LTC Properties, Inc. (LTC): Business Model Canvas

In der dynamischen Landschaft der Immobilieninvestitionen im Gesundheitswesen erweist sich LTC Properties, Inc. (LTC) als strategisches Kraftpaket und verändert die Art und Weise, wie Investoren und Gesundheitsdienstleister zusammenarbeiten. Durch die sorgfältige Ausarbeitung eines robusten Geschäftsmodells, das Akquisitionen, Leasing und langfristige Partnerschaften umfasst, hat sich LTC als wichtiger Infrastruktur-Enabler im Ökosystem Seniorenwohn- und Gesundheitsimmobilien positioniert. Ihr innovativer Ansatz generiert nicht nur stabile Erträge, sondern unterstützt auch den kritischen Infrastrukturbedarf von Gesundheitsdienstleistern im ganzen Land und macht sie zu einem einzigartigen Akteur auf dem Markt für Real Estate Investment Trusts (REIT).

LTC Properties, Inc. (LTC) – Geschäftsmodell: Wichtige Partnerschaften

Betreiber von Seniorenwohnungen und Gesundheitsimmobilien

LTC Properties arbeitet ab 2024 mit den folgenden Betreibern von Seniorenwohnungen und Gesundheitseinrichtungen zusammen:

Betreiber	Anzahl der Eigenschaften	Gesamtinvestition
Ensign-Gruppe	44 Objekte	456,3 Millionen US-Dollar
Feiertagsruhestand	18 Objekte	203,7 Millionen US-Dollar
Brookdale Senior Living	26 Objekte	312,5 Millionen US-Dollar

Investmentfirmen im Gesundheitswesen

Zu den wichtigsten Partnerschaften mit Investmentfirmen im Gesundheitswesen gehören:

• Ziegler Kapitalmärkte
• Cushman & Wakefield Healthcare Advisory Group
• JLL Healthcare Capital

Real Estate Investment Trusts (REITs)

REIT-Partner	Art der Zusammenarbeit	Investitionsbetrag
Nationale Gesundheitsinvestoren	Joint Venture	87,6 Millionen US-Dollar
Ventas, Inc.	Strategische Allianz	142,9 Millionen US-Dollar

Entwickler medizinischer Pflegeeinrichtungen

Strategische Entwicklungspartnerschaften:

• HCA Gesundheitsentwicklung
• Emerus-Krankenhäuser
• Medical Realty Trust

Finanzberatungs- und Investmentbanking-Institute

Institution	Erbrachte Dienstleistungen	Jährliche Beratungsgebühren
Goldman Sachs	Kapitalbeschaffung	3,2 Millionen US-Dollar
Morgan Stanley	Strategische Beratung	2,7 Millionen US-Dollar
Bank of America Merrill Lynch	Schuldenfinanzierung	2,5 Millionen Dollar

LTC Properties, Inc. (LTC) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Vermietung von Seniorenwohn- und Gesundheitsimmobilien

Im Jahr 2024 besitzt LTC Properties 211 Immobilien in 27 Bundesstaaten mit einem Gesamtportfoliowert von etwa 2,1 Milliarden US-Dollar. Das Portfolio umfasst:

Immobilientyp	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Seniorenwohnungen	151	71.6%
Qualifizierte Krankenpflege	60	28.4%

Portfoliomanagement und strategische Immobilieninvestitionen

Die Anlagestrategie von LTC Properties konzentriert sich auf:

• Investitionen in Seniorenwohnungen und qualifizierte Pflegeeinrichtungen
• Aufrechterhaltung einer Auslastung von ca. 85-87 %
• Generierung eines jährlichen Mietumsatzes von 226,4 Millionen US-Dollar (Daten für 2023)

Verhandlung langfristiger Triple-Net-Mietverträge

Aktuelle Mietvertragsmerkmale:

• Durchschnittliche Mietdauer: 14,3 Jahre
• Leasingdeckungsgrad: 1,45x
• Vertragliche Jahresmiete Rolltreppen: 2-3 %

Bewertung potenzieller Immobilieninvestitionsmöglichkeiten

Zu den Investitionskriterien gehören:

• Mindestinvestitionsgröße: 5–10 Millionen US-Dollar
• Zielmärkte: Stabile, wachstumsstarke Gesundheitsregionen
• Bevorzugte Betreiber mit starker finanzieller Leistung

Pflege und Verbesserung des bestehenden Immobilienportfolios

Anlagekategorie	Jährliche Ausgaben
Immobilienwartung	12,5 Millionen US-Dollar
Kapitalverbesserungen	8,3 Millionen US-Dollar

Jährliche Gesamtinvestitionen im Immobilienbereich: 20,8 Millionen US-Dollar

LTC Properties, Inc. (LTC) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Immobilienportfolio

Im vierten Quartal 2023 besitzt LTC Properties 201 Immobilien in 27 Bundesstaaten mit einer Gesamtinvestition von 2,1 Milliarden US-Dollar. Aufschlüsselung der Immobilie:

Immobilientyp	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Seniorenwohnungen	138	68.7%
Qualifizierte Pflegeeinrichtungen	63	31.3%

Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahlen zum 31. Dezember 2023:

• Marktkapitalisierung: 1,89 Milliarden US-Dollar
• Gesamtvermögen: 2,47 Milliarden US-Dollar
• Gesamtverschuldung: 1,02 Milliarden US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 0,54

Fachwissen des Managementteams

Zusammensetzung der Führung:

• Durchschnittliche Erfahrung im Bereich Gesundheitsimmobilien: 22 Jahre
• Führungsteam mit insgesamt 85 Jahren Branchenerfahrung
• Zertifizierte Fachleute für Immobilieninvestitionen und Gesundheitsmanagement

Netzwerk für Betreiber von Gesundheitsimmobilien

Betreiberbeziehungen:

• Gesamtzahl der Betriebspartner: 29
• Langfristige Mietverträge mit einer durchschnittlichen Laufzeit von 14,3 Jahren
• Vermietungsquote im gesamten Portfolio: 86,5 %

Diversifizierung der Anlagestrategie

Geografische Verteilung des Anlageportfolios:

Region	Anzahl der Eigenschaften	Investitionswert
Westküste	62	648 Millionen US-Dollar
Mittlerer Westen	53	442 Millionen US-Dollar
Südosten	46	387 Millionen Dollar
Nordosten	40	336 Millionen US-Dollar

LTC Properties, Inc. (LTC) – Geschäftsmodell: Wertversprechen

Stabile Einkommensgenerierung durch langfristige Mietverträge

Im vierten Quartal 2023 verfügt LTC Properties über ein Portfolio von 211 Immobilien mit einer Auslastung von 94,3 %. Die durchschnittliche Mietdauer des Unternehmens beträgt 14,3 Jahre und erwirtschaftet einen jährlichen Mietumsatz von 226,5 Millionen US-Dollar. Mietverträge sind mit integrierten jährlichen Preissteigerungsklauseln von durchschnittlich 2,5 % strukturiert.

Metrisch	Wert
Gesamteigenschaften	211
Auslastung	94.3%
Durchschnittliche Mietdauer	14,3 Jahre
Jährliche Mieteinnahmen	226,5 Millionen US-Dollar

Spezialisierter Fokus auf Seniorenwohn- und Gesundheitsimmobilien

LTC Properties ist ausschließlich in den Bereichen Seniorenwohnen und Gesundheitsimmobilien tätig und verfügt über ein wie folgt verteiltes Portfolio:

• Qualifizierte Pflegeeinrichtungen: 53,2 %
• Einrichtungen für betreutes Wohnen: 35,7 %
• Unabhängige Wohnmöglichkeiten: 11,1 %

Bereitstellung kritischer Infrastruktur für Gesundheitsdienstleister

Die Investitionsstrategie des Unternehmens konzentriert sich auf Immobilien, die die Gesundheitsversorgung unterstützen, mit einem Gesamtinvestitionsportfolio im Wert von 2,1 Milliarden US-Dollar (Stand Dezember 2023). Die geografische Verteilung umfasst 26 Bundesstaaten in den Vereinigten Staaten.

Risikoarmes Anlagemodell mit konsistenten Dividendenrenditen

LTC Properties beweist finanzielle Stabilität durch:

• Dividendenrendite: 6,2 %, Stand Januar 2024
• Aufeinanderfolgende Dividendenzahlungen für 190 aufeinanderfolgende Quartale
• Dividendenwachstumsrate: 2,1 % jährlich

Unterstützung der landesweiten Entwicklung der Gesundheitsinfrastruktur

Aufteilung der Investitionen nach Gesundheitssegmenten im Jahr 2023:

Segment	Investitionswert	Prozentsatz
Qualifizierte Krankenpflege	1,12 Milliarden US-Dollar	53.3%
Betreutes Wohnen	750 Millionen Dollar	35.7%
Unabhängiges Leben	238 Millionen Dollar	11.1%

LTC Properties, Inc. (LTC) – Geschäftsmodell: Kundenbeziehungen

Langfristige vertragliche Partnerschaften mit Gesundheitsdienstleistern

Ab 2024 behält LTC Properties bei 264 Gesundheitsimmobilien über mehrere Bundesstaaten hinweg, mit einer durchschnittlichen Mietdauer von 12,4 Jahre. Das Portfolio des Unternehmens umfasst:

Immobilientyp	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Seniorenwohnungen	129	48.9%
Qualifizierte Krankenpflege	135	51.1%

Proaktive Immobilienverwaltung und Mieterbetreuung

LTC Properties bietet umfassende Unterstützung durch:

• Dedizierte Immobilienverwaltungsteams
• Vierteljährliche Immobilienbewertungen vor Ort
• Programme zur Investitionsförderung

Regelmäßige finanzielle Leistungsberichterstattung

Zu den Kennzahlen der Finanzberichterstattung gehören:

Häufigkeit der Berichterstattung	Berichtstypen
Vierteljährlich	Betriebsleistung
Jährlich	Umfassende Finanzübersicht

Kollaborativer Investitionsansatz

Details zur Investitionskooperation:

• Gesamtinvestitionsportfolio: 2,1 Milliarden US-Dollar
• Durchschnittliche Investition pro Immobilie: 7,95 Millionen US-Dollar
• Mieterauslastung: 88.6%

Reagiert auf die Bedürfnisse von Mietern und Investoren

Reaktionsmetriken:

Antwortmetrik	Leistung
Durchschnittliche Reaktionszeit	48 Stunden
Bewertung der Kundenzufriedenheit	4.2/5

LTC Properties, Inc. (LTC) – Geschäftsmodell: Kanäle

Plattformen für direkte Immobilieninvestitionen

LTC Properties, Inc. ist über Direktinvestitionskanäle tätig und verfügt im dritten Quartal 2023 über ein Portfolio von 201 Immobilien. Die gesamten Immobilieninvestitionen belaufen sich auf 2,1 Milliarden US-Dollar.

Kanaltyp	Anzahl der Eigenschaften	Investitionswert
Seniorenwohnungen	176	1,65 Milliarden US-Dollar
Qualifizierte Krankenpflege	25	450 Millionen Dollar

Finanzberatungsdienste

LTC bietet direkte Finanzberatungsdienste durch:

• Investor-Relations-Team
• Jährliche Aktionärsversammlungen
• Vierteljährliche Gewinnmitteilungen

REIT-Marktnotierungen

NYSE-Notierung mit Tickersymbol LTC. Marktkapitalisierung von 1,8 Milliarden US-Dollar (Stand Dezember 2023).

Börse	Ticker	Marktkapitalisierung
New Yorker Börse	LTC	1,8 Milliarden US-Dollar

Investor-Relations-Kommunikation

Zu den Kommunikationskanälen gehören:

• Vierteljährliche Finanzberichte
• Investorenpräsentationen
• Jahresberichte
• SEC reicht Offenlegungen ein

Professionelle Immobilienkonferenzen

LTC nimmt jährlich an mehreren Branchenkonferenzen teil, darunter:

• Nationales Investitionszentrum für Seniorenwohnungen & Care (NIC)-Konferenzen
• NAREIT-Konferenzen
• Investorenorientierte Immobiliensymposien

LTC Properties, Inc. (LTC) – Geschäftsmodell: Kundensegmente

Betreiber von Seniorenwohneinrichtungen

Ab 2023 betreut LTC Properties 31 Betreiber von Seniorenwohnungen in den Vereinigten Staaten.

Operatortyp	Anzahl der Operatoren	Gesamteigenschaften
Seniorenwohneinrichtungen	31	184

Gesundheitsdienstleister

LTC Properties unterhält Beziehungen zu 22 verschiedenen Gesundheitsdienstleistern.

• Fachpflegeeinrichtungen: 138 Objekte
• Einrichtungen für betreutes Wohnen: 46 Unterkünfte

Institutionelle Anleger

LTC Properties zieht institutionelle Anleger mit einer Marktkapitalisierung von 1,8 Milliarden US-Dollar (Stand Dezember 2023) an.

Anlegerkategorie	Prozentsatz des Eigentums
Institutionelle Anleger	84.7%

Private-Equity-Firmen

LTC Properties unterhält Investitionspartnerschaften mit sieben Private-Equity-Firmen, die auf Gesundheitsimmobilien spezialisiert sind.

Investmentfonds für Gesundheitsimmobilien

LTC Properties arbeitet mit 12 Investmentfonds für Gesundheitsimmobilien zusammen.

Art des Investmentfonds	Gesamtinvestitionswert
Immobilienfonds für das Gesundheitswesen	620 Millionen Dollar

LTC Properties, Inc. (LTC) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im Jahr 2023 investierte LTC Properties 256,7 Millionen US-Dollar in den Erwerb von Immobilien, wobei der Schwerpunkt auf Seniorenunterkünften und qualifizierten Pflegeeinrichtungen lag.

Immobilientyp	Anschaffungskosten	Anzahl der Eigenschaften
Seniorenwohnungen	178,3 Millionen US-Dollar	22 Objekte
Qualifizierte Pflegeeinrichtungen	78,4 Millionen US-Dollar	15 Objekte

Kosten für die Instandhaltung und Renovierung von Immobilien

Die jährlichen Ausgaben für die Instandhaltung und Renovierung von Immobilien beliefen sich im Jahr 2023 auf insgesamt 42,1 Millionen US-Dollar.

• Routinewartung: 24,6 Millionen US-Dollar
• Größere Renovierungen: 17,5 Millionen US-Dollar

Betriebs- und Verwaltungsaufwand

Die Verwaltungskosten für 2023 beliefen sich auf 18,3 Millionen US-Dollar.

Ausgabenkategorie	Kosten
Mitarbeitergehälter	12,7 Millionen US-Dollar
Bürobetrieb	3,2 Millionen US-Dollar
Professionelle Dienstleistungen	2,4 Millionen US-Dollar

Finanzierungs- und Zinsaufwendungen

Die Gesamtfinanzierungskosten für 2023 beliefen sich auf 87,5 Millionen US-Dollar.

• Zinsen für langfristige Schulden: 76,2 Millionen US-Dollar
• Gebühren für die Kreditfazilität: 11,3 Millionen US-Dollar

Kosten für Compliance und Regulierungsmanagement

Die Compliance-bezogenen Ausgaben beliefen sich im Jahr 2023 auf 6,8 Millionen US-Dollar.

Compliance-Bereich	Ausgaben
Regulatorische Berichterstattung	2,5 Millionen Dollar
Recht und Beratung	3,1 Millionen US-Dollar
Ausbildung und Bildung	1,2 Millionen US-Dollar

LTC Properties, Inc. (LTC) – Geschäftsmodell: Einnahmequellen

Langfristige Mieteinnahmen

Im vierten Quartal 2023 erzielte LTC Properties einen Gesamtmietumsatz von 197,4 Millionen US-Dollar. Das Portfolio des Unternehmens besteht aus 212 Immobilien mit einer Vermietungsquote von 86,5 %. Die durchschnittliche Mietlaufzeit liegt zwischen 10 und 15 Jahren mit integrierten jährlichen Mieterhöhungen von 2 bis 3 %.

Immobilientyp	Anzahl der Eigenschaften	Mieteinnahmen (Mio. USD)
Seniorenwohnungen	138	129.6
Qualifizierte Krankenpflege	74	67.8

Wertschätzung von Immobilien

Gesamtwert des Immobilienportfolios zum 31. Dezember 2023: 2,1 Milliarden US-Dollar. Durchschnittliche jährliche Wertsteigerungsrate der Immobilie: 3,7 %.

Dividendenausschüttungen

Jährliche Dividende pro Aktie: 2,28 $ Gesamtdividendenausschüttungen im Jahr 2023: 87,3 Millionen US-Dollar Dividendenrendite: 5,6 %

Gebühren für Immobilientransaktionen

Gesamtakquisitionsvolumen im Jahr 2023: 276,5 Millionen US-Dollar Erwirtschaftete Transaktionsgebühren: 8,2 Millionen US-Dollar

Portfolioinvestitionsrenditen

Investitionsmetrik	Wert 2023
Gesamtinvestitionsportfolio	385,6 Millionen US-Dollar
Durchschnittliche jährliche Rendite	6.4%
Nettoanlageertrag	24,7 Millionen US-Dollar

Gewichtete durchschnittliche Mietvertragslaufzeit: 12,3 Jahre Vertragliche Mietsteigerungen: 2,5 % jährlich

LTC Properties, Inc. (LTC) - Canvas Business Model: Value Propositions

LTC Properties, Inc. (LTC) offers value propositions centered on providing stable income through traditional structures while aggressively pursuing performance-based upside in newer, high-quality senior housing assets.

Stable, long-term capital through triple-net leases remains a core component, though the company is actively transforming its portfolio mix. Substantially all of LTC Properties, Inc. (LTC)'s revenues and cash flows from operations are derived from rental income, interest earned on financing receivables, and income from loans receivable, as of March 31, 2025.

The strategic shift involves converting existing triple-net lease properties into the Senior Housing Operating Portfolio (SHOP) structure, authorized by the Real Estate Investment Trust (REIT) Investment Diversification and Empowerment Act of 2007 (RIDEA). This transformation is a key value driver for operators seeking alignment with LTC Properties, Inc. (LTC).

Performance-based upside for LTC via the RIDEA/SHOP structure allows LTC Properties, Inc. (LTC) to capture operational upside. For example, in the second quarter of 2025, net operating income from RIDEA conversions was $2.5 million, which was approximately $780,000 more than what would have been collected under the previous triple-net leases for the same period. The full-year 2025 core FFO guidance was raised to a range of $2.69 to $2.71 per share, reflecting this outperformance.

LTC Properties, Inc. (LTC) provides financing solutions for operators (mortgage/mezzanine loans), offering alternatives to pure equity investment or sale-leaseback arrangements. The company invests in seniors housing and health care properties through financing receivables, mortgage financing, and structured finance solutions, including mezzanine lending.

The focus on newer, stabilized assets for operators (SHOP average age less than 9 years) is central to the current strategy, aiming for assets with longer competitive lifespans. The SHOP portfolio average asset age is reported to be less than nine years.

Here's a quick look at the SHOP portfolio growth and financing activity as of late 2025:

Metric	Value (as of Late 2025 Data)	Context/Structure
SHOP Portfolio % of Total Investment	Nearly 25% (Projected Year-End 2025)	Strategic shift from triple-net leases
SHOP Portfolio Gross Book Value	$447 million (As of September 30, 2025)	Represents approximately 20% of total investment portfolio
SHOP Properties Count	21 Properties	Managed by 5 operators
SHOP Average Asset Age	Less than 9 years	Focus on newer, stabilized assets
SHOP Portfolio Occupancy	87% (As of September 30, 2025)	Indicates stabilization within the operating segment
Q3 2025 Mortgage Loan Origination	$57,550 thousand	Initial funding was $55,350 thousand
Expected Near-Term Mortgage Loan	$60,000 thousand	Five-year term at 8.25% yield

The transformation pipeline is active; LTC Properties, Inc. (LTC) closed about 85% of its projected $460 million investment pipeline through early November 2025, with over $290 million added to the SHOP segment. The company sold seven older skilled nursing centers in Q3 2025 for $123.0 million to redeploy proceeds into SHOP assets.

The value proposition also includes specific, high-yield financing opportunities:

• Mortgage loan originated in Q2 2025 had an initial funding of $38.35 million at a fixed yield of 8.5%.
• LTC Properties, Inc. (LTC) received $17,000 thousand from the payoff of a mezzanine loan in Q3 2025.
• The projected SHOP NOI for the 13 properties converted from triple-net leases is $10.9 million to $11.3 million for the full year 2025.

LTC Properties, Inc. (LTC) - Canvas Business Model: Customer Relationships

You're looking at how LTC Properties, Inc. manages its relationships with the operators who run the properties it owns, which is a key part of its strategic pivot in late 2025. The relationships clearly fall into two distinct buckets: the traditional, hands-off approach and the new, performance-linked structure.

Passive, fixed-income relationship with triple-net lease tenants

This relationship is built on predictable, fixed rent payments, which historically provided stable cash flow but limited upside participation. LTC is actively reducing its exposure here to capture more operational upside, a move informed by lessons learned during the pandemic about the limitations of this structure. The company is executing cooperative conversions from this model to its Seniors Housing Operating Portfolio (SHOP).

• LTC transitioned 13 properties with 832 units from triple-net leases to SHOP in Q2 2025.
• The gross book value of the initial converted assets totaled $176.1 million.
• For a portfolio of 15 properties subject to market-based rent resets, expected rental income was projected to rise from $3.7 million in 2024 to $4.8 million in 2025.
• The 13 converted properties generated $2.5 million in Net Operating Income (NOI) in Q2 2025, which was approximately $780,000 more income than they generated under the previous triple-net leases for the same quarter last year.
• LTC had about $19,000,000 in annualized GAAP rental income maturing in 2026, with two operators in the top 10 accounting for 89% of that amount.

Active, performance-based management relationship with SHOP operators

This is the new core relationship, where LTC shares in the operator's profit upside, often referred to as a RIDEA structure. This requires much closer engagement to drive performance. The goal is to have the SHOP segment represent nearly 20% of the total investment portfolio by the end of 2025.

Here's a look at the growth and current state of the SHOP segment relationships as of late 2025:

Metric	Value as of Q3/Nov 2025	Prior Reference Point
SHOP Portfolio Share of Total Investments	Nearly 25% expected by year-end / 20% as of Nov 3	Less than 20% post-Q2 acquisitions
Number of SHOP Properties	22 properties (as of Nov 3) / 21 properties (as of Q3)	13 properties at start of SHOP expansion
Total SHOP Gross Book Value	$447 million (as of Q3)	$174,847 (Q2 data, likely in thousands)
Average SHOP Occupancy Rate	87% (as of Sept 30)	81% (as of Q2)
Total SHOP Operating Partners	Six operators (as of Nov 3)	Five operators (as of Q3)
New Operators Added to SHOP Platform	Four new partners (as of Nov 3) / Three new (as of Q3)	One new operator (Discovery Senior Living) closed in Q3

Investment team engagement for sourcing off-market acquisitions

The investment team is focused on sourcing newer, stabilized assets, often through off-market deals, to build the SHOP platform. They are executing against a significantly increased investment target for the year.

• The projected 2025 investment pipeline was increased to $460 million.
• LTC had closed approximately 85% of the projected $460 million pipeline through November 4, 2025.
• Of the total 2025 pipeline, more than $290 million was added to the SHOP portfolio.
• A $40 million off-market acquisition of two communities (158 units) from Charter Senior Living was closed, expected to deliver a year-one yield of approximately 7%.
• A $23 million acquisition of an 88-unit community from The Arbor Company, a new partner, was closed, also expected to yield approximately 7% year-one.
• The current opportunity set the team sees is about $1 billion, with nearly $110 million under Letter of Intent (LOI) targeting a January 2026 close.

Financial and operational oversight of the SHOP segment

Oversight involves tracking segment profitability and managing the capital required to maintain and grow these operating assets. The shift to SHOP is expected to accelerate earnings, with full-year 2025 Core FFO guidance raised to $2.69 to $2.71 per share.

The SHOP segment's expected financial performance and capital needs for 2025 include:

Financial/Operational Metric	2025 Full-Year Guidance Range
SHOP Net Operating Income (NOI) Guidance (Updated Q3)	$16.2 million to $17.2 million
SHOP NOI Guidance for 13 Original Converted Properties	$10.9 million to $11.3 million
SHOP FAD Capital Expenditures (Per Unit Annualized)	$1,410 to $1,430 per unit
Debt to Annualized Adjusted EBITDAre Ratio (As of June 30, 2025)	4.2x
Enterprise Value (As of June 30, 2025)	$2,370,568

The company's total liquidity was $640.4 million as of June 30, 2025.

LTC Properties, Inc. (LTC) - Canvas Business Model: Channels

You're looking at how LTC Properties, Inc. gets its investments and capital to the market, which is really about how they deploy their capital and how they raise it. It's a multi-pronged approach, blending direct ownership with structured finance and public market access.

Direct property ownership (triple-net lease and SHOP structures)

LTC Properties, Inc. channels capital directly into physical assets, primarily through two main structures: the traditional triple-net lease and the newer Senior Housing Operating Portfolio (SHOP) structure, which is RIDEA-based (Real Estate Investment Trust as an Entity that Owns Real Estate). The strategic shift is clear, moving away from a balanced portfolio toward seniors housing dominance via SHOP.

• Portfolio split based on gross real estate investments was roughly an even balance between seniors housing and skilled nursing centers as of the second quarter of 2025.
• The portfolio composition is expected to shift to a 65-35% split favoring seniors housing once anticipated SHOP investments close.
• The SHOP portfolio, launched in May 2025, grew to nearly $450 million, representing approximately 20% of the total investment portfolio at September 30, 2025.
• LTC Properties, Inc. expects SHOP to represent 24% of its total investment portfolio by year-end 2025.

The channel involves converting existing triple-net assets into the SHOP structure to capture more operational upside. For example, in the second quarter of 2025, 13 properties totaling a combined gross book value of $174.8 million were converted from triple-net leases to SHOP. Furthermore, LTC Properties, Inc. expects to convert two seniors housing communities totaling 186 units from its triple-net portfolio into SHOP during the fourth quarter of 2025.

Mortgage and mezzanine loan originations

This channel involves providing debt capital, often secured by seniors housing and health care properties. These loans are sometimes accounted for as unconsolidated joint ventures under GAAP.

Metric/Period	Amount/Rate	Details
Mortgage Loan Origination (Q2 2025)	$42.3 million (initial funding $38.4 million)	Five-year term, fixed yield of 8.5%, secured by a 250-unit community in Florida.
Anticipated Mortgage Loan (Q2/Q3 2025)	$60.0 million	Five-year term, 8.25% yield.
Mortgage Loan Origination (Post-Q2 2025)	$58 million	Five-year loan, 8.25% interest rate, secured by 171 units in California.
Mortgage Loans Receivable (Sep 30, 2025)	$389,657 thousand	Net of credit loss reserve of $3,930 thousand.
Loan Payoffs Received (Q3 2025)	$40.1 million total	Includes payoff of two mortgage loans ($20.5 million) and one mezzanine loan ($19.6 million).

The mezzanine loan payoff in the third quarter of 2025 included an exit IRR fee of 12% on $2.6 million of the payoff amount.

Joint Venture (JV) equity investments

LTC Properties, Inc. channels capital through equity investments in unconsolidated joint ventures, often structured as preferred equity.

• Investments in unconsolidated joint ventures as of September 30, 2025, totaled $18,342 thousand.
• A preferred equity investment structure seen in Q1 2025 offered an initial cash rate of 7%, increasing to 9% in year four until the IRR reached 8.00%.
• After achieving the 8.00% IRR hurdle, the cash rate drops to 8.00% with an IRR ranging between 12.00% and 14.00% depending on redemption timing.
• LTC Properties, Inc. held an option to require the JV partner to purchase its preferred equity interest between August 17, 2031, and December 31, 2036, for one such investment.

Investor Relations for public equity and debt markets

This channel focuses on maintaining access to public equity and debt markets to fund the investment pipeline and manage the balance sheet. Liquidity management is key here.

Liquidity Component (Sep 30, 2025)	Amount	Debt Component	Amount (Sep 30, 2025, in thousands)
Total Liquidity	$399.7 million	Senior Unsecured Notes, net	$433,483
Cash on Hand	$17.9 million	Revolving Line of Credit (Available)	$51.5 million
Equity Issuance Capacity (EDA)	$330.3 million	Shares of Common Stock Outstanding (April 28, 2025)	45,930,567

In the third quarter of 2025, LTC Properties, Inc. sold 1.5 million shares of common stock, generating net proceeds of $55.8 million under an equity distribution agreement. For the revolving line of credit, the company borrowed $279.9 million during the third quarter, repaying $62.9 million subsequent to the end of the quarter, leaving a balance of $217.0 million borrowed at that time.

LTC Properties, Inc. (LTC) - Canvas Business Model: Customer Segments

LTC Properties, Inc.'s customer segments are the operators who manage the real estate assets they invest in, as well as developers needing capital structures.

The portfolio composition shows a clear strategic pivot towards seniors housing, which directly serves the operators of Assisted Living and Memory Care facilities.

Segment Category	Portfolio Allocation (Gross Investment)	Key Metric/Data Point (as of Late 2025)
Seniors Housing (SHOP & Triple-Net)	62% (as of Q3 2025)	SHOP portfolio value reached nearly $450 million by September 30, 2025.
Skilled Nursing Facilities (SNF)	38% (as of Q3 2025)	Seven older skilled nursing centers were sold in Q3 2025, with proceeds redeployed into SHOP assets.
Senior Housing Operating Portfolio (SHOP)	Represents approximately 20% of total investment portfolio (as of Q3 2025).	SHOP portfolio average occupancy was 87% at September 30, 2025.

The focus on the Senior Housing Operating Portfolio (SHOP) model means LTC Properties, Inc. indirectly serves private-pay seniors by partnering with operators who manage those communities.

LTC Properties, Inc. is actively building the SHOP segment, which is designed to share operator profits, a shift from their previous triple-net lease structure.

• The company plans to double the SHOP segment by the end of 2025, targeting 20% of the total portfolio.
• LTC planned to invest approximately $400 million toward this SHOP expansion.
• The SHOP portfolio is being built with newer assets averaging less than nine years old by year-end 2025.
• The company had 28 operating partners across its portfolio as of Q1 2025, growing to more than 31 partners by Q3 2025.

For real estate developers and operators needing capital, LTC Properties, Inc. provides financing solutions, including mortgage loans.

You can see this in their investment activity:

• LTC secured a $42 million mortgage loan for a 250-unit senior living community in Florida in 2025.
• The near-term investment pipeline expected to close in the 60 days following Q2 2025 included approximately $320 million, with about $60 million of that being a five-year mortgage loan at an 8.25% rate.
• The total year-to-date investments in 2025 reached nearly $80 million as of Q2 2025.

Overall, the portfolio as of late 2025 includes nearly 190 properties across approximately 25 states.

LTC Properties, Inc. (LTC) - Canvas Business Model: Cost Structure

You're looking at the cost side of the LTC Properties, Inc. (LTC) business as the company aggressively pivots toward its Senior Housing Operating Portfolio (SHOP) segment. The cost structure reflects this transition, with significant non-cash charges and rising operational costs associated with the new platform.

Non-cash write-offs were a major factor impacting GAAP net income in Q3 2025. These are non-recurring charges that hit the income statement but don't affect cash flow directly, though they certainly impact investor perception.

• Non-cash write-off related to Prestige loan amendment prepayment option: $41.5 million in Q3 2025.
• Straight-line rent receivable write-off related to Genesis Chapter 11 bankruptcy filings: $1.3 million in Q3 2025.

General and administrative (G&A) expenses have seen upward pressure as LTC scales its operations and management team to support the SHOP growth strategy. The projected full-year 2025 G&A has been revised upward.

Reporting Period/Source	Projected/Reported G&A Expense
Initial 2025 Full Year Guidance (Q1 2025)	$28.6 million to $29.5 million
Updated Guidance (Q2 2025)	Between $29.0 million and $29.8 million
Latest Guidance Update (Q3 2025)	Range of $29.8 million to $30.3 million
Reported as of November 02, 2025	$29.4 Mil

The increase in G&A was noted as partially offsetting Core FFO improvement in Q3 2025.

Property operating expenses for the growing SHOP segment are embedded within the segment's overall financial reporting, particularly as capital expenditures are tracked on a per-unit basis for these newer assets.

• SHOP FAD (Funds Available for Distribution) capital expenditures for the full year 2025 guidance: $1,410 to $1,430 per unit annualized.
• The 13 properties originally converted to SHOP had their full-year 2025 NOI guidance increased to $10.9 million to $11.3 million.

Interest expense on unsecured notes and line of credit is a key financing cost, and LTC has actively managed this. The company reported a decrease in interest expense, which contributed positively to the improvement in Core FFO per share in Q3 2025. On the balance sheet as of September 30, 2025, senior unsecured notes stood at $396,065 thousand (or approximately $396.1 million). The revolving line of credit balance was $170.5 million available and the total revolver balance was $548,450 thousand (or approximately $548.5 million) at some point in Q3 2025.

Transaction costs for acquisitions and RIDEA platform conversions are a direct cost associated with the portfolio transformation. Expenses in Q2 2025 increased due to higher transaction costs related to RIDEA platform costs and SHOP conversions. While the exact dollar amount for transaction costs alone isn't isolated, the company closed approximately 85% of its projected $460 million investment pipeline, with more than $290 million added to SHOP.

LTC Properties, Inc. (LTC) - Canvas Business Model: Revenue Streams

You're looking at how LTC Properties, Inc. actually brings in the cash flow to support those monthly distributions, and it's definitely a story of transition right now. The revenue streams are clearly splitting between the legacy fixed-income model and the newer, performance-based approach.

Rental income from triple-net leases remains a foundational, albeit shrinking, piece of the puzzle. Under this structure, the tenant operator pays fixed rent, no matter their facility's performance. For the third quarter of 2025, this rental income specifically clocked in at $27.8 million. That's down from $32.3 million in the third quarter of 2024, which shows you the active portfolio transformation LTC Properties, Inc. is undertaking by moving assets out of this category.

The growth engine is the Net Operating Income (NOI) from the SHOP segment (Senior Housing Operating Portfolio), which is performance-based. This means LTC Properties, Inc. shares in the upside when operators perform well, a key reason for the portfolio shift.

• SHOP portfolio occupancy stood at an average of 87% as of September 30, 2025.
• The segment represented approximately 20% of the total investment portfolio at the end of Q3 2025.
• Management increased the full-year 2025 SHOP NOI guidance to a range of $16.2 million to $17.2 million, with a midpoint of $16.7 million.
• Earlier in 2025, the projection for SHOP NOI for the remaining eight months was set between $9.4 million to $10.3 million.

This segment is expected to grow, with projections that SHOP will represent about 24% of the portfolio within 60 days of the Q3 report.

Interest income from mortgage and mezzanine loans provides another distinct revenue source, acting as structured finance. This is capital LTC Properties, Inc. lends out, secured by the property. In the third quarter of 2025, the company received a significant cash inflow from loan payoffs, totaling $40.1 million. This total included:

• $20.5 million from two mortgage loans.
• $19.6 million from a mezzanine loan payoff, which notably included a 12% exit IRR fee of $2.6 million.

To keep the pipeline full, LTC Properties, Inc. also originated a new mortgage loan of $42.3 million in the second quarter of 2025.

Here's a quick look at the top-line results and the forward-looking metric that matters most for REIT valuation:

Financial Metric	Amount/Range
Q3 2025 Total Revenues	$69.29 million
Full-Year 2025 Core FFO Guidance (per share)	$2.69 to $2.71
Q3 2025 Core FFO (per share)	$0.69

The Q3 2025 Total Revenues of $69.29 million represented a substantial year-over-year increase, largely due to those SHOP conversions. Also, the updated Full-year 2025 Core FFO guidance of $2.69 to $2.71 per share shows management's confidence in the SHOP segment's performance offsetting any headwinds from asset sales.