LTC Properties Inc. Announces $500M At-the-Market Equity Program

What Happened
LTC Properties, Inc. announced on August 6, 2026 that it entered an Equity Distribution Agreement to sell up to $500 million of common stock through designated sales agents and may use forward sale arrangements with several forward purchasers. The company also terminated its prior equity distribution agreement dated November 13, 2024 (amended August 5, 2025) upon entering the new agreement.

Key Details

• Aggregate offering capacity: up to $500,000,000 of common stock, pursuant to the company’s existing Form S-3 shelf (Reg. No. 333-283158) and a prospectus supplement filed Aug 6, 2026.
• Date: Agreement and related Master Forward Confirmations executed August 6, 2026.
• Participants: Sales agents and forward sellers include Citizens JMP Securities, KeyBanc Capital Markets, Wells Fargo Securities, Huntington Securities, RBC Capital Markets, BTIG, M&T Securities, Nomura affiliates, and others. Forward purchasers include Citizens JMP, KeyBanc, Wells Fargo NA, Huntington, Royal Bank of Canada and Nomura Global Financial Products.
• Commissions: Sales agents’ commissions capped at 2.0% of gross sales (may be lower). Forward sellers’ commissions are embedded as a reduced initial forward sale price and also will not exceed 2.0%.
• Forward mechanics: Company may enter forward sale agreements where forward purchasers initially sell borrowed shares; LTC expects to physically settle forward sales before maturity (receiving cash proceeds), but may elect cash or net-share settlement in some cases — in which case proceeds or share delivery may differ or be none at issuance.
• Intended use of proceeds: repay amounts under its unsecured revolving credit line, fund acquisitions and originations, working capital and other general corporate purposes.
• Legal/tax: Opinion letters on legality and tax matters from Ballard Spahr LLP and Reed Smith LLP are filed as exhibits.

Why It Matters
This gives LTC a flexible capital-raising tool to access up to $500M of equity capital over time, which management can use to reduce debt, fund acquisitions or support operations. The inclusion of forward-sale structures can accelerate or diversify the timing and economics of financings but includes settlement choices (physical, cash or net-share) that affect whether and when LTC actually receives cash or issues shares. Investors should note potential dilution from future share issuances and that commissions and settlement terms can affect net proceeds.