LTC PROPERTIES INC Segments Disclosure
20. Segment Information
We use the management approach in determining the reportable operating segments. The management approach considers the internal organization and reporting used by our CODM for making operating decisions, allocating resources and assessing performance as the source for determining our reportable segments. In making this determination, we:
| i. | determine our CODM; |
| ii. | identify and analyze potential business components; |
| iii. | identify our operating segments; and |
| iv. | determine whether there are multiple operating segments requiring presentation as reportable segment. |
During the years ended December 31, 2025, 2024 and 2023, the CODM has been collectively identified as our Executive Chairman and Co-CEOs, who share the responsibility for allocating resources and assessing segment performance.
During the second quarter of 2025, we began utilizing the RIDEA structure and established our SHOP segment. Accordingly, we conduct and manage our business as two operating segments: Real Estate Investments and SHOP. Therefore, our CODM evaluated the performance of our investments based on net operating income (“NOI”). The following tables provide information by reportable segment for the years ended December 31, 2025, 2024 and 2023 (in thousands):
Year Ended December 31, 2025 | ||||||||||||
Real estate | Non-segment | |||||||||||
| investment portfolio | | SHOP | | /corporate (1) | | Total | |||||
Revenues: | ||||||||||||
Rental income | $ | 116,171 | $ | — | $ | — | $ | 116,171 | ||||
Resident fees and services | — | 72,116 | — | 72,116 | ||||||||
Interest income from financing receivables | 28,315 | — | — | 28,315 | ||||||||
Interest income from mortgage loans | 39,023 | — | — | 39,023 | ||||||||
Interest and other income | 5,294 | — | 1,935 | 7,229 | ||||||||
Total revenues | 188,803 | 72,116 | 1,935 | 262,854 | ||||||||
Income from unconsolidated joint ventures | 6,757 | — | — | 6,757 | ||||||||
Property level expenses | (10,795) | (54,088) | — | (64,883) | ||||||||
NOI | 184,765 | 18,028 | 1,935 | 204,728 | ||||||||
Interest expense | (35,306) | |||||||||||
Depreciation and amortization | (37,874) | |||||||||||
Write-off of effective interest receivable | (41,455) | |||||||||||
Provision for credit losses | (4,515) | |||||||||||
Transaction costs | (8,221) | |||||||||||
General and administrative expenses | (31,120) | |||||||||||
Gain on sale of real estate, net | 77,822 | |||||||||||
Income tax provision | (179) | |||||||||||
Net income | $ | 123,880 | ||||||||||
| (1) | The non-segment/corporate category includes income from temporary investments and other corporate-level income not attributable to a reportable segment. |
Year Ended December 31, 2024 | ||||||||||||
Real estate | Non-segment | |||||||||||
| investment portfolio | | SHOP | | /corporate (1) | | Total | |||||
Revenues: | ||||||||||||
Rental income | $ | 132,278 | $ | — | $ | — | $ | 132,278 | ||||
Resident fees and services | — | — | — | — | ||||||||
Interest income from financing receivables | 21,663 | — | — | 21,663 | ||||||||
Interest income from mortgage loans | 45,216 | — | — | 45,216 | ||||||||
Interest and other income | 5,267 | — | 5,423 | 10,690 | ||||||||
Total revenues | 204,424 | — | 5,423 | 209,847 | ||||||||
Income from unconsolidated joint ventures | 2,442 | — | — | 2,442 | ||||||||
Property level expenses | (12,930) | — | — | (12,930) | ||||||||
NOI | 193,936 | — | 5,423 | 199,359 | ||||||||
Expenses: | ||||||||||||
Interest Expense | (40,336) | |||||||||||
Depreciation and Amortization | (36,367) | |||||||||||
Impairment Loss | (6,953) | |||||||||||
Transaction costs | (819) | |||||||||||
Provision for credit losses | (741) | |||||||||||
General and administrative expenses | (27,243) | |||||||||||
Gain on sale of real estate, net | 7,979 | |||||||||||
Net income | $ | 94,879 | ||||||||||
| (1) | The non-segment/corporate category includes income from temporary investments and other corporate-level income not attributable to a reportable segment. |
Year Ended December 31, 2023 | ||||||||||||
Real estate | Non-segment | |||||||||||
| investment portfolio | | SHOP | | /corporate (1) | | Total | |||||
Revenues: | ||||||||||||
Rental income | $ | 127,350 | $ | — | $ | — | $ | 127,350 | ||||
Resident fees and services | — | — | — | — | ||||||||
Interest income from financing receivables | 15,243 | — | — | 15,243 | ||||||||
Interest income from mortgage loans | 47,725 | — | — | 47,725 | ||||||||
Interest and other income | 6,207 | — | 719 | 6,926 | ||||||||
Total revenues | 196,525 | — | 719 | 197,244 | ||||||||
Income from unconsolidated joint ventures | 1,504 | — | — | 1,504 | ||||||||
Property level expenses | (13,269) | — | — | (13,269) | ||||||||
NOI | 184,760 | — | 719 | 185,479 | ||||||||
Expenses: | ||||||||||||
Interest Expense | (47,014) | |||||||||||
Depreciation and Amortization | (37,416) | |||||||||||
Impairment Loss | (15,775) | |||||||||||
Transaction costs | (1,144) | |||||||||||
Provision for credit losses | (5,678) | |||||||||||
General and administrative expenses | (24,286) | |||||||||||
Gain on sale of real estate, net | 37,296 | |||||||||||
Net income | $ | 91,462 | ||||||||||
| (1) | The non-segment/corporate category includes income from temporary investments and other corporate-level income not attributable to a reportable segment. |
Total assets by reportable business segment and segment-level significant expense categories are not listed as our CODM do not review such information to evaluate business performance and allocate resources.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.