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LTC Properties
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Latest analysis
Updated Nov 5, 2026
LTC SHOP platform reaches $1.3B, now 45% of annualized NOI; 2026 guidance narrowed.
LTC Properties accelerated SHOP (Seniors Housing Operating Portfolio) deployment to $1.3 billion gross invested through early November, surpassing its $900 million mid-point target for 2026 and narrowing full-year SHOP NOI guidance to $73.5–$76.4 million. SHOP now represents 45% of the company's annualized net operating income across 50 communities managed by 14 operators. The company reaffirmed its full-year diluted Core FFO and Core FAD guidance at $2.76–$2.78 and $2.83–$2.85 per share, respectively, though it corrected diluted EPS guidance downward to $7.80–$7.82 from a prior stated range of $8.08–$8.10 in this amended 8-K.
Tone: bullishRevenue
$262.9M
LTC 10-K · FY 2025
Employees
25
Revenue FY2024
$209.8M
Founded
1992
Profile
LTC 10-K Item 1 · Feb 24, 2026LTC Properties is a Maryland-incorporated REIT that invests in seniors housing and health care properties across the United States through triple-net leases, mortgage loans, financing receivables, and — beginning in 2025 — a RIDEA-structured seniors housing operating portfolio. The company operates two segments: a Real Estate Investments Segment (triple-net leases, financing receivables, mortgage loans, notes receivable, and unconsolidated joint ventures) and a SHOP Segment established in Q2 2025. As of December 31, 2025, LTC held a total portfolio of $2.0 billion in net carrying value across 186 properties in 23 states.
Read filing description ↓ Collapse description ↑
LTC Properties, Inc., a real estate investment trust ('REIT'), was incorporated on May 12, 1992 in the State of Maryland and commenced operations on August 25, 1992. Historically we have invested primarily in seniors housing and health care properties primarily through ownership, sale-leasebacks, mortgage financing, joint ventures, construction financing and structured finance solutions including preferred equity, bridge and mezzanine lending. Our investment policy is to invest primarily in seniors housing and health care properties. Over the past three years, we have underwritten investments in seniors housing communities and health care centers for a total of approximately $781.5 million. Additionally, during the past three years, we have disposed of properties for a total sales price of $252.2 million. Additionally, during the second quarter of 2025, we began utilizing the structure authorized by the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as 'RIDEA') as permitted by the Housing and Economic Recovery Act of 2008 and expect to continue using this investment structure in 2026. We seek to diversify our portfolio by operator and by geography, focusing on newer properties with strong cash flows and experienced operators. Our marketing and business development efforts focus on sourcing relationships with regionally based operators and intermediaries to execute on single property or small portfolio transactions that are not broadly marketed by third-party intermediaries. We conduct and manage our business as two operating segments: the Real Estate Investments Segment, which consists of our Triple-Net Portfolio, financing receivables, mortgage loans, notes receivable and unconsolidated joint ventures; and the SHOP Segment, which consists of seniors housing communities managed on our behalf by independent operators pursuant to separate management agreements.
Primary products
- Triple-net operating leases
- Financing receivables (sale-leaseback joint ventures)
- Mortgage loans receivable
- Notes receivable (mezzanine and working capital loans)
- Unconsolidated joint ventures
- Seniors Housing Operating Portfolio (SHOP)
Business segments
End markets
Geographies
Named customers
“Many of our competitors are significantly larger and have greater financial resources and lower cost of capital than we have available to us.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from $209.8 million in 2024 to $262.9 million in 2025, driven primarily by the addition of $72.1 million in resident fees and services from the new SHOP segment established in Q2 2025, partially offset by a decline in rental income.
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