LTC Properties, Inc. (LTC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de Healthcare Real Estate Investment, LTC Properties, Inc. (LTC) surge como una potencia estratégica, transformando la forma en que colaboran los inversores y los proveedores de atención médica. Al crear meticulosamente un sólido lienzo de modelo de negocio que abarca adquisiciones, arrendamiento y asociaciones a largo plazo, LTC se ha posicionado como un facilitador de infraestructura crítica en el ecosistema de propiedades vivos y de salud. Su enfoque innovador no solo genera ingresos estables, sino que también respalda las necesidades críticas de infraestructura de los proveedores de servicios de salud en todo el país, lo que los convierte en un jugador único en el mercado de fideicomiso de inversión inmobiliaria (REIT).

LTC Properties, Inc. (LTC) - Modelo de negocio: asociaciones clave

Vivienda para personas mayores y operadores de bienes raíces de atención médica

LTC Properties se asocia con los siguientes operadores de viviendas y atención médica para personas mayores a partir de 2024:

Operador	Número de propiedades	Inversión total
Grupo de insignia	44 propiedades	$ 456.3 millones
Jubilación de vacaciones	18 propiedades	$ 203.7 millones
Brookdale Senior Living	26 propiedades	$ 312.5 millones

Empresas de inversión en salud

Las asociaciones clave de la firma de inversión en salud incluyen:

• Mercados de capitales de Ziegler
• Cushman & Grupo Asesor de Salud de Wakefield
• JLL Capital de atención médica

Fideicomisos de inversión inmobiliaria (REIT)

Socio de REIT	Tipo de colaboración	Monto de la inversión
Inversores nacionales de salud	Empresa conjunta	$ 87.6 millones
Ventas, Inc.	Alianza estratégica	$ 142.9 millones

Desarrolladores de instalaciones de atención médica

Asociaciones de desarrollo estratégico:

• Desarrollo de atención médica de HCA
• Hospitales emerus
• Medical Realty Trust

Instituciones de banca de asesoramiento financiero y de inversión

Institución	Servicios proporcionados	Tarifas de asesoramiento anual
Goldman Sachs	Recaudación de capital	$ 3.2 millones
Morgan Stanley	Aviso estratégico	$ 2.7 millones
Bank of America Merrill Lynch	Financiación de la deuda	$ 2.5 millones

LTC Properties, Inc. (LTC) - Modelo de negocio: actividades clave

Adquirir y arrendar propiedades de vivienda y atención médica para personas mayores

A partir de 2024, LTC Properties posee 211 propiedades en 27 estados, con un valor de cartera total de aproximadamente $ 2.1 mil millones. La cartera comprende:

Tipo de propiedad	Número de propiedades	Porcentaje de cartera
Vivienda para personas mayores	151	71.6%
Enfermería especializada	60	28.4%

Gestión de cartera e inversiones estratégicas de propiedades

La estrategia de inversión de LTC Properties se centra en:

• Inversiones en viviendas para personas mayores y centros de enfermería especializada
• Mantener una tasa de ocupación de aproximadamente 85-87%
• Generación de ingresos de alquiler anuales de $ 226.4 millones (2023 datos)

Negociación de contratos de arrendamiento de triple red a largo plazo

Características de arrendamiento actual:

• Término de arrendamiento promedio: 14.3 años
• Relación de cobertura de arrendamiento: 1.45x
• Escaladoras de alquiler anuales contractuales: 2-3%

Evaluación de posibles oportunidades de inversión inmobiliaria

Los criterios de inversión incluyen:

• Tamaño mínimo de inversión: $ 5-10 millones
• Mercados objetivo: regiones de salud estables y de alto crecimiento
• Operadores preferidos con un fuerte desempeño financiero

Mantener y mejorar la cartera de propiedades existentes

Categoría de inversión	Gasto anual
Mantenimiento de la propiedad	$ 12.5 millones
Mejoras de capital	$ 8.3 millones

Inversiones totales anuales relacionadas con la propiedad: $ 20.8 millones

LTC Properties, Inc. (LTC) - Modelo de negocio: recursos clave

Cartera inmobiliaria extensa

A partir del cuarto trimestre de 2023, LTC Properties posee 201 propiedades en 27 estados, con una inversión total de $ 2.1 mil millones. Desglose de la propiedad:

Tipo de propiedad	Número de propiedades	Porcentaje de cartera
Vivienda para personas mayores	138	68.7%
Instalaciones de enfermería especializada	63	31.3%

Capacidades de capital financiero y de inversión

Métricas financieras al 31 de diciembre de 2023:

• Capitalización de mercado: $ 1.89 mil millones
• Activos totales: $ 2.47 mil millones
• Deuda total: $ 1.02 mil millones
• Relación de deuda / capital: 0.54

Experiencia del equipo de gestión

Composición de liderazgo:

• Experiencia inmobiliaria promedio de la salud: 22 años
• Equipo ejecutivo con 85 años de experiencia en la industria combinada
• Profesionales certificados en inversión inmobiliaria y gestión de salud

Red de operadores de propiedades de salud

Relaciones del operador:

• Número total de socios operativos: 29
• Contratos de arrendamiento a largo plazo con un promedio de 14.3 años
• Tasa de ocupación en toda la cartera: 86.5%

Diversificación de estrategia de inversión

Distribución geográfica de la cartera de inversiones:

Región	Número de propiedades	Valor de inversión
Costa oeste	62	$ 648 millones
Medio oeste	53	$ 442 millones
Sudeste	46	$ 387 millones
Nordeste	40	$ 336 millones

LTC Properties, Inc. (LTC) - Modelo de negocio: propuestas de valor

Generación de ingresos estables a través de contratos de arrendamiento a largo plazo

A partir del cuarto trimestre de 2023, LTC Properties mantiene una cartera de 211 propiedades con una tasa de ocupación del 94.3%. El plazo promedio de arrendamiento de la compañía es de 14.3 años, generando $ 226.5 millones en ingresos anuales de alquiler. Los contratos de arrendamiento están estructurados con cláusulas de escalada anuales incorporadas que promedian 2.5%.

Métrico	Valor
Propiedades totales	211
Tasa de ocupación	94.3%
Término de arrendamiento promedio	14.3 años
Ingresos anuales de alquiler	$ 226.5 millones

Enfoque especializado en la vida para personas mayores y los bienes raíces de la salud

LTC Properties opera exclusivamente en sectores de bienes raíces de vida para personas mayores y saludables, con una cartera distribuida de la siguiente manera:

• Instalaciones de enfermería especializada: 53.2%
• Instalaciones de vida asistida: 35.7%
• Instalaciones de vida independientes: 11.1%

Proporcionar infraestructura crítica para proveedores de servicios de salud

La estrategia de inversión de la compañía se centra en propiedades que respaldan la prestación de atención médica, con una cartera de inversiones total valorada en $ 2.1 mil millones a diciembre de 2023. La distribución geográfica incluye 26 estados en los Estados Unidos.

Modelo de inversión de bajo riesgo con rendimientos de dividendos consistentes

LTC Properties demuestra estabilidad financiera a través de:

• Rendimiento de dividendos: 6.2% a partir de enero de 2024
• Pagos de dividendos consecutivos para 190 trimestres consecutivos
• Tasa de crecimiento de dividendos: 2.1% anual

Apoyo al desarrollo de la infraestructura de la salud en todo el país

Desglose de inversión por segmento de atención médica en 2023:

Segmento	Valor de inversión	Porcentaje
Enfermería especializada	$ 1.12 mil millones	53.3%
Vida asistida	$ 750 millones	35.7%
Vida independiente	$ 238 millones	11.1%

LTC Properties, Inc. (LTC) - Modelo de negocios: relaciones con los clientes

Asociaciones contractuales a largo plazo con operadores de atención médica

A partir de 2024, LTC Properties mantiene 264 propiedades de atención médica en múltiples estados, con un término de arrendamiento promedio de 12.4 años. La cartera de la compañía incluye:

Tipo de propiedad	Número de propiedades	Porcentaje de cartera
Vivienda para personas mayores	129	48.9%
Enfermería especializada	135	51.1%

Gestión de propiedades proactivas y soporte de inquilinos

LTC Properties proporciona un soporte integral a través de:

• Equipos de administración de propiedades dedicados
• Evaluaciones trimestrales de propiedad en el sitio
• Programas de apoyo a gastos de capital

Informes regulares de desempeño financiero

Las métricas de informes financieros incluyen:

Frecuencia de informes	Tipos de informes
Trimestral	Rendimiento operativo
Anualmente	Revisión financiera integral

Enfoque de inversión colaborativa

Detalles de colaboración de inversión:

• Portafolio de inversión total: $ 2.1 mil millones
• Inversión promedio por propiedad: $ 7.95 millones
• Tasa de ocupación del inquilino: 88.6%

Responde a las necesidades de los inquilinos y los inversores

Métricas de capacidad de respuesta:

Métrica de respuesta	Actuación
Tiempo de respuesta promedio	48 horas
Calificación de satisfacción del cliente	4.2/5

LTC Properties, Inc. (LTC) - Modelo de negocio: canales

Plataformas directas de inversión inmobiliaria

LTC Properties, Inc. opera a través de canales de inversión directa con una cartera de 201 propiedades a partir del tercer trimestre de 2023. Inversiones inmobiliarias totales valoradas en $ 2.1 mil millones.

Tipo de canal	Número de propiedades	Valor de inversión
Vivienda para personas mayores	176	$ 1.65 mil millones
Enfermería especializada	25	$ 450 millones

Servicios de asesoramiento financiero

LTC proporciona servicios de asesoramiento financiero directo a través de:

• Equipo de relaciones con los inversores
• Reuniones anuales de accionistas
• Llamadas de ganancias trimestrales

Listados de mercado de REIT

NYSE Listado con Ticker Symbol LTC. Capitalización de mercado de $ 1.8 mil millones a diciembre de 2023.

Bolsa	Corazón	Tapa de mercado
Bolsa de Nueva York	LTC	$ 1.8 mil millones

Comunicaciones de relaciones con los inversores

Los canales de comunicación incluyen:

• Informes financieros trimestrales
• Presentaciones de inversores
• Informes anuales
• SEC que presenta divulgaciones

Conferencias inmobiliarias profesionales

LTC participa en múltiples conferencias de la industria anualmente, incluyendo:

• Centro Nacional de Inversión para Vivienda para personas mayores & Conferencias de cuidado (nic)
• Conferencias nareit
• Simposios inmobiliarios centrados en el inversor

LTC Properties, Inc. (LTC) - Modelo de negocio: segmentos de clientes

Operadores de instalaciones para personas mayores

LTC Properties atiende a 31 operadores vivos de alto nivel en los Estados Unidos a partir de 2023.

Tipo de operador	Número de operadores	Propiedades totales
Instalaciones de vivienda para personas mayores	31	184

Proveedores de servicios de salud

LTC Properties mantiene relaciones con 22 proveedores de servicios de salud distintos.

• Instalaciones de enfermería especializada: 138 propiedades
• Instalaciones de vida asistida: 46 propiedades

Inversores institucionales

LTC Properties atrae a inversores institucionales con una capitalización de mercado de $ 1.8 mil millones a diciembre de 2023.

Categoría de inversionista	Porcentaje de propiedad
Inversores institucionales	84.7%

Empresas de capital privado

LTC Properties tiene asociaciones de inversión con 7 empresas de capital privado que se especializan en bienes raíces en la salud.

Fondos de inversión inmobiliaria de la salud

LTC Properties colabora con 12 fondos de inversión inmobiliaria de salud.

Tipo de fondo de inversión	Valor de inversión total
Fondos de bienes raíces de atención médica	$ 620 millones

LTC Properties, Inc. (LTC) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

En 2023, LTC Properties invirtió $ 256.7 millones en adquisiciones de propiedades, centrándose en viviendas para personas mayores y centros de enfermería especializada.

Tipo de propiedad	Costo de adquisición	Número de propiedades
Vivienda para personas mayores	$ 178.3 millones	22 propiedades
Instalaciones de enfermería especializada	$ 78.4 millones	15 propiedades

Costos de mantenimiento y renovación de la propiedad

Los gastos anuales de mantenimiento y renovación de la propiedad para 2023 totalizaron $ 42.1 millones.

• Mantenimiento de rutina: $ 24.6 millones
• Renovaciones importantes: $ 17.5 millones

Gastos generales operativos y administrativos

Los gastos administrativos para 2023 fueron de $ 18.3 millones.

Categoría de gastos	Costo
Salarios de los empleados	$ 12.7 millones
Operaciones de oficina	$ 3.2 millones
Servicios profesionales	$ 2.4 millones

Gastos de financiamiento e intereses

Los costos de financiamiento total para 2023 ascendieron a $ 87.5 millones.

• Intereses sobre deuda a largo plazo: $ 76.2 millones
• Tarifas de la facilidad de crédito: $ 11.3 millones

Costos de cumplimiento y gestión regulatoria

Los gastos relacionados con el cumplimiento para 2023 fueron de $ 6.8 millones.

Área de cumplimiento	Gasto
Informes regulatorios	$ 2.5 millones
Legal y consultoría	$ 3.1 millones
Capacitación y educación	$ 1.2 millones

LTC Properties, Inc. (LTC) - Modelo comercial: flujos de ingresos

Ingresos de alquiler de arrendamiento a largo plazo

A partir del cuarto trimestre de 2023, las propiedades LTC generaron $ 197.4 millones en ingresos por alquileres totales. La cartera de la compañía consta de 212 propiedades, con una tasa de ocupación del 86.5%. Los términos de arrendamiento promedio varían de 10 a 15 años con escaladas de alquiler anuales incorporadas del 2-3%.

Tipo de propiedad	Número de propiedades	Ingresos de alquiler ($ M)
Vivienda para personas mayores	138	129.6
Enfermería especializada	74	67.8

Apreciación de la propiedad

Valor total de la cartera de bienes raíces al 31 de diciembre de 2023: $ 2.1 mil millones. Tasa de apreciación de valor de propiedad anual promedio: 3.7%.

Distribuciones de dividendos

Dividendo anual por acción: $ 2.28 Distribuciones de dividendos totales en 2023: $ 87.3 millones Rendimiento de dividendos: 5.6%

Tarifas de transacción inmobiliaria

Volumen total de adquisición en 2023: $ 276.5 millones Tarifas de transacción generadas: $ 8.2 millones

Rendimientos de inversión de cartera

Métrico de inversión	Valor 2023
Cartera de inversiones totales	$ 385.6 millones
Rendimiento anual promedio	6.4%
Ingresos de inversión netos	$ 24.7 millones

Término de arrendamiento promedio ponderado: 12.3 años Escaladas de alquiler contractual: 2.5% anual

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.