LTC Properties, Inc. (LTC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da Healthcare Real Estate Investment, LTC Properties, Inc. (LTC) surge como uma potência estratégica, transformando a maneira como os investidores e os provedores de saúde colaboram. Ao criar meticulosamente uma tela de modelo de negócios robusta que abrange as aquisições, leasing e parcerias de longo prazo, a LTC se posicionou como um facilitador crítico de infraestrutura no ecossistema de propriedades de vida e saúde sênior. Sua abordagem inovadora não apenas gera renda estável, mas também suporta as necessidades críticas de infraestrutura dos provedores de serviços de saúde em todo o país, tornando -os um participante único no mercado de Trust (REIT).

LTC Properties, Inc. (LTC) - Modelo de negócios: Parcerias -chave

Operadores imobiliários de habitação e saúde seniores

A LTC Properties faz parceria com os seguintes operadores sênior de habitação e saúde a partir de 2024:

Operador	Número de propriedades	Investimento total
Grupo de alferes	44 propriedades	US $ 456,3 milhões
Aposentadoria de férias	18 propriedades	US $ 203,7 milhões
Brookdale Senior Living	26 propriedades	US $ 312,5 milhões

Empresas de investimento em saúde

As principais parcerias da empresa de investimentos em saúde incluem:

• Ziegler Capital Markets
• Cushman & Grupo Consultivo para Saúde Wakefield
• JLL Healthcare Capital

Funcionários de investimento imobiliário (REITs)

REIT Partner	Tipo de colaboração	Valor do investimento
Investidores nacionais de saúde	Consórcio	US $ 87,6 milhões
Ventas, Inc.	Aliança estratégica	US $ 142,9 milhões

Desenvolvedores de instalações de assistência médica

Parcerias de desenvolvimento estratégico:

• Desenvolvimento de assistência médica da HCA
• Hospitais Emerus
• Medical Realty Trust

Consultoria financeira e instituições bancárias de investimento

Instituição	Serviços prestados	Taxas de consultoria anuais
Goldman Sachs	Capital capital	US $ 3,2 milhões
Morgan Stanley	Consultoria estratégica	US $ 2,7 milhões
Bank of America Merrill Lynch	Financiamento da dívida	US $ 2,5 milhões

LTC Properties, Inc. (LTC) - Modelo de negócios: Atividades -chave

Aquisição e arrendamento de propriedades seniores de vida e saúde

A partir de 2024, a LTC Properties possui 211 propriedades em 27 estados, com um valor total de portfólio de aproximadamente US $ 2,1 bilhões. O portfólio compreende:

Tipo de propriedade	Número de propriedades	Porcentagem de portfólio
Habitação sênior	151	71.6%
Enfermagem qualificada	60	28.4%

Gerenciamento de portfólio e investimentos em propriedades estratégicas

A estratégia de investimento da LTC Properties se concentra:

• Investimentos em instalações de moradia e enfermagem qualificadas
• Mantendo uma taxa de ocupação de aproximadamente 85-87%
• Gerando receita anual de aluguel de US $ 226,4 milhões (2023 dados)

Negociando acordos de arrendamento de rede tripla de longo prazo

Características atuais de arrendamento:

• Termo médio de arrendamento: 14,3 anos
• Razão de cobertura de arrendamento: 1,45x
• Escaladores de aluguel anual contratual: 2-3%

Avaliando possíveis oportunidades de investimento imobiliário

Os critérios de investimento incluem:

• Tamanho mínimo do investimento: US $ 5-10 milhões
• Mercados-alvo: regiões de saúde estáveis ​​e de alto crescimento
• Operadores preferidos com forte desempenho financeiro

Mantendo e melhorando o portfólio de propriedades existentes

Categoria de investimento	Gastos anuais
Manutenção de propriedades	US $ 12,5 milhões
Melhorias de capital	US $ 8,3 milhões

Investimentos anuais relacionados à propriedade: US $ 20,8 milhões

LTC Properties, Inc. (LTC) - Modelo de negócios: Recursos -chave

Extenso portfólio imobiliário

A partir do quarto trimestre 2023, a LTC Properties possui 201 Propriedades em 27 estados, com um investimento total de US $ 2,1 bilhões. Redução de propriedades:

Tipo de propriedade	Número de propriedades	Porcentagem de portfólio
Habitação sênior	138	68.7%
Instalações de enfermagem qualificadas	63	31.3%

Capital financeiro e recursos de investimento

Métricas financeiras em 31 de dezembro de 2023:

• Capitalização de mercado: US $ 1,89 bilhão
• Total de ativos: US $ 2,47 bilhões
• Dívida total: US $ 1,02 bilhão
• Taxa de dívida / patrimônio: 0,54

Especialização da equipe de gerenciamento

Composição de liderança:

• Experiência imobiliária média de assistência médica: 22 anos
• Equipe executiva com 85 anos de experiência no setor
• Profissionais certificados em investimento imobiliário e gerenciamento de saúde

Rede de Operador de Propriedades da Saúde

Relacionamentos do operador:

• Número total de parceiros operacionais: 29
• Acordos de arrendamento de longo prazo com média de 14,3 anos
• Taxa de ocupação em toda a carteira: 86,5%

Diversificação da estratégia de investimento

Portfólio de investimentos Distribuição geográfica:

Região	Número de propriedades	Valor de investimento
Costa Oeste	62	US $ 648 milhões
Centro -Oeste	53	US $ 442 milhões
Sudeste	46	US $ 387 milhões
Nordeste	40	US $ 336 milhões

LTC Properties, Inc. (LTC) - Modelo de negócios: proposições de valor

Geração de renda estável através de acordos de arrendamento de longo prazo

A partir do quarto trimestre 2023, a LTC Properties mantém um portfólio de 211 propriedades com 94,3% de taxa de ocupação. O prazo médio de arrendamento da empresa é de 14,3 anos, gerando US $ 226,5 milhões em receita anual de aluguel. Os acordos de arrendamento são estruturados com cláusulas de escalada anual internas com média de 2,5%.

Métrica	Valor
Propriedades totais	211
Taxa de ocupação	94.3%
Termo de arrendamento médio	14,3 anos
Receita anual de aluguel	US $ 226,5 milhões

Foco especializado no setor sênior e em saúde imobiliários

A LTC Properties opera exclusivamente nos setores seniores de vida e saúde imobiliários, com um portfólio distribuído da seguinte forma:

• Instalações de enfermagem qualificadas: 53,2%
• Instalações de vida assistida: 35,7%
• Instalações de vida independentes: 11,1%

Fornecendo infraestrutura crítica para provedores de serviços de saúde

A estratégia de investimento da empresa se concentra em propriedades que apoiam a prestação de serviços de saúde, com uma carteira de investimentos total avaliada em US $ 2,1 bilhões em dezembro de 2023. A distribuição geográfica inclui 26 estados nos Estados Unidos.

Modelo de investimento de baixo risco com retornos de dividendos consistentes

As propriedades LTC demonstram estabilidade financeira através de:

• Rendimento de dividendos: 6,2% em janeiro de 2024
• Pagamentos consecutivos de dividendos para 190 trimestres consecutivos
• Taxa de crescimento de dividendos: 2,1% anualmente

Apoiando o desenvolvimento da infraestrutura de saúde em todo o país

Redução de investimentos pelo segmento de saúde em 2023:

Segmento	Valor de investimento	Percentagem
Enfermagem qualificada	US $ 1,12 bilhão	53.3%
Vida assistida	US $ 750 milhões	35.7%
Vida independente	US $ 238 milhões	11.1%

LTC Properties, Inc. (LTC) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias contratuais de longo prazo com operadores de saúde

A partir de 2024, as propriedades LTC mantêm 264 propriedades de saúde em vários estados, com um termo de arrendamento médio de 12,4 anos. O portfólio da empresa inclui:

Tipo de propriedade	Número de propriedades	Porcentagem de portfólio
Habitação sênior	129	48.9%
Enfermagem qualificada	135	51.1%

Gerenciamento de propriedades proativas e suporte de inquilino

A LTC Properties fornece suporte abrangente por meio de:

• Equipes de gerenciamento de propriedades dedicadas
• Avaliações trimestrais de propriedades no local
• Programas de suporte de despesas de capital

Relatório de desempenho financeiro regular

As métricas de relatórios financeiros incluem:

Frequência de relatório	Tipos de relatório
Trimestral	Desempenho operacional
Anualmente	Revisão financeira abrangente

Abordagem de investimento colaborativo

Detalhes da colaboração de investimentos:

• Portfólio total de investimentos: US $ 2,1 bilhões
• Investimento médio por propriedade: US $ 7,95 milhões
• Taxa de ocupação do inquilino: 88.6%

Responsivo às necessidades de inquilino e investidor

Métricas de resposta:

Métrica de resposta	Desempenho
Tempo médio de resposta	48 horas
Classificação de satisfação do cliente	4.2/5

LTC Properties, Inc. (LTC) - Modelo de Negócios: Canais

Plataformas de investimento imobiliário direto

A LTC Properties, Inc. opera através de canais de investimento direto com um portfólio de 201 Propriedades a partir do terceiro trimestre de 2023. Total de investimentos imobiliários avaliados em US $ 2,1 bilhões.

Tipo de canal	Número de propriedades	Valor de investimento
Habitação sênior	176	US $ 1,65 bilhão
Enfermagem qualificada	25	US $ 450 milhões

Serviços de Consultoria Financeira

O LTC fornece serviços de consultoria financeira direta por meio de:

• Equipe de Relações com Investidores
• Reuniões anuais de acionistas
• Chamadas de ganhos trimestrais

REIT listagens de mercado

NYSE listado com símbolo de ticker LTC. Capitalização de mercado de US $ 1,8 bilhão em dezembro de 2023.

Bolsa de valores	Ticker	Cap
Bolsa de Valores de Nova York	LTC	US $ 1,8 bilhão

Comunicações de Relações com Investidores

Os canais de comunicação incluem:

• Relatórios financeiros trimestrais
• Apresentações de investidores
• Relatórios anuais
• Sec Divulgações de arquivamento

Conferências imobiliárias profissionais

O LTC participa de várias conferências do setor anualmente, incluindo:

• Centro Nacional de Investimentos para Idosos Habitação & CARE (NIC) Conferências
• Conferências de Nareit
• Simpósios imobiliários focados em investidores

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

Operadores de instalações de vida seniores

A LTC Properties atende 31 operadores vivos seniores nos Estados Unidos a partir de 2023.

Tipo de operador	Número de operadores	Propriedades totais
Instalações de vida seniores	31	184

Provedores de serviços de saúde

A LTC Properties mantém relacionamentos com 22 provedores distintos de serviços de saúde.

• Instalações de enfermagem qualificadas: 138 propriedades
• Instalações de vida assistida: 46 propriedades

Investidores institucionais

A LTC Properties atrai investidores institucionais com uma capitalização de mercado de US $ 1,8 bilhão em dezembro de 2023.

Categoria de investidores	Porcentagem de propriedade
Investidores institucionais	84.7%

Empresas de private equity

A LTC Properties possui parcerias de investimento com 7 empresas de private equity especializadas em imóveis em saúde.

Fundos de investimento imobiliário de saúde

A LTC Properties colabora com 12 fundos de investimento imobiliário em saúde.

Tipo de fundo de investimento	Valor total de investimento
Fundos imobiliários de saúde	US $ 620 milhões

LTC Properties, Inc. (LTC) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

Em 2023, a LTC Properties investiu US $ 256,7 milhões em aquisições de propriedades, com foco em moradias sênior e instalações de enfermagem qualificadas.

Tipo de propriedade	Custo de aquisição	Número de propriedades
Habitação sênior	US $ 178,3 milhões	22 propriedades
Instalações de enfermagem qualificadas	US $ 78,4 milhões	15 propriedades

Custos de manutenção e renovação de propriedades

As despesas anuais de manutenção e renovação de propriedades para 2023 totalizaram US $ 42,1 milhões.

• Manutenção de rotina: US $ 24,6 milhões
• Principais reformas: US $ 17,5 milhões

Overhead operacional e administrativo

As despesas administrativas de 2023 foram de US $ 18,3 milhões.

Categoria de despesa	Custo
Salários dos funcionários	US $ 12,7 milhões
Operações do escritório	US $ 3,2 milhões
Serviços profissionais	US $ 2,4 milhões

Despesas de financiamento e juros

Os custos totais de financiamento para 2023 totalizaram US $ 87,5 milhões.

• Juros sobre dívida de longo prazo: US $ 76,2 milhões
• Taxas da linha de crédito: US $ 11,3 milhões

Custos de conformidade e gerenciamento regulatório

As despesas relacionadas à conformidade em 2023 foram de US $ 6,8 milhões.

Área de conformidade	Gasto
Relatórios regulatórios	US $ 2,5 milhões
Legal and Consulting	US $ 3,1 milhões
Treinamento e educação	US $ 1,2 milhão

LTC Properties, Inc. (LTC) - Modelo de negócios: fluxos de receita

Renda de aluguel de arrendamento de longo prazo

A partir do quarto trimestre de 2023, as propriedades da LTC geraram US $ 197,4 milhões em receitas totais de aluguel. O portfólio da empresa consiste em 212 propriedades, com uma taxa de ocupação de 86,5%. Os termos médios de arrendamento variam de 10 a 15 anos com escalações anuais de aluguel anual de 2-3%.

Tipo de propriedade	Número de propriedades	Renda de aluguel ($ m)
Habitação sênior	138	129.6
Enfermagem qualificada	74	67.8

Apreciação da propriedade

Valor total do portfólio imobiliário em 31 de dezembro de 2023: US $ 2,1 bilhões. Taxa média de valorização anual do valor da propriedade: 3,7%.

Distribuições de dividendos

Dividendo anual por ação: US $ 2,28 Distribuições totais de dividendos em 2023: US $ 87,3 milhões Rendimento de dividendos: 5,6%

Taxas de transação imobiliária

Volume total de aquisição em 2023: US $ 276,5 milhões Taxas de transação geradas: US $ 8,2 milhões

Retornos de investimento do portfólio

Métrica de investimento	2023 valor
Portfólio total de investimentos	US $ 385,6 milhões
Retorno médio anual	6.4%
Receita de investimento líquido	US $ 24,7 milhões

Termo médio ponderado de arrendamento: 12,3 anos Escalas contratuais de aluguel: 2,5% anualmente

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.