LTC Properties (LTC) came out with quarterly funds from operations (FFO) of $0.65 per share, missing the Zacks Consensus Estimate of $0.66 per share. This compares to FFO of $0.66 per share a year ago. These figures are adjusted for non-recurring items. LTC, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $31.66 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 6.67%. This compares to year-ago revenues of $31.54 million. The company has to ...

[PART I -- Financial Information](index=3&type=section&id=PART%20I%20--%20Financial%20Information) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents LTC Properties, Inc.'s unaudited consolidated financial statements as of June 30, 2024, including balance sheets, income, comprehensive income, equity, and cash flow statements, with detailed notes [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets increased to $1.89 billion, total liabilities decreased to $908.0 million, and total equity rose to $982.8 million Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2024 (unaudited) | December 31, 2023 (audited) | | :--- | :--- | :--- | | **Total Assets** | **$1,890,716** | **$1,855,098** | | Real estate investments, net | $1,696,658 | $1,661,263 | | Financing receivables, net | $357,910 | $196,032 | | Cash and cash equivalents | $6,174 | $20,286 | | **Total Liabilities** | **$907,959** | **$938,831** | | Revolving line of credit | $281,750 | $302,250 | | Senior unsecured notes, net | $479,522 | $489,409 | | **Total Equity** | **$982,757** | **$916,267** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) For the six months ended June 30, 2024, total revenues increased to $101.5 million, and net income attributable to LTC Properties, Inc. rose to $43.6 million ($1.00 per diluted share) Income Statement Summary (in thousands, except per share data) | Metric | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Total Revenues | $101,482 | $97,746 | | Rental income | $65,206 | $63,272 | | Interest income from mortgage loans | $25,109 | $23,170 | | Total Expenses | $61,321 | $74,008 | | Impairment loss | $0 | $12,510 | | Net Income Attributable to LTC | $43,591 | $39,308 | | Diluted EPS | $1.00 | $0.95 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For H1 2024, net cash from operating activities increased to $57.9 million, while net cash used in investing activities significantly decreased to $1.0 million, and financing activities shifted to a net cash outflow of $71.0 million Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $57,910 | $46,534 | | Net cash used in investing activities | $(1,009) | $(187,401) | | Net cash (used in) provided by financing activities | $(71,013) | $137,514 | | **Decrease in cash and cash equivalents** | **$(14,112)** | **$(3,353)** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, real estate portfolio composition, significant lease transitions, new joint ventures, debt structure, equity activities, and major operator concentration - LTC invests primarily in seniors housing (ALF, ILF, MC) and skilled nursing (SNF) properties through various structures like sale-leasebacks, mortgage financing, and joint ventures[20](index=20&type=chunk) - The 35-property Brookdale master lease that matured in Dec 2023 was resolved by re-leasing 17 properties to Brookdale, transitioning 10 to other operators, and selling 8[29](index=29&type=chunk) - During Q2 2024, the company entered into two new joint ventures with ALG Senior Living, exchanging **$102.4 million** in mortgage loans for controlling interests in the JVs, accounted for as financing receivables[54](index=54&type=chunk)[59](index=59&type=chunk) - Prestige Healthcare is the largest operator, representing **16.2% of total revenues** and **14.0% of total assets** as of June 30, 2024[97](index=97&type=chunk) - Subsequent to quarter-end, an operator repaid **$10.4 million** of a working capital note, and the company paid down **$18.2 million** of its senior unsecured notes[104](index=104&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's business strategy, portfolio composition, and financial results, highlighting operator updates, increased H1 2024 revenues and net income, and sufficient liquidity [Real Estate Portfolio Overview](index=43&type=section&id=Real%20Estate%20Portfolio%20Overview) As of June 30, 2024, LTC's gross investment portfolio totaled approximately $2.2 billion across 194 properties, diversified primarily in Assisted Living (53.3%) and Skilled Nursing (45.8%), with owned properties as the largest investment type Gross Investment Portfolio by Type (June 30, 2024) | Investment Type | Gross Investments (in thousands) | Percentage of Portfolio | | :--- | :--- | :--- | | Owned Properties | $1,342,069 | 61.4% | | Financing Receivables | $361,525 | 16.5% | | Mortgage Loans | $393,375 | 18.0% | | Notes Receivable | $58,995 | 2.7% | | Unconsolidated Joint Ventures | $30,504 | 1.4% | | **Total Portfolio** | **$2,186,468** | **100.0%** | - A master lease covering 11 skilled nursing centers in Texas was extended to December 31, 2028, with an immediate annual rent increase from **$8.0 million to $9.0 million** for 2024[123](index=123&type=chunk)[124](index=124&type=chunk) [Update on Certain Operators](index=47&type=section&id=Update%20on%20Certain%20Operators) LTC formed two new joint ventures with ALG Senior Living by exchanging mortgage loans for controlling interests and agreed to defer interest and provide temporary rent relief, while amending a mortgage loan with Prestige Healthcare to an 8.5% current pay rate - Formed two new JVs with ALG by exchanging **$64.5 million** and **$38.0 million** in mortgage loans for controlling interests in the ventures, now cross-collateralized with other ALG investments[130](index=130&type=chunk)[131](index=131&type=chunk) - Agreed to defer up to **$1.5 million** in interest from an ALG financing receivable portfolio for July-Dec 2024 and provided rent relief on another ALG-operated property[133](index=133&type=chunk)[135](index=135&type=chunk) - Amended a mortgage loan with Prestige Healthcare, its largest operator (**16.2% of revenue**), to an **8.5%** current pay rate, using security deposits to receive the full **10.8%** contractual interest rate[136](index=136&type=chunk)[137](index=137&type=chunk) [Operating Results](index=62&type=section&id=Operating%20Results) Net income available to common stockholders significantly increased to $19.2 million in Q2 2024 from $6.0 million in Q2 2023, and to $43.3 million for H1 2024 from $39.0 million in H1 2023, primarily due to the absence of impairment losses Comparison of Operating Results (in thousands) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $50,116 | $48,246 | $1,870 | | Impairment Loss | $0 | $12,076 | $(12,076) | | Net Income Available to Common Stockholders | $19,188 | $6,028 | $13,160 | Comparison of Operating Results (in thousands) | Metric | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $101,482 | $97,746 | $3,736 | | Gain on sale of real estate, net | $3,219 | $15,675 | $(12,456) | | Net Income Available to Common Stockholders | $43,253 | $39,015 | $4,238 | [Funds From Operations (FFO)](index=65&type=section&id=Funds%20From%20Operations%20Available%20to%20Common%20Stockholders) NAREIT FFO attributable to common stockholders increased to $28.2 million in Q2 2024 from $27.2 million in Q2 2023, and to $58.2 million for H1 2024 from $54.4 million in H1 2023 NAREIT FFO Reconciliation (in thousands) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2024** | **2023** | **2024** | **2023** | | GAAP net income available to common stockholders | $19,188 | $6,028 | $43,253 | $39,015 | | Add: Depreciation and amortization | $9,024 | $9,376 | $18,119 | $18,586 | | Add: Impairment loss | $0 | $12,076 | $0 | $12,510 | | Less: Gain on sale of real estate, net | $32 | $(302) | $(3,219) | $(15,675) | | **NAREIT FFO attributable to common stockholders** | **$28,244** | **$27,178** | **$58,153** | **$54,436** | [Liquidity and Capital Resources](index=67&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2024, LTC had total liquidity of $189.3 million, comprising cash, available revolving credit, and ATM equity, deemed sufficient for obligations and dividends, with the credit facility maturity extended to November 2026 Total Liquidity as of June 30, 2024 (in thousands) | Source | Amount | | :--- | :--- | | Cash and cash equivalents | $6,174 | | Available under revolving line of credit | $118,250 | | Available under Equity Distribution Agreements | $64,905 | | **Total Liquidity** | **$189,329** | - The company extended the maturity of its **$400 million** revolving credit facility to November 19, 2026[188](index=188&type=chunk) - In H1 2024, the company sold **343,800 shares** for **$11.0 million** in net proceeds under its At-The-Market (ATM) program[200](index=200&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=75&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) There were no material changes in the company's market risk during the six months ended June 30, 2024 - There were no material changes in market risk during the six months ended June 30, 2024[208](index=208&type=chunk) [Item 4. Controls and Procedures](index=75&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2024, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that disclosure controls and procedures were effective as of June 30, 2024[209](index=209&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[210](index=210&type=chunk) [PART II -- Other Information](index=75&type=section&id=PART%20II%20--%20Other%20Information) [Item 1. Legal Proceedings](index=75&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various ordinary course claims and lawsuits, none of which are considered material to its financial condition or results of operations - The company is involved in various claims and lawsuits arising in the ordinary course of business, but none are anticipated to be material[212](index=212&type=chunk) [Item 1A. Risk Factors](index=75&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 - No material changes have occurred from the risk factors disclosed in the 2023 Form 10-K[213](index=213&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=76&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[214](index=214&type=chunk) [Item 5. Other Information](index=76&type=section&id=Item%205.%20Other%20Information) The company reported no other information under this item - None[214](index=214&type=chunk) [Item 6. Exhibits](index=77&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, CEO/CFO certifications, and Inline XBRL data files - Exhibits filed include corporate governance documents, CEO/CFO certifications required by the Sarbanes-Oxley Act, and XBRL financial data[216](index=216&type=chunk)

Exhibit 99.1 FOR IMMEDIATE RELEASE For more information contact: Mandi Hogan (805) 981-8655 LTC REPORTS 2024 SECOND QUARTER RESULTS WESTLAKE VILLAGE, CALIFORNIA, July 29, 2024 -- LTC Properties, Inc. (NYSE: LTC) ("LTC" or the "Company"), a real estate investment trust that primarily invests in seniors housing and health care properties, today announced operating results for the second quarter ended June 30, 2024. | | | | Three Months Ended | | | --- | --- | --- | --- | --- | | | | | June 30, | | | (unaudite ...

Financial Data and Key Metrics Changes - Total rental revenue increased by $1.8 million due to property sales and operator transitions [29] - Fully diluted FFO per share was $0.69, compared to $0.66 in the previous year [17] - Net income available to common shareholders decreased by $8.9 million primarily due to lower gains on the sale of real estate [31] - Interest expense increased by $436,000 mainly due to higher interest rates and a higher outstanding balance on the revolving line of credit [30] Business Line Data and Key Metrics Changes - Interest income from mortgage loans increased by $1.2 million, mainly related to mortgage loan originations in 2023 and funding of a construction loan in 2024 [7] - The provision for credit losses decreased by $1.7 million due to a higher dollar volume of loan originations in the prior year [16] - Annual rent in 2024 is projected to be $9 million, a $1 million increase over 2023 [22] Market Data and Key Metrics Changes - In Florida, operators will benefit from an unprecedented 8% Medicaid rate increase, resulting in increased coverage for LTC [27] - Occupancy for the Prestige Healthcare loan secured by 15 properties in Michigan was 77% in March 2024, up from 73% a year ago [39] - Private pay occupancy was 88% at March 31, up from 87% at both January 31 and September 30, 2023 [48] Company Strategy and Development Direction - The company is focusing on strategic long-term and sustainable growth as its key focus for 2024 [3] - The seniors housing and care industry is on a promising upturn, driven by favorable demographic trends and improving margins [11] - The company is evaluating multiple investment opportunities and aims to enhance its portfolio while achieving the best risk-adjusted returns for shareholders [26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the reimbursement landscape, particularly with a 4.1% increase anticipated under the SNF payment rule for fiscal 2025 [4] - The company is building its pipeline with varied opportunities across financing vehicles, property types, and operators [41] - Management noted that inflation remains a wild card, but they are confident in their ability to navigate the current environment [41] Other Important Information - The company sold six properties in Florida and Texas with a combined sales price of $26.3 million, receiving proceeds of $25.4 million net of transaction costs [32] - The company has total liquidity of nearly $197 million, including $9 million in cash on hand [35] - The company has a debt to annualized adjusted EBITDA for real estate metric of 5.5 times, which is expected to improve by year-end [20] Q&A Session Summary Question: Can you share additional detail around the style and scope of the pipeline? - Management indicated that they are seeing more opportunities to invest in private pay assets and select skilled nursing opportunities, with a focus on senior loans and construction loans [54][55] Question: What is the appetite for loan-type investments and their average duration? - Management expressed a strong appetite for loan-type investments, indicating that they are looking at opportunities that could lead to equity investments in the future [72] Question: Can you provide more color on the HMG lease negotiations? - Management explained that the lease amendment was facilitated by improved occupancy and margins, allowing for a longer-term agreement with increased rent [95][118]

LTC Properties (LTC) came out with quarterly funds from operations (FFO) of $0.69 per share, beating the Zacks Consensus Estimate of $0.64 per share. This compares to FFO of $0.66 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 7.81%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.69 per share when it actually produced FFO of $0.57, delivering a surprise of -17.39%.Over the last four quar ...

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 March 31, 2024 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 juri ...

[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 ...