LTC Properties (LTC) Q3 2026 earnings summary

Executive summary

• SHOP transformation continued; acquisitions since the May 2025 launch reached $1.3B, with ~$950M closed through October and 2026 acquisitions expected to reach $1.0B.

• SHOP represented 45% of annualized NOI as of Nov. 3; management expects 50% of pro forma annualized NOI by year-end 2026 and sees a path to 75% by end-2028.

• SHOP grew from zero communities to 50 communities managed by 14 operators; management expects the shift to strengthen long-term earnings growth and portfolio resilience.

• Pro forma portfolio comprised 168 properties, $3.008B gross investment and $205.4M trailing-12-month NOI; SHOP represented 52.6% of gross investment and 34.3% of NOI.

Financial highlights

• Q3 revenue was $115.2M vs. $69.3M YoY; net income was $349.3M, primarily reflecting a $323.9M net gain on real estate sales.

• Net income available to common stockholders was $346.4M vs. a $20.1M loss; diluted EPS was $6.39 vs. a $0.44 loss.

• Diluted Core FFO was $0.71/share vs. $0.69 YoY; diluted Core FAD was $0.73/share vs. $0.72.

• Q3 cash dividends were $0.57/share, unchanged YoY.

Outlook and guidance

• FY2026 diluted Core FFO guidance remains $2.76–$2.78/share and Core FAD guidance $2.83–$2.85/share.

• 2026 gross investment guidance midpoint rose to $1.0B from $900M; expected asset-sale and loan-payoff proceeds are $730M, including $179.8M expected in Q4.

• Core SHOP NOI guidance narrowed to $53.5M–$55.5M; total SHOP NOI guidance, including expected net investments, is $73.5M–$76.4M.

• Core SHOP guidance implies ~13% pro forma NOI growth and ~70 bps occupancy growth vs. 2025 pro forma averages; assumptions include ~5.1% RevPOR and ~2.8% ExPOR growth.

• ~$200M of SHOP acquisitions are expected to close in Q1 2027; management sees potential to transact at a similar volume to 2026.