LTC PROPERTIES INC

Listed Company

LTCCIK 0000887905NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$262.85M

Net Income

$117.97M

Total Assets

$2.06B

Equity

$1.07B

Shares Out

48.51M

Op. Cash Flow

$135.98M

Business

LTC PROPERTIES INC is a real estate investment trust that invests in seniors housing and health care properties via sale-leasebacks, mortgage financing, joint ventures, construction financing and structured finance solutions. It provides capital through ownership of properties, mortgage and mezzanine loans, preferred equity and financing receivables, earning income from rental and interest streams and equity returns. Key business segments include owned properties, financing receivables, mortgage loans, notes receivable and unconsolidated joint ventures. The company invests across multiple U.S. states and distributes capital through leases, lending arrangements and joint venture structures to regional operators and intermediaries.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental income	116	132	127	128	121
Resident fees and services	72	—	—	—	—
Interest income from financing receivables	28	22	15	2	—
Interest income from mortgage loans	39	45	48	41	33
Interest and other income	7	11	7	5	1
Total revenues	263	210	197	175	155
Interest expense	35	40	47	31	—
Depreciation and amortization	38	36	37	37	38
Seniors housing operating expenses	54	—	—	—	—
Impairment loss	0	7	16	3	0
Write-off of effective interest receivable	41	—	0	—	—
Provision for credit losses	5	741,000	6	2	1
Transaction costs	8	819,000	1	828,000	4
Triple-net lease property tax expense	11	13	13	15	15
General and administrative expenses	31	27	24	24	21
Total expenses	223	125	145	114	108
Income before unconsolidated joint ventures, real estate dispositions and other items	39	84	53	—	—
Gain on sale of real estate, net	78	8	37	38	7
Income from unconsolidated joint ventures	7	2	2	2	1
Income tax provision	−179,000	0	0	—	—
Net income	124	95	91	101	56
Income allocated to non-controlling interests	−6	−4	−2	−560,000	−363,000
Net income attributable to LTC Properties, Inc.	118	91	90	100	56
Income allocated to participating securities	−696,000	−682,000	−587,000	−580,000	−458,000
Net income available to common stockholders	117	90	89	99	55
Basic (in dollars per share)	2.54	2.07	2.16	2.49	1.41
Diluted (in dollars per share)	2.52	2.04	2.16	2.48	1.41
Basic (in shares)	46	44	41	40	39
Diluted (in shares)	47	44	41	40	39

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	129	118	122	125	123
Buildings and improvements	1,482	1,213	1,236	1,273	1,285
Properties held-for-sale, net of accumulated depreciation: 2025-$0; 2024-$1,346	—	670,000	18	11	—
Accumulated depreciation and amortization	−409	−406	−388	−389	−375
Owned real properties, net	1,202	926	43	1,019	1,034
Financing receivables, net of credit loss reserve: 2025-$3,631; 2024-$3,615	359	358	196	—	—
Mortgage loans receivable, net of credit loss reserve: 2025-$3,849; 2024-$3,151	382	313	477	390	344
Real property investments, net	1,943	1,596	1,661	1,485	1,378
Notes receivable, net of credit loss reserve: 2025-$259; 2024-$477	26	47	60	—	—
Investments in unconsolidated joint ventures	13	31	19	19	19
Investments, net	1,981	1,674	1,741	1,563	1,426
Cash and cash equivalents	14	9	20	10	5
Debt issue costs related to revolving line of credit	5	1	2	2	3
Interest receivable	23	60	54	46	40
Straight-line rent receivable	18	22	20	22	24
Prepaid expenses and other assets	21	19	16	11	4
Total assets	2,062	1,786	1,855	1,656	1,505
Revolving line of credit	253	144	302	130	111
Term loans, net of debt issue costs: 2025-$1,787; 2024-$192	198	100	100	100	99
Senior unsecured notes, net of debt issue costs: 2025-$895; 2024-$1,058	391	440	489	538	512
Accrued interest	4	3	4	5	4
Accrued expenses and other liabilities	54	45	44	33	33
Total liabilities	900	733	939	806	760
Common stock: $0.01 par value; 110,000 shares authorized; shares issued and outstanding: 2025-48,482; 2024-45,511	485,000	455,000	430,000	412,000	394,000
Capital in excess of par value	1,190	1,083	992	931	857
Cumulative net income	1,843	1,725	1,634	1,545	1,445
Accumulated other comprehensive income	482,000	4	6	9	−172,000
Cumulative distributions	−1,959	−1,852	−1,751	−1,657	−1,565
Total LTC Properties, Inc. stockholders' equity	1,075	961	881	828	737
Non-controlling interests	87	92	35	22	8
Total equity	1,162	1,053	916	850	745
Total liabilities and equity	2,062	1,786	1,855	1,656	1,505

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	38	36	37	37	38
Stock-based compensation expense	9	9	8	8	8
Impairment loss	—	7	16	3	—
Income distributions from unconsolidated joint ventures	7	1	56,000	351,000	—
Straight-line rental adjustment	2	−2	2	—	—
Adjustment for collectability of straight-line rental income	2	321,000	−1	256,000	758,000
Adjustment for collectability of lease incentives	249,000	321,000	26,000	—	—
Amortization of lease incentives	687,000	818,000	773,000	877,000	608,000
Application of interest reserve	—	−233,000	−2	−6	−150,000
Amortization of debt issue costs	2	1	1	1	1
Other non-cash items, net	67,000	95,000	95,000	113,000	972,000
Lease incentives funded	—	−2	−2	−418,000	−824,000
Increase in interest receivable	−10	−10	−9	−7	−7
Increase (decrease) in accrued interest payable	712,000	−771,000	−1	1	−471,000
Net change in other assets and liabilities	−264,000	319,000	−4	2	3
Net cash provided by operating activities	136	126	104	106	91
Investment in real estate properties	−355	−319,000	−44	−52	—
Investment in real estate capital improvements	−7	−14	−10	−9	−6
Proceeds from sale of real estate, net	127	39	66	73	44
Investment in financing receivables	−2	−97,000	−113	−62	—
Investment in real estate mortgage loans receivable	−108	−22	−72	−41	−89
Principal payments received on mortgage loans receivable	38	86	10	1	1
Investments in unconsolidated joint ventures	−1	−11	—	—	−6
Proceeds from liquidation of investments in unconsolidated joint ventures	19	—	—	—	—
Advances and originations under notes receivable	−25,000	−340,000	−20	−37	−16
Principal payments received on notes receivable	18	13	7	7	3
Net cash (used in) provided by investing activities	−270	91	−175	−120	−70
Net borrowings (repayments) under revolving line of credit	109	−158	172	—	—
Proceeds from debt	200	—	—	75	—
Repayment of debt	−150	−49	−49	−48	−47
Proceeds from common stock issued	101	83	54	68	—
Payments of common share issuance costs	−436,000	−703,000	−89,000	513,000	—
Distributions paid to stockholders	−107	−101	−95	−92	−90
Acquisition of and distributions paid to non-controlling interests	−1	−109,000	—	—	—
Financing costs paid	−6	−569,000	−68,000	−1	−3
Cash paid for taxes in lieu of shares upon vesting of restricted stock	−5	−2	−2	−1	−4
Other	−11,000	−30,000	—	−6,000	−70,000
Net cash provided by (used in) financing activities	139	−227	80	20	−24
Increase (decrease) in cash and cash equivalents	5	−11	10	5	−3
Interest paid	33	40	47	29	27

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