LTC PROPERTIES INC
Business
LTC Properties, Inc. is a real estate investment trust that invests primarily in seniors housing and health care properties through ownership, sale-leasebacks, mortgage financing, joint ventures, and structured finance solutions. The company owns and finances a diversified portfolio of independent living communities, assisted living facilities, memory care communities, skilled nursing centers, and other healthcare properties across multiple states. As of December 31, 2025, LTC operates two business segments: the Real Estate Investments Segment, which includes triple-net leased properties, financing receivables, mortgage loans, and notes receivable, and the SHOP Segment, which operates seniors housing communities under management agreements with independent operators.
Summary from 10-K filed 2026-02-24
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is LTC PROPERTIES INC's CIK number?
LTC PROPERTIES INC's SEC CIK number is 0000887905 (887905). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find LTC PROPERTIES INC's SEC filings?
All of LTC PROPERTIES INC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did LTC PROPERTIES INC last report earnings?
LTC PROPERTIES INC (LTC) most recently filed an earnings 8-K with the SEC on May 6, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001104659-26-056323). This is LTC PROPERTIES INC's most recent earnings filing of record — not a forecast of its next earnings date.
What is LTC PROPERTIES INC's most recent earnings 8-K?
LTC PROPERTIES INC's latest earnings 8-K (Item 2.02) was filed May 6, 2026 under accession 0001104659-26-056323. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View LTC PROPERTIES INC's latest earnings 8-K →
Look up any company's CIK number →