LTC Properties (LTC) Investor presentation summary

Strategic transformation and growth

• Accelerated shift toward seniors housing operating portfolio (SHOP), with $600M in projected SHOP acquisitions for 2026 and $265M in skilled nursing divestitures, targeting 40% of annualized NOI from SHOP by year-end.

• SHOP as a percent of gross asset value is projected to reach 45% by the end of 2026, up from 0% in May 2025, reflecting a major portfolio transformation.

• Seniors housing asset value concentration increases to 77% and skilled nursing decreases to 22% by 2026, with owned investments rising to 91% of asset value.

• Recent acquisitions and conversions include multiple seniors housing communities, with expected unlevered IRRs in the low teens.

• SHOP portfolio now spans 33 properties across 12 states, managed by 10 operators, 8 of which are new relationships.

Financial performance and guidance

• 2026 guidance includes diluted earnings per share of $1.80–$1.84, Core FFO per share of $2.75–$2.79, and Core FAD per share of $2.82–$2.86.

• Gross investments for 2026 are expected between $400M and $800M, with asset sales and loan payoffs of $265.9M.

• SHOP NOI is projected in the range of $65.1M to $77.2M, with capital expenditures of $1,500 per unit.

• Proforma enterprise value stands at $2.9B, with a debt to enterprise value ratio of 28.5% and debt to annualized adjusted EBITDAre of 4.4x.

• Total liquidity as of March 31, 2026, is $583M, including $373M available under the line of credit and $192M under the ATM.

SHOP segment performance

• SHOP segment delivered 22% NOI growth in 2025 over 2024 for the original 13 property conversions, with projected 2026 NOI growth of ~14% for 27 properties.

• Core SHOP portfolio (27 properties) achieved an average occupancy of 89.4% and a projected NOI margin of ~27.5% for 2026.

• Revenue per occupied room (REVPOR) is projected to increase by ~5%, with expenses per occupied room (EXPOR) up ~2.5%.

• SHOP capital expenditures for 2026 are guided at $1,500 per unit (FAD) and $10M for non-FAD improvements.