LTC Properties (LTC) Investor presentation summary

Strategic transformation and growth

• Accelerated shift toward SHOP (Seniors Housing Operating Portfolio) investments, targeting 45% of gross asset value by end of 2026, up from 0% in May 2025 and 29% as of March 2026.

• SHOP segment delivered 22% NOI growth in 2025 over 2024 for initial conversions, with projected 14% NOI growth for 2026.

• Portfolio rebalancing reduced skilled nursing exposure to 22% and increased seniors housing to 77% of asset value by 2026.

• Recent acquisitions and conversions include $461M in SHOP acquisitions since May 2025 and multiple NNN-to-SHOP conversions.

• Asset sales and loan payoffs provided $266M in proceeds to fund SHOP growth.

Financial performance and guidance

• 2026 full-year guidance: diluted EPS $1.80–$1.84, Core FFO per share $2.75–$2.79, Core FAD per share $2.82–$2.86.

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

• Debt to enterprise value at 30%, debt to annualized adjusted EBITDAre at 4.5x, and $650M in total liquidity as of December 31, 2025.

• Dividend yield at 5.8% and market value of $1.9B as of March 2026.

• 2026 gross investments projected between $400M and $800M, including closed and pending transactions.

Portfolio and operational highlights

• Portfolio includes nearly 190 properties across 23 states, with 30 SHOP properties operated by 8 operators (6 new since May 2025).

• Average age of SHOP properties is 9 years, compared to 17 years for NNN assets.

• SHOP segment projected to reach 45% of gross investments by end of 2026.

• Diversification by geography and operator, with 65% of properties in top 100 MSAs.

• Industry fundamentals support growth: strong demographic tailwinds, low construction starts, and extended loan maturities create acquisition opportunities.