Financial Data and Key Metrics Changes - Core FFO improved to $0.69 from $0.68, primarily due to an increase in SHOP NOI and a decrease in interest expense [5][6] - Core FAD improved by $0.04 to $0.72 compared to $0.68 last year, influenced by similar factors affecting core FFO [5] - Pro forma debt to annualized adjusted EBITDA for real estate was 4.7 times, and annualized adjusted fixed charge ratio was 4.6 times [7] - Pro forma liquidity stands at nearly $500 million [7] - Full year 2025 core FFO guidance increased by $0.01, now standing at $2.69-$2.71 [8] Business Line Data and Key Metrics Changes - SHOP segment closed about 85% of the projected $460 million investment pipeline, with over $290 million in SHOP segment investments [3] - SHOP portfolio now includes 21 properties with five operators, three of which are new to LTC, with a gross book value of $447 million [9] - SHOP NOI guidance for 13 properties increased to $10.9-$11.3 million, up from $9.4-$10.3 million [10] - Expected fourth quarter NOI for the remainder of the SHOP portfolio is $4.8-$5.2 million [10] Market Data and Key Metrics Changes - The current opportunity set stands at roughly $1 billion, with nearly $110 million under LOI targeted to close in January 2026 [12] - The average vintage of SHOP acquisitions in 2025 is 2019, indicating a focus on newer assets [39] Company Strategy and Development Direction - The company is focused on expanding its SHOP platform, deepening operator partnerships, and driving long-term accretive returns [16] - The strategy includes recycling capital from non-core assets and adding new operators to enhance portfolio quality [9] - The company aims to build a portfolio of newer assets with competitive advantages as the industry evolves [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting strong momentum and a solid foundation for growth [16] - The company is positioned to capitalize on favorable demand fundamentals and supply constraints in the senior housing market [3] - Management expects continued strong SHOP NOI growth due to the competitive position of SHOP assets [10] Other Important Information - The company completed the sale of a portfolio of seven skilled nursing assets, generating net proceeds of approximately $120 million and a gain of $78 million [11] - A non-cash write-off of $41.5 million was taken related to Prestige's straight-line effective interest receivable balance [6] Q&A Session Summary Question: Guidance assumptions for core FFO range - Management clarified that the low range includes all closed investments, while the high range includes expected closings within the next 60 days [20] Question: Focus on SHOP deals versus other opportunities - The primary focus is on SHOP deals, although other opportunities will be considered [21] Question: Expected yields and growth for pipeline deals - Initial yields for the $110 million deal are guided at 7% [25] Question: Funding incremental capital - Proceeds from loan payoffs and equity from the ATM will fund investments, with a disciplined approach to equity issuance [28] Question: Growth profile after SHOP investments - Management expects more than 3% growth with targeted low double-digit IRRs due to supply-demand imbalances [37][38] Question: Transitioning operators and potential disruptions - Most acquisitions have retained existing operators, with careful planning to avoid disruptions [50] Question: Prestige's prepayment option and performance - Prestige needs to improve performance to exercise the purchase option, with positive indications for future outcomes [54][57] Question: Opportunities for earnings growth in skilled nursing - The company remains selective in skilled nursing, focusing on transitional care and newer assets [64]

Portfolio Composition - As of November 4, 2025, LTC's portfolio consisted of 187 properties across 24 states, operated by 31 different operators[11] - The portfolio is diversified by investment type, with Seniors Housing - NNN accounting for 42.3%, Seniors Housing - SHOP for 20.0%, and Skilled Nursing for 37.1% of the portfolio[14, 20] - Long-term investments, including Owned Portfolio, Owned Properties accounted for as Financing Receivables and Long-Term Mortgage Loans (Prestige), represent 92% of Gross Investments[38, 39] - Short-term investments, including Notes Receivable, Unconsolidated Joint Ventures and Short-Term Mortgage Loans, represent 8% of Gross Investments[38, 39] Acquisitions and Investments - LTC expects to close approximately $70 million in SHOP acquisitions in 4Q 2025 and an additional approximately $110 million in SHOP acquisitions in January 2026[19, 24] - In 3Q25, LTC acquired 9 properties with 833 units for $291.65 million, including SHOP acquisitions from Discovery, Charter, Lifespark and Arbor[22, 26] - Mortgage loans in 3Q25 included $99.85 million invested in 3 properties with 421 units[26] Financial Performance - Proforma portfolio overview as of September 30, 2025, shows a gross investment of $2,348.749 million, with $182.740 million in NOI[37] - Triple-Net Portfolio ("NNN") accounts for 45.9% of the investment and 53.8% of the NOI[37] - Seniors Housing Operating Portfolio ("SHOP") accounts for 20.0% of the investment and 5.0% of the NOI[37] - Debt to Enterprise Value is 34.2% and Debt to Annualized Adjusted EBITDAre is 5.6x[83]

Real Estate Investments - As of September 30, 2025, the total gross investments in the real estate portfolio amounted to $2,397.6 million, with seniors housing and health care properties comprising approximately 99.5% of the portfolio[141] - The seniors housing operating portfolio (SHOP) includes 21 communities managed by five independent operators, following the conversion of 13 communities from Triple-Net leases[145] - The gross investments in owned properties include 128 properties, with 56 in seniors housing and 50 in skilled nursing, generating a total rental income of $112.11 million[149] - The company has established a new SHOP segment, which is expected to enhance investment opportunities and provide oversight rights under the RIDEA structure[145] - As of September 30, 2025, the SHOP segment comprises 21 properties with a total gross investment of $446,527,000 and 1,577 beds/units, averaging $283.15 investment per unit[170] - During the nine months ended September 30, 2025, the company acquired eight seniors housing communities for a total purchase price of $268,750,000, adding 745 beds/units to the SHOP segment[171] - The company plans to convert two skilled nursing facilities from its triple-net portfolio into the SHOP segment, which will add 186 units with a gross book value of $33,102,000[170] Financial Performance - The company reported rental income and resident fees totaling $163.99 million, representing 100% of total revenues for the portfolio[149] - Total revenue for the Real Estate Investments segment for the nine months ended September 30, 2025, was $148.5 million, with a net operating income (NOI) of $140.1 million[151] - The SHOP segment generated $34.2 million in revenue for the nine months ended September 30, 2025, with an NOI of $7.4 million[151] - Total revenues for the nine months ended September 30, 2025, increased to $178,561, up by $21,296 compared to $157,265 in 2024[201] - Net income available to common stockholders for the three months ended September 30, 2025, was a loss of $20,149,000, a decrease of $49,314,000 compared to net income of $29,165,000 for the same period in 2024[198] - Net income attributable to LTC Properties, Inc. was $15,777 for the nine months ended September 30, 2025, down by $57,180 from $72,957 in 2024[201] - Funds from Operations (FFO) attributable to common stockholders for the nine months ended September 30, 2025, was $42,466, compared to $92,737 in 2024[208] - Net Operating Income (NOI) for the nine months ended September 30, 2025, was $147,840, slightly down from $149,188 in 2024[211] Investments and Acquisitions - The company anticipates making additional investments in health care-related properties, funded through cash on hand, asset sales, and borrowings under its unsecured revolving line of credit[146] - The company sold two skilled nursing centers in Florida for $43.0 million, expecting a gain on sale of approximately $26.0 million[169] - The company sold five remaining skilled nursing centers for $80.0 million, anticipating a gain on sale of approximately $52.0 million[169] - The company invested $4,248,000 in improvement projects for NNN properties and $2,425,000 for SHOP properties during the reporting period[172] - The company sold three properties for a total sales price of $6,350,000, resulting in a net loss of $235,000[174] Debt and Financing - Financing receivables totaled $362.2 million, contributing 15.1% to the gross investments, with interest income from financing receivables at $21.18 million[149] - The company had total debt obligations of $944,515,000 as of September 30, 2025, with a weighted average interest rate of 4.49%[233] - The new unsecured credit agreement increased the revolving line of credit from $425 million to $600 million, with a potential total commitment of $1.2 billion[228] - The company repaid $62,900,000 under the new revolving line of credit after September 30, 2025, leaving $485,550,000 outstanding[234] - The interest coverage ratio was 5.0x for the year to date, indicating strong ability to meet interest obligations[215] Operational Metrics - The company has implemented monitoring processes for its investments, including periodic financial reviews and property inspections to mitigate payment risks[143] - The company reported a total nurse staffing standard of 3.48 hours per resident day, which includes at least 0.55 hours of direct registered nurse care and 2.45 hours of direct nurse aide care[184] - The company’s skilled nursing centers reported a value of $943,775,000 as of September 30, 2025, compared to $959,060,000 as of June 30, 2025[190] - The company’s geographic mix shows Texas as the highest investment state at $314,232,000 as of September 30, 2025[190] Shareholder Information - As of September 30, 2025, the company had 47,332,792 shares of common stock outstanding, total equity of $1.0 billion, and equity securities with a market value of $1.7 billion[238] - During the nine months ended September 30, 2025, the company declared and paid $80.0 million in cash dividends[238] - The company sold 1,655,100 shares of common stock for $59.3 million in net proceeds under its Equity Distribution Agreement during the nine months ended September 30, 2025[241] - At September 30, 2025, the company had $330.3 million available under the Equity Distribution Agreement[241] - The company has an automatic shelf registration statement that allows for the public offering of an indeterminate amount of securities, expiring in November 2027[242] Regulatory and Compliance - The company has until January 1, 2026, to submit required Medicare revalidations as per the recent extension announced by CMS[185] - The company is in compliance with all applicable financial covenants as of September 30, 2025[232] Miscellaneous - The company experienced a write-off of effective interest receivable amounting to $41,455,000 for the three months ended September 30, 2025[198] - The provision for credit losses increased to $3,642 in 2025, up from $942 in 2024, reflecting higher risk assessments[201] - There were no material changes in the company's market risk during the nine months ended September 30, 2025[249]

Financial Performance - Total revenues for Q3 2025 increased to $69.29 million, up 24% from $55.78 million in Q3 2024[3] - Net loss available to common stockholders was $20.15 million, compared to a net income of $29.17 million in the same quarter last year[3] - Total revenues for the three months ended September 30, 2025, were $69,290,000, an increase from $55,783,000 in the same period of 2024, representing a growth of 24.3%[19] - Net loss attributable to LTC Properties, Inc. for the three months ended September 30, 2025, was $(19,995,000), compared to a net income of $29,366,000 in the same period of 2024, indicating a significant decline[19] - Earnings per common share for the three months ended September 30, 2025, were $(0.44), down from $0.66 in the same period of 2024[19] - GAAP net loss available to common stockholders for Q3 2025 was $(20,149) thousand, compared to a profit of $29,165 thousand in Q3 2024[29] - NAREIT FFO attributable to common stockholders for Q3 2025 was $(10,424) thousand, a decrease from $34,556 thousand in Q3 2024[29] - Core FFO for Q3 2025 was $31,994 thousand, up from $30,383 thousand in Q3 2024, indicating a 5.3% increase[29] - Funds available for distribution (FAD) for Q3 2025 was $35,720 thousand, compared to $34,721 thousand in Q3 2024, reflecting a 2.9% increase[29] - Basic NAREIT FFO per share for Q3 2025 was $(0.23), down from $0.79 in Q3 2024[40] - Diluted FAD for Q3 2025 was $35,874 thousand, compared to $34,922 thousand in Q3 2024, showing a 2.7% increase[40] Investments and Acquisitions - SHOP portfolio grew to nearly $450 million, representing approximately 20% of the total investment portfolio with an average occupancy of 87%[5] - LTC expects to close approximately $70 million in SHOP acquisitions by year-end, increasing SHOP's share to 24% of the total investment portfolio[7] - The company sold seven older skilled nursing centers for $123 million, with net proceeds of $120.8 million expected and a gain on sale of $78 million anticipated[8] - The company originated a $58 million mortgage loan at a fixed interest rate of 8.25% during Q3 2025[8] - The company originated a $57,550 thousand mortgage loan during Q3 2025, with initial funding of $55,350 thousand[32] - The company recorded a provision for credit losses reserve of $1,635 thousand related to a $163,460 thousand acquisition of properties in 2024[34] - The company’s investments in real estate properties for the nine months ended September 30, 2025, totaled $(268,169,000), compared to $(319,000) for the same period in 2024, indicating a significant increase in investment activity[24] Financial Position - Total assets as of September 30, 2025, were $2,044,420,000, an increase from $1,786,142,000 as of December 31, 2024, reflecting a growth of 14.4%[22] - Total liabilities as of September 30, 2025, were $999,170,000, compared to $733,137,000 as of December 31, 2024, representing an increase of 36.3%[22] - Cash and cash equivalents at the end of the period were $17,987,000, a decrease from $35,040,000 at the end of the same period in 2024[24] - Total liquidity as of September 30, 2025, was $399.7 million, with an additional proforma liquidity of $497.6 million[8][9] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $98,092,000, compared to $91,998,000 for the same period in 2024, showing an increase of 6.5%[24] Guidance and Projections - Diluted Core FFO per share for Q4 2025 is projected to be between $0.67 and $0.69, with full-year guidance raised to $2.69 to $2.71[9] - The Company updated its full year 2025 guidance, with diluted earnings per common share revised to a range of $2.45 to $2.47, down from the previous range of $2.59 to $2.61[42] - Diluted NAREIT FFO attributable to common stockholders remains unchanged at $1.60 to $1.62 for the updated guidance[42] - Diluted Core FFO is projected to be between $2.69 and $2.71, consistent with prior guidance[42] - SHOP NOI for the 2025 full-year is increased to a range of $16,200 to $17,200, up from the previous range of $10,400 to $15,600[42] - SHOP FAD capital expenditures are revised to a range of $960 to $970 per unit, increased from $660 to $920 per unit[42] - General and administrative expenses for the full year of 2025 are projected to be between $29,800 and $30,300, up from the previous range of $29,000 to $29,800[42] - Incremental SHOP segment ramp-up and execution costs are increased to a range of $1,500 to $1,700, up from the previous range of $1,100 to $1,500[42] - Anticipated working capital note write-off of $957,000 is expected in connection with a master lease termination and conversion to SHOP of two senior housing communities[42] - Total investments in the low guidance increased by $256,450 for a total of $391,500, while the high guidance remains unchanged at $460,000[42] Expenses - General and administrative expenses increased by 2% to a range of $29.8 million to $30.3 million[14]

Core Insights - LTC Properties, Inc. reported its operating results for Q3 2025, highlighting significant growth in its portfolio and investment activities [1] Group 1: Operating Highlights - The company closed approximately 85% of its projected $460 million pipeline as of November 4, 2025 [1] - More than $290 million of the closed pipeline was added to the Seniors Housing Operating Portfolio (SHOP) [1] - The SHOP portfolio grew to nearly $45 billion as of September 30, 2025 [1]

Overview - Litecoin (LTC) celebrates its 14th anniversary [1] - The report highlights Litecoin's major achievements, excluding ETF approval [1] Cryptocurrency Market - The analysis focuses on Litecoin's milestones within the cryptocurrency industry [1]

Core Insights - LTC Properties, Inc. has announced a new acquisition in Georgia, expanding its Senior Housing Operating Portfolio [1] Acquisition Details - The company has acquired an 88-unit assisted living and memory care community for $23 million [1] - The property was built in 2017 and is currently stabilized at 90% occupancy [1]

Core Insights - Hyper Bit Technologies Ltd. has announced the commencement of Dogecoin and Litecoin mining operations through Dogecoin Mining Technologies Corp. (DMTC) at a renewable-powered datacenter in Quebec, Canada, starting from September 2025 [1][2] - DMTC has successfully mined a total of 56,902.764 DOGE to date and is expecting the arrival of 25 next-gen ElphaPex DG2 rigs to enhance its hashing power [2][3] - The company has secured a renewable energy-powered co-location agreement with access to 11 megawatts of capacity at a competitive rate of under USD$0.07 per kilowatt-hour [3][4] Company Overview - Hyper Bit Technologies Ltd. is focused on the acquisition, development, and strategic deployment of crypto mining operations and blockchain innovations, aiming to unlock value in the digital asset ecosystem [5] - DMTC is positioned to scale its mining operations by leveraging industry-leading hardware, low-cost sustainable energy, and operational expertise to pursue profitability and long-term value creation [4][5] - The company is a member of the Blockchain Association of Canada and the American Blockchain & Cryptocurrency Association, indicating its commitment to the blockchain industry [5][6]

Core Insights - Well-managed real estate investment trusts (REITs) can provide excellent dividend opportunities, with Realty Income, LTC Properties, and AGNC Investment being highlighted for their monthly payouts [1][2] - The real estate sector has shown resilience against interest rate hikes and is positioned to benefit from future cuts [3] Group 1: Realty Income (O) - Realty Income is recognized as a top choice for monthly dividends, boasting a long history of increasing payouts and stable earnings [4] - Major tenants include Dollar General, Walgreens, and Dollar Tree, which are considered recession-resistant and reliable in payment [5] - The current dividend yield for Realty Income is 5.51%, and the stock is viewed as undervalued below $60, especially compared to its previous trading levels above $75 in 2022 [6] Group 2: LTC Properties (LTC) - LTC Properties focuses on senior housing and healthcare facilities, which are expected to be lucrative due to a growing elderly population [7] - The U.S. population aged 80 and above is projected to increase by over 4 million between 2025 and 2030, leading to a total of 18.8 million [8] - There is a significant shortfall in senior housing, with a need for 560,000 new units by 2030, while only 191,000 units are expected to be added, resulting in a gap of nearly 370,000 units [8]

Core Viewpoint - Well-run real estate investment trusts (REITs) can provide reliable monthly dividends, making them attractive for investors seeking consistent income [3][4]. Summary by Category Monthly Dividend REITs - Realty Income (NYSE: O), LTC Properties (NYSE: LTC), and AGNC Investment (NASDAQ: AGNC) are highlighted as top monthly dividend REITs, offering 12 dividend payments a year [3][4]. - Realty Income is known for its long history of increasing dividend payouts and stable earnings, with a current dividend yield of 5.51% [6][8]. - LTC Properties focuses on senior housing and healthcare facilities, with a dividend yield of 6.52%, capitalizing on the growing elderly population [9][11]. - AGNC Investment provides capital to the U.S. housing market through agency residential mortgage-backed securities, offering a high dividend yield of 14.17% [12][13]. Market Conditions and Outlook - The real estate sector has shown resilience against record interest rate hikes and is expected to benefit from ongoing cuts [5]. - The demand for senior housing is projected to outpace supply significantly, with a shortfall of nearly 370,000 units expected by 2030 [10]. - AGNC's outlook remains positive due to favorable mortgage spreads and anticipated interest rate cuts, which could enhance its yield attractiveness [14].