LTC Properties (LTC) Investor presentation summary

Strategic transformation and growth

• Rapid expansion of the SHOP platform since May 2025, reaching 46 properties and $1.1B in acquisitions, with 13 operators, 11 of which are new, across 18 states.

• SHOP now represents 49% of gross investments and is projected to contribute 49% of NOI by the end of 2026, up from 0% in May 2025.

• Portfolio transformation shifts NOI from seniors housing (43% to 77%) and owned investments (76% to 89%) while reducing exposure to skilled nursing and mortgage loans.

• $730M in capital is being recycled from asset sales and loan payoffs into higher-growth SHOP investments, supporting organic FFO and FAD per share growth.

• SHOP platform targets markets with strong demographic demand and limited new supply, leveraging favorable sector fundamentals.

Financial performance and guidance

• 2026 guidance projects diluted EPS 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 for 2026 are expected to reach $700M–$1.1B, with $730M in asset sales and loan payoffs, and anticipated gains on sale exceeding $330M.

• SHOP NOI guidance for 2026 is $71.2M–$79.9M, with core SHOP portfolio NOI projected at $53.5M–$56.5M and ~14% NOI growth over 2025 proforma.

• Proforma enterprise value as of June 30, 2026, is $3.2B, with a market value of $2.4B and a proforma dividend yield of 5.3%.

• Debt metrics remain conservative, with proforma debt to enterprise value at 26% and debt to annualized adjusted EBITDAre at 4.2x.

Portfolio and capital structure

• Portfolio includes 163 properties in 26 states, with 74% of assets in the top 100 MSAs and an average SHOP property age of 9 years.

• SHOP portfolio is diversified by operator and geography, with Lifespark Senior Living, Anthem Memory Care, and The Arbor Company as leading operators.

• Major 2026 acquisitions include 12 communities for $566M in 3Q26, with weighted average cap rates around 6.9%.

• Near-term expected sales and loan payoffs total $730M in 2026, with significant gains on sale from skilled nursing and seniors housing dispositions.

• Liquidity remains strong with $1.1B available, including $632M under the line of credit and $466M under the ATM program.