LTC Properties (LTC) Q1 2026 earnings summary

Executive summary

• Executing a strategic transformation toward a SHOP-focused seniors housing portfolio, targeting 45% of total investments and 40% of annualized NOI from SHOP by year-end 2026, with $108 million in SHOP acquisitions in Q1 2026 and $250 million more expected in Q2.

• Portfolio shift projects seniors housing asset value concentration at 77% by proforma 2026, with skilled nursing dropping to 22%.

• Gross investments reached $2.44 billion as of March 31, 2026, across nearly 190 properties in 23 states and 30 operators.

• Net income attributable to common stockholders rose to $23.4 million for Q1 2026, up from $20.5 million year-over-year, driven by SHOP segment growth and asset acquisitions.

• SHOP portfolio expected to reach nearly $1 billion by end of Q2, up from $175 million a year ago.

Financial highlights

• Q1 2026 total revenues: $95.4 million, up from $49.0 million in Q1 2025, with net income at $23.4 million, up from $20.5 million year-over-year.

• Core FFO per share increased to $0.69, and core FAD per share to $0.72 year-over-year, representing 6% and 3% growth, respectively.

• Diluted Nareit FFO per share guidance for 2026 reaffirmed at $2.77–$2.81; Core FFO per share at $2.75–$2.79.

• Pro forma liquidity at $775 million, including $95 million ATM sales and $190 million expected asset sale/loan payoff proceeds.

• Debt to annualized adjusted EBITDAre improved to 4.4x proforma; fixed charge coverage ratio at 4.6x.

Outlook and guidance

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

• SHOP acquisitions guidance: $400–$800 million, with SHOP NOI projected at $65.1–$77.2 million and FAD CapEx of ~$5 million.

• SHOP NOI growth for core 27 communities guided at 14% pro forma at midpoint, with 150 bps occupancy increase and 5% REVPOR growth.

• $265 million in proceeds from asset sales and loan payoffs expected in 2026.