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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition period from ____ to ____

Commission file number 1-11314

LTC PROPERTIES, INC.

(Exact name of Registrant as specified in its charter)


Maryland				71-0720518
(State or other jurisdiction of				(I.R.S. Employer
incorporation or organization)				Identification No.)

3011 Townsgate Road, Suite 220

Westlake Village, California 91361

(Address of principal executive offices, including zip code)

(805) 981-8655

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, $.01 par value	LTC	New York Stock Exchange

Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☑	Accelerated filer ☐	Non-accelerated filer ☐	Smaller reporting company ☐	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

The number of shares of common stock outstanding on July 28, 2025 was 46,065,292.

Table of Contents

LTC PROPERTIES, INC.

FORM 10-Q

June 30, 2025

INDEX


PART I -- Financial Information		Page

Item 1.	Financial Statements
	Consolidated Balance Sheets	3
	Consolidated Statements of Income	4
	Consolidated Statements of Comprehensive Income	5
	Consolidated Statements of Equity	6
	Consolidated Statements of Cash Flows	7
	Notes to Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	61
Item 4.	Controls and Procedures	61
PART II -- Other Information

Item 1.	Legal Proceedings	62
Item 1A.	Risk Factors	62
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	64
Item 5.	Other Information	64
Item 6.	Exhibits	65

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

LTC PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except per share)



	June 30, 2025		December 31, 2024
	(unaudited)		(audited)
ASSETS
Investments:
Land	$	109,881	$	118,209
Buildings and improvements		1,148,060		1,212,853
Accumulated depreciation and amortization		(392,516)		(405,884)
Operating real estate property, net		865,425		925,178
Properties held-for-sale, net of accumulated depreciation: 2025—$29,284; 2024—$1,346		42,458		670
Real property investments, net		907,883		925,848
Financing receivables, net of credit loss reserve: 2025—$3,614; 2024—$3,615		357,824		357,867
Mortgage loans receivable, net of credit loss reserve: 2025—$3,562; 2024—$3,151		353,253		312,583
Real estate investments, net		1,618,960		1,596,298
Notes receivable, net of credit loss reserve: 2025—$441; 2024—$477		43,694		47,240
Investments in unconsolidated joint ventures		17,793		30,602
Investments, net		1,680,447		1,674,140

Other assets:
Cash and cash equivalents		7,609		9,414
Debt issue costs related to revolving line of credit		809		1,410
Interest receivable		64,454		60,258
Straight-line rent receivable		20,187		21,505
Lease incentives		2,893		3,522
Prepaid expenses and other assets		18,958		15,893
Total assets	$	1,795,357	$	1,786,142
LIABILITIES
Revolving line of credit	$	168,550	$	144,350
Term loans, net of debt issue costs: 2025—$117; 2024—$192		99,883		99,808
Senior unsecured notes, net of debt issue costs: 2025—$976; 2024—$1,058		428,024		440,442
Accrued interest		2,882		3,094
Accrued expenses and other liabilities		51,111		45,443
Total liabilities		750,450		733,137
EQUITY
Stockholders’ equity:
Common stock: $0.01 par value; 110,000 shares authorized; shares issued and outstanding: 2025—46,065; 2024—45,511		461		455
Capital in excess of par value		1,099,049		1,082,764
Cumulative net income		1,761,207		1,725,435
Accumulated other comprehensive income		2,188		3,815
Cumulative distributions		(1,905,398)		(1,851,842)
Total LTC Properties, Inc. stockholders’ equity		957,507		960,627
Non-controlling interests		87,400		92,378
Total equity		1,044,907		1,053,005
Total liabilities and equity	$	1,795,357	$	1,786,142

See accompanying notes.

Table of Contents

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(amounts in thousands, except per share, unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Revenues:
Rental income	$	30,177	$	31,657	$	61,621	$	65,206
Resident fees and services		11,950		—		11,950		—
Interest income from financing receivables		7,084		3,830		14,086		7,660
Interest income from mortgage loans		9,680		12,661		18,859		25,109
Interest and other income		1,349		1,968		2,755		3,507
Total revenues		60,240		50,116		109,271		101,482
Expenses:
Interest expense		8,014		10,903		15,927		21,948
Depreciation and amortization		8,776		9,024		17,938		18,119
Seniors housing operating expenses		9,419		—		9,419		—
Provision for credit losses		387		703		3,439		727
Transaction costs		6,706		380		7,147		646
Property tax expense		2,795		3,247		5,902		6,630
General and administrative expenses		8,447		6,760		15,418		13,251
Total expenses		44,544		31,017		75,190		61,321

Income before unconsolidated joint ventures, real estate dispositions and other items		15,696		19,099		34,081		40,161

Gain (loss) on sale of real estate, net		332		(32)		503		3,219
Income from unconsolidated joint ventures		439		671		4,104		1,047
Income tax benefit		81		—		81		—
Net income		16,548		19,738		38,769		44,427
Income allocated to non-controlling interests		(1,456)		(377)		(2,997)		(836)
Net income attributable to LTC Properties, Inc.		15,092		19,361		35,772		43,591
Income allocated to participating securities		(154)		(173)		(317)		(338)
Net income available to common stockholders	$	14,938	$	19,188	$	35,455	$	43,253

Earnings per common share:
Basic	$	0.33	$	0.44	$	0.78	$	1.01
Diluted	$	0.32	$	0.44	$	0.77	$	1.00

Weighted average shares used to calculate earnings per common share:
Basic		45,714		43,171		45,524		43,030
Diluted		46,028		43,463		45,838		43,322

Dividends declared and paid per common share	$	0.57	$	0.57	$	1.14	$	1.14

See accompanying notes.

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LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(amounts in thousands, unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Net income	$	16,548	$	19,738	$	38,769	$	44,427
Unrealized gain (loss) on cash flow hedges before reclassification		79		532		(59)		1,945
Gains reclassified from accumulated other comprehensive income to interest expense		(796)		(1,055)		(1,568)		(2,090)
Comprehensive income		15,831		19,215		37,142		44,282
Less: Comprehensive income allocated to non-controlling interests		(1,456)		(377)		(2,997)		(836)
Comprehensive income attributable to LTC Properties, Inc.	$	14,375	$	18,838	$	34,145	$	43,446

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LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(amounts in thousands)


					Capital in		Cumulative						Total		Non-
	Common Stock				Excess of		Net		Accumulated		Cumulative		Stockholder's		Controlling		Total
	Shares		Amount		Par Value		Income		OCI		Distributions		Equity		Interests		Equity
Balance—December 31, 2023	43,022	$	430	$	991,656	$	1,634,395	$	6,110	$	(1,751,312)	$	881,279	$	34,988	$	916,267
Issuance of common stock	139		1		4,336		—		—		—		4,337		—		4,337
Issuance of restricted stock	160		2		(2)		—		—		—		—		—		—
Common Stock cash distributions ($0.57 per share)	—		—		—		—		—		(24,616)		(24,616)		—		(24,616)
Stock-based compensation expense	—		—		2,202		—		—		—		2,202		—		2,202
Net income	—		—		—		24,230		—		—		24,230		459		24,689
Fair market valuation adjustment for interest rate swap	—		—		—		—		378		—		378		—		378
Cash paid for taxes in lieu of common shares	(50)		—		(1,532)		—		—		—		(1,532)		—		(1,532)
Non-controlling interest contributions	—		—		—		—		—		—		—		50		50
Non-controlling interest distributions	—		—		—		—		—		—		—		(2,904)		(2,904)
Other	—		—		(29)		—		—		—		(29)		—		(29)
Balance—March 31, 2024	43,271	$	433	$	996,631	$	1,658,625	$	6,488	$	(1,775,928)	$	886,249	$	32,593	$	918,842
Issuance of common stock	204		2		6,519		—		—		—		6,521		—		6,521
Issuance of restricted stock	16		—		—		—		—		—		—		—		—
Common Stock cash distributions ($0.57 per share)	—		—		—		—		—		(24,787)		(24,787)		—		(24,787)
Stock-based compensation expense	—		—		2,320		—		—		—		2,320		—		2,320
Net income	—		—		—		19,361		—		—		19,361		377		19,738
Fair market valuation adjustment for interest rate swap	—		—		—		—		(523)		—		(523)		—		(523)
Cash paid for taxes in lieu of common shares	—		—		—		—		—		—		—		—		—
Non-controlling interest contributions	—		—		—		—		—		—		—		61,025		61,025
Non-controlling interest distributions	—		—		—		—		—		—		—		(377)		(377)
Other	—		—		(2)		—		—		—		(2)		—		(2)
Balance—June 30, 2024	43,491	$	435	$	1,005,468	$	1,677,986	$	5,965	$	(1,800,715)	$	889,139	$	93,618	$	982,757

Balance—December 31, 2024	45,511	$	455	$	1,082,764	$	1,725,435	$	3,815	$	(1,851,842)	$	960,627	$	92,378	$	1,053,005
Issuance of common stock	238		2		8,409		—		—		—		8,411		—		8,411
Issuance of restricted stock	114		1		(1)		—		—		—		—		—		—
Common Stock cash distributions ($0.57 per share)	—		—		—		—		—		(27,259)		(27,259)		—		(27,259)
Stock-based compensation expense	—		—		2,253		—		—		—		2,253		—		2,253
Net income	—		—		—		20,680		—		—		20,680		1,541		22,221
Vesting of performance-based stock units	163		2		(2)		—		—		—		—		—		—
Fair market valuation adjustment for interest rate swap	—		—		—		—		(910)		—		(910)		—		(910)
Cash paid for taxes in lieu of common shares	(138)		(1)		(4,771)		—		—		—		(4,772)		—		(4,772)
Acquisitions of non-controlling interest	—		—		2,883		—		—		—		2,883		(4,033)		(1,150)
Non-controlling interest distributions	—		—		—		—		—		—		—		(2,486)		(2,486)
Other	—		—		(11)		—		—		—		(11)		—		(11)
Balance—March 31, 2025	45,888	$	459	$	1,091,524	$	1,746,115	$	2,905	$	(1,879,101)	$	961,902	$	87,400	$	1,049,302
Issuance of common stock	149		2		5,167		—		—		—		5,169		—		5,169
Issuance of restricted stock	21		—		—		—		—		—		—		—		—
Common Stock cash distributions ($0.57 per share)	—		—		—		—		—		(26,297)		(26,297)		—		(26,297)
Stock-based compensation expense	—		—		2,795		—		—		—		2,795		—		2,795
Net income	—		—		—		15,092		—		—		15,092		1,456		16,548
Vesting of performance-based stock units	20		—		—		—		—		—		—		—		—
Fair market valuation adjustment for interest rate swap	—		—		—		—		(717)		—		(717)		—		(717)
Cash paid for taxes in lieu of common shares	(13)		—		(437)		—		—		—		(437)		—		(437)
Non-controlling interest distributions	—		—		—		—		—		—		—		(1,456)		(1,456)
Balance—June 30, 2025	46,065	$	461	$	1,099,049	$	1,761,207	$	2,188	$	(1,905,398)	$	957,507	$	87,400	$	1,044,907

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LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands, unaudited)


	Six Months Ended June 30,
	2025		2024
OPERATING ACTIVITIES:
Net income	$	38,769	$	44,427
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		17,938		18,119
Stock-based compensation expense		5,048		4,522
Gain on sale of real estate, net		(503)		(3,219)
Income tax benefit		(81)		—
Income from unconsolidated joint ventures		(4,104)		(1,047)
Income distributions from unconsolidated joint ventures		4,138		421
Straight-line rental adjustment		1,075		598
Adjustment for collectability of straight-line rental income		243		321
Adjustment for collectability of lease incentives		249		—
Amortization of lease incentives		380		438
Provision for credit losses		3,439		727
Application of interest reserve		—		(233)
Amortization of debt issue costs		780		535
Other non-cash items, net		46		48
Change in operating assets and liabilities
Lease incentives funded		—		(1,594)
Increase in interest receivable		(7,107)		(4,135)
(Decrease) increase in accrued interest payable		(212)		1,132
Net change in other assets and liabilities		(500)		(3,034)
Net cash provided by operating activities		59,598		58,026
INVESTING ACTIVITIES:
Investment in real estate properties		—		(319)
Investment in real estate capital improvements		(2,495)		(3,635)
Proceeds from sale of real estate, net		3,186		25,664
Investment in real estate mortgage loans receivable		(41,535)		(16,054)
Principal payments received on mortgage loans receivable		451		2,393
Investments in unconsolidated joint ventures		(192)		(11,164)
Proceeds from liquidation of investments in unconsolidated joint ventures		13,000		—
Advances and originations under notes receivable		—		(188)
Principal payments received on notes receivable		888		2,294
Net cash used in investing activities		(26,697)		(1,009)
FINANCING ACTIVITIES:
Borrowings from revolving line of credit		53,600		19,200
Repayment of revolving line of credit		(29,400)		(39,700)
Principal payments on senior unsecured notes		(12,500)		(10,000)
Proceeds from common stock issued		13,785		10,974
Payments of common share issuance costs		(205)		(116)
Distributions paid to stockholders		(53,556)		(49,403)
Acquisition of and distributions paid to non-controlling interests		(1,188)		(109)
Financing costs paid		(22)		(411)
Cash paid for taxes in lieu of shares upon vesting of restricted stock		(5,209)		(1,533)
Other		(11)		(31)
Net cash used in financing activities		(34,706)		(71,129)
Decrease in cash and cash equivalents		(1,805)		(14,112)
Cash and cash equivalents, beginning of period		9,414		20,286
Cash and cash equivalents, end of period	$	7,609	$	6,174
Supplemental disclosure of cash flow information:
Interest paid	$	15,359	$	20,281
Non-cash investing and financing transactions:
Contribution from non-controlling interest	$	—	$	61,025
Investment in financing receivables	$	—	$	(163,460)
Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables	$	—	$	102,435
Accretion of interest reserve recorded as mortgage loan receivable	$	—	$	233
Write-off of notes receivable	$	(2,693)	$	—
Decrease in fair value of interest rate swap agreements	$	(1,627)	$	(145)
Distributions paid to non-controlling interests	$	(3,904)	$	(817)
Transfer of joint venture partner's non-controlling interest to LTC	$	2,883	$	—
Distributions paid to non-controlling interests related to property sale	$	—	$	(2,305)

See accompanying notes.

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LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.	General

LTC Properties, Inc., a health care real estate investment trust (“REIT”), was incorporated on May 12, 1992 in the State of Maryland and commenced operations on August 25, 1992. We invest primarily in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint ventures and structured finance solutions including preferred equity and mezzanine lending. During the second quarter of 2025, we began utilizing the structure authorized by the REIT Investment Diversification and Empowerment Act of 2007 (Commonly referred to as “RIDEA”) as permitted by the Housing and Economic Recovery Act of 2008.

Our primary seniors housing and health care property classifications include skilled nursing centers (“SNF”), independent living communities (“ILF”), assisted living communities (“ALF”), memory care communities (“MC”) and combinations thereof. We also invest in other (“OTH”) types of properties, such as land parcels, projects under development (“UDP”) and behavioral health care hospitals.

Our primary objectives are to create, sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in seniors housing and health care properties managed by experienced operators. To meet these objectives, we attempt to invest in properties that provide an opportunity for additional value and current returns to our stockholders and diversify our investment portfolio by geographic location, operator, property classification and form of investment.

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LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

2.	Basic of Presentation and Accounting Policies

Basic of Presentation

We have prepared consolidated financial statements included herein without audit and in the opinion of management have included all adjustments necessary for a fair presentation of the consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to rules and regulations governing the presentation of interim financial statements.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of our company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and six months ended June 30, 2025 and 2024 are not necessarily indicative of the results for a full year.

Segments

As explained above, we began utilizing the RIDEA structure in the second quarter of 2025, and established a seniors housing operating portfolio (“SHOP”) segment. Accordingly, effective in the second quarter of 2025, we conduct and manage our business as two operating segments, for reporting and decision-making purposes: real estate investments and SHOP. See Note 16 to our consolidated financial statements for more information.

Our real estate investments segment consists of owned properties that are leased pursuant to non-cancelable triple-net operating (“NNN” or “Triple-Net”) leases, financing receivables, mortgage loans, notes receivable and unconsolidated joint ventures.

During the second quarter of 2025, we terminated our Anthem Memory Care, LLC (“Anthem”) and New Perspective Senior Living, LLC. (“New Perspective”) Triple-Net master leases and converted the communities covered under the master leases into our new SHOP segment. Accordingly, as of June 30, 2025, our SHOP segment is comprised of the operations of 12 memory care and one independent and assisted living communities that are managed on behalf of LTC by two independent operators pursuant to the terms of separate management agreements.

Revenue Recognition-SHOP

Resident fees and services represent all amounts earned from residents within our SHOP segment, as outlined in individual resident agreements. Fees are billed monthly based on contracted rates in the resident agreements, or where applicable, reimbursement rates established by Medicaid and Medicare. Resident fees and services revenue is derived from amounts paid by residents and/or third-party payors. Resident agreements typically vary in duration. Revenue is primarily service-based and is recognized in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”) when performance obligations are satisfied.

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LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

3.	Real Estate Investments

Independent living communities, assisted living communities, memory care communities and combinations thereof are included in the seniors housing communities classification (“SH”).

Any reference to the number of properties or facilities, number of units, number of beds, number of operators and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s review of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board.

Owned Properties

Our owned property investments include 108 properties leased to 20 different operators under Triple-Net leases, and 13 properties operated on our behalf by two independent operators pursuant to separate management agreements. The following tables summarize our investments in owned properties at June 30, 2025 (dollar amounts in thousands):


								Average
			Percentage		Number	Number of		Investment
	Gross		of		of	SNF	SH	per
Type of Property	Investment		Investment		Properties ⁽¹⁾	Beds	Units	Bed/Unit
Seniors Housing-NNN	$	544,031	40.9	%	57	—	3,404	$	159.82
Seniors Housing-SHOP		174,847	13.2	%	13	—	832	$	210.15
Seniors Housing		718,878	54.1	%	70	—	4,236	$	169.71
Skilled Nursing		598,800	45.0	%	50	6,113	236	$	94.31
Other ⁽²⁾		12,005	0.9	%	1	118	—	$	—
Total	$	1,329,683	100.0	%	121	6,231	4,472

(1)	We own properties in 23 states.

(2)	Includes three parcels of land held-for-use, and one behavioral health care hospital.


	NNN					SHOP					Total
			Percentage		Number			Percentage		Number			Percentage		Number
	Gross		of		of	Gross		of		of	Gross		of		of
Type of Property	Investment		Investment		Properties	Investment		Investment		Properties	Investment		Investment		Properties
Seniors Housing	$	544,031	40.9	%	57	$	174,847	13.2	%	13	$	718,878	54.1	%	70
Skilled Nursing		598,800	45.0	%	50		—	—	%	—		598,800	45.0	%	50
Other		12,005	0.9	%	1		—	—	%	—		12,005	0.9	%	1
Total	$	1,154,836	86.8	%	108	$	174,847	13.2	%	13	$	1,329,683	100.0	%	121

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LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

During the six months ended June 30, 2025 and 2024, we invested in the following capital improvement projects in our owned properties (dollar amounts in thousands):


	Six Months Ended June 30,
Type of Property	2025				2024
	NNN		SHOP		NNN		SHOP
Seniors Housing Communities	$	1,668	$	91	$	2,787	$	—
Skilled Nursing Centers		736		—		848		—
Total	$	2,404	$	91	$	3,635	$	—

Owned Properties- Triple-Net

Our Triple-Net leases require the lessee to pay all taxes, insurance, maintenance and repairs, capital and non-capital expenditures and other costs necessary in the operations of the facilities. Many of the leases contain renewal options. The majority of our leases contain provisions for specified annual increases over the rents of the prior year. Many of our existing leases contain renewal options that, if exercised, could result in the amount of rent payable upon renewal being greater than that currently being paid.

The following table outlines information related to our Triple-Net lease extensions during the six months ended June 30, 2025:

Number

Gross

Original

Extended

Type of Property

Investment

Properties

Beds/Units

State

Maturity

68,353

461

IL, MI, OH

May 31, 2025

May 31, 2026

SNF

53,339

782

AL, NM

April 30, 2026

⁽¹⁾

April 30, 2031

32,361

159

GA, SC

December 31, 2025

December 31, 2026

25,704

February 28, 2025

February 28, 2026

SNF

13,054

211

February 28, 2026

February 28, 2031

SNF

5,275

141

December 31, 2025

⁽²⁾

December 31, 2026

198,086

1,842

(1)	Subsequent to June 30, 2025, Genesis Healthcare, Inc. (“Genesis”) filed for Chapter 11 bankruptcy. Genesis has paid their contractual rent through August 2025.

(2)	The purchase option window provided in the master lease, which expired on December 31, 2024, was extended for another year to December 31, 2025.

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LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

Additionally, during the six months ended June 30, 2025, we terminated two existing leases with the same operator and combined them into a single master lease. The new master lease has a five-year term with one 1-year extension option and four 5-year extension options. Annual cash rent is $2,547,000 for the first lease year, escalating by 2% annually thereafter. In connection with the termination of these leases, we wrote-off straight-line rent receivable and lease incentive balances of $243,000 and $249,000, respectively.

Also, during the six months ended June 30, 2025, we terminated our Anthem Triple-Net master leases and converted the communities covered under the master leases into our SHOP segment. In conjunction with the conversion, we wrote-off Anthem’s working capital note of $2,693,000 and the related interest receivable of $371,000 during the six months ended June 30, 2025. In addition, we terminated our New Perspective Triple-Net lease and converted the community covered under the lease into our SHOP segment. In connection with the conversion, we paid New Perspective a $5,971,000 lease termination fee. For more information regarding these communities, see Owned Properties-SHOP below.

We monitor the collectability of our receivable balances, including deferred rent receivable balances, on an ongoing basis. We write-off uncollectible operator receivable balances, including straight- line rent receivable and lease incentives balances, as a reduction to rental income in the period such balances are no longer probable of being collected. Therefore, recognition of rental income is limited to the lesser of the amount of cash collected or rental income reflected on a “straight-line” basis for those customer receivable balances deemed uncollectible. During the six months ended June 30, 2025, we wrote-off straight-line rent receivable and lease incentive balances of $243,000 and $249,000, respectively, in connection with the termination of two existing leases with the same operator, and combining them into a master lease as discussed above. During the six months ended June 30, 2024, we wrote-off a straight-line rent receivable balance of $321,000 as a result of converting a lease to fair-market rent resets and a lease incentive balance of $190,000 as a result of property sales.

We continue to take into account the current financial condition of our operators in our estimation of uncollectible accounts at June 30, 2025. We are closely monitoring the collectability of such rents and will adjust future estimations as appropriate as further information becomes known.

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LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

The following table summarizes components of our rental income for the three and six months ended June 30, 2025 and 2024 (in thousands):


	Three Months Ended						Six Months Ended
	June 30,						June 30,
Rental Income		2025			2024			2025			2024
Contractual cash rental income	$	28,079	⁽¹⁾	$	28,976	⁽¹⁾	$	57,702	⁽²⁾	$	59,927	⁽²⁾
Variable cash rental income ⁽³⁾		2,777			3,255			5,866			6,636
Straight-line rent adjustment		(497)			(48)			(1,075)	⁽⁴⁾		(598)	⁽⁴⁾
Adjustment of lease incentives and rental income		—			(321)			(492)	⁽⁵⁾		(321)	⁽⁶⁾
Amortization of lease incentives		(182)			(205)			(380)			(438)
Total	$	30,177		$	31,657		$	61,621		$	65,206

(1)	Decreased primarily due to the conversion of 13 communities from Triple-Net to our new SHOP segment, partially offset by rent increases from fair-market rent resets.

(2)	Decreased primarily due to turnaround impact of one-time revenue received in 2024 related to the repayment of $2,377 in rent credit, lower rent from property sales, and (1) above, partially offset by higher rent from escalations.

(3)	The variable rental income includes reimbursement of real estate taxes by our lessees. Decrease primarily due to conversion of 13 communities from Triple-Net to our new SHOP segment and property sales.

(4)	Straight-line rental income decreased primarily due to scheduled annual escalations.

(5)	In connection with the termination of two existing leases with the same operator, and combining them into a single master lease, we wrote-off a straight-line rent receivable of $243 and a lease incentive balance of $249.

(6)	Represents a lease incentive balance write-off as a result of converting a lease to fair-market rent resets.

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LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

Some of our lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. The following table summarizes information about purchase options included in our lease agreements (dollar amounts in thousands):


			Type	Number
Option			of	of		Gross		Net Book
Window		State	Property	Properties		Investments ⁽¹⁾		Value
2024-2028	⁽²⁾	North Carolina	SH	4	$	41,000	$	41,000
2024-2028	⁽²⁾	North Carolina/ South Carolina	SH	13		122,460		122,460
2025	⁽³⁾	Tennessee	SNF	2		5,275		2,051
2025-2027	⁽⁴⁾	Florida	SNF	3		76,560		76,560
2025-2029	⁽⁵⁾	North Carolina	SH	11		121,419		121,419
2026		South Carolina	SH	1		11,680		7,657
2027		Georgia/South Carolina	SH	2		32,361		24,484
2027-2029	⁽⁶⁾	Oklahoma	SH	4		9,052		3,134
2027-2029	⁽⁷⁾	Texas	SNF	4		52,726		48,276
2029		Colorado/Kansas/Ohio/Texas	SH	17		65,403		29,784
2029		North Carolina	ALF	5		15,239		7,096
		Total		66	$	553,175	$	483,921

(1)	Gross investments include previously recorded impairment losses, if any.

(2)	The purchase option can be exercised through 2028, with an exit Internal Rate of Return (“IRR”) of 8.0%. These assets are accounted for as financing receivables. For more information see Financing Receivables below.

(3)	The purchase option window which expired on December 31, 2024, was extended for another year to December 31, 2025.

(4)	These assets are accounted for as financing receivables. For more information see Financing Receivables below.

(5)	The operator has the option to buy the properties in multiple tranches and in serial closings approved by LTC with an exit IRR of 9.0% on any portion of the properties being purchased. These assets are accounted for as financing receivables. For more information see Financing Receivables below.

(6)	The purchase option can be exercised starting in November 2027 through October 2029 if the lessee exercises its four-year extension option under the master lease.

(7)	The operator may elect to either receive an earn-out payment or exercise its purchase option. If neither option is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the earn-out see Note 12. Commitments and Contingencies.

Properties Held -for-Sale. The following summarizes our held-for-sale properties as of June 30, 2025 and December 31, 2024 (dollar amounts in thousands):

Type

Number

Gross

Accumulated

State

Property

Properties

Beds/units

Investment

Depreciation

At June 30, 2025

CA/FL/VA

SNF

⁽¹⁾

896

71,742

(29,284)

At December 31, 2024

⁽²⁾

2,016

(1,346)

(1)

During 2025, we engaged a broker to sell seven SNFs under a master lease, following the operator’s election not to exercise the renewal option available under the master lease. The master lease covers SNFs in California (1), Florida (2) and Virginia (4) and matures in January 2026. At June 30, 2025, these centers met the criteria under GAAP as held-for-sale. The operator is obligated to pay rent on the portfolio through maturity and is current on rent obligations through July 2025.

(2)	This community was sold during the first quarter of 2025. Upon sale, the community was removed from a master lease covering five SHs in Oklahoma and rent under the master lease was not reduced as a result of the sale.

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LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

Acquisitions. The following table summarizes our acquisitions for the six months ended June 30, 2025 and 2024 (dollar amounts in thousands):


		Cash						Number	Number
		Paid at		Transaction			Assets	of	of
Year	Type of Property	Acquisition		Costs			Acquired	Properties	Beds/Units
2025	n/a	$	—	$	—	$	—	n/a	n/a
2024	OTH ⁽¹⁾		300		19		319	—	—

(1)	During the six months ended June 30, 2024, we acquired a parcel of land in Kansas adjacent to an existing community operated by Brookdale. Rent was increased by 8.0% of our total cost of the investment.

Intangible Assets. We make estimates as part of our allocation of the purchase price of acquisitions to various components of acquisition based upon the fair value of each component. In determining fair value, we use current appraisals or other third-party opinions of value. The most significant components of our allocations are typically the allocation of fair value to land and buildings, and for certain of our acquisitions, in-place leases and other intangible assets. In the case of the value of in-place leases, we make the best estimates based on the evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during the hypothetical expected lease-up periods, market conditions and costs to execute similar leases. The following is a summary of the carrying amount of intangible assets as of June 30, 2025 and December 31, 2024 (in thousands):


	June 30, 2025								December 31, 2024
					Accumulated								Accumulated
Assets		Cost			Amortization			Net		Cost			Amortization			Net
In-place leases	$	11,047	⁽¹⁾	$	(7,169)	⁽²⁾	$	3,878	$	11,047	⁽¹⁾	$	(6,758)	⁽²⁾	$	4,289
Tax abatement intangible	$	8,309	⁽³⁾	$	(1,443)	⁽³⁾	$	6,866	$	8,309	⁽³⁾	$	(1,097)	⁽³⁾	$	7,212

(1)	Included in the Buildings and improvements line item in our Consolidated Balance Sheets.

(2)	Included in the Accumulated depreciation and amortization line item in our Consolidated Balance Sheets.

(3)	Included in the Prepaid expenses and other assets line item in our Consolidated Balance Sheets.

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LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONTINUED

(Unaudited)

Properties Sold. During the six months ended June 30, 2025 and 2024 we recorded a net gain on sale of real estate of $503,000 and $3,219,000, respectively. The following table summarizes property sales during the six months ended June 30, 2025 and 2024 (dollar amounts in thousands):


		Type	Number	Number
		of	of	of		Sales			Carrying			Net
Year	State	Properties	Properties	Beds/Units		Price			Value			(Loss) Gain ⁽¹⁾
2025	Ohio	SH	1	39	$	1,000		$	670		$	259
	Ohio⁽²⁾	n/a	—	—		1,800			1,342			340
	Oklahoma	SH	1	29		670			670			(96)
Total			2	68	$	3,470		$	2,682		$	503

2024	Florida	SH	1	60	$	4,500		$	4,579		$	(335)
	Texas	SH	5	208		1,600			1,282			(380)
	Texas	SH	2	—		500			389			8
	Wisconsin	SH	1	110		20,193	⁽³⁾		16,195	⁽³⁾		3,986
	n/a	n/a	—	—		—			—			(60)	⁽⁴⁾
Total			9	378	$	26,793		$	22,445		$	3,219

(

(1)	Calculation of net gain includes cost of sales and write-off of straight-line receivable and lease incentives, when applicable.

(2)	We sold a parcel of land adjacent to a memory care community within our portfolio.

(3)	Represents the price to sell our portion of interest in a JV, net of the JV partner’s $2,305 contributions in the joint venture.

(4)	We recognized additional loss due to additional incurred costs related to properties sold during 2023.

Owned Properties-SHOP

As discussed above, during the second quarter of 2025, we terminated our Anthem and New Perspective Triple-Net master leases and converted the communities covered under the master leases into our new SHOP segment. At June 30, 2025, our SHOP included operations of 13 communities managed on our behalf by two independent operators pursuant to separate management agreements. The following table provides information regarding our SHOP (dollar amounts in thousands):


						Seniors			Average
			Resident			Housing			Investment		Number	Number
		Gross	Fees and			Operating			per		of	of
Type of Property	Investment		Services ⁽¹⁾			Expenses			Unit		Properties	Beds/Units	State
SH	$	152,462	$	11,755	⁽²⁾	$	9,302	⁽²⁾	$	208.28	12	732	CA, CO, KS, IL, OH
SH		22,385		195	⁽²⁾		117	⁽²⁾	$	223.85	1	100	WI
Total	$	174,847	$	11,950		$	9,419		$	210.15

LTC PROPERTIES INC 10-Q