LTC Properties(LTC) - 2025 Q3 - Quarterly Results

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]