[Company Overview and Q1 2024 Highlights](index=1&type=section&id=Company%20Overview%20and%20Q1%202024%20Highlights) LTC Properties, Inc. is a REIT specializing in senior housing and healthcare properties, reporting mixed financial results for Q1 2024 with decreased net income but increased FFO and FAD [Company Profile](index=1&type=section&id=Company%20Profile) LTC Properties, Inc. is a REIT primarily investing in senior housing and healthcare properties through various financing solutions, with a portfolio of 194 properties across 26 states - LTC Properties, Inc. (NYSE: LTC) is a real estate investment trust (REIT) primarily investing in senior housing and healthcare properties[1](index=1&type=chunk)[7](index=7&type=chunk) - The investment portfolio comprises **194 properties** across **26 states** with **32 operating partners**, approximately **50% senior housing** and **50% skilled nursing properties**[7](index=7&type=chunk) [Q1 2024 Financial Highlights](index=1&type=section&id=Q1%202024%20Financial%20Highlights) LTC reported a decrease in net income and diluted EPS for Q1 2024 compared to Q1 2023, while NAREIT FFO and FAD showed growth Q1 2024 vs Q1 2023 Key Financial Metrics | Metric | Q1 2024 | Q1 2023 | Change (YoY) | | :--------------------------------------- | :-------- | :-------- | :----------- | | Net income available to common stockholders | $24,065K | $32,929K | -26.9% | | Diluted earnings per common share | $0.56 | $0.80 | -30.0% | | NAREIT FFO attributable to common stockholders | $29,909K | $27,200K | +10.0% | | NAREIT diluted FFO per common share | $0.69 | $0.66 | +4.5% | | FFO attributable to common stockholders, excluding non-recurring items | $27,532K | $27,462K | +0.3% | | Funds available for distribution ("FAD") | $31,274K | $30,085K | +4.0% | | FAD, excluding non-recurring items | $28,897K | $28,515K | +1.3% | [Factors Impacting Q1 2024 Results](index=1&type=section&id=Factors%20Impacting%20Q1%202024%20Results) Q1 2024 results were positively impacted by increased rental and mortgage interest income, partially offset by higher interest expenses and lower other income - Rental income increased, primarily due to the repayment of **$2.4 million** in rent credits, rent from Q2 2023 acquisitions, timing of cash rent collections, lease renewals, and annual rent escalations, partially offset by property sales and a transitional portfolio[3](index=3&type=chunk) - Mortgage loan interest income increased, driven by mortgage loan originations in 2023 and funding of construction loans in 2024[3](index=3&type=chunk) - Interest expense increased, primarily due to higher interest rates and an increased outstanding balance on LTC's revolving line of credit, partially offset by scheduled principal payments on senior unsecured notes[3](index=3&type=chunk) - A net gain on sale of real estate of **$3.3 million** was realized in 2024 from the sale of seven assisted living communities[3](index=3&type=chunk) [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for Q1 2024 show increased total revenues but a significant decrease in net income, alongside minor changes in total assets and liabilities [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Total revenues increased by 3.8% in Q1 2024, but net income significantly decreased due to a substantial drop in real estate sale gains and higher interest expenses Consolidated Statements of Income (Q1 2024 vs Q1 2023) | Metric (in thousands) | Q1 2024 | Q1 2023 | Change (YoY) | | :-------------------------------- | :-------- | :-------- | :----------- | | Total revenues | $51,366 | $49,500 | +3.8% | | Rental income | $33,549 | $31,735 | +5.7% | | Interest income from mortgage loans | $12,448 | $11,244 | +10.7% | | Total expenses | $30,304 | $31,688 | -4.4% | | Interest expense | $11,045 | $10,609 | +4.1% | | Provision for credit losses | $24 | $1,731 | -98.6% | | Gain on sale of real estate, net | $3,251 | $15,373 | -78.8% | | Net income available to common stockholders | $24,065 | $32,929 | -26.9% | | Diluted EPS | $0.56 | $0.80 | -30.0% | [Consolidated Balance Sheets](index=10&type=section&id=Consolidated%20Balance%20Sheets) Total assets slightly decreased as of March 31, 2024, primarily due to reduced properties held-for-sale and real property investments, while total liabilities also declined Consolidated Balance Sheets (March 31, 2024 vs December 31, 2023) | Metric (in thousands) | March 31, 2024 | December 31, 2023 | Change | | :-------------------------------- | :------------- | :---------------- | :----- | | Total assets | $1,818,395 | $1,855,098 | -2.0% | | Real property investments, net | $956,366 | $987,965 | -3.2% | | Properties held-for-sale, net | $389 | $18,391 | -97.9% | | Mortgage loans receivable, net | $480,250 | $477,266 | +0.6% | | Cash and cash equivalents | $9,010 | $20,286 | -55.6% | | Total liabilities | $899,553 | $938,831 | -4.2% | | Revolving line of credit | $277,050 | $302,250 | -8.3% | | Total equity | $918,842 | $916,267 | +0.3% | [Supplemental Financial Measures (FFO & FAD)](index=7&type=section&id=Supplemental%20Financial%20Measures%20(FFO%20%26%20FAD)) This section defines and reconciles FFO and FAD, key non-GAAP metrics for REITs, showing their growth in Q1 2024 despite lower GAAP net income [Definition and Purpose of FFO and FAD](index=7&type=section&id=Definition%20and%20Purpose%20of%20FFO%20and%20FAD) FFO and FAD are non-GAAP metrics used by REITs to assess operational performance and dividend potential, adjusting net income for non-cash items - Funds From Operations (FFO) and Funds Available for Distribution (FAD) are supplemental non-GAAP financial measures used by REITs to evaluate operating performance[12](index=12&type=chunk)[14](index=14&type=chunk) - NAREIT FFO is defined as GAAP net income attributable to common stockholders, excluding gains or losses from real estate sales and impairment write-downs of depreciable real estate, plus real estate depreciation and amortization, adjusted for unconsolidated partnerships and joint ventures[13](index=13&type=chunk) - FAD is defined as FFO less the impact of straight-line rent, amortization of lease inducements, effective interest income, deferred income from unconsolidated joint ventures, non-cash compensation expense, capitalized interest, and non-cash interest expense, serving as a useful measure of cash flow available for distribution to shareholders[14](index=14&type=chunk) [Reconciliation of FFO and FAD](index=8&type=section&id=Reconciliation%20of%20FFO%20and%20FAD) Q1 2024 saw NAREIT FFO attributable to common stockholders increase by 10.0% to $29.9 million and FAD by 4.0% to $31.3 million, indicating improved operational cash flow Reconciliation of FFO and FAD (Q1 2024 vs Q1 2023) | Metric (in thousands) | Q1 2024 | Q1 2023 | Change (YoY) | | :---------------------------------------------------------------- | :-------- | :-------- | :----------- | | GAAP net income available to common stockholders | $24,065 | $32,929 | -26.9% | | NAREIT FFO attributable to common stockholders | $29,909 | $27,200 | +10.0% | | FFO attributable to common stockholders, excluding non-recurring items | $27,532 | $27,462 | +0.3% | | Funds available for distribution (FAD) | $31,274 | $30,085 | +4.0% | | FAD, excluding non-recurring items | $28,897 | $28,515 | +1.3% | | NAREIT Diluted FFO per common share | $0.69 | $0.66 | +4.5% | | Diluted FAD per share | $0.72 | $0.73 | -1.4% | - Non-recurring items in Q1 2024 included the repayment of **$2.377 million** in rent credits related to the sale of a 110-unit assisted living community in Wisconsin[16](index=16&type=chunk) [Operational Activities and Strategic Initiatives](index=1&type=section&id=Operational%20Activities%20and%20Strategic%20Initiatives) LTC engaged in various property transactions, debt management, and equity activities during and after Q1 2024, focusing on portfolio optimization and strategic growth [Transactions Completed During Q1 2024](index=1&type=section&id=Transactions%20Completed%20During%20Q1%202024) LTC completed the sale and re-leasing of 10 assisted living communities, sold a joint venture interest, funded a new construction mortgage, and managed debt and equity activities - Completed the sale and re-leasing process for **10 assisted living communities** previously master leased by ALG Senior, which were not generating income[3](index=3&type=chunk) - Sold an interest in a 110-unit assisted living community joint venture in Wisconsin for **$23.1 million**, including the repayment of **$2.4 million** in rent credits, realizing a **$4.0 million** gain on sale[4](index=4&type=chunk) - Funded **$2.9 million** under a **$19.5 million** mortgage loan commitment for the construction of an 85-unit assisted living and memory care community in Michigan[4](index=4&type=chunk) - Sold a 60-unit assisted living community in Florida for **$4.5 million**, recording a **$0.319 million** loss on sale[4](index=4&type=chunk) - Amended and extended the maturity date of the unsecured revolving line of credit to **November 19, 2026**[4](index=4&type=chunk) - Repaid **$25.2 million** on the revolving line of credit and made a **$6.0 million** scheduled principal payment on senior unsecured notes[4](index=4&type=chunk) - Sold **139,100 shares** of common stock through an equity distribution agreement, generating **$4.5 million** in net proceeds[4](index=4&type=chunk) [Transactions Completed Subsequent to Q1 2024](index=3&type=section&id=Transactions%20Completed%20Subsequent%20to%20Q1%202024) Post-Q1, LTC transitioned two properties to new operators, sold five Texas properties, originated a new mortgage loan, and revised a master lease agreement with HMG Healthcare - Transitioned two properties in Georgia and South Carolina to a new operator under a two-year lease with **six months of free rent**, followed by market rent, and a purchase option exercisable in 2027; LTC agreed to provide up to **$0.906 million** for capital improvements and a **$0.24 million** working capital note for the first year[4](index=4&type=chunk) - Sold five properties in Texas for **$1.6 million**, with net proceeds of **$0.925 million**, recording a **$0.356 million** loss on sale[4](index=4&type=chunk) - Originated a **$12.7 million** mortgage loan to Ignite Medical Resorts for a skilled nursing and assisted living campus in Texas, expected to generate approximately **$0.884 million** in revenue in 2024[4](index=4&type=chunk) - Reached an agreement in principle with HMG Healthcare to amend the master lease for **11 skilled nursing centers** in Texas, extending the term to **December 2028**; annual rent will increase from **$9.0 million** in 2024 to **$9.5 million** in 2025 and **$10.0 million** in 2026, with **3.3% annual escalations thereafter**; HMG will repay a **$11.9 million** working capital note in Q2 2024[4](index=4&type=chunk) - An operator exercised a renewal option, extending the lease for **four skilled nursing centers** and **one behavioral health hospital** for **five years**, from March 2025 to February 2030; annual cash and GAAP rent for 2024 are **$8.0 million** and **$7.0 million**, respectively, with **2.5% annual escalations**[9](index=9&type=chunk) - Sold **204,700 shares** of common stock through an equity distribution agreement, generating **$6.5 million** in net proceeds[9](index=9&type=chunk) [Management Outlook](index=5&type=section&id=Management%20Outlook) CEO Wendy Simpson stated that LTC is well-positioned for strategic, long-term, and sustainable growth after optimizing its portfolio in 2023 - CEO Wendy Simpson stated that the company is focused on strategic, long-term, and sustainable growth after optimizing and strengthening its portfolio in 2023[6](index=6&type=chunk) [Additional Information](index=5&type=section&id=Additional%20Information) This section provides details for the Q1 2024 earnings conference call and includes important disclaimers regarding forward-looking statements [Conference Call Details](index=5&type=section&id=Conference%20Call%20Details) LTC will host a conference call on April 30, 2024, at 8:00 AM PT (11:00 AM ET) to discuss Q1 2024 results, accessible via webcast or phone - A conference call is scheduled for **April 30, 2024, at 8:00 AM PT (11:00 AM ET)** to discuss Q1 2024 results[6](index=6&type=chunk) - Accessible via webcast at www.LTCreit.com or by phone (U.S. toll-free: **888-506-0062**, International: **973-528-0011**, Conference Access Code: **674331**)[6](index=6&type=chunk) - An audio replay of the conference call will be available until **May 14, 2024** (U.S. toll-free: **877-481-4010**, International: **919-882-2331**, Conference ID: **50325**)[6](index=6&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements subject to risks and uncertainties, and actual results may differ materially from expectations - This press release contains forward-looking statements subject to various risks and uncertainties, detailed in LTC's latest annual and quarterly reports filed with the SEC[8](index=8&type=chunk) - The company's actual results may differ materially from any forward-looking statements, and the company undertakes no obligation to update such statements[8](index=8&type=chunk)

FG Trade LTC Properties Inc. (NYSE:LTC) is a senior-focused healthcare real estate investment trusts that owns approximately 50% senior housing and 50% skilled nursing facilities in its real estate portfolio. Senior-focused healthcare REITs are attractive from an investment angle because of long-term secular trends in the U.S. senior population which suggests that the share of people aged 65 or older is going to increase substantially moving forward, thereby setting up attractive supply-demand dynamics ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 1-11314 LTC PROPERTIES, INC. (Exact name of registrant as specified in its charter) Maryland (State or other jurisdiction of incorporation or organi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition period from ____ to ____ Commission file number 1-11314 LTC PROPERTIES, INC. (Exact name of Registrant as specified in its charter) (State or other ...

LTC Properties, Inc. (NYSE:LTC) Q2 2023 Earnings Conference Call July 28, 2023 11:00 AM ET Company Participants Wendy Simpson - Chairman and CEO Pam Kessler - CFO, Co-President and Corporate Secretary Clint Malin - CIO and Co-President Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Juan Sanabria - BMO Capital Markets Connor Siversky - Wells Fargo Amin Jazayeri - Barclays Michael Carroll - RBC Capital Markets Operator Good morning and welcome to the LTC Properties, Inc. Quarterly Ea ...

SECOND QUARTER 2023 Investments and Capital Recycling 4 INVESTMENTS Acquisitions and Financing Receivables 5 Joint Ventures 7 PORTFOLIO Diversification Maturity 13 Real Estate Investments Metrics 16 Enterprise Value 17 Debt Maturity 19 Consolidated Statements of Income 22 Funds from Operations 24-25 ESG (Environmental, Social & Governance) 26-27 Founded in 1992, LTC Properties, Inc. (NYSE: LTC) is a self-administered real estate investment trust (REIT) investing in seniors housing and health care properties ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition period from ____ to ____ Commission file number 1-11314 LTC PROPERTIES, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or ...

LTC Properties, Inc. (NYSE:LTC) Q1 2023 Earnings Conference Call April 28, 2023 11:00 AM ET Company Participants Wendy Simpson - Chairman & CEO Pam Kessler - CFO, Co-President & Corporate Secretary Clint Malin - CIO & Co-President Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Connor Siversky - Wells Fargo Securities Operator Before management begins its presentation, please note that today's comments, including the questions and answer session, may include forward-looking statemen ...

Financial Performance - Net income for Q1 2023 was $33,561,000, a significant increase from $14,507,000 in Q1 2022, representing a year-over-year growth of 131%[155]. - Total revenues for Q1 2023 reached $49,500,000, up from $40,787,000 in Q1 2022, marking an increase of 21.4%[163]. - Funds from Operations (FFO) attributable to common stockholders for Q1 2023 was $27,200,000, compared to $23,611,000 in Q1 2022, reflecting a growth of 15.5%[169]. - The company reported a gain on the sale of real estate of $15,373,000 in Q1 2023, compared to a gain of $102,000 in Q1 2022[163]. - Interest expense increased to $10,609,000 in Q1 2023 from $7,143,000 in Q1 2022, a rise of 48.5%[163]. - Cash provided by operating activities for the three months ended March 31, 2023, was $18,039,000, a decrease of 2.9% from $18,568,000 in 2022[178]. - Investing activities resulted in cash used of $132,230,000 for the three months ended March 31, 2023, an increase of 273.5% from $35,473,000 in 2022[178]. - Financing activities generated $109,350,000 in cash for the three months ended March 31, 2023, compared to $16,137,000 in 2022, reflecting a 577.5% increase[178]. Investment Portfolio - As of March 31, 2023, the net carrying value of investments was $1.7 billion, with $1.0 billion (58.2%) in owned and leased properties, $0.2 billion (11.5%) in financing receivables, and $0.5 billion (26.5%) in mortgage loans[108]. - The total real estate investment portfolio as of March 31, 2023, was valued at $2.11 billion, with assisted living properties comprising 52.7% and skilled nursing properties 46.0%[106]. - Seniors housing and health care properties made up approximately 99.3% of the gross investment portfolio as of March 31, 2023[97]. - The company anticipates making additional investments in health care-related properties, funded through cash on hand and proceeds from asset sales[102]. - The company entered into a $121.3 million joint venture to purchase 11 assisted living and memory care communities, with an initial cash yield of 7.25%[124]. Revenue Sources - Rental income, income from financing receivables, and interest income from mortgage loans accounted for 64.1%, 7.6%, and 22.7% of total revenues, respectively, for the three months ended March 31, 2023[109]. - For the three months ended March 31, 2023, the company recorded $32.4 million in cash rental income, including $3.3 million from operator reimbursements for real estate taxes[111]. - The company received $11.2 million in interest income from mortgage loans, with $9.3 million received in cash[112]. - Prestige Healthcare represents 16.4% of the company's total revenues and 14.7% of total assets as of March 31, 2023[116]. - The company anticipates receiving $10.8 million in cash rent from Anthem in 2023, consistent with 2022[113]. Debt and Liquidity - As of March 31, 2023, total debt obligations amounted to $901,045,000, with a weighted average interest rate of 4.58%[183]. - The company has an unsecured credit facility with a total commitment of up to $500 million, including a $400 million revolving credit facility[179]. - The company had $5.5 million in cash and cash equivalents and $129.9 million available under its unsecured revolving line of credit as of March 31, 2023[170]. - The company expects to maintain sufficient cash flow to cover operating costs and debt obligations, despite challenges posed by COVID-19[171]. - The company has a conservative approach to managing its business, maintaining liquidity until favorable investment opportunities arise[103]. Asset Management - The company monitors its investments through periodic reviews of financial statements and operator credit to mitigate payment risks[98]. - The company provided $0.5 million of abated rent to an operator during Q1 2023, with additional abated rent expected in subsequent months[117]. - The company recorded a $0.4 million impairment loss during Q1 2023 related to the sale of a 70-unit assisted living community in Florida[120]. - The company continues to monitor concentration risk across asset, investment, operator, and geographic mixes to assess potential downturn impacts[146]. Operator and Geographic Concentration - A master lease with Brookdale Senior Living Communities, Inc. is set to expire in December 2023, while another lease covering two skilled nursing centers has been renewed for five more years[110]. - The top five operators accounted for a significant portion of the company’s investments, with ALG Senior showing a notable increase to $326,288,000 as of March 31, 2023, compared to $192,699,000 as of December 31, 2022[148]. - Geographic concentration showed Texas as the leading state with investments of $328,442,000 as of March 31, 2023, slightly up from $327,490,000 as of December 31, 2022[148]. - North Carolina emerged as a top five state with investments of $232,841,000 as of March 31, 2023, a significant increase from $99,646,000 as of December 31, 2022[148]. - The company’s remaining states category saw a total investment of $995,223,000 as of March 31, 2023, up from $978,188,000 as of December 31, 2022[148]. Financial Ratios - As of March 31, 2023, the debt to gross asset value ratio increased to 41.0% from 37.4% in the previous quarter, indicating a rise in outstanding debt[153]. - The interest coverage ratio decreased to 3.6x in Q1 2023 from 4.4x in Q4 2022, reflecting an increase in interest expense[153]. - The company’s total fixed charges for Q1 2023 were $10,609,000, with a fixed charge coverage ratio of 3.6x[155]. Shareholder Returns - The company declared and paid $23,600,000 in cash dividends during the three months ended March 31, 2023[185]. - The company awarded 214,827 shares of restricted stock and performance-based stock units during the three months ended March 31, 2023[191]. - As of March 31, 2023, the company had 41,396,216 shares of common stock outstanding, with equity totaling $864.6 million[185].

LTC Properties, Inc. (NYSE:LTC) Q4 2022 Earnings Conference Call February 17, 2023 11:00 AM ET Company Participants Wendy Simpson - Chairman and CEO Pam Kessler - Co-President and Chief Financial Officer Clint Malin - Co-President and Chief Investment Officer Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Juan Sanabria - BMO Rich Anderson - SMBC Michael Carroll - RBC Tayo Okusanya - Credit Suisse Operator Before management begins its presentation, please note that today's comments, ...