LTC Properties (LTC) Q1 2026 earnings summary

Executive summary

• Accelerated transformation toward a SHOP-focused seniors housing portfolio, with SHOP investments and conversions projected to reach 45% of investments and 40% of annualized NOI by year-end 2026, including $108 million in SHOP acquisitions in Q1 2026 and $250 million more expected in Q2.

• Portfolio shift is reducing skilled nursing exposure, with seniors housing asset value concentration projected at 77% by 2026 and skilled nursing dropping to 22%.

• Gross investments reached $2.44 billion as of March 31, 2026, across nearly 190 properties in 23 states and 30 operators.

• Relationships with operators and a relationship-centric culture are driving record external growth and robust off-market deal flow.

• Platform investments in people and data analytics are supporting double-digit SHOP growth and scalability.

Financial highlights

• Q1 2026 total revenues rose to $95.4 million from $49.0 million year-over-year, with net income attributable to common stockholders up to $23.4 million from $20.5 million.

• Core FFO per share increased to $0.69 and core FAD per share to $0.72, with diluted Nareit FFO per share at $0.72 and diluted EPS at $0.48.

• SHOP segment NOI margin improved to 28.1% in Q1 2026, with core SHOP portfolio NOI margin at 26.8%.

• Debt to annualized adjusted EBITDAre improved to 4.4x proforma; fixed charge coverage ratio at 4.6x.

• Liquidity remains strong at $583 million–$585 million, with pro forma liquidity up to $775 million including expected asset sale proceeds.

Outlook and guidance

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

• SHOP acquisitions guidance for 2026 is $400 million–$800 million, with SHOP NOI projected at $65.1 million–$77.2 million and 14% NOI growth.

• $265 million–$266 million in proceeds from asset sales and loan payoffs expected in 2026.

• SHOP portfolio expected to reach nearly $1 billion by end of Q2 2026.

• Assumes 150 bps occupancy growth, 5% REVPOR increase, and 2.5% EXPOR increase.