FFO and FAD are supplemental measures of a real estate investment trust’s (“REIT”) financial performance that are not defined by U.S. generally accepted accounting principles (“GAAP”). Investors, analysts and the Company use FFO and FAD as supplemental measures of operating performance. The Company believes FFO and FAD are helpful in evaluating the operating performance of a REIT. Real estate values historically rise and fall with market conditions, but cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. We believe that by excluding the effect of historical cost depreciation, which may be of limited relevance in evaluating current performance, FFO and FAD facilitate like comparisons of operating performance between periods. Occasionally, the Company may exclude non-recurring items from FFO and FAD in order to allow investors, analysts and management to compare the Company’s operating performance on a consistent basis without having to account for differences caused by unanticipated items.

FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), means net income available to common stockholders (computed in accordance with GAAP) excluding gains or losses on the sale of real estate and impairment write-downs of depreciable real estate, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. The Company’s computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or have a different interpretation of the current NAREIT definition from that of the Company; therefore, caution should be exercised when comparing the Company’s FFO to that of other REITs.

We define FAD as FFO excluding the effects of straight-line rent, amortization of lease inducement, effective interest income, deferred income from unconsolidated joint ventures, non-cash compensation charges, capitalized interest and non-cash interest charges. GAAP requires rental revenues related to non-contingent leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. This method results in rental income in the early years of a lease that is higher than actual cash received, creating a straight-line rent receivable asset included in the consolidated balance sheet. At some point during the lease, depending on its terms, cash rent payments exceed the straight-line rent which results in the straight-line rent receivable asset decreasing to zero over the remainder of the lease term. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a loan based on the initial origination value. Similar to the accounting methodology of straight-line rent, the actual interest rate is higher than the stated interest rate in the early years of a loan thus creating an effective interest receivable asset included in the interest receivable line item in the consolidated balance sheet and reduces down to zero when, at some point during the loan term, the stated interest rate is higher than the actual interest rate. FAD is useful in analyzing the portion of cash flow that is available for distribution to stockholders. Investors, analysts and the Company utilize FAD as an indicator of common dividend potential. The FAD payout ratio, which represents annual distributions to common shareholders expressed as a percentage of FAD, facilitates the comparison of dividend coverage between REITs.

While the Company uses FFO and FAD as supplemental performance measures of the cash flow generated by operations and cash available for distribution to stockholders, such measures are not representative of cash generated from operating activities in accordance with GAAP, and are not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income available to common stockholders.

Reconciliation of FFO and FAD

The following table reconciles GAAP net income available to common stockholders to each of NAREIT FFO attributable to common stockholders and FAD (unaudited, amounts in thousands):


	Three Months Ended
	March 31,
	2025			2024

GAAP net income available to common stockholders	$	20,517	^^	$	24,065
Add: Depreciation and amortization		9,162			9,095
Less: Gain on sale of real estate, net		(171)			(3,251)
NAREIT FFO attributable to common stockholders		29,508			29,909

Add (Less): Non-recurring items^(1)^		405			(2,377)
FFO attributable to common stockholders, excluding non-recurring items ("Core FFO")	$	29,913		$	27,532

NAREIT FFO attributable to common stockholders	$	29,508		$	29,909
Non-cash income:
Add: Straight-line rent adjustment		578			550
Add: Amortization of lease incentives		447			233
Add: Other non-cash contra-revenue		243			—
Less: Effective interest income		(1,401)			(1,644)
Net non-cash income		(133)			(861)

Non-cash expense:
Add: Non-cash compensation charges		2,253			2,202
Add: Provision for credit losses		3,052			24
Net non-cash expense		5,305			2,226

Funds available for distribution ("FAD")		34,680			31,274

Less: Non-recurring income^(1)^		(2,659)			(2,377)
FAD, excluding non-recurring items ("Core FAD")	$	32,021		$	28,897

(1)	See the reconciliation of non-recurring items on the following page for further detail.

Reconciliation of FFO and FAD (continued)

The following table continues the reconciliation between GAAP net income available to common stockholders and each of NAREIT FFO attributable to common stockholders and FAD by reconciling the non-recurring items (unaudited, amounts in thousands):


	Three Months Ended
	March 31,
	2025			2024
Reconciliation of non-recurring adjustments to NAREIT FFO:
Add: Working capital note and interest receivable write-off	$	3,064	^(1)^	$	—
Add: One-time transaction costs associated with the startup of new RIDEA platform		303			—
Deduct: Income from unconsolidated joint venture related to the 13% exit IRR received		(2,962)	^(2)^		—
Deduct: One-time rental income related to sold properties		—			(2,377)	^(3)^
Total non-recurring adjustments to NAREIT FFO	$	405		$	(2,377)

Reconciliation of non-recurring adjustments to FAD:
Deduct: Income from unconsolidated joint venture related to the 13% exit IRR received	$	(2,962)	^(2)^	$	—
Add: One-time transaction costs associated with the startup of new RIDEA platform		303			—
Deduct: One-time rental income related to sold properties		—			(2,377)	^(3)^
Total non-recurring cash adjustments to FAD	$	(2,659)		$	(2,377)

(1)	Represents the write-off of a working capital note and related interest receivable balance in connection with the transition to RIDEA.
(2)	Represents the 13% exit IRR received in connection with the redemption of LTC’s preferred equity investment in a joint venture.
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(3)	Represents one-time rent credit received in connection with the sale of a 110-unit assisted living community in Wisconsin. The rent credit was provided to the operator during the new construction lease-up.
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Reconciliation of FFO and FAD (continued)

The following table continues the reconciliation between GAAP net income available to common stockholders and each of NAREIT FFO attributable to common stockholders and FAD (unaudited, amounts in thousands, except per share amounts):


	Three Months Ended
	March 31,
	2025		2024

Basic NAREIT FFO attributable to common stockholders per share	$	0.65	$	0.70
Diluted NAREIT FFO attributable to common stockholders per share	$	0.65	$	0.69

Diluted NAREIT FFO attributable to common stockholders	$	29,671	$	30,074
Weighted average shares used to calculate NAREIT diluted FFO attributable to common stockholders per share		45,961		43,309


Basic Core FFO per share	$	0.66	$	0.64
Diluted Core FFO per share	$	0.65	$	0.64

Diluted Core FFO	$	30,076	$	27,697
Weighted average shares used to calculate diluted Core FFO per share		45,961		43,309


Basic FAD per share	$	0.77	$	0.73
Diluted FAD per share	$	0.76	$	0.73

Diluted FAD	$	34,843	$	31,439
Weighted average shares used to calculate diluted FAD per share		45,961		43,309


Basic Core FAD per share	$	0.71	$	0.67
Diluted Core FAD per share	$	0.70	$	0.67

Diluted Core FAD	$	32,184	$	29,062
Weighted average shares used to calculate diluted Core FAD per share		45,961		43,309

Reconciliation of FFO and FAD (continued)

Guidance

The Company is providing guidance for the 2025 full year. The following guidance ranges reflect management's view of current and future market conditions. There can be no assurance that 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, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments. The 2025 full year guidance is as follows (unaudited, amounts in thousands, except per share amounts):


	Full Year 2025 Guidance^(1)^
	Low		High
GAAP net income attributable to LTC Properties, Inc.	$	3.38	$	3.42
Less: Gain on sale, net of impairment loss		(1.74)		(1.74)
Add: Depreciation and amortization		0.80		0.80
Add: Effect of dilutive securities		0.02		0.02
Diluted NAREIT FFO attributable to common stockholders		2.46		2.50
Add: Non-recurring one-time items^(2)^		0.19		0.19
Diluted Core FFO	$	2.65	$	2.69

NAREIT FFO attributable to common stockholders	$	2.44	$	2.48
Less: Non-cash income		(0.04)		(0.04)
Add: Non-cash expense		0.27		0.27
Less: Recurring capital expenditures		(0.02)		(0.02)
Add: Effect of dilutive securities		0.02		0.02
Diluted FAD		2.67		2.71
Add: Non-recurring on-time items^(2)^		0.11		0.11
Diluted Core FAD	$	2.78	$	2.82

(1)	The guidance assumptions include the following:
a)	The conversion of Anthem’s triple-net portfolio of 12 properties and the pending conversion of a property under New Perspective’s triple-net lease into the Company’s new SHOP;
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b)	SHOP NOI for the remaining eight months of 2025 in the range of $9,400 to $10,300;
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c)	SHOP FAD capital expenditures for the remaining eight months of 2025 in the range of $600 to $800 or approximately $0.7 to $1.0 per unit (or $1.1 to $1.4 annualized per unit); and
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d)	General and administrative expenses for the full year of 2025 between $28,600 and $29,500.
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e)	The guidance excludes additional investments, potential asset sales, financing, or equity issuances, as well as one-time, non-recurring items as follows:
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i.	A $6,500 lease termination fee payment related to the pending New Perspective conversion;
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ii.	Incremental RIDEA ramp-up and execution costs of approximately $1,100 to $1,500, of which $303 were expensed during the first quarter; and
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iii.	Approximately $1,100 associated with an employee’s retirement.
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(2)	Represents items included in the reconciliation of non-recurring items above, the $6,500 lease termination fee payment, approximately $1,100 to $1,500 of incremental RIDEA ramp-up costs, and the $1,100 of costs associated with an employee’s retirement.
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Exhibit 99.2

RENEWAL<br>AND<br>TRANSITION<br>SUPPLEMENTAL<br>OPERATING<br>AND<br>FINANCIAL DATA<br>FIRST QUARTER 2025
1Q 2025 SUPPLEMENTAL REPORT<br>INVESTMENTS 3<br>Acquisitions and Acquisitions Accounted for as Financing Receivables<br>Mortgage Loans<br>Joint Ventures<br>Purchase Options<br>PORTFOLIO 7<br>Overview<br>Diversification - Operators<br>Diversification - Maturity<br>Diversification - Geography<br>Real Estate Investments Metrics<br>FINANCIAL 15<br>Enterprise Value<br>Debt Metrics<br>Debt Maturity<br>Financial Data Summary<br>Consolidated Statements of Income<br>Consolidated Balance Sheets<br>Funds from Operations<br>GLOSSARY 26<br>FORWARD-LOOKING STATEMENTS 28<br>AND NON-GAAP INFORMATION<br>2<br>LEADERSHIP<br>Any opinions, estimates, or forecasts regarding LTC’s performance made by the analysts listed<br>above do not represent the opinions, estimates, and forecasts of LTC or its management.<br>BOARD OF DIRECTORS<br>ANALYSTS<br>LTC PROPERTIES, INC.<br>3011 Townsgate Road,<br>Suite 220<br>Westlake Village, CA 91361<br>805-981-8655<br>www.LTCreit.com<br>TRANSFER AGENT<br>Broadridge Shareholder Services<br>c/o Broadridge Corporate Issuer<br>Solutions<br>1155 Long Island Avenue<br>Edgewood, NY 11717-8309<br>ATTN: IWS<br>866-708-5586<br>WENDY SIMPSON Executive Chairman<br>CORNELIA CHENG ESG Committee Chairman<br>DAVID GRUBER Investment Committee Chairman<br>BOYD HENDRICKSON Lead Independent Director and<br>Nominating & Corporate Governance<br>Committee Chairman<br>BRADLEY PREBER Audit Committee Chairman<br>TIMOTHY TRICHE, MD Compensation Committee Chairman<br>JUAN SANABRIA BMO Capital Markets Corp.<br>AARON HECHT Citizens JMP Securities, LLC<br>OMOTAYO OKUSANYA Deutsche Bank Securities Inc.<br>JOE DICKSTEIN Jefferies LLC<br>AUSTIN WURSCHMIDT KeyBanc Capital Markets, Inc.<br>MICHAEL CARROLL RBC Capital Markets Corp.<br>RICHARD ANDERSON Wedbush<br>JOHN KILICHOWSKI Wells Fargo Securities, LLC<br>WENDY SIMPSON Executive Chairman<br>PAM KESSLER Co-President and Co-CEO<br>CLINT MALIN Co-President and Co-CEO<br>CECE CHIKHALE EVP, Chief Financial Officer, Treasurer and Secretary<br>DAVID BOITANO EVP, Chief Investment Officer<br>GIBSON SATTERWHITE EVP, Asset Management<br>MIKE BOWDEN SVP, Investments<br>MANDI HOGAN SVP, Marketing<br>TABLE OF CONTENTS<br>CONTACT INFORMATION
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1Q 2025 SUPPLEMENTAL REPORT<br>CONTRACTUAL<br># O F PROPERTY DATE OF INITIAL<br>PRO PERTIES TYPE # O F UNITS LO CATIO N OPERATOR CONSTRUCTIO N CASH YIELD<br> —<br> (1)<br> —<br> (1) Feb-2024 — Great Bend, KS Brookdale Senior Living — 8.00% 315 $<br>DATE<br>PURCHASE<br>PRICE<br>ACQUISITIONS<br>INVESTMENTS I 3<br>REAL ESTATE ACTIVITIES – INVESTMENTS<br>(DOLLAR AMOUNTS IN THOUSANDS)<br>(1) We purchased a land parcel adjacent to an existing assisted living community.<br>ACQUISITIONS ACCOUNTED FOR AS FINANCING RECEIVABLES(1)<br>CONTRACTUAL<br># OF PROPERTY DATE OF INITIAL<br>PROPERTIES TYPE # OF UNITS LO CATION OPERATOR CONSTRUCTION CASH YIELD<br>13 ILF/ALF/MC 523 units Various cities in NC & SC ALG Senior 1992-2015 7.25% 5,546 $ (2)<br>4 ALF/MC 217 units Various cities in NC ALG Senior 2018-2022 7.25% 2,766 (3)<br>17 740 units 8,312 $<br>DATE<br>ADDITIONAL<br>INVE STMENT<br>Jun-2024<br>Jun-2024<br>(1) Financing receivables represent acquisitions through sale-leaseback transactions, subject to lease agreements that contain purchase options. In accordance with GAAP, the purchased assets are required to be presented as<br>a financing receivable on our Consolidated Balance Sheets and the rental income received is required to be presented as interest income from financing receivables on our Consolidated Statements of Income. (2) We funded $5,546 under our mortgage loan and exchanged the $64,450 mortgage loan receivable for a 53% controlling interest in a newly formed $122,460 joint venture with an affiliate of ALG Senior. The JV purchased<br>13 independent living, assisted living and memory care communities and leased the communities to an affiliate of ALG Senior under a 10-year master lease, which contains an option to purchase the properties through June<br>2028. See Consolidated Joint Ventures on page 5.<br>(3) We funded $2,766 under our mortgage loan and exchanged the $37,985 mortgage loans receivable for a 93% controlling interest in a newly formed $41,000 joint venture with an affiliate of ALG Senior. The JV purchased<br>four assisted living and memory care communities and a parcel of land and leased the communities to an affiliate of ALG Senior under a 10-year master lease, which contains an option to purchase the properties through<br>June 2028. See Consolidated Joint Ventures on page 5.
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1Q 2025 SUPPLEMENTAL REPORT<br>TOTAL<br>INVESTMENT 1Q25 FUNDED REMAINING<br>LOCATION TO DATE COMMITMENT<br> 1Q24 (1) Lansing, MI 19,500 $ 1,919 $ 14,672 $ 4,828 $<br> 3Q25 (2) Loves Park, IL 26,120 — — 26,120 $ 1,919 45,620 $ 14,672 $ 30,948 $<br>INCEPTION DATE COMMITMENT FUNDING<br>INTEREST<br>ESTIMATED<br>MORTGAGE LOANS<br>INVESTMENTS I 4<br># OF PROPERTY # UNITS/ MATURITY INITIAL<br>PRO PERTIES TYPE BEDS LO CATION OPERATO R DATE O RIGINATIO N INVESTME NT<br>1 UDP - ALF/MC 85 units Lansing, MI Encore Senior Living Sep-2026 8.75% 19,500 $ 2,940 $ 16,560 $<br>1 UDP - ILF/ALF/MC 116 units Loves Park, IL Encore Senior Living Jul-2030 9.00% 26,120 — 26,120 2 201 units 45,620 $ (1) $ 42,680 2,940 $ (1) CONTRACTUAL INITIAL<br>Jan-2024<br>Jul-2024<br>COMMITMENT<br>INITIAL ADDITIONAL<br>DATE RATE<br>(1) Represents mortgage loans commitment to construct senior living communities. The borrowers contributed equity, which will initially fund the constructions. Once all of the borrower’s equity has been drawn, we will fund the<br>additional commitment.<br>REAL ESTATE ACTIVITIES – INVESTMENTS<br>(DOLLAR AMOUNTS IN THOUSANDS)<br>(1) Began funding in 1Q24 under this construction loan commitment which was originated in<br>July 2023. The borrower contributed $12,100 of equity at commencement, which was used<br>to initially fund the construction. The interest only loan term is approximately three years,<br>and includes two, one-year extensions, each of which is contingent to certain coverage<br>thresholds.<br>(2) The borrower contributed $12,300 of equity, which will initially fund the construction. Once<br>all of the borrower’s equity has been drawn, expected in 3Q25, we will begin funding the<br>commitment. The loan term is approximately six years at a current rate of 9.0% and IRR of<br>9.5%.<br>MORTGAGE LOANS FUNDING
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1Q 2025 SUPPLEMENTAL REPORT<br>(1) The initial cash rate is 7.00% increasing to 9.00% in year-four until the IRR is 8.00%. After achieving an 8.00% IRR, the cash rate drops to 8.00% with an IRR ranging between of 12.00% and 14.00% depending upon timing of<br>redemption. Our investment represents 15.50% of the total investment. We have the option to require the JV partner to purchase our preferred equity interest at any time between August 17, 2031 and December 31, 2036.<br>(2) Represents a mortgage loan accounted for as an unconsolidated JV in accordance with GAAP. The five-year mortgage loan is interest only.<br>CONSOLIDATED JOINT VENTURES<br>UNCONSOLIDATED JOINT VENTURES<br>INVESTMENTS I 5<br>REAL ESTATE ACTIVITIES – JOINT VENTURES - CURRENT INVESTMENTS HELD<br>(DOLLAR AMOUNTS IN THOUSANDS)<br>TOTAL<br># OF PROPE RTY # OF INVE STMENT FUNDE D<br>PRO PERTIES TYPE UNITS/BEDS LOCATIO N OPERATO R TYPE TO DATE<br>2020 1 ALF/MC 109 units Arlington, WA Fields Senior Living Preferred Equity 9.00% (1) $ 6,340 6,340 $ — $<br>2024 1 SNF/ALF 104 beds Katy, TX Ignite Medical Resorts Senior Loan 9.15% (3) 11,262 12,700 1,438 2 109 units/104 beds 19,040 $ 17,602 $ 1,438 $<br>COMMITMENT INVE STMENT<br>COMMITMENT<br>REMAINING<br>YEAR COMMITMENT RETURN<br>(1) We entered into these JVs to purchase senior housing and health care properties. In accordance with GAAP, the purchased assets are presented as a financing receivable on our Consolidated Balance Sheets.<br>(2) We entered into two JVs with an affiliate of ALG Senior to purchase 17 independent living, assisted living and memory care communities and a parcel of land, which we previously held three mortgage loans receivable due from<br>affiliates of ALG Senior. In accordance with GAAP, the purchased assets are presented as a financing receivable on our Consolidated Balance Sheets. See Acquisitions accounted for as Financing Receivables on page 3.<br>INVESTMENT PROPERTY # OF # OF LTC<br>YEAR TYPE PROPERTIES UNITS/BEDS LOCATION OPERATOR GAAP ACCOUNTING %<br>2022 SNF 3 299 beds Various cities in FL PruittHealth Financing Receivable(1) $ 14,325 76,801 $ 62,476 $ 81%<br>2023 ALF/MC 11 523 units Various cities in NC ALG Senior Financing Receivable(1) 2,916 121,419 118,503 98%<br>2023 ILF/ALF/MC 1 242 units Centerville, OH Encore Senior Living Owned Real Estate 56,332 9,134 47,198 84%<br>2024 ILF/ALF/MC 13 523 units Various cities in NC & SC ALG Senior Financing Receivable(2) 58,010 122,460 64,450 53%<br>2024 ALF/MC 4 217 units Various cities in NC ALG Senior Financing Receivable(2) 3,015 41,000 37,985 93%<br>32 1,505 units/299 beds 418,012 $ 87,400 $ 330,612 $<br>TOTAL NON-CONTROLLING<br>JOINT VENTURES INTEREST LTC<br>COMMITMENT CONTRIBUTION CONTRIBUTION
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1Q 2025 SUPPLEMENTAL REPORT INVESTMENTS I 6<br>REAL ESTATE ACTIVITIES – PURCHASE OPTIONS<br>(DOLLAR AMOUNTS IN THOUSANDS)<br>PURCHASE OPTIONS<br>CONSOLIDATED NON-OPTION # OF PRO PERTY AVERAGE AGE GROSS CONTROLLING GROSS<br>WINDOW OPERATOR STATE PROPERTIES TYPE IN YEARS INVESTMENTS INTEREST INVESTMENTS<br>2024-2028 (1) ALG Senior North Carolina 4 ALF 5.4 41,000 $ 3,015 $ 37,985 $ 2,973 $<br>2024-2028 (1) ALG Senior North Carolina, South Carolina 13 ILF/ALF/MC 24.3 122,460 58,010 64,450 8,878 2025 (2) Community Living Centers Tennessee 2 SNF 11.3 5,275 — 5,275 1,030 2025-2027 (3) PruittHealth Florida 3 SNF 5.9 76,581 14,325 62,256 5,951 2025-2027 Encore Senior Living Ohio 1 ILF/ALF/MC 6.3 54,812 9,134 45,678 3,886<br>2025-2029 (4) ALG Senior North Carolina 11 ALF/MC 20.0 121,419 2,916 118,503 9,106 2026 Mainstay Senior Living South Carolina 1 ALF 26.3 11,680 — 11,680 — (5) 2027 Legacy Senior Living Georgia, South Carolina 2 ALF/MC 9.3 32,266 — 32,266 420 (5) 2027-2029 Oxford Senior Living Oklahoma 4 ALF/MC 28.5 9,052 — 9,052 984 2027-2029 (6) Ignite Medical Resorts Texas 4 SNF 7.7 52,726 — 52,726 4,488 2029 Brookdale Senior Living Colorado, Kansas, Ohio, Texas 17 ALF/MC 20.4 65,134 — 65,134 10,058 2029 Navion Senior Solutions North Carolina 5 ALF 27.3 15,161 — 15,161 3,485 Total 67 607,566 $ 87,400 $ 520,166 $ 51,259 $<br>ANNUALIZED<br> CONTRACTUAL CASH<br>LTC PORTION OF LTC PORTION OF<br>(1) We entered into two JVs with an affiliate of ALG Senior to purchase 17 independent living, assisted living and memory care communities and a parcel of land, which we previously held three mortgage loans receivable due from<br>affiliates of ALG Senior. In accordance with GAAP, the purchased assets are presented as a financing receivable on our Consolidated Balance Sheets. (2) In 1Q25, a master lease covering two skilled nursing centers in Tennessee that was scheduled to mature in December 2025, was amended extending the maturity to December 31, 2026. Additionally, the master lease<br>purchase option window which expired on December 31, 2024, was extended for another year to December 31, 2025.<br>(3) These properties were acquired through a sale-leaseback transaction, subject to a lease agreement that contains a purchase option. In accordance with GAAP, the purchased properties are presented as a financing receivable on our Consolidated Balance Sheets. (4) The operator has the option to buy the properties in multiple tranches and in serial closings approved by us, with an exit IRR of 9.0% on any portion of the properties being purchased. In accordance with GAAP, these properties<br>are presented as a financing receivable on our Consolidated Balance Sheets.<br>(5) The rent for these leases are based on mutually agreed upon fair market rent.<br>(6) The master lease allows the operator to elect either an earn-out payment or purchase option. If neither option is elected within the timeframe defined in the lease, both elections are terminated.
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1Q 2025 SUPPLEMENTAL REPORT<br># OF % OF % OF<br>BY INVESTME NT TYPE PROPERTIE S INVESTME NT REVENUES(1 ) REVENUE S INCO ME STATE MENT LINE<br>Owned Portfolio 121 1,329,856 $ 64.2% 117,699 $ 63.3% Rental Income<br>Owned Properties accounted for as Financing Receivables(2) 361,460 31 17.5% 24,834 13.3% Interest Income from Financing Receivables<br>Mortgage Loans 27 317,527 (3) 15.3% (3) 19.7% Interest Income from Mortgage Loans 36,716<br>Notes Receivable 6 44,786 2.2% 5,110 2.8% Interest and Other Income<br>Unconsolidated Joint Ventures 2 17,602 0.8% 1,714 0.9% Income from Unconsolidated Joint Ventures<br>Total 187 2,071,231 $ 100.0% 186,073 $ 100.0%<br># OF % OF<br>BY PROPERTY TYPE PROPERTIE S INVESTME NT<br>Assisted Living 110 1,100,232 $ 53.1%<br>Skilled Nursing 76 958,994 46.3%<br>Other(4) 12,005 1 0.6%<br>Total 187 2,071,231 $ 100.0%<br> INVESTMENT<br>GROSS<br> INVESTMENT<br>TRAILING TWE LVE MONTHS ENDED<br>MARCH 31, 2025<br>GROSS<br>PORTFOLIO I<br>PORTFOLIO OVERVIEW<br>(AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS)<br>28<br>Operators<br>25<br>States 187 Properties<br>(1) See Trailing Twelve Months Revenues definition in the Glossary.<br>(2) Financing receivables represent acquisitions through sale-leaseback transactions, subject to lease agreements that contain<br>purchase options. In accordance with GAAP, the purchased assets are presented as a financing receivable on our Consolidated<br>Balance Sheets and the rental income received is required to be presented as interest income from financing receivables on our<br>Consolidated Statements of Income. (3) Mortgage loans include short-term loans of $62,628 or 3.0% of gross investment and long-term loans (Prestige) of $254,899 or<br>12.3% of gross investment. The weighted average maturity for our mortgage loans portfolio and long-term mortgage loans (Prestige)<br>at March 31, 2025 is 15.6 years and 19.1 years, respectively.<br>(4) Includes one behavioral health care hospital and three parcels for land held-for-use.<br>7<br>LONG-TERM INVESTMENTS include our Owned Portfolio,<br>Owned Properties accounted for as Financing<br>Receivables and Long-Term Mortgage Loans (Prestige)<br>which represent 94% of our Gross Investments.<br>SHORT-TERM INVESTMENTS represent investment<br>durations shorter than 10 years and include our Notes<br>Receivable, Unconsolidated Joint Ventures and Short-Term Mortgage Loans which represent 6% of our Gross<br>Investments.<br>Long-Term<br>Investments<br>94%<br>Short-Term<br>Investments,<br>6%
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1Q 2025 SUPPLEMENTAL REPORT PORTFOLIO I 8<br>PORTFOLIO OVERVIEW – DETAIL<br>(AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS)<br># OF<br>OWNED PORTFOLIO PROPERTIES RENTAL INCOME(1)<br>Assisted Living 70 719,428 $ 34.7% 52,467 $ 28.2%<br>Skilled Nursing 50 598,423 28.9% 64,059 34.5%<br>Other 1 12,005 0.6% 1,173 0.6%<br>Total 121 1,329,856 $ 64.2% 117,699 $ 63.3%<br>OWNED PROPERTIES ACCOUNTED FOR AS # OF<br>FINANCING RECEIVABLES(2) PROPERTIES FINANCING INCOME(1)<br>Assisted Living 28 284,879 $ 13.8% 19,224 $ 10.3%<br>Skilled Nursing 3 76,581 3.7% 5,610 3.0%<br>Total 31 361,460 $ 17.5% 24,834 $ 13.3%<br># OF MORTGAGE LOANS<br>MORTGAGE LOANS PROPERTIES INTEREST INCOME(1 )<br>Assisted Living 5 46,128 $ 2.2% 3,801 $ 2.0%<br>Skilled Nursing(3) 271,399 22 13.1% 32,915 17.7%<br>Total 27 317,527 $ 15.3% 36,716 $ 19.7%<br>REAL ESTATE INVESTMENTS 2,008,843 179 $ 97.0% 179,249 $ 96.3%<br># OF INTEREST AND<br>NOTES RECEIVABLE PROPERTIES OTHER INCOME(1)<br>Assisted Living 6 43,457 $ 2.1% 4,901 $ 2.7%<br>Skilled Nursing — 1,329 0.1% 209 0.1%<br>Total 6 44,786 $ 2.2% 5,110 $ 2.8%<br># OF UNCONSOLIDATED<br>UNCONSOLIDATED JOINT VENTURES PROPERTIES JV INCOME(1)<br>Assisted Living 1 6,340 $ 0.3% 536 $ 0.3%<br>Skilled Nursing 1 11,262 0.5% 1,178 0.6%<br>Total 2 17,602 $ 0.8% 1,714 $ 0.9%<br>TOTAL INVESTMENTS 2,071,231 187 $ 100.0% 186,073 $ 100.0%<br>GROSS % OF % OF TOTAL<br> INVESTMENT GROSS INVESTMENT REVENUES<br> INVESTMENT<br>GROSS<br>GROSS<br> INVESTMENT<br> GROSS INVESTMENT<br> % OF<br> GROSS INVESTMENT<br> % OF<br> INVESTMENT<br>TRAILING TWELVE MONTHS ENDED<br>MARCH 31, 2025<br>GROSS % OF<br> GROSS INVESTMENT REVENUES<br>% OF TOTAL<br> GROSS INVESTMENT<br> % OF<br>GROSS<br> INVESTMENT REVENUES<br>% OF TOTAL<br> REVENUES<br>% OF TOTAL<br> REVENUES<br>% OF TOTAL<br>28.2% 34.5%<br>0.6%<br>0.0%<br>25.0%<br>50.0%<br>ALF SNF OTH<br>RENTAL INCOME<br>(AS % OF TOTAL REVENUES)<br>MORTGAGE LOANS INTEREST INCOME<br>(AS % OF TOTAL REVENUES)<br>INTEREST & OTHER INCOME<br>(AS % OF TOTAL REVENUES)<br>UNCONSOLIDATED JV INCOME<br>(AS % OF TOTAL REVENUES)<br>2.0%<br>17.7%<br>0.0%<br>15.0%<br>30.0%<br>ALF SNF<br>2.7%<br>0.1%<br>0.0%<br>2.5%<br>5.0%<br>ALF SNF<br>0.3%<br>0.6%<br>0.0%<br>1.0%<br>2.0%<br>ALF SNF<br>10.3%<br>3.0%<br>0.0%<br>15.0%<br>30.0%<br>ALF SNF<br>FINANCING RECEIVABLES<br>(AS % OF TOTAL REVENUES)<br>(1) See Trailing Twelve Months Revenues definition in the Glossary.<br>(2) Financing receivables represent acquisitions through sale-leaseback transactions, subject to lease agreements that contain purchase options. In accordance with<br>GAAP, the purchased assets are required to be presented as a financing receivable on our Consolidated Balance Sheets and the rental income received is required to<br>be presented as interest income from financing receivables on our Consolidated Statements of Income. (3) Skilled nursing mortgage loans include short-term loans of $16,500 or 0.8% of gross investment and long-term loans (Prestige) of $254,899 or 12.3% of gross<br>investment. The weighted average maturity of Prestige loans is 19.1 years.
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1Q 2025 SUPPLEMENTAL REPORT<br>OPERATORS<br>PROPERTY<br>TYPE<br># OF<br>PROPERTIES % % %<br> GRO SS<br>INVESTMENT<br>NON-CONTROLLING<br>INTEREST<br> LTC PORTION<br>OF GROSS<br>INVESTMENT<br>Prestige Healthcare(3) SNF/OTH 23 28,701 $ 15.5% 28,701 $ 15.5% 32,399 $ 17.2% 268,896 $ — $ 268,896 $<br>ALG Senior ALF 29 21,747 11.7% 21,747 (4) 11.7% 23,187 (4) 12.3% 295,629 63,941 231,688 Anthem Memory Care MC 12 12,480 6.7% 12,480 6.7% 12,480 6.6% 153,714 — 153,714 Encore Senior Living(3) ALF/UDP 14 12,003 6.5% 12,003 (4) 6.5% 11,765 (4) 6.3% 195,355 9,134 186,221 HMG Healthcare SNF 13 11,666 6.3% 11,666 6.3% 11,666 6.2% 166,976 — 166,976 Carespring Health Care Management SNF 4 11,038 6.0% 11,038 6.0% 11,195 5.9% 102,940 — 102,940<br>Ignite Medical Resorts SNF 8 10,635 5.8% 10,635 5.8% 10,635 5.6% 116,816 — 116,816 Brookdale Senior Living ALF 17 10,058 5.4% 10,058 5.4% 10,271 5.5% 65,134 — 65,134 Ark Post Acute Network SNF 7 9,516 5.1% 9,516 5.1% 8,257 4.4% 71,742 — 71,742 Genesis Healthcare SNF 6 9,499 5.1% 9,499 5.1% 8,400 4.5% 53,339 — 53,339 All Others(3) 47,911 54 25.9% 47,911 (4) 25.9% 47,900 (4) 25.5% 580,690 14,325 566,365 187 185,254 $ 100.0% 185,254 $ 100.0% 188,155 $ 100.0% 2,071,231 $ 87,400 $ 1,983,831 $<br>ANNUALIZED<br>GAAP(1 )(2 )<br>ANNUALIZED<br>ACTUAL CASH(1 )<br>ANNUALIZED<br>CONTRACTUAL<br>CASH(1 )(2 )<br>PORTFOLIO I 9<br>PORTFOLIO DIVERSIFICATION – 28 OPERATORS<br>(AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS)<br>18 Properties 2 States SNF/ILF/ALF<br>Transitional Care CARESPRING Privately Held<br>25 Properties 6 States SNF/ALF<br>Transitional Care IGNITE Privately Held<br>647 Properties 41 States ILF/ALF/MC<br>Continuing Care BROOKDALE NYSE: BKD<br>ARK Privately Held SNF/ILF/ALF 14 Properties 4 States<br>17 States Nearly 200<br>Properties<br>SNF/<br>Senior Living GENESIS OTC PINK: GENN<br>78 Properties 5 States SNF/ILF/ALF<br>Other Rehab PRESTIGE Privately Held<br>ALG Privately Held ILF/ALF/MC 118 Properties 6 States<br>ANTHEM Privately Held Exclusively MC 20 Properties 9 States<br>ENCORE Privately Held ALF 34 Properties 5 States<br>HMG Privately Held SNF/ILF/ALF 37 Properties 2 States<br>(1) See Glossary for definition of Annualized Actual Cash Income, Annualized Contractual Cash Income and Annualized GAAP Income.<br>(2) The difference between Annualized Contractual Cash and Annualized GAAP at March 2025 is due to straight-line rent, lease incentives amortization and effective interest. See Non-Cash Revenue Components on page 18.<br>(3) See Operator Update on page 10 for further discussion.<br>(4) Includes the consolidated income from our joint ventures. The non-controlling member’s portion of the annualized contractual cash and annualized GAAP income are as follows:<br> OPERATORS LTC PORTION JV PARTNER PORTION TOTAL OPERATORS LTC PORTION JV PARTNER PORTION TOTAL ALG Senior 17,035 $ 4,712 $ 21,747 $ ALG Senior 18,475 $ 4,712 $ 23,187 $<br>Encore Senior Living 12,003 — 12,003 Encore Senior Living 11,765 — 11,765 All Others 46,801 1,110 47,911 All Others 46,790 1,110 47,900 ANNUALIZED CONTRACTUAL CASH ANNUALIZED GAAP
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1Q 2025 SUPPLEMENTAL REPORT PORTFOLIO I 10<br>PORTFOLIO DIVERSIFICATION – OPERATOR UPDATE<br>(DOLLAR AMOUNTS IN THOUSANDS)<br> During 1Q25, we received full contractual cash interest of $4,991 from Prestige Healthcare (“Prestige”), through $3,826 of cash receipts and application of $1,165 of Prestige’s security,<br>related to a mortgage loan secured by 14 skilled nursing centers. Subsequent to March 31, 2025, we received $2,289 in retroactive Medicaid payments from Prestige, which was added to<br>the security we hold. Starting this year, 50% of Prestige’s excess cash flow will be added to our security, and used to pay contractual interest beyond the current pay amount. Our projections<br>continue to indicate we will receive all contractual interest due in 2025. The following table summarizes the 1Q25 activity for Prestige’s security:<br> We are continuing the sale process for seven skilled nursing centers in California (1), Florida (2), and Virgina (4), which are covered under a master lease, as a result of the operator<br>electing not to exercise the renewal option available under the master lease. The master lease matures in January 2026 and the full 2025 contractual GAAP rent is $8,257. The operator<br>is obligated to pay rent on the portfolio through maturity and is current on rent obligations through May 2025. One of the properties is under contract, and we expect to complete all of the<br>sales in 4Q 2025.<br> A master lease covering two skilled nursing centers in Tennessee that was scheduled to mature in December 2025, was amended extending the maturity to December 31, 2026.<br>Additionally, the master lease purchase option window, which expired on December 31, 2024, was extended for another year to December 31, 2025.<br> We had a joint venture (“JV”) that owned two assisted living communities with a total of 186 units in Oregon. The properties were leased under two separate leases with the same<br>operator, who is the non-controlling member of the JV. During 1Q25, we acquired our JV member’s $4,048 non-controlling interest for $1,150 and terminated the two separate leases.<br>Concurrently, we entered into a new combined master lease with the same operator. The master lease has a five-year term, with one 1-year extension and four 5-year extensions. Annual<br>cash rent under the master lease is $2,546 (compared to our portion of annual cash rent under the previous two separate lease of $2,479), increasing annually by 2%. The terms and<br>economics of the new master lease is similar to those of the two leases that were terminated. Additionally, the master lease provides the operator an earn-out up to $4,000, contingent<br>on achieving certain performance thresholds. In conjunction with the lease terminations, we wrote-off $492 of straight-line rent receivable and lease incentive.<br> For our 14 property portfolio subject to market-based rent resets, we expect to collect $5,145 of revenue during 2025 compared to $3,448 in 2024.<br> Subsequent to March 31, 2025, we amended the Encore master lease covering seven assisted living communities in Ohio (4), Michigan (2) and Illinois (1) with a total of 461 units to<br>extend the term for one year to May 2026. Under the amendment, cash rent is $260 per month for June through August 2025, with quarterly market-based rent resets thereafter.<br>Encore’s rent is included in the expected $5,145 of revenue from the 14 property portfolio, subject to market-based rent resets as discussed above.<br> Subsequent to March 31, 2025, we transitioned 12 properties under Anthem’s triple-net leases into the new seniors housing operating portfolio (“SHOP”). An additional property leased to<br>New Perspective is expected to transition later in 2Q25. The combined existing gross book value of these two transitions total $176,099.<br>BALANCE AT DEPOSITS INTEREST BALANCE AT<br>12/31/2024 RECEIVED APPLICATIONS 3/31/2025<br>$ 4,953 $ (1,165) - $ $ 3,788
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1Q 2025 SUPPLEMENTAL REPORT<br>PORTFOLIO MATURITY<br>(AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS)<br>% O F % OF % OF % OF % O F ANNUALIZED % O F<br>YEAR TO TAL TOTAL TOTAL TO TAL TOTAL TO TAL<br>2025 5,170 $ (3) 4.5% — $ — 2,472 $ 6.7% — $ — — $ — 7,642 $ 4.1%<br>2026 19,719 (4) 17.0% — — 1,483 4.0% — — — — 21,202 (4) 11.3%<br>2027 11,271 9.7% — — — — 3,174 57.5% — — 14,445 7.7%<br>2028 12,575 10.8% — — 1,464 4.0% 2,239 40.5% — — 16,278 8.6%<br>2029 14,433 12.4% — — — — — — 1,178 67.0% 15,611 8.3%<br>2030 16,362 14.1% — — — — 110 2.0% — — 16,472 8.7%<br>2031 15,588 13.4% — — — — — — — — 15,588 8.3%<br>2032 6,168 5.3% 5,607 20.0% — — — — — — 11,775 6.2%<br>Thereafter 14,861 12.8% 22,397 80.0% 31,305 85.3% — — 579 (2) 33.0% 69,142 36.8%<br>Total 116,147 $ 100.0% 28,004 $ 100.0% 36,724 $ 100.0% 5,523 $ 100.0% 1,757 $ 100.0% 188,155 $ 100.0%<br> RENTAL UNCONSO LIDATED<br> INCOME<br> FINANCING O THER NOTES<br> INCOME INCOME<br> MO RTGAGE INTEREST<br> INCO ME JV INCOME GAAP INCOME(1 )<br>PORTFOLIO I 11<br>(1) See Annualized GAAP income definition in the Glossary.<br>(2) Represents income from a preferred equity investment accounted for as an unconsolidated joint venture. The preferred equity investment does not have a scheduled maturity but provides the entity an option to redeem our<br>investment at a future date.<br>(3) Subsequent to March 31, 2025, we terminated the Anthem lease covering a memory care center in Ohio due to transitioning the property into our new SHOP portfolio. Additionally, we amended the Encore master lease covering<br>seven assisted living communities in Ohio (4), Michigan (2) and Illinois (1) with a total of 461 units to extend the term for one year to May 2026. Under the amendment, cash rent is $260 per month for June through August<br>2025, with quarterly market-based rent resets thereafter. These leases represent 93% of annualized GAAP rental income and 63% of annualized GAAP income maturing in 2025.<br>(4) One of the six lease maturities is an operator which represents 42% of the annualized GAAP rental income and 39% of the annualized GAAP income maturing in 2026. The operator elected not to exercise its renewal option on<br>its master lease covering seven skilled nursing centers in California (1), Florida (2), and Virgina (4). We have engaged a broker to sell all of the properties in the portfolio. See page 10 for additional information on these<br>operators.<br>MORTGAGE LOANS WA GAAP % OF NO TE S WA GAAP % O F % OF<br>YEAR RECEIVABLE RATE TOTAL RECEIVABLE RATE TO TAL TOTAL<br>2025 31,456 $ 7.9% 9.9% — $ — — 31,456 $ 8.7%<br>2026 14,672 10.1% 4.7% — — — 14,672 4.0%<br>2027 — — — 25,000 12.7% 55.8% 25,000 6.9%<br>2028 16,500 8.9% 5.2% 18,329 12.2% 40.9% 34,829 9.6%<br>2029 — — — — — — — — 2030 — — — 1,457 7.6% 3.3% 1,457 0.4%<br>2031 — — — — — — — — 2032 — — — — — — — — Thereafter 254,899 12.3% 80.2% — — — 254,899 70.4%<br>Total 317,527 $ 11.6% 100.0% 44,786 $ 12.3% 100.0% 362,313 $ 100.0%<br> RECE IVABLE<br>TOTAL LOANS<br>LOANS RECEIVABLE PRINCIPAL MATURITIES<br>Near Term Lease and Loan Maturities:<br> Three leases and three loans in 2025 with an annualized GAAP<br>income totaling $7.6 million(3)<br> Six leases and one loan in 2026 with an annualized GAAP<br>income totaling $21.2 million(4)<br> Three leases and one loan in 2027 with an annualized GAAP<br>income totaling $14.4 million<br> As of March 31, 2025, approximately 94% of owned properties<br>are covered under master leases and approximately 94% of<br>rental revenues come from master leases or cross-default<br>leases.
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1Q 2025 SUPPLEMENTAL REPORT PORTFOLIO I 12<br>PORTFOLIO DIVERSIFICATION – GEOGRAPHY<br>(AS OF MARCH 31, 2025)<br>* Behavioral health care hospital<br>SNF (76)<br>ALF (110)<br>OTH* (1)<br>LAND (3)<br>UDP (1)<br>25<br>STATES<br>187<br>PROPERTIES<br>28<br>OPERATORS<br>CA<br>WA<br>ME<br>NV<br>WY<br>IL<br>AR<br>WV<br>ND<br>NY<br>OR<br>AZ<br>NM<br>TX<br>UT<br>ID<br>MT<br>SD<br>NE<br>KS<br>OK<br>MS<br>MN WI<br>FL<br>AL<br>GA<br>SC<br>TN<br>MO<br>IA<br>IN<br>OH<br>PA NJ<br>NC<br>VA CO<br>KY<br>7<br>21<br>1<br>1<br>3<br>1<br>2<br>4<br>2<br>1<br>3<br>4<br>9<br>33<br>3<br>7<br>8<br>12<br>5<br>3<br>21<br>2<br>5<br>6<br>1<br>1<br>2<br>5<br>LA<br>2<br>2<br>3<br>MI<br>2<br>1<br>1<br>1<br>3
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1Q 2025 SUPPLEMENTAL REPORT<br>46.0%<br>18.5% 25.8%<br>7.0% 2.7%<br>0.0%<br>50.0%<br>100.0%<br>MSAs<br>1-31<br>MSAs<br>32-100<br>MSAs<br>> 100<br>Cities in<br>Micro-SA<br>Cities not in<br>MSA or<br>Micro-SA<br>22 years 16 years<br>0<br>10<br>20<br>30<br>40<br>Skilled Nursing Assisted Living Years<br>(1) The MSA rank by population as of July 1, 2024, as estimated by the United States Census Bureau.<br>Approximately 65% of our properties are in the top 100 MSAs. Includes only our real estate<br>investments.<br>(1) As calculated from construction date or major renovation/expansion date.<br>Includes only our real estate investments.<br>GROSS PORTFOLIO BY MSA (1) AVERAGE PORTFOLIO AGE (1)<br>PORTFOLIO I 13<br>PORTFOLIO DIVERSIFICATION – GEOGRAPHY (25 STATES)<br>(AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS)<br># OF<br>STATE( 1) PROPERTIES % ALF % SNF % %<br>Texas 30 318,584 $ 15.4% 48,159 $ 4.4% 270,425 $ 28.3% — $ — North Carolina 33 301,650 14.6% 301,650 27.4% — — — — Michigan 24 292,396 14.1% 36,554 3.3% 254,899 26.6% 943 7.9%<br>Ohio 9 142,089 6.9% 87,866 8.0% 54,223 5.7% — — Florida 10 130,152 6.3% 20,705 1.9% 109,447 11.4% — —<br>Illinois 6 106,429 5.2% 89,929 8.2% 16,500 1.7% — — Colorado 12 102,381 4.9% 102,381 9.3% — — — — Wisconsin 7 93,849 4.5% 79,903 7.3% 13,946 1.5% — — California 4 69,717 3.4% 52,085 4.7% 17,632 1.8% — — Kansas 8 60,279 2.9% 60,279 5.5% — — — — All Others 44 450,919 21.8% 219,264 20.0% 220,593 23.0% 11,062 92.1%<br>Total 187 2,068,445 $ 100.0% 1,098,775 $ 100.0% 957,665 $ 100.0% 12,005 $ 100.0%<br> OTH(2) INVESTMENT<br>GROSS GROSS INVESTMENT<br>(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<br>properties in various states. Therefore, the working capital notes outstanding balance totaling $2,786 is also not available by state.<br>(2) Includes one behavioral health care hospital and three parcels for land held-for-use.
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1Q 2025 SUPPLEMENTAL REPORT<br>(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 transitioned on or after<br>October 1, 2023 and properties sold.<br>ASSISTED LIVING SKILLED NURSING<br>1.43<br>1.52<br>1.95 2.04<br>77.6% 78.5%<br>60.0%<br>70.0%<br>80.0%<br>90.0%<br>100.0%<br>0.00x<br>1.00x<br>2.00x<br>3.00x<br>3Q24 4Q24 Occupancy %<br>Normalized EBITDAR Normalized EBITDARM Occupancy<br>1.11 1.13<br>1.38 1.40<br>83.7% 83.3%<br>70.0%<br>80.0%<br>90.0%<br>100.0%<br>0.00x<br>1.00x<br>2.00x<br>3Q24 4Q24 Occupancy %<br>Normalized EBITDAR Normalized EBITDARM Occupancy<br>SNF metrics exclude CSF, as allocated/reported by operators. Occupancy represents the<br>average TTM occupancy.<br>ALF metrics exclude Coronavirus Stimulus Funds (“CSF”) as allocated/reported by operators. See<br>definition of Coronavirus Stimulus Funds in the Glossary.<br>Occupancy represents the average TTM occupancy.<br>PORTFOLIO I 14<br>REAL ESTATE INVESTMENTS METRICS<br>(TRAILING TWELVE MONTHS THROUGH DECEMBER 31, 2024 AND SEPTEMBER 30, 2024)<br>SAME PROPERTY PORTFOLIO (“SPP”) COVERAGE STATISTICS(1)<br>(1) For the twelve months ending 12/31/24.<br>(2) The % Medicaid Census (SNF same store) is 60.6%.<br>TOTAL PORTFOLIO REVENUE PAYOR SOURCE SNF PORTFOLIO REVENUE PAYOR SOURCE<br>55.0%<br>11.8%<br>33.2%<br>0.0%<br>20.0%<br>40.0%<br>60.0%<br>80.0%<br>100.0%<br>4Q24<br>Private Pay Medicare Medicaid<br>STABILIZED PROPERTY PORTFOLIO(1)<br>36.1%<br>17.0%<br>46.9%<br>0.0%<br>20.0%<br>40.0%<br>60.0%<br>80.0%<br>100.0%<br>4Q24<br>Private Pay Medicare Medicaid (2)
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1Q 2025 SUPPLEMENTAL REPORT<br>MARCH 31, 2025<br>Revolving line of credit - WA rate 5.5% (1) $ 148,850<br>Term loans, net of debt issue costs - WA rate 2.6% (2)<br> 99,846<br>Senior unsecured notes, net of debt issue costs - WA rate 4.2% (3)<br> 433,483<br>Total debt - WA rate 4.2% 682,179 29.5%<br>No. of shares Closing Price<br>Common stock 45,887,855 35.45 $ (4) 70.5% 1,626,724<br>Total Market Value 1,626,724<br> 2,308,903 100.0%<br>Add: Non-controlling interest 87,400 Less: Cash and cash equivalents (23,295) $ 2,373,008<br>Debt to Enterprise Value 28.7%<br>Debt to Annualized Adjusted EBITDAre<br>(5) 4.3x<br>3/31/25<br>CAPITALIZATION<br>DEBT<br>EQUITY<br>TOTAL VALUE<br>ENTE RPRISE VALUE<br>FINANCIAL I 15<br>ENTERPRISE VALUE<br>(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES)<br>(1) Subsequent to March 31, 2025, we repaid $18,900 under our unsecured revolving line of credit. Accordingly, we have $129,950<br>outstanding with $295,050 available for borrowing.<br>(2) Represents outstanding balance of $100,000, net of debt issue costs of $154.<br>(3) Represents outstanding balance of $434,500, net of debt issue costs of $1,017.<br>(4) Closing price of our common stock as reported by the NYSE on March 31, 2025, the last trading day of 1Q25.<br>(5) See page 19 for Reconciliation of Annualized Adjusted EBITDAre.
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1Q 2025 SUPPLEMENTAL REPORT<br>LEVERAGE RATIOS COVERAGE RATIOS<br>LINE OF CREDIT LIQUIDITY<br>FINANCIAL I 16<br>DEBT METRICS<br>(DOLLAR AMOUNTS IN THOUSANDS)<br>$130,000<br>$302,250<br>$144,350 $148,850<br>$270,000 $97,750<br>$280,650 $276,150<br> $-<br> $85,000<br> $170,000<br> $255,000<br> $340,000<br> $425,000<br>2022 2023 2024 1Q25<br>Balance Available<br>(1) Subsequent to March 31, 2025, we repaid $18,900 under our unsecured revolving line of credit. Accordingly, we have $129,950<br>outstanding with $295,050 available for borrowing.<br>(1)<br>37.4% 39.5%<br>31.1% 31.1%<br>34.2%<br>39.0%<br>29.3% 28.7%<br>0.0%<br>10.0%<br>20.0%<br>30.0%<br>40.0%<br>50.0%<br>2022 2023 2024 1Q25<br>Debt to Gross Asset Value Debt to Total Enterprise Value<br>5.6x 5.6x<br>4.3x 4.2x 4.3x<br>3.4x<br>4.0x<br>5.0x<br>0.0x<br>2.0x<br>4.0x<br>6.0x<br>8.0x<br>2022 2023 2024 1Q25<br>Debt to Annualized<br>Adjusted EBITDAre<br>Annualized Adjusted EBITDAre/<br>Fixed Charges
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1Q 2025 SUPPLEMENTAL REPORT<br>Senior Unsecured Notes<br>63.6%<br>Term Loans<br>14.6%<br>Revolving Line of<br>Credit<br>21.8%<br>$148,850<br>$50,000<br>$50,000 $42,500<br>$51,500<br>$54,500 $55,000 $63,000 $67,000 $56,000<br>$35,000<br>$10,000<br> $-<br> $100,000<br> $200,000<br> $300,000<br> $400,000<br>2025 2026 2027 2028 2029 2030 2031 2032 Thereafter<br>Revolving Line of Credit Term Loans Senior Unsecured Notes<br>DEBT STRUCTURE (2)<br>FINANCIAL I 17<br>DEBT MATURITY<br>(AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS)<br> REVOLVING SENIOR<br> LINE OF TERM UNSECURED % OF<br>YEAR CREDIT LO ANS(2 ) NOTES(2 ) TOTAL TOTAL<br>2025 — $ 50,000 $ 42,500 $ 92,500 $ 13.5%<br>2026 148,850 (1) 51,500 50,000 250,350 36.6%<br>2027 — 54,500 54,500 8.0%<br>2028 — — 55,000 55,000 8.1%<br>2029 — — 63,000 63,000 9.2%<br>2030 — — 67,000 67,000 9.8%<br>2031 — — 56,000 56,000 8.2%<br>2032 — — 35,000 35,000 5.1%<br>Thereafter — — 10,000 10,000 1.5%<br>Total 148,850 $ 100,000 $ (3) $ 434,500 (3) $ 100.0% 683,350<br>(1) Subsequent to March 31, 2025, we repaid $18,900 under our unsecured revolving line of credit. Accordingly, we have $129,950<br>outstanding with $295,050 available for borrowing.<br>(2) Reflects scheduled principal payments.<br>(3) Excludes debt issue costs which are netted against the principal outstanding in the term loans and senior unsecured notes balance on our Consolidated Balance Sheets shown on page 21.
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1Q 2025 SUPPLEMENTAL REPORT<br>(1) For leases and loans in place at March 31, 2025 assuming the sale of<br>seven skilled nursing centers and no other renewals or modifications.<br>(2) In connection with the termination of two existing leases and combining<br>them into a single master lease, we wrote off $492 of straight-line rent<br>receivable ($243) and lease incentive ($249).<br>(1) Decrease due to one-time revenue received in 2024 related to the<br>repayment of $2,377 of rent credits and lower rent from properties sold,<br>partially offset by rent increases from fair-market rent resets, escalations<br>and amendments.<br>(2) In connection with the termination of two existing leases and combining<br>them into a single master lease, we wrote off a straight-line rent<br>receivable of $243 and a lease incentive balance of $249.<br>COMPONENTS OF RENTAL INCOME<br>FINANCIAL I 18<br>FINANCIAL DATA SUMMARY<br>(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT NUMBER OF SHARES)<br>12/31/22 12/31/23 12/31/24 3/31/25<br>Gross investments $ 1,959,442 $ 2,139,865 $ 2,088,613 $ 2,071,231<br>Net investments $ 1,562,668 $ 1,741,093 $ 1,674,140 $ 1,650,862<br>Gross asset value $ 2,052,687 $ 2,253,870 $ 2,200,615 $ 2,195,878<br>Total debt (1) $ 767,854 $ 891,317 $ 684,600 $ 682,179<br>Total liabilities (1) $ 805,796 $ 938,831 $ 733,137 $ 726,207<br>Non-controlling interest $ 21,940 $ 34,988 $ 92,378 $ 87,400<br>Total equity $ 850,307 $ 916,267 $ 1,053,005 $ 1,049,302<br>Cash rent 29,623 $ 30,951 $ (1,328) $ (1) Operator reimbursed real estate tax revenue 3,089 3,381 (292) Straight-line rent adjustment (578) (550) (28) Straight-line rent write-off (243) — (243) (2) Amortization of lease incentives (447) (233) (214) (2) Total rental income 31,444 $ 33,549 $ (2,105) $<br>THREE MO NTHS ENDED<br>MARCH 31,<br>2025 2024 Varianc e<br>(1) Includes outstanding gross revolving line of credit, term loans, net of<br>debt issue costs, and senior unsecured notes, net of debt issue costs.<br>NON-CASH REVENUE COMPONENTS<br>1Q25 2Q25(1) 3Q25(1) 4Q25(1) 1Q26(1)<br>$ (657) (578) $ (731) $ (956) $ (719) $<br>Straight-line rent reserve (243) (2)<br> - - - - Amortization of lease incentives (447) (2) (184) (184) (199) (139)<br> 357 299 364 379 379 Effective interest - Mortgage loans receivable 943 1,013 963 878 782<br> 159 159 159 159 159 $ 688 133 $ 571 $ 261 $ 462 $<br>Straight-line rent adjustment<br>Effective interest - Financing receivables<br>Effective interest - Notes receivable<br>Total non-cash revenue components
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1Q 2025 SUPPLEMENTAL REPORT<br>RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES<br>FINANCIAL I 19<br>FINANCIAL DATA SUMMARY<br>(DOLLAR AMOUNTS IN THOUSANDS)<br> 12/31/24<br>Net income 100,584 $ 91,462 $ 94,879 $ 22,221 $<br>Less: Gain on sale of real estate, net (37,830) (37,296) (7,979) (171) Add: Impairment loss 3,422 15,775 6,953 — Add: Interest expense 31,437 47,014 40,336 7,913 Add: Depreciation and amortization 37,496 37,416 36,367 9,162<br>EBITDAre 154,371 135,109 170,556 39,125 Add/less: Non-recurring items 824 (1)<br> 3,823 (2)<br> (8,907) (3)<br> 405 (4) Adjusted EBITDAre $ 158,194 135,933 $ 161,649 $ 39,530 $<br>Interest expense 31,437 $ 47,014 $ 40,336 $ 7,913 $<br>Fixed charges 31,437 $ 47,014 $ 40,336 $ 7,913 $<br>Annualized Adjusted EBITDAre $ 158,120<br>Annualized Fixed Charges 31,652 $<br>Debt (net of debt issue costs) 767,854 $ 891,317 $ 684,600 $ 682,179 $<br>Debt (net of debt issue costs) to Annualized Adjusted EBITDAre 5.6x 5.6x 4.2x 4.3x<br>Annualized Adjusted EBITDAre to Annualized Fixed Charges(4) 4.3x 3.4x 4.0x 5.0x<br>FO R THE YEAR ENDED THREE MONTHS ENDED<br> 12/31/22 12/31/23 3/31/25<br>(1) Represents a lease incentive balance write-off of $173 related to a closed property, a $1,332 provision for credit losses reserve related to the acquisition of three skilled nursing<br>centers accounted for as a financing receivable, and the origination of two mortgage loans and a mezzanine loan, and a lease termination fee of $500 paid to a former operator of<br>12 assisted living communities, offset by lease termination fee income of $1,181 received in connection with the sale of an assisted living community.<br>(2) Includes the $3,561 note receivable write-off related to the sale and transition of 10 assisted living communities and $1,832 of provision for credit losses related to the<br>acquisition of 11 assisted living communities accounted for as a financing receivable and two mortgage loan originations, offset by the $1,570 exit IRR and prepayment fee<br>received in 2023 in connection to the payoff of two mezzanine loans.<br>(3) Represents $4,052 of one-time income received from former operators, $3,158 of one-time additional straight-line income related to restoring accrual basis accounting for two<br>master leases, $2,818 of rental income received in connection with the sale of two properties, and $1,738 recovery of provision for credit losses related to the payoffs of five<br>mortgage loan receivables, offset by $1,635 of provision for credit losses related to acquisitions totaling $163,460 accounted for as financing receivables, $613 of effective<br>interest receivable write-off related to the partial paydown of a mortgage loan receivable, and the write-off of straight-line rent receivable ($321), and notes receivable ($290).<br>(4) See the reconciliation of non-recurring items on page 23 for further detail.<br>(5) Given we do not have preferred stock, our fixed charge coverage ratio and interest coverage ratio are the same.
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1Q 2025 SUPPLEMENTAL REPORT FINANCIAL I 20<br>CONSOLIDATED STATEMENTS OF INCOME<br>(UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)<br>2025 2024<br>Revenues:<br>Rental income 31,444 $ 33,549 $<br>Interest income from financing receivables(1) 7,002 3,830<br>Interest income from mortgage loans 9,179 12,448<br>Interest and other income 1,406 1,539<br>Total revenues 49,031 51,366<br>Expenses:<br>Interest expense 7,913 11,045 Depreciation and amortization 9,162 9,095 Provision for credit losses 3,052 24 Transaction costs 441 266 Property tax expense 3,107 3,383 General and administrative expenses 6,971 6,491<br>Total expenses 30,646 30,304<br>Other Operating Income:<br> Gain on sale of real estate, net 171 3,251 Operating Income 18,556 24,313<br> Income from unconsolidated joint ventures 3,665 (2)<br> 376<br>Net Income 22,221 24,689<br>Income allocated to non-controlling interests (1,541) (459) Net income attributable to LTC Properties, Inc. 20,680 24,230<br>Income allocated to participating securities (163) (165)<br>Net income available to common stockholders 20,517 $ 24,065 $<br>Earn ings per common share:<br>Basic $0.45 $0.56<br>Diluted $0.45 $0.56<br>Weighted average shares u sed to c alc u late earnin gs per common share:<br>Basic 45,333 42,891 Diluted 45,683 43,032<br>Dividends declared and paid per common share $0.57 $0.57<br>THREE MO NTHS ENDED<br>MARCH 31,<br>(1) Represents rental income from acquisitions through sale-leaseback transactions, subject to leases which contain purchase options. In<br>accordance with GAAP, the properties are required to be presented as Financing receivables on our Consolidated Balance Sheets and the<br>rental income to be presented as Interest income from financing receivables on our Consolidated Statements of Income. (2) Increase primarily due to the 13% exit IRR received in connection with the redemption of our preferred equity investment in a joint venture.
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1Q 2025 SUPPLEMENTAL REPORT FINANCIAL I 21<br>CONSOLIDATED BALANCE SHEETS<br>(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)<br>ASSETS<br>Investments:<br>Land $ 111,223 $ 118,209 Buildings and improvements 1,146,891 1,212,853 Accumulated depreciation and amortization (383,853) (405,884) Operating real estate property, net 874,261 925,178 Properties held-for-sale, net of accumulated depreciation: 2025—$29,284; 2024—$1,346 42,458 670 Real property investments, net 916,719 925,848<br>Financing receivables,(1) net of credit loss reserve: 2025—$3,615; 2024—$3,615 357,845 357,867<br>Mortgage loans receivable, net of credit loss reserve: 2025—$3,169; 2024—$3,151 314,358 312,583<br>Real estate investments, net 1,588,922 1,596,298<br>Notes receivable, net of credit loss reserve: 2025—$448; 2024—$477 44,338 47,240<br>Investments in unconsolidated joint ventures 17,602 30,602<br>Investments, net 1,650,862 1,674,140<br>Other assets:<br>Cash and cash equivalents 23,295 9,414<br>Debt issue costs related to revolving line of credit 1,218 1,410<br>Interest receivable 61,754 60,258<br>Straight-line rent receivable 20,685 21,505<br>Lease incentives 3,074 3,522 Prepaid expenses and other assets 14,621 15,893 Total assets $ 1,775,509 $ 1,786,142 LIABILITIES<br>Revolving line of credit $ 148,850 $ 144,350 Term loans, net of debt issue costs: 2025—$154; 2024—$192 99,846 99,808 Senior unsecured notes, net of debt issue costs: 2025—$1,017; 2024—$1,058 433,483 440,442 Accrued interest 2,924 3,094<br>Accrued expenses and other liabilities 41,104 45,443<br>Total liabilities 726,207 733,137<br>EQ UITY<br>Stockholders’ equity:<br>Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2025—45,888; 2024—45,511 459 455<br>Capital in excess of par value 1,091,524 1,082,764<br>Cumulative net income 1,746,115 1,725,435<br>Accumulated other comprehensive income 2,905 3,815 Cumulative distributions (1,879,101) (1,851,842)<br>Total LTC Properties, Inc. stockholders’ equity 961,902 960,627<br>Non-controlling interests 87,400 92,378 Total equity 1,049,302 1,053,005 Total liabilities and equity $ 1,775,509 $ 1,786,142<br>(unaudited) (audited)<br>MARCH 31, 2025 DECEMBER 31, 2024<br>(1) Represents acquisitions through sale-leaseback transactions, subject to leases which contain purchase options. In accordance with GAAP, the properties are required to be<br>presented as Financing receivables on our Consolidated Balance Sheets.
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1Q 2025 SUPPLEMENTAL REPORT FINANCIAL I 22<br>FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD<br>(UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)<br>2025 2024<br>GAAP net income available to common stockholders 20,517 $ 24,065 $<br>Add: Depreciation and amortization 9,162 9,095 Less: Gain on sale of real estate, net (171) (3,251) NAREIT FFO attributable to common stockholders 29,508 29,909 Add (Less): Non-recurring items(1) (2,377) 405 $ 27,532 29,913 $<br>NAREIT FFO attributable to common stockholders 29,508 $ 29,909 $<br>Non-cash income:<br>Add: Straight-line rent adjustment 578 550<br>Add: Amortization of lease incentives 447 233<br>Add: Other non-cash contra-revenue 243 — Less: Effective interest income (1,401) (1,644)<br>Net non-cash income (133) (861)<br>Non-cash expense:<br>Add: Non-cash compensation charges 2,253 2,202<br>Add: Provision for credit losses 3,052 24 Net non-cash expense 5,305 2,226<br>Funds available for distribution ("FAD") 34,680 31,274 Less: Non-recurring income(1) (2,377) (2,659) FAD, excluding non-recurring items ("Core FAD") 32,021 $ 28,897 $<br>$0.65 $0.69<br>$0.65 $0.64<br>$0.76 $0.73<br>$0.70 $0.67<br>Diluted NAREIT FFO attributable to common stockholders per share<br>Diluted Core FFO per share<br>Diluted FAD per share<br>Diluted Core FAD per share<br>FFO attributable to common stockholders, excluding non-recurring item ("Core FFO")<br>THREE MONTHS ENDED<br>MARCH 31,<br>(1) See the reconciliation of non-recurring items on page 23 for further detail.
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1Q 2025 SUPPLEMENTAL REPORT<br>2025 2024<br>Reconciliation of non-recurring adjustments to NAREIT FFO:<br>Add: Working capital note and interest receivable write-off 3,064 $ (1) $ —<br>Add: One-time transaction costs associated with the startup of new RIDEA platform 303 — Deduct: Income from unconsolidated joint venture related to the 13% exit IRR received (2,962) (2) —<br>Deduct: One-time rental income related to sold properties — (2,377) (3)<br>Total non -rec urring adjus tmen ts to NAREIT FFO 405 $ ( 2,377) $<br>Reconciliation of non-recurring adjustments to FAD:<br>Deduct: Income from unconsolidated joint venture related to the 13% exit IRR received (2,962) $ (2) $ —<br>Add: One-time transaction costs associated with the startup of new RIDEA platform 303 — Deduct: One-time rental income related to sold properties — (2,377) (3)<br>Total non -rec urring adjus tmen ts to FAD (2,659) $ ( 2,377) $<br>THREE MONTHS ENDED<br>MARCH 31,<br>FINANCIAL I 23<br>FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD (NON-RECURRING ITEMS)<br>(UNAUDITED, AMOUNTS IN THOUSANDS)<br>(1) Represents the write-off of a working capital note and related interest receivable balance in connection with the transition to RIDEA.<br>(2) Represents the 13% exit IRR received in connection with the redemption of our preferred equity investment in a joint venture.<br>(3) Represents one-time rent credit received in connection with the sale of a 110-unit assisted living community in Wisconsin. The rent credit was provided to<br>the operator during the new construction lease-up.
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1Q 2025 SUPPLEMENTAL REPORT<br>FOR THE THREE MO NTHS ENDED MARCH 31,<br>FFO/FAD attributable to common stockholders 29,508 $ 29,909 $ 34,680 $ 31,274 $<br>Non-recurring one-time items(1) (2,377) 405 (2,659) (2,377) FFO/FAD attributable to common stockholders excluding non-recurring items ("Core FFO/FAD") 29,913 27,532 32,021 28,897 Effect of dilutive securities:<br>Participating securities 163 165 163 165 Diluted Core FFO/FAD 30,076 $ 27,697 $ 32,184 $ 29,062 $<br> 42,891 45,333 45,333 42,891 Effect of dilutive securities:<br>Performance-based stock units 350 141 350 141 Participating securities 278 277 278 277<br>Shares for diluted FFO/FAD per share 45,961 43,309 45,961 43,309 Shares for basic FFO/FAD per share<br>FFO FAD<br>2025 2024 2025 2024<br>FINANCIAL I 24<br>FUNDS FROM OPERATIONS – RECONCILIATION OF FFO PER SHARE<br>(UNAUDITED, AMOUNTS IN THOUSANDS)<br>(1) See the reconciliation of non-recurring items on page 23 for further detail.
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1Q 2025 SUPPLEMENTAL REPORT FINANCIAL I 25<br>Guidance<br>We are providing guidance for the 2025 full year. The following guidance ranges reflect management's view of current and future market conditions. There can be no assurance that the<br>Company's actual results will not differ materially from the estimates set forth below. Except as otherwise required by law, the Company assumes no, and hereby disclaims any,<br>obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments. The 2025 full year guidance is as follows:<br>FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD (GUIDANCE)<br>(UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)<br>Low High<br>GAAP net income attributable to LTC Properties, Inc. 3.38 $ 3.42 $<br>Less: Gain on sale, net of impairment loss (1.74) (1.74) Add: Depreciation and amortization 0.80 0.80 Add: Effect of dilutive securities 0.02 0.02<br>Diluted NAREIT FFO attributable to common stockholders 2.46 2.50<br>Add: Non-recurring one-time items(2) 0.19 0.19<br>Diluted Core FFO 2.65 $ 2.69 $<br>NAREIT FFO attributable to common stockholders 2.44 $ 2.48 $<br>Less: Non-cash income (0.04) (0.04) Add: Non-cash expense 0.27 0.27 Less: Recurring capital expenditures (0.02) (0.02) Add: Effect of dilutive securities 0.02 0.02 Diluted FAD 2.67 2.71<br>Add: Non-recurring one-time items(2) 0.11 0.11<br>Diluted Core FAD 2.78 $ 2.82 $<br>Full Year 2025 Guidance(1)<br>(1) The guidance assumptions include the following:<br>a) The conversion of Anthem’s triple-net portfolio of 12 properties and the pending conversion of a property under New Perspective’s triple-net lease into our new seniors<br>housing operating portfolio (SHOP);<br>b) SHOP net operating income for the remaining eight months of 2025 in the range of $9,400 to $10,300;<br>c) SHOP FAD capital expenditures for the remaining eight months of 2025 in the range of $600 to $800 or approximately $0.7 to $1.0 per unit (or $1.1 to $1.4 annualized<br>per unit); and<br>d) General and administrative expenses for the full year of 2025 between $28,600 and $29,500.<br>e) The guidance excludes additional investments, potential asset sales, financing, or equity issuances, as well as one-time, non-recurring items as follows:<br>i. A $6,500 lease termination fee payment related to the pending New Perspective conversion;<br>ii. Incremental ramp-up and execution costs related to the new structure provided for under the Real Estate Investment Trust (REIT) Investment<br>Diversification and Empowerment Act of 2007 (RIDEA) of approximately $1,100 to $1,500, of which $303 were expensed during 1Q25; and<br>iii. Approximately $1,100 associated with an employee’s retirement.<br>(2) Represents items included in the reconciliation of non-recurring items above, the $6,500 lease termination fee payment, approximately $1,100 to $1,500 of incremental RIDEA<br>ramp-up costs, and the $1,100 of costs associated with an employee’s retirement.
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1Q 2025 SUPPLEMENTAL REPORT<br>Annualized Actual Cash Income: Represents annualized cash rental income includes cash rent (excluding real<br>estate tax reimbursement), interest income from financing receivables, mortgage loans, mezzanine loans and<br>working capital notes, and income from unconsolidated joint ventures received for the month of March 2024 for<br>investments as of March 31, 2025.<br>Annualized Contractual Cash Income: Represents annualized contractual cash rental income prior to abatements<br>& deferred rent repayment (excluding real estate tax reimbursement), interest income from financing receivables,<br>mortgage loans, mezzanine loans and working capital notes, and income from unconsolidated joint ventures for<br>the month of March 2024 for investments as of March 31, 2025.<br>Annualized GAAP Income: Represents annualized GAAP rent which includes contractual cash rent, straight-line<br>rent and amortization of lease incentives (excluding real estate tax reimbursement), GAAP interest income from<br>financing receivables, mortgage loans, mezzanine loans and working capital notes, and income from<br>unconsolidated joint ventures for the month of March 2024 for investments as of March 31, 2025.<br>Assisted Living Communities (“ALF”): The ALF portfolio consists of assisted living, independent living, and/or<br>memory care properties. (See Independent Living and Memory Care) Assisted living properties are seniors<br>housing properties serving elderly persons who require assistance with activities of daily living, but do not require<br>the constant supervision skilled nursing properties provide. Services are usually available 24 hours a day and<br>include personal supervision and assistance with eating, bathing, grooming and administering medication. The<br>facilities provide a combination of housing, supportive services, personalized assistance and health care designed<br>to respond to individual needs.<br>Contractual Lease Rent: Rental revenue as defined by the lease agreement between us and the operator for the<br>lease year.<br>Coronavirus Stimulus Funds (“CSF”): CSF includes funding from various state and federal programs to support<br>healthcare providers in dealing with the challenges of the coronavirus pandemic. Included in CSF are state-specific payments identified by operators as well as federal payments connected to the Paycheck Protection<br>Program and the Provider Relief Fund. CSF is self-reported by operators in unaudited financial statements<br>provided to LTC. Specifically excluded from CSF are the suspension of the Medicare sequestration cut, and<br>increases to the Federal Medical Assistance Percentages (FMAP), both of which are reflected in reported coverage<br>both including and excluding CSF.<br>Earnings Before Interest, Tax, Depreciation and Amortization for Real Estate (“EBITDAre”): As defined by the<br>National Association of Real Estate Investment Trusts (“NAREIT”), EBITDAre is calculated as net income (computed<br>in accordance with GAAP) excluding (i) interest expense, (ii) income tax expense, (iii) real estate depreciation and<br>amortization, (iv) impairment write-downs of depreciable real estate, (v) gains or losses on the sale of depreciable<br>real estate, and (vi) adjustments for unconsolidated partnerships and joint ventures.<br>Financing Receivables: Properties acquired through a sale-leaseback transaction with an operating entity being<br>the same before and after the sale-leaseback, subject to a lease contract that contains a purchase option. In<br>accordance with GAAP, the purchased assets are required to be presented as Financing Receivables on our Consolidated Balance Sheets and the rental income to be presented as Interest income from financing<br>receivables on our Consolidated Statements of Income.<br>Funds Available for Distribution (“FAD”): FFO excluding the effects of straight-line rent, amortization of lease costs, effective<br>interest income, provision for credit losses, non-cash compensation charges and non-cash interest charges.<br>Funds From Operations (“FFO”): As defined by NAREIT, net income available to common stockholders (computed in<br>accordance with U.S. GAAP) excluding gains or losses on the sale of real estate and impairment write-downs of depreciable real<br>estate plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint<br>ventures.<br>GAAP Lease Yield: GAAP rent divided by the sum of the purchase price and transaction costs.<br>GAAP Rent: Total rent we will receive as a fixed amount over the initial term of the lease and recognized evenly over that<br>term. GAAP rent recorded in the early years of a lease is higher than the cash rent received and during the later years of<br>the lease, the cash rent received is higher than GAAP rent recognized. GAAP rent is commonly referred to as straight-line<br>rental income.<br>Gross Asset Value: The carrying amount of total assets after adding back accumulated depreciation and loan loss<br>reserves, as reported in the company’s consolidated financial statements.<br>Gross Investment: Original price paid for an asset plus capital improvements funded by LTC, without any deductions for<br>depreciation or provision for credit losses. Gross Investment is commonly referred to as undepreciated book value.<br>Independent Living Communities (“ILF”): Seniors housing properties offering a sense of community and numerous levels of<br>service, such as laundry, housekeeping, dining options/meal plans, exercise and wellness programs, transportation, social,<br>cultural and recreational activities, on-site security and emergency response programs. Many offer on-site conveniences<br>like beauty/barber shops, fitness facilities, game rooms, libraries and activity centers. ILFs are also known as retirement<br>communities or seniors apartments.<br>Interest Income: Represents interest income from mortgage loans and other notes.<br>Licensed Beds/Units: The number of beds and/or units that an operator is authorized to operate at seniors housing and<br>long-term care properties. Licensed beds and/or units may differ from the number of beds and/or units in service at any<br>given time.<br>Memory Care Communities (“MC”): Seniors housing properties offering specialized options for seniors with Alzheimer’s<br>disease and other forms of dementia. These facilities offer dedicated care and specialized programming for various<br>conditions relating to memory loss in a secured environment that is typically smaller in scale and more residential in<br>nature than traditional assisted living facilities. These facilities have staff available 24 hours a day to respond to the<br>unique needs of their residents.<br>Metropolitan Statistical Areas (“MSA”): Based on the U.S. Census Bureau, MSA is a geographic entity defined by the<br>Office of Management and Budget (OMB) for use by Federal statistical agencies in collecting, tabulating, and publishing<br>Federal statistics. A metro area contains a core urban area of 50,000 or more population. MSAs 1 to 31 have a<br>population of 19.8M – 2.2M. MSAs 32 to 100 have a population of 2.2M – 0.6M. MSAs greater than 100 have a<br>population of 0.6M – 59K. Cities in a Micro-SA have a population of 223K – 12K. Cities not in a MSA has population of<br>less than 100K.<br>GLOSSARY I 26<br>GLOSSARY
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1Q 2025 SUPPLEMENTAL REPORT<br>Mezzanine: In certain circumstances, the Company strategically allocates a portion of its capital deployment<br>toward mezzanine loans to grow relationships with operating companies that have not typically utilized sale-leaseback financing as a component of their capital structure. Mezzanine financing sits between senior debt<br>and common equity in the capital structure, and typically is used to finance development projects, value-add<br>opportunities on existing operational properties, partnership buy-outs and recapitalization of equity. We seek<br>market-based, risk-adjusted rates of return typically between 9% to 14% with the loan term typically between<br>three to 10 years. Security for mezzanine loans can include all or a portion of the following credit enhancements;<br>secured second mortgage, pledge of equity interests and personal/corporate guarantees. Mezzanine loans can<br>be recorded for GAAP purposes as either a loan or joint venture depending upon specifics of the loan terms and<br>related credit enhancements.<br>Micropolitan Statistical Areas (“Micro-SA”): Based on the U.S. Census Bureau, Micro-SA is a geographic entity<br>defined by the Office of Management and Budget (OMB) for use by Federal statistical agencies in collecting,<br>tabulating, and publishing Federal statistics. A micro area contains an urban core of at least 10,000 population.<br>Mortgage Loan: Mortgage financing is provided on properties based on our established investment underwriting<br>criteria and secured by a first mortgage. Subject to underwriting, additional credit enhancements may be required<br>including, but not limited to, personal/corporate guarantees and debt service reserves. When possible, LTC<br>attempts to negotiate a purchase option to acquire the property at a future time and lease the property back to<br>the borrower.<br>Net Real Estate Assets: Gross real estate investment less accumulated depreciation. Net Real Estate Asset is<br>commonly referred to as Net Book Value (“NBV”).<br>Non-cash Revenue: Straight-line rental income, amortization of lease inducement and effective interest.<br>Non-cash Compensation Charges: Vesting expense relating to stock options and restricted stock.<br>Normalized EBITDAR Coverage: The trailing twelve month’s earnings from the operator financial statements<br>adjusted for non-recurring, infrequent, or unusual items and before interest, taxes, depreciation, amortization,<br>and rent divided by the operator’s contractual lease rent. Management fees are imputed at 5% of revenues.<br>Normalized EBITDARM Coverage: The trailing twelve month’s earnings from the operator financial statements<br>adjusted for non-recurring, infrequent, or unusual items and before interest, taxes, depreciation, amortization,<br>rent, and management fees divided by the operator’s contractual lease rent.<br>Occupancy: The weighted average percentage of all beds and/or units that are occupied at a given time. The<br>calculation uses the trailing twelve months and is based on licensed beds and/or units which may differ from the<br>number of beds and/or units in service at any given time.<br>Operator Financial Statements: Property level operator financial statements which are unaudited and have not<br>been independently verified by us.<br>Payor Source: LTC revenue by operator underlying payor source for the period presented. LTC is not a Medicaid or a<br>Medicare recipient. Statistics represent LTC's rental revenues times operators' underlying payor source revenue percentage.<br>Underlying payor source revenue percentage is calculated from property level operator financial statements which are<br>unaudited and have not been independently verified by us.<br>Private Pay: Private pay includes private insurance, HMO, VA, and other payors.<br>Purchase Price: Represents the fair value price of an asset that is exchanged in an orderly transaction between market<br>participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a<br>period prior to the measurement date to allow for marketing activities that are usual and customary for transactions<br>involving such assets; it is not a forced transaction (for example, a forced liquidation or distress sale).<br>Real Estate Investments: Represents our investments in real property, financing receivables and mortgage loans<br>receivable.<br>Rental Income: Represents GAAP rent net of amortized lease inducement cost.<br>Same Property Portfolio (“SPP”): Same property statistics allow for the comparative evaluation of performance across a<br>consistent population of LTC’s leased property portfolio and the Prestige Healthcare mortgage loan portfolio. Our SPP is<br>comprised of stabilized properties occupied and operated throughout the duration of the quarter-over-quarter comparison<br>periods presented (excluding assets sold and assets held-for-sale). Accordingly, a property must be occupied and stabilized<br>for a minimum of 15 months to be included in our SPP. Each property transitioned to a new operator has been excluded<br>from SPP and will be added back to SPP for the SPP reporting period ending 15 months after the date of the transition.<br>Skilled Nursing Properties (“SNF”): Seniors housing properties providing restorative, rehabilitative and nursing care for<br>people not requiring the more extensive and sophisticated treatment available at acute care hospitals. Many SNFs provide<br>ancillary services that include occupational, speech, physical, respiratory and IV therapies, as well as sub-acute care services<br>which are paid either by the patient, the patient’s family, private health insurance, or through the federal Medicare or state<br>Medicaid programs.<br>Stabilized: Properties are generally considered stabilized upon the earlier of achieving certain occupancy thresholds (e.g.<br>80% for SNFs and 90% for ALFs) and, as applicable, 12 months from the date of acquisition/lease transition or, in the event<br>of a de novo development, redevelopment, major renovations or addition, 24 months from the date the property is first<br>placed in or returned to service, or properties acquired in lease-up.<br>Trailing Twelve Months Revenues: For the owned portfolio, rental income includes cash rent, straight-line rent and<br>amortization of lease incentives and excludes real estate tax reimbursement, straight-line rent write-off and rental income<br>from properties sold during the trailing twelve months. Financing receivables revenue includes cash interest income and<br>effective interest from financing receivables during the trailing twelve months. Mortgage loans revenue includes cash<br>interest income and effective interest from mortgage loans and construction loans and excludes loan payoffs during the<br>trailing twelve months. Notes receivables revenue includes cash interest income and effective interest from mezzanine<br>loans and working capital notes and excludes loan payoffs during the trailing twelve months. Unconsolidated JV revenue<br>includes income from our investments in joint ventures during the trailing twelve months.<br>Under Development Properties (“UDP”): Development projects to construct seniors housing properties.<br>GLOSSARY I 27<br>GLOSSARY
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1Q 2025 SUPPLEMENTAL REPORT<br>FORWARD-LOOKING STATEMENTS<br>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<br>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<br>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,’’<br>‘‘should,’’ ‘‘seeks,’’ ‘‘approximately,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates’’ or ‘‘anticipates,’’ or the negative of those words or similar words. Forward- looking statements<br>involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect our future plans of operation, business strategy, results of<br>operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such<br>forward-looking statements, including, but not limited to, the status of the economy, the status of capital markets (including prevailing interest rates), and our access<br>to capital; the income and returns available from investments in health care related real estate, the ability of our borrowers and lessees to meet their obligations to<br>us, our reliance on a few major operators; competition faced by our borrowers and lessees within the health care industry, regulation of the health care industry by<br>federal, state and local governments, changes in Medicare and Medicaid reimbursement amounts (including due to federal and state budget constraints), compliance<br>with and changes to regulations and payment policies within the health care industry, debt that we may incur and changes in financing terms, our ability to continue to<br>qualify as a real estate investment trust, the relative illiquidity of our real estate investments, potential limitations on our remedies when mortgage loans default, and<br>risks and liabilities in connection with properties owned through limited liability companies and partnerships. For a discussion of these and other factors that could<br>cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under ‘‘Risk Factors’’ and other information<br>contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in our publicly available filings with the Securities and Exchange<br>Commission. We do not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements,<br>whether as a result of new information, future events or otherwise.<br>28<br>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<br>primarily through sale-leaseback transactions, mortgage financing and structured finance solutions including preferred equity and mezzanine lending. LTC’s portfolio<br>encompasses Skilled Nursing Facilities (SNF), Assisted Living Communities (ALF), Independent Living Communities (ILF), Memory Care Communities (MC) and<br>combinations thereof. Our main objective is to build and grow a diversified portfolio that creates and sustains shareholder value while providing our stockholders current<br>distribution income. To meet this objective, we seek properties operated by regional operators, ideally offering upside and portfolio diversification (geographic, operator,<br>property type and investment vehicle). For more information, visit www.LTCreit.com.<br>FORWARD-LOOKING STATEMENTS AND NON-GAAP INFORMATION<br>NON-GAAP INFORMATION<br>This supplemental information contains certain non-GAAP information including EBITDAre, adjusted EBITDAre, FFO, FFO excluding non-recurring items, FAD, FAD<br>excluding non-recurring items, adjusted interest coverage ratio, and adjusted fixed charges coverage ratio. A reconciliation of this non-GAAP information is provided<br>on pages 19, 22, 23 and 24 of this supplemental information, and additional information is available under the “Non-GAAP Financial Measures” subsection under<br>the “Filings” section of our website at www.LTCreit.com.
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