LTC Properties (LTC) investor relations material

Executive summary

• Accelerated transformation to a SHOP-focused REIT, with SHOP expected to represent 40% of annualized NOI by end of Q3 2026 and nearly 50% by year-end, with a pathway to 75% by 2028.

• 2026 SHOP acquisition guidance raised by 50% to $900 million at midpoint, with $700 million in acquisitions closing by end of September and gross investments guidance increased to $700M–$1.1B.

• Net income for Q2 2026 was $30.8M, up from $16.5M in Q2 2025, with revenue reaching $98.9M, a 64% increase year-over-year, driven by SHOP segment expansion.

• Portfolio shift from triple net lease and lending to higher-growth SHOP, enhancing long-term FFO and FAD growth.

• SHOP segment expanded through acquisitions and conversions, with five new communities acquired post-quarter for $207.9M and two new operators added.

Financial highlights

• Q2 2026 total revenues were $98.9 million, up from $60.2 million in Q2 2025; net income available to common stockholders was $30.8 million, up from $16.5 million year-over-year.

• Core FFO per share was $0.68 for Q2 2026 and Q2 2025; core FAD per share was $0.70 in Q2 2026 vs. $0.71 in Q2 2025.

• Gross asset value reached $2.61B, and total equity increased to $1.34B as of June 30, 2026.

• Debt to annualized adjusted EBITDAre was 4.2x; interest coverage and fixed charge coverage ratios were 4.6x for Q2 2026.

• Pro forma liquidity at $648 million after $155 million in net proceeds from ATM share sales.

Outlook and guidance

• 2026 core FFO per share guidance narrowed to $2.76–$2.78; core FAD per share to $2.83–$2.85.

• SHOP acquisitions guidance increased to $900 million, with SHOP NOI expected between $71.2–$80 million.

• Gross investments for 2026 expected between $700 million and $1.1 billion; asset sales and loan payoffs projected at $730 million.

• SHOP expected to reach 75% of NOI by 2028, with continued capital recycling and external growth.

• Core SHOP portfolio NOI growth projected at ~14% over 2025 proforma, with occupancy growth of ~70 bps and REVPOR up ~5.5%.