LTC Properties (LTC) Investor presentation summary

Strategic transformation and growth

• Accelerated shift toward SHOP (Seniors Housing Operating Portfolio) investments, targeting 45% of portfolio by end of 2026 for higher growth and improved risk-adjusted returns.

• SHOP segment grew from 0% in May 2025 to 29% by early 2026, with $461M in acquisitions since May 2025 and projected to reach 45% of gross asset value by year-end 2026.

• Recent transactions include $192.2M in SHOP acquisitions and conversions, and $187M in skilled nursing center sales and joint venture exits in 4Q25 and 1Q26.

• Portfolio transformation reduces skilled nursing exposure to 22% and increases seniors housing to 77% by 2026.

• SHOP NOI projected to grow ~14% in 2026, with occupancy and margin improvements.

Financial performance and guidance

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

• Gross investments for 2026 expected between $400M and $800M, with $266M in asset sales and loan payoffs.

• SHOP NOI guidance for 2026: $65.1M–$77.2M, with capital expenditures of $4.6M–$4.9M.

• Enterprise value at $2.8B as of December 31, 2025, with debt to enterprise value at 30.1% and debt to annualized adjusted EBITDAre at 4.5x.

• Total liquidity at year-end 2025 was $650M, including $347M available under the line of credit and $289M under the ATM.

Portfolio and operational highlights

• Portfolio includes nearly 190 properties across 23 states, with 67% in seniors housing and 33% in skilled nursing as of year-end 2025.

• SHOP segment comprised 30 properties with 8 operators (6 new since May 2025), and average property age of 9 years.

• Geographic diversification with 65% of properties in top 100 MSAs; average age of SHOP portfolio is 9 years versus 17 years for NNN.

• Industry fundamentals remain favorable: senior population growth, low new supply, and extended loan maturities create acquisition opportunities.

• SHOP performance in 2025 showed 22% NOI growth for initial conversions, with projected 2026 NOI growth of ~14% for the expanded SHOP portfolio.