LTC Properties, Inc. (LTC): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des investissements immobiliers de santé, LTC Properties, Inc. (LTC) apparaît comme une puissance stratégique, transformant la façon dont les investisseurs et les prestataires de soins de santé collaborent. En fabriquant méticuleusement une toile de modèle commerciale robuste qui s'étend sur les acquisitions, la location et les partenariats à long terme, le LTC s'est positionné comme un facilitateur d'infrastructure critique dans l'écosystème des propriétés de vie et de soins de santé seniors. Leur approche innovante génère non seulement des revenus stables, mais soutient également les besoins critiques des infrastructures des prestataires de services de santé à travers le pays, ce qui en fait un acteur unique sur le marché de la fiducie de placement immobilier (REIT).

LTC Properties, Inc. (LTC) - Modèle d'entreprise: partenariats clés

Opérateurs immobiliers du logement et des soins de santé

LTC Properties s'associe aux opérateurs de logements et de soins de santé suivants suivants à partir de 2024:

Opérateur	Nombre de propriétés	Investissement total
Groupe d'enseigne	44 propriétés	456,3 millions de dollars
Retraite de vacances	18 propriétés	203,7 millions de dollars
Brookdale Senior Living	26 propriétés	312,5 millions de dollars

Sociétés d'investissement en soins de santé

Les partenariats clés de la société d'investissement en soins de santé comprennent:

• Marchés des capitaux de Ziegler
• Cushman & Groupe consultatif de Wakefield Healthcare
• Capital de soins de santé JLL

Trusts de placement immobilier (FPI)

Partenaire de FPI	Type de collaboration	Montant d'investissement
Investisseurs nationaux de la santé	Coentreprise	87,6 millions de dollars
Ventas, Inc.	Alliance stratégique	142,9 millions de dollars

Développeurs de centres de soins médicaux

Partenariats de développement stratégique:

• Développement des soins de santé HCA
• Hôpitaux émerus
• Trust de Realty Medical

Institutions de conseil financier et de banque d'investissement

Institution	Services fournis	Frais de conseil annuels
Goldman Sachs	Levage de capitaux	3,2 millions de dollars
Morgan Stanley	Avis stratégique	2,7 millions de dollars
Bank of America Merrill Lynch	Financement de la dette	2,5 millions de dollars

LTC Properties, Inc. (LTC) - Modèle d'entreprise: activités clés

Acquérir et louer des propriétés de vie et de soins de santé pour personnes âgées

En 2024, les propriétés LTC possèdent 211 propriétés dans 27 États, avec une valeur de portefeuille totale d'environ 2,1 milliards de dollars. Le portefeuille comprend:

Type de propriété	Nombre de propriétés	Pourcentage de portefeuille
Logement pour personnes âgées	151	71.6%
Soins infirmiers qualifiés	60	28.4%

Gestion du portefeuille et investissements immobiliers stratégiques

La stratégie d'investissement de LTC Properties se concentre sur:

• Investissements dans des logements pour personnes âgées et des établissements de soins infirmiers qualifiés
• Maintenir un taux d'occupation d'environ 85 à 87%
• Générer des revenus de location annuels de 226,4 millions de dollars (2023 données)

Négociation des accords de location à long terme à long terme

Caractéristiques de location actuelles:

• Terme de location moyenne: 14,3 ans
• Ratio de couverture des bail: 1,45x
• Escaliques contractuels de loyer annuel: 2-3%

Évaluation des opportunités d'investissement immobilier potentielles

Les critères d'investissement comprennent:

• Taille de l'investissement minimum: 5 à 10 millions de dollars
• Marchés cibles: régions de santé stables et à forte croissance
• Opérateurs préférés avec de solides performances financières

Maintenir et améliorer le portefeuille de propriétés existant

Catégorie d'investissement	Dépenses annuelles
Maintenance des biens	12,5 millions de dollars
Améliorations des capitaux	8,3 millions de dollars

Investissements annuels totaux liés à la propriété: 20,8 millions de dollars

LTC Properties, Inc. (LTC) - Modèle d'entreprise: Ressources clés

Portefeuille immobilier étendu

Au quatrième trimestre 2023, LTC Properties possède 201 propriétés dans 27 États, avec un investissement total de 2,1 milliards de dollars. Répartition des propriétés:

Type de propriété	Nombre de propriétés	Pourcentage de portefeuille
Logement pour personnes âgées	138	68.7%
Installations de soins infirmiers qualifiés	63	31.3%

Capacités de capital financier et d'investissement

Mesures financières au 31 décembre 2023:

• Capitalisation boursière: 1,89 milliard de dollars
• Actif total: 2,47 milliards de dollars
• Dette totale: 1,02 milliard de dollars
• Ratio dette / fonds propres: 0,54

Expertise en équipe de gestion

Composition du leadership:

• Expérience immobilière moyenne des soins de santé: 22 ans
• Équipe de direction avec 85 ans d'expérience dans l'industrie
• Professionnels certifiés en matière d'investissement immobilier et de gestion des soins de santé

Réseau d'opérateurs immobiliers de soins de santé

Relations de l'opérateur:

• Nombre total de partenaires opérationnels: 29
• Les accords de location à long terme ont une moyenne de 14,3 ans
• Taux d'occupation à travers le portefeuille: 86,5%

Diversification de la stratégie d'investissement

Portefeuille d'investissement Distribution géographique:

Région	Nombre de propriétés	Valeur d'investissement
Côte ouest	62	648 millions de dollars
Midwest	53	442 millions de dollars
Au sud-est	46	387 millions de dollars
Nord-est	40	336 millions de dollars

LTC Properties, Inc. (LTC) - Modèle d'entreprise: propositions de valeur

Génération de revenus stable grâce à des accords de location à long terme

Au quatrième trimestre 2023, les propriétés du LTC maintiennent un portefeuille de 211 propriétés avec un taux d'occupation de 94,3%. La durée de location moyenne de la société est de 14,3 ans, générant 226,5 millions de dollars de revenus de location annuels. Les accords de location sont structurés avec des clauses d'escalade annuelles intégrées en moyenne de 2,5%.

Métrique	Valeur
Propriétés totales	211
Taux d'occupation	94.3%
Terme de location moyenne	14,3 ans
Revenus de location annuels	226,5 millions de dollars

Focus spécialisée sur la vie des personnes âgées et l'immobilier des soins de santé

Les propriétés du LTC opère exclusivement dans des secteurs de la vie et de l'immobilier de santé, avec un portefeuille distribué comme suit:

• Installations de soins infirmiers qualifiés: 53,2%
• Installations de vie assistée: 35,7%
• Installations de vie indépendantes: 11,1%

Fournir des infrastructures critiques aux prestataires de services de santé

La stratégie d'investissement de la société se concentre sur les propriétés soutenant la prestation des soins de santé, avec un portefeuille d'investissement total d'une valeur de 2,1 milliards de dollars en décembre 2023. La distribution géographique comprend 26 États aux États-Unis.

Modèle d'investissement à faible risque avec des rendements de dividendes cohérents

Les propriétés du LTC démontrent la stabilité financière à travers:

• Rendement des dividendes: 6,2% en janvier 2024
• Paiements de dividendes consécutifs pour 190 trimestres consécutifs
• Taux de croissance des dividendes: 2,1% par an

Soutenir le développement des infrastructures de soins de santé à l'échelle nationale

Déchange des investissements par le segment des soins de santé en 2023:

Segment	Valeur d'investissement	Pourcentage
Soins infirmiers qualifiés	1,12 milliard de dollars	53.3%
Assiette	750 millions de dollars	35.7%
Vie indépendante	238 millions de dollars	11.1%

LTC Properties, Inc. (LTC) - Modèle d'entreprise: relations clients

Partenariats contractuels à long terme avec les opérateurs de soins de santé

En 2024, les propriétés du LTC maintient 264 propriétés de soins de santé dans plusieurs États, avec une durée de location moyenne de 12.4 ans. Le portefeuille de l'entreprise comprend:

Type de propriété	Nombre de propriétés	Pourcentage de portefeuille
Logement pour personnes âgées	129	48.9%
Soins infirmiers qualifiés	135	51.1%

Gestion immobilière proactive et soutien aux locataires

LTC Properties fournit un soutien complet à travers:

• Équipes de gestion immobilière dédiées
• Évaluations immobilières trimestrielles sur place
• Programmes de soutien aux dépenses en capital

Rapports de performance financière réguliers

Les mesures d'information financière comprennent:

Fréquence de rapport	Types de rapports
Trimestriel	Performance opérationnelle
Annuellement	Examen financier complet

Approche d'investissement collaboratif

Détails de la collaboration des investissements:

• Portfolio total d'investissement: 2,1 milliards de dollars
• Investissement moyen par propriété: 7,95 millions de dollars
• Taux d'occupation des locataires: 88.6%

Réactif aux besoins des locataires et des investisseurs

Métriques de réactivité:

Métrique de réponse	Performance
Temps de réponse moyen	48 heures
Évaluation de satisfaction du client	4.2/5

LTC Properties, Inc. (LTC) - Modèle d'entreprise: canaux

Plates-formes d'investissement immobilier direct

LTC Properties, Inc. fonctionne via des canaux d'investissement directs avec un portefeuille de 201 propriétés au troisième trimestre 2023. Investissements immobiliers totaux d'une valeur de 2,1 milliards de dollars.

Type de canal	Nombre de propriétés	Valeur d'investissement
Logement pour personnes âgées	176	1,65 milliard de dollars
Soins infirmiers qualifiés	25	450 millions de dollars

Services de conseil financier

LTC fournit des services de conseil financier directs à travers:

• Équipe de relations avec les investisseurs
• Réunions annuelles des actionnaires
• Appels de résultats trimestriels

Listes du marché des FPI

NYSE répertorié avec Ticker Symbol LTC. Capitalisation boursière de 1,8 milliard de dollars en décembre 2023.

Bourse	Téléscripteur	Capitalisation boursière
Bourse de New York	THAL	1,8 milliard de dollars

Communications des relations avec les investisseurs

Les canaux de communication comprennent:

• Rapports financiers trimestriels
• Présentations des investisseurs
• Rapports annuels
• Divulgations de classement de la SEC

Conférences immobilières professionnelles

Le LTC participe à plusieurs conférences de l'industrie chaque année, notamment:

• National Investment Center for Seniors Housing & Conférences de soins (NIC)
• Conférences nareit
• Symposiums immobiliers axés sur les investisseurs

LTC Properties, Inc. (LTC) - Modèle d'entreprise: segments de clientèle

Opérateurs de salles de vie pour personnes âgées

LTC Properties dessert 31 opérateurs de vie supérieurs aux États-Unis en 2023.

Type d'opérateur	Nombre d'opérateurs	Propriétés totales
Installations de vie supérieure	31	184

Fournisseurs de services de santé

Les propriétés du LTC entretiennent des relations avec 22 prestataires de services de santé distincts.

• Installations infirmières qualifiées: 138 propriétés
• Installations de vie assistée: 46 propriétés

Investisseurs institutionnels

Les propriétés du SLC attirent les investisseurs institutionnels avec une capitalisation boursière de 1,8 milliard de dollars en décembre 2023.

Catégorie d'investisseurs	Pourcentage de propriété
Investisseurs institutionnels	84.7%

Sociétés de capital-investissement

LTC Properties a des partenariats d'investissement avec 7 sociétés de capital-investissement spécialisées dans l'immobilier des soins de santé.

Fonds d'investissement immobilier des soins de santé

LTC Properties collabore avec 12 fonds d'investissement immobilier en soins de santé.

Type de fonds d'investissement	Valeur d'investissement totale
Fonds immobiliers de la santé	620 millions de dollars

LTC Properties, Inc. (LTC) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

En 2023, LTC Properties a investi 256,7 millions de dollars dans les acquisitions de propriétés, en se concentrant sur les logements pour personnes âgées et les infirmières qualifiées.

Type de propriété	Coût d'acquisition	Nombre de propriétés
Logement pour personnes âgées	178,3 millions de dollars	22 propriétés
Installations de soins infirmiers qualifiés	78,4 millions de dollars	15 propriétés

Coûts de maintenance et de rénovation des biens

Les dépenses annuelles de maintenance et de rénovation des biens pour 2023 ont totalisé 42,1 millions de dollars.

• Entretien de routine: 24,6 millions de dollars
• Rénovations majeures: 17,5 millions de dollars

Frais généraux opérationnels et administratifs

Les dépenses administratives pour 2023 étaient de 18,3 millions de dollars.

Catégorie de dépenses	Coût
Salaires des employés	12,7 millions de dollars
Opérations de bureau	3,2 millions de dollars
Services professionnels	2,4 millions de dollars

Financement et frais d'intérêt

Les coûts de financement totaux de 2023 s'élevaient à 87,5 millions de dollars.

• Intérêt sur la dette à long terme: 76,2 millions de dollars
• Frais de facilité de crédit: 11,3 millions de dollars

Coûts de gestion de la conformité et de la réglementation

Les dépenses liées à la conformité pour 2023 étaient de 6,8 millions de dollars.

Zone de conformité	Dépense
Représentation réglementaire	2,5 millions de dollars
Juridique et consultant	3,1 millions de dollars
Formation et éducation	1,2 million de dollars

LTC Properties, Inc. (LTC) - Modèle d'entreprise: Strots de revenus

Revenu de location de location à long terme

Au quatrième trimestre 2023, les propriétés du LTC ont généré 197,4 millions de dollars de revenus de location totaux. Le portefeuille de la société comprend 212 propriétés, avec un taux d'occupation de 86,5%. Les conditions de location moyennes varient de 10 à 15 ans avec une escalade de location annuelle intégrée de 2 à 3%.

Type de propriété	Nombre de propriétés	Revenu locatif ($ m)
Logement pour personnes âgées	138	129.6
Soins infirmiers qualifiés	74	67.8

Appréciation des biens

Valeur du portefeuille immobilier total au 31 décembre 2023: 2,1 milliards de dollars. Taux d'appréciation de la valeur de la propriété annuelle moyenne: 3,7%.

Distributions de dividendes

Dividende annuel par action: 2,28 $ Total des distributions de dividendes en 2023: 87,3 millions de dollars Rendement des dividendes: 5,6%

Frais de transaction immobilière

Volume total d'acquisition en 2023: 276,5 millions de dollars Frais de transaction générés: 8,2 millions de dollars

Rendements d'investissement de portefeuille

Métrique d'investissement	Valeur 2023
Portefeuille d'investissement total	385,6 millions de dollars
Rendement annuel moyen	6.4%
Revenu de placement net	24,7 millions de dollars

Terme de location moyenne pondérée: 12,3 ans Escalade de loyer contractuel: 2,5% par an

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.