LTC Properties (LTC) Investor presentation summary

Strategic transformation and growth

• Accelerated shift to a SHOP-focused platform, with SHOP investments projected to reach $1.3 billion by September 2026, covering over 40 communities and reducing average portfolio age to nine years.

• SHOP segment now represents 49% of gross investments, up from 0% in May 2025, and is expected to account for 49% of NOI by year-end 2026.

• Portfolio transformation increased seniors housing NOI from 43% to 77% and reduced skilled nursing NOI from 57% to 22% between 2024 and proforma 2026.

• SHOP acquisitions since May 2025 total $732 million, with a target of $900 million in SHOP investments for 2026.

• Capital recycling strategy includes $730 million in expected proceeds from asset sales and loan payoffs in 2026.

Financial performance and guidance

• 2026 guidance projects diluted earnings per share of $8.08–$8.10, core FFO per share of $2.76–$2.78, and core FAD per share of $2.83–$2.85.

• Gross investments guidance raised to $700 million–$1.1 billion, with SHOP NOI expected between $71.2 million and $79.9 million.

• Debt to enterprise value stands at 26.7%, with $1.1 billion in total liquidity as of August 2026.

• Dividend yield is 5.9% with a market value of $2.1 billion and enterprise value of $2.9 billion.

• Annualized adjusted EBITDAre to fixed charges ratio is 4.9x as of June 2026.

SHOP segment performance

• Core SHOP portfolio (27 properties, 2,281 units) projected to deliver 14% NOI growth and 70 basis points occupancy growth in 2026.

• SHOP acquisitions and conversions have diversified operator base, with 12 operators (10 new) and properties in 15 states.

• Average unit occupancy for core SHOP portfolio is projected at 90% for 2Q26.

• SHOP capital expenditures for 2026 are guided at $4.0–$4.4 million FAD and $12.9 million non-FAD.

• SHOP portfolio is concentrated in primary markets, with 76% of properties in top MSAs and an average property age of nine years.