LTC Properties (LTC) Investor presentation summary

Strategic transformation and growth

• Accelerated shift toward seniors housing operating portfolio (SHOP), with $600M in projected SHOP acquisitions for 2026 and $265M in skilled nursing divestitures, targeting 40% of annualized NOI from SHOP by year-end.

• SHOP as a percentage of gross investments is projected to reach 45% by the end of 2026, up from 0% in May 2025, reflecting a major portfolio transformation.

• Seniors housing asset value concentration increases to 77%, while skilled nursing drops to 22% by 2026.

• Owned investments will comprise 91% of asset value, with mortgage loans decreasing to 8%.

• SHOP portfolio expanded to 33 properties across 12 states, with 8 new operators added since 2025.

Financial performance and guidance

• 2026 full-year guidance: diluted EPS $1.80–$1.84, Core FFO per share $2.75–$2.79, Core FAD per share $2.82–$2.86.

• Gross investments for 2026 expected between $400M and $800M, with $265.9M in asset sales and loan payoffs.

• SHOP NOI projected at $65.1M–$77.2M, with capital expenditures of $4.6M–$4.9M ($1,500 per unit).

• Proforma enterprise value at $2.8B, market value at $1.9B, and debt to enterprise value at 28.8%.

• Proforma liquidity at $583M as of March 31, 2026, with $373M available under LOC and $192M under ATM.

SHOP segment performance

• SHOP segment delivered 22% NOI growth in 2025 over 2024 for original conversions, with projected 2026 NOI growth of ~14% for 27 properties.

• Average unit occupancy for core SHOP portfolio reached 89.4% in 1Q26, with projected margin of ~27.5%.

• 2026 SHOP capex guidance: $1,500 per unit (FAD), $10M non-FAD, supporting both conversions and acquisitions.

• SHOP acquisitions in 1Q26 and 2Q26 totaled $117.2M, with additional $250M expected in 2Q26.