Form 8-K

8-K — LTC PROPERTIES INC

Accession: 0001104659-26-091138

Filed: 2026-08-05

Period: 2026-08-05

CIK: 0000887905

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ltc-20260805x8k.htm (Primary)

EX-99.1 (ltc-20260805xex99d1.htm)

EX-99.2 (ltc-20260805xex99d2.htm)

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8-K

8-K (Primary)

Filename: ltc-20260805x8k.htm · Sequence: 1

LTC PROPERTIES, INC._August 5, 2026

0000887905false00008879052026-08-052026-08-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report: August 5, 2026

(Date of earliest event reported)

LTC PROPERTIES, INC.

(Exact name of Registrant as specified in its charter)

Maryland

1-11314

71-0720518

(State or other jurisdiction of

(Commission file number)

(I.R.S. Employer

incorporation or organization)

Identification No)

3011 Townsgate Road, Suite 220

Westlake Village, CA 91361

(Address of principal executive offices)

(805) 981-8655

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock, $.01 par value

LTC

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. — Results of Operations and Financial Condition

On August 5, 2026, LTC Properties, Inc. announced the operating results for the quarter ended June 30, 2026. The text of the press release and the supplemental information package are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are specifically incorporated by reference herein.

The information in this Form 8-K and the related information in the exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any filing of LTC under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01. — Financial Statements and Exhibits

99.1

Press Release issued August 5, 2026.

99.2

LTC Properties, Inc. Supplemental Information Package for the period ending June 30, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

LTC PROPERTIES, INC.

Dated: August 5, 2026

By:

/s/ CAROLINE CHIKHALE

Caroline Chikhale

Executive Vice President, Chief Financial Officer

and Treasurer

EX-99.1

Filename: ltc-20260805xex99d1.htm · Sequence: 2

Exhibit 99.1

-8655

FOR IMMEDIATE RELEASE

For more information contact:

Mandi Hogan

(805) 981-8655

LTC REPORTS 2026 SECOND QUARTER RESULTS

– Increases Full-Year 2026 Mid-Point Investment Guidance to $900 Million, up 50% from Previous Mid-Point;

Expects $700 Million in Year-To-Date SHOP Acquisitions by End of Third Quarter –

– SHOP Now Projected to Represent 40% of Proforma Annualized NOI By End of Third Quarter, Ahead of Estimates –

WESTLAKE VILLAGE, CALIFORNIA, August 5, 2026 -- LTC Properties, Inc. (NYSE: LTC) (“LTC” or the “Company”), a real estate investment trust that primarily invests in seniors housing and health care properties, today announced operating results for the second quarter ended June 30, 2026.

“The excitement and momentum of our SHOP strategy continues, and our transformation is well ahead of previous projections. We increased the mid-point of our 2026 SHOP investment guidance to $900 million, and with an expansion of our credit facility to $1 billion, and an increase in anticipated proceeds from asset sales and the Prestige loan payoff to $730 million, we have enhanced LTC’s long-term ability to organically grow core FFO and FAD per share above historical rates,” said Pam Kessler, LTC’s Co-CEO. “By the end of September, we are projecting that SHOP will represent 40% of LTC’s proforma annualized NOI, ahead of estimates, and account for nearly 50% by year-end. At our current pace, we see a pathway to generating 75% of our annualized NOI from SHOP by the end of 2028.”

Second Quarter Financial Results

Three Months Ended

June 30,

(unaudited, amounts in thousands, except per share data)

2026

2025

(unaudited)

Total revenues

98,859

60,240

Net income available to common stockholders

29,479

14,938

Number of outstanding shares of common stock

53,906

46,065

Diluted earnings per common share

0.56

0.32

Nareit funds from operations attributable to common stockholders ("FFO") (1)

34,288

23,382

Nareit diluted FFO per common share (1)

0.66

0.51

FFO attributable to common stockholders, excluding non-core adjustments ("Core FFO") (1)

35,477

31,393

Diluted Core FFO per share (1)

0.68

Funds available for distribution ("FAD") (1)

35,605

25,623

Diluted FAD per share (1)

0.68

0.56

FAD, excluding non-core adjustments ("Core FAD") (1)

36,794

32,550

Diluted Core FAD per share (1)

0.70

0.71

(1) Represents non-GAAP financial measures. A reconciliation of these measures is included in the tables at the end of this press release.

Seniors Housing Operating Portfolio (“SHOP”) as of June 30, 2026

Since launching its SHOP platform in May 2025, LTC has grown the portfolio to 39 communities, representing 37% of the Company’s total gross real estate investments at July 31, 2026. The platform includes 12 operators, 10 of which are new LTC relationships.

● Second quarter core NOI: $13.3 million; narrowed full year 2026 core SHOP guidance range with mid-point unchanged.

● Acquisitions: $171 million, with an anticipated $529 million to close in the third quarter ($208 million of which has already closed).

● Percentage of gross investments: 32%, projected to grow to over 55% by year-end.

● Average property vintage: 10 years.

“Our SHOP strategy continues to deliver excellent results, driving double-digit gains,” said Gibson Satterwhite, LTC’s Executive Vice President, Asset Management. “As our operators continue to drive occupancy and rate growth, we are well positioned to achieve our full-year SHOP NOI guidance. We continue to see meaningful opportunities to enhance value across the portfolio, and are enthusiastic about the significant long-term growth opportunities ahead.”

“SHOP gross investments are expected to reach $1.3 billion by the end of September, with an average community age of nine years,” said Clint Malin, LTC’s Co-CEO. “We have substantially accelerated our external growth profile through a careful and deliberate strategy, with 80% of our growth being generated externally, as a result of our ability to successfully cultivate strong operator relationships. “We have built a SHOP portfolio designed to compete effectively today, and in the future, as we continue to drive higher intrinsic growth and provide better risk adjusted returns to our shareholders.”

Supplemental Information

Additional detailed financial information can be found in the tables below and online in the Supplemental Operating and Financial Data presentation, and Form 10-Q at https://ir.ltcreit.com.

Second Quarter Transactions Update

● Previously disclosed acquisitions of $63 million:

o $54 million for a 104-unit assisted living and memory care community in Arizona. The acquisition was completed at a cap rate of 6.8%, with an anticipated unlevered IRR in the low- to mid-teens.

o $9 million for a 61-unit assisted living and memory care community in Illinois. The acquisition was completed at a cap rate of 8.1%, with an anticipated unlevered IRR in the low- to mid-teens.

● $13 million payoff of a mortgage loan, secured by a skilled nursing center in Texas (previously disclosed). The loan was accounted for as an unconsolidated joint venture.

● $10 million sale of two skilled nursing centers in Tennessee pursuant to a purchase option; recorded a gain on sale of $8 million.

● Conversion of two seniors housing communities in Georgia and South Carolina from the Company’s triple-net portfolio into SHOP (previously disclosed).

Third Quarter Subsequent Transactions Update

● Previously disclosed acquisitions of $208 million:

o $95 million for two communities in Minnesota that include 215 independent living, assisted living and memory care units. The acquisition was completed at a cap rate of 7.4%, with an anticipated unlevered IRR in the low- to mid-teens.

o $73 million for two communities in Colorado and New Mexico that include 133 assisted living and memory care units. The acquisition was completed at a cap rate of 6.9%, with an anticipated unlevered IRR in the low- to mid-teens.

o $40 million for a community in Wisconsin that includes 147 independent living, assisted living and memory care units. The acquisition was completed at a cap rate of 7.2%, with an anticipated unlevered IRR in the low- to mid-teens.

● $34 million sale of a 99-bed skilled nursing center in Oregon; anticipated gain on sale is approximately $33 million.

Liquidity

● Enhanced capital structure by increasing commitments under the Company’s credit facility by $300 million to $1.1 billion, through an expansion of its aggregate revolving credit commitment from $600 million to $900 million (previously disclosed).

● Anticipate entering into a new equity distribution agreement in the third quarter.

● $648 million total proforma liquidity:

● $15 million cash on hand.

● $544 million available under the Company’s unsecured revolving line of credit with $356 million outstanding.

● $89 million available under the Company’s ATM.

Guidance

LTC increased diluted earnings per common share guidance to reflect anticipated gains on sales related to planned asset disposition of an additional $464 million. Total dispositions and payoffs for 2026 are now projected to be $730 million. Also, LTC narrowed its full year 2026 diluted Core FFO and Core FAD per share guidance with the mid-point unchanged. The following table represents updated guidance:

2026

Full Year

Diluted earnings per common share

$8.08 to $8.10

Diluted Core FFO per share

$2.76 to $2.78

Diluted Core FAD per share

$2.83 to $2.85

Information and a reconciliation of the Company’s guidance, funds from operations attributable to common stockholders, excluding non-core adjustments, (“Core FFO”) and funds available for distribution, excluding non-core adjustments, (“Core FAD”) can be found in the tables at the end of this press release.

Conference Call Information

LTC will conduct a conference call on Thursday, August 6, 2026 at 8:00 a.m. Pacific / 11:00 a.m. Eastern, to provide commentary on its performance and operating results for the quarter ended June 30, 2026.

Webcast

https://ir.ltcreit.com/

USA Toll-Free Number

877-407-8634

International Number

201-689-8502

Conference Call Replay

A replay of the call will be available three hours after the live call through August 20, 2026.

USA Toll-Free Number

877-660-6853

International Number

201-612-7415

Access ID

13761734

About LTC

LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, principally investing through SHOP, triple-net leases, joint ventures, and structured finance solutions. The Company’s portfolio includes nearly 190 properties throughout the United States. Based on gross real estate investments, 70% of the Company’s assets are seniors housing communities with the remainder skilled nursing centers. Learn more at www.LTCreit.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as “believes,” “expects,” “may,” “will,” “could,” “would,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or the negative of those words or similar words. Examples of forward-looking statements include the Company’s 2026 full year guidance and statements regarding the Company’s anticipated SHOP acquisitions, growth of core FFO and FAD, projected proforma annualized NOI, expected gross investment amount and growth, anticipated unlevered IRR, planned asset dispositions, payoffs, and gains on sale, and future strategy. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect the Company’s future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, operational and legal risks and liabilities under the Company’s new SHOP segment; the Company’s dependence on the ability of its third-party independent operators to successfully manage and operate the Company’s SHOP communities; the Company’s dependence on its operators for revenue and cash flow; government regulation of the health care industry; changes in federal, state, or local laws limiting REIT investments in the health care sector; federal and state health care cost containment measures including reductions in reimbursement from third-party payors such as Medicare and Medicaid; required regulatory approvals for operation of health care facilities; a failure to comply with applicable law or regulations for the operation of health care facilities; the adequacy of insurance coverage maintained by the Company’s operators; the Company’s reliance on a few major operators; the Company’s ability to find suitable replacement operators for its SHOP communities; the Company’s ability to renew leases or enter into favorable terms of renewals or new leases; the impact of inflation; operator financial or legal difficulties; the sufficiency of collateral securing mortgage loans; an impairment of the Company’s real estate investments; the relative illiquidity of the Company’s real estate investments; the Company’s ability to develop and complete construction projects; the Company’s ability to invest cash proceeds for health care properties; a failure to qualify as a REIT; the Company’s ability to grow if access to capital is limited; and a failure to maintain or increase the Company’s dividend. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under “Risk Factors” and other information contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Company’s subsequent Quarterly Reports on Form 10-Q, and the Company’s publicly available filings with the Securities and Exchange Commission. The Company does not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise. Although the Company’s management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements.

(financial tables follow)

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited, amounts in thousands, except per share amounts)

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

Revenues:

Rental income

25,990

30,177

52,329

61,621

Resident fees and services (1)

56,132

11,950

105,717

11,950

Interest income from financing receivables (2)

5,640

7,084

13,895

14,086

Interest income from mortgage loans

10,315

9,680

20,544

18,859

Interest and other income

782

1,349

1,785

2,755

Total revenues

98,859

60,240

194,270

109,271

Expenses:

Interest expense

9,484

8,014

20,266

15,927

Depreciation and amortization

12,371

8,776

24,350

17,938

Seniors housing operating expenses (1)

42,208

9,419

79,097

9,419

Provision (recovery) for credit losses

387

(657)

3,439

Transaction costs

1,189

6,706

1,877

7,147

Triple-net lease property tax expense

2,101

2,795

4,495

5,902

General and administrative expenses

8,161

8,447

16,743

15,418

Total expenses

75,541

44,544

146,171

75,190

Income before unconsolidated joint ventures, real estate dispositions and other items

23,318

15,696

48,099

34,081

Gain on sale of real estate, net

7,562

332

7,552

503

Income from unconsolidated joint ventures

101

439

396

4,104

Income tax (provision) benefit

(166)

(276)

Net income

30,815

16,548

55,771

38,769

Income allocated to non-controlling interests

(1,178)

(1,456)

(2,541)

(2,997)

Net income attributable to LTC Properties, Inc.

29,637

15,092

53,230

35,772

Income allocated to participating securities

(158)

(154)

(314)

(317)

Net income available to common stockholders

29,479

14,938

52,916

35,455

Earnings per common share:

Basic

0.57

0.33

1.05

0.78

Diluted

0.56

0.32

1.05

0.77

Weighted average shares used to calculate earnings per

common share:

Basic

51,872

45,714

50,217

45,524

Diluted

52,198

46,028

50,543

45,838

Dividends declared and paid per common share

0.57

1.14

(1) Represents the Company’s seniors housing operating portfolio (“SHOP”) operating income and expense.

(2) Represents rental income from acquisitions through sale-leaseback transactions, subject to leases that contain purchase options. In accordance with GAAP, the properties are required to be presented as Financing receivables on the Consolidated Balance Sheets and the rental income to be presented as Interest income from financing receivables on the Consolidated Statements of Income.

LTC PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except per share amounts)

June 30, 2026

December 31, 2025

Investments:

(unaudited)

(audited)

Land

139,436

128,590

Buildings and improvements

1,639,229

1,482,075

Properties held-for-sale, net of accumulated depreciation: 2026—$4,523;

2025—$0

654

—

Accumulated depreciation and amortization

(425,246)

(408,906)

Owned real properties, net

1,354,073

1,201,759

Financing receivables,(1) net of credit loss reserve: 2026—$2,869; 2025—$3,631

284,047

359,457

Mortgage loans receivable, net of credit loss reserve: 2026—$3,955; 2025—$3,849

392,137

381,662

Real property investments, net

2,030,257

1,942,878

Notes receivable, net of credit loss reserve: 2026—$257; 2025—$259

25,471

25,615

Investments in unconsolidated joint ventures

—

12,524

Investments, net

2,055,728

1,981,017

Other assets:

Cash and cash equivalents

40,435

14,387

Debt issue costs related to revolving line of credit

6,123

4,742

Interest receivable

24,621

22,720

Straight-line rent receivable

17,329

17,949

Prepaid expenses and other assets

32,622

21,245

Total assets

2,176,858

2,062,060

LIABILITIES

Revolving line of credit

200,000

252,863

Term loans, net of debt issue costs: 2026—$1,596; 2025—$1,787

198,404

198,213

Senior unsecured notes, net of debt issue costs: 2026—$814; 2025—$895

378,686

391,105

Accrued interest

1,793

3,806

Accrued expenses and other liabilities

56,344

53,689

Total liabilities

835,227

899,676

EQUITY

Stockholders’ equity:

Common stock: $0.01 par value; 110,000 shares authorized; shares issued and outstanding: 2026—53,906; 2025—48,482

539

485

Capital in excess of par value

1,386,159

1,189,846

Cumulative net income

1,896,637

1,843,407

Accumulated other comprehensive income

3,409

482

Cumulative distributions

(2,018,188)

(1,959,236)

Total LTC Properties, Inc. stockholders’ equity

1,268,556

1,074,984

Non-controlling interests

73,075

87,400

Total equity

1,341,631

1,162,384

Total liabilities and equity

2,176,858

2,062,060

(1) Represents acquisitions through sale-leaseback transactions, subject to leases that contain purchase options. In accordance with GAAP, the properties are required to be presented as financing receivables on the Consolidated Balance Sheets.

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, amounts in thousands)

Six Months Ended

June 30,

2026

2025

OPERATING ACTIVITIES:

Net income

55,771

38,769

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

24,350

17,938

Stock-based compensation expense

4,390

5,048

Gain on sale of real estate, net

(7,552)

(503)

Income tax provision (benefit)

276

(81)

Income from unconsolidated joint ventures

(396)

(4,104)

Income distributions from unconsolidated joint ventures

494

4,138

Straight-line rent adjustment

598

1,075

Adjustment for collectability of straight-line rental income

—

243

Adjustment for collectability of lease incentives

249

Amortization of lease incentives

247

380

Effective interest income

(1,118)

(2,930)

(Recovery) provision for credit losses

(657)

3,439

Amortization of debt issue costs

1,003

780

Other non-cash items, net

Change in operating assets and liabilities

Increase in interest receivable

(3,324)

(4,177)

Decrease in accrued interest payable

(2,013)

(212)

Net change in other assets and liabilities

(6,945)

(500)

Net cash provided by operating activities

65,142

59,598

INVESTING ACTIVITIES:

Investment in real estate properties

(171,623)

—

Investment in real estate capital improvements

(6,448)

(2,495)

Proceeds from sale of real estate, net

9,496

3,186

Investment in financing receivables

(373)

—

Proceeds from sale of properties accounted for as a financing receivable

62,220

—

Investment in real estate mortgage loans receivable

(10,766)

(41,535)

Principal payments received on mortgage loans receivable

180

451

Investments in unconsolidated joint ventures

(34)

(192)

Proceeds from liquidation of investments in unconsolidated joint ventures

12,558

13,000

Principal payments received on notes receivable

146

888

Net cash used in investing activities

(104,644)

(26,697)

FINANCING ACTIVITIES:

Net (repayments) borrowings under revolving line of credit

(52,863)

24,200

Repayment of debt

(12,500)

Proceeds from common stock issued

198,064

13,785

Payments of common share issuance costs

(200)

(205)

Distributions paid to stockholders

(58,952)

(53,556)

Acquisition of and distribution paid to non-controlling interests

—

(1,188)

Financing costs paid

(2,112)

(22)

Cash paid for taxes in lieu of shares upon vesting of long-term equity incentives

(5,875)

(5,209)

Other

(12)

(11)

Net cash provided by (used in) financing activities

65,550

(34,706)

Increase (decrease) in cash and cash equivalents

26,048

(1,805)

Cash and cash equivalents, beginning of period

14,387

9,414

Cash and cash equivalents, end of period

40,435

7,609

See LTC’s most recent Quarterly Report on Form 10-Q for Supplemental Cash Flow Information

Supplemental Reporting Measures

FFO, FAD, and NOI are supplemental measures of a real estate investment trust’s (“REIT”) financial performance that are not defined by U.S. generally accepted accounting principles (“GAAP”). Investors, analysts and the Company use FFO, FAD, and NOI as supplemental measures of operating performance. The Company believes FFO, FAD, and NOI are helpful in evaluating the operating performance of a REIT.

Real estate values historically rise and fall with market conditions, but cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. LTC believes that by excluding the effect of historical cost depreciation, which may be of limited relevance in evaluating current performance, FFO and FAD facilitate like comparisons of operating performance between periods. Occasionally, the Company may exclude non-core adjustments from FFO and FAD in order to allow investors, analysts and management to compare the Company’s operating performance on a consistent basis without having to account for differences caused by unanticipated items.

FFO, as defined by the National Association of Real Estate Investment Trusts (“Nareit”), means net income available to common stockholders (computed in accordance with GAAP) excluding gains or losses on the sale of real estate and impairment write-downs of depreciable real estate, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. The Company’s computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current Nareit definition or have a different interpretation of the current Nareit definition from that of the Company; therefore, caution should be exercised when comparing the Company’s FFO to that of other REITs.

The Company defines FAD as FFO excluding the effects of straight-line rent, amortization of lease incentives, effective interest income, deferred income from unconsolidated joint ventures, non-cash compensation charges, capitalized interest, non-cash interest charges, recurring capital expenditures and the provision (recovery) for credit losses. GAAP requires rental revenues related to non-contingent leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. This method results in rental income in the early years of a lease that is higher than actual cash received, creating a straight-line rent receivable asset included in the consolidated balance sheet. At some point during the lease, depending on its terms, cash rent payments exceed the straight-line rent which results in the straight-line rent receivable asset decreasing to zero over the remainder of the lease term. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a loan based on the initial origination value. Similar to the accounting methodology of straight-line rent, the actual interest rate is higher than the stated interest rate in the early years of a loan thus creating an effective interest receivable asset included in the interest receivable line item in the consolidated balance sheet and reduces down to zero when, at some point during the loan term, the stated interest rate is higher than the actual interest rate. FAD is useful in analyzing the portion of cash flow that is available for distribution to stockholders. Investors, analysts and the Company utilize FAD as an indicator of common dividend potential. The FAD payout ratio, which represents annual distributions to common shareholders expressed as a percentage of FAD, facilitates the comparison of dividend coverage between REITs.

The Company defines NOI as net income (loss) (computed in accordance with GAAP) before (i) general and administrative expenses, (ii) transaction costs, (iii) write-off of effective interest, (iv) provision for credit losses, (v) impairment loss, (vi) depreciation and amortization, (vii) interest expense, (viii) gain or loss on sale of real estate and (ix) income tax benefit or expense. We use NOI to reflect the operating performance of our portfolio because NOI excludes certain items that are not associated with the operations of our properties. NOI is not equivalent to our net income (loss) as determined under GAAP. Additionally, our use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. Therefore, caution should be exercised when comparing our NOI to that of other REITs.

While the Company uses FFO, FAD, and NOI as supplemental performance measures of the cash flow generated by operations and cash available for distribution to stockholders, such measures are not representative of cash generated from operating activities in accordance with GAAP, and are not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income available to common stockholders.

Reconciliation of FFO and FAD

The following table reconciles GAAP net income available to common stockholders to each of Nareit FFO attributable to common stockholders and FAD (unaudited, amounts in thousands):

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

GAAP net income available to common stockholders

29,479

14,938

52,916

35,455

Add: Depreciation and amortization

12,371

8,776

24,350

17,938

Less: Gain on sale of real estate, net

(7,562)

(332)

(7,552)

(503)

Nareit FFO attributable to common stockholders

34,288

23,382

69,714

52,890

Add (Less): Non-core adjustments (1)

1,189

8,011

(502)

8,416

FFO, excluding non-core adjustments ("Core FFO")

35,477

31,393

69,212

61,306

Nareit FFO attributable to common stockholders

34,288

23,382

69,714

52,890

Non-cash income:

Add: Straight-line rent adjustment

264

497

598

1,075

Add: Amortization of lease incentives

129

182

260

629

Add: Other non-cash contra-revenue

—

243

Less: Effective interest income

(626)

(1,529)

(1,118)

(2,930)

Net non-cash income

(233)

(850)

(260)

(983)

Non-cash expense:

Add: Non-cash compensation charges

2,326

2,795

4,390

5,048

Add (Less): Provision (recovery) for credit losses

387

(657)

3,439

Net non-cash expense

2,353

3,182

3,733

8,487

Less: Recurring capital expenditures

(803)

(91)

(1,208)

(91)

Funds available for distribution ("FAD")

35,605

25,623

71,979

60,303

Add: Non-core adjustments (1)

1,189

6,927

4,268

FAD, excluding non-core adjustments ("Core FAD")

36,794

32,550

72,044

64,571

(1) See the reconciliation of non-core adjustments on the following page for further detail.

Reconciliation of FFO and FAD (continued)

The following table continues the reconciliation between GAAP net income available to common stockholders and each of Nareit FFO attributable to common stockholders and FAD by reconciling the non-core adjustments (unaudited, amounts in thousands):

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

Reconciliation of non-core adjustments to Nareit FFO:

Add: Notes receivables and related interest receivable, if applicable, write-off

—

3,064

(1)

Add: Provision for credit losses reserve recorded upon origination

—

384

—

384

Deduct: Recovery for credit losses related to loan payoffs

—

(765)

—

Add (Deduct): Total provision for credit losses adjustments

—

384

(765)

3,448

Add: Lease termination fee paid upon conversion to SHOP

—

5,971

(2)

—

5,971

(2)

Add: Transaction costs

1,189

(3)

520

(3)

1,877

(3)

823

(3)

Add: One-time general and administrative expenses related to an employee retirement

—

1,136

—

1,136

Add: Expense and contra-revenue adjustments

1,189

7,627

1,877

7,930

Deduct: Income related to exit IRRs received

—

(1,614)

(4)

(2,962)

(5)

Total non-core adjustments to Nareit FFO

1,189

8,011

(502)

8,416

Reconciliation of non-core adjustments to FAD:

Add: Lease termination fee paid upon conversion to SHOP

—

5,971

(2)

—

5,971

(2)

Add: Transaction costs

1,189

(3)

520

(3)

1,877

(3)

823

(3)

Add: One-time cash general and administrative expenses related to an employee retirement

—

436

—

436

Add: Cash expense adjustments

1,189

6,927

1,877

7,230

Deduct: Cash income related to exit IRRs received

—

(1,812)

(4)

(2,962)

(5)

Total non-core cash adjustments to FAD

1,189

6,927

4,268

(1) Represents the write-off of a working capital note and related interest receivable balance in connection with a SHOP conversion.

(2) Represents a one-time lease termination fee paid to an operator for the conversion of the operator’s triple-net lease into SHOP.

(3) The transaction costs adjustment for 2026 includes all transaction costs incurred, whereas the transaction costs adjustment for 2025 includes only SHOP segment startup costs. Transaction costs are excluded from FFO and FAD to improve comparability across periods as such expenditures are not indicative of ongoing operations.

(4) The 2026 exit IRR income adjustment represents the payment received in connection with the sale of a portfolio of three skilled nursing centers in Florida that was accounted for as a financing receivable. The FFO adjustment represents the receipt of $1,812, offset by $198 of effective interest receivable previously recognized over the term of the loan through payoff.

(5) The 2025 exit IRR income adjustment represents the payment received in connection with the redemption of LTC’s preferred equity investment in a joint venture. The 13% exit IRR was not previously recorded.

Reconciliation of FFO and FAD (continued)

The following table continues the reconciliation between GAAP net income available to common stockholders and each of Nareit FFO attributable to common stockholders and FAD (unaudited, amounts in thousands, except per share amounts):

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

Basic Nareit FFO attributable to common stockholders per share

0.66

0.51

1.39

1.16

Diluted Nareit FFO attributable to common stockholders per share

0.66

0.51

1.38

1.15

Diluted Nareit FFO attributable to common stockholders

34,288

23,382

69,714

52,890

Weighted average shares used to calculate Nareit diluted FFO attributable to common stockholders per share

52,198

46,028

50,543

45,838

Basic Core FFO per share

0.68

0.69

1.38

1.35

Diluted Core FFO per share

0.68

1.37

1.34

Diluted Core FFO

35,477

31,547

69,212

61,623

Weighted average shares used to calculate diluted Core FFO per share

52,198

46,297

50,543

46,112

Basic FAD per share

0.69

0.56

1.43

1.32

Diluted FAD per share

0.68

0.56

1.42

1.31

Diluted FAD

35,605

25,623

71,979

60,620

Weighted average shares used to calculate diluted FAD per share

52,198

46,028

50,543

46,112

Basic Core FAD per share

0.71

1.43

1.42

Diluted Core FAD per share

0.70

0.71

1.43

1.41

Diluted Core FAD

36,794

32,704

72,044

64,888

Weighted average shares used to calculate diluted Core FAD per share

52,198

46,297

50,543

46,112

Reconciliation of FFO and FAD (continued)

Guidance

The following guidance ranges reflect management's view of current and future market conditions. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth below. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments. The 2026 full year guidance is as follows (unaudited, amounts in thousands, except per share amounts):

Full Year 2026 Guidance

Low

High

Diluted earnings per common share

8.08

8.10

Less: Gain on sale, net of impairment loss

(6.36)

Add: Depreciation and amortization

1.04

Diluted Nareit FFO attributable to common stockholders

2.76

2.78

Add: Non-core adjustments

—

Diluted Core FFO

2.76

2.78

Diluted Nareit FFO attributable to common stockholders

2.76

2.78

(Less) Add: Non-cash (income) recovery

(0.02)

Add: Non-cash expense

0.14

Less: Recurring capital expenditures

(0.08)

Diluted FAD

2.80

2.82

Add: Non-core adjustments

0.03

Diluted Core FAD

2.83

2.85

The assumptions underlying the full year guidance are as follows:

● Gross investments estimates increased by $300.0 million at the mid-point, to a range of $700.0 million to $1.1 billion, from $400.0 million to $800.0 million. Gross investments include transactions closed to date, or expected to close in the 2026 third quarter;

● Asset sales and loan payoffs projections increased by $464.1 million, to $730.0 million, including $120.3 million of sales and payoffs through end of July 2026, with an anticipated gain on sale of over $300.0 million, of which $7.6 million has been recognized;

● SHOP NOI, inclusive of expected net investments, in the range of $71.2 million to $79.9 million, an increase from $65.1 million to $77.2 million.

● For the core 27-property SHOP portfolio as of the 2026 first quarter (13 initial conversions and 14 acquired properties, which excludes value-add conversions and additional acquisitions), SHOP NOI in the range of $53.5 million to $56.5 million. The assumptions underlying the SHOP NOI guidance at the mid-point are as follows:

o Proforma NOI growth of ~14.0% at the mid-point, over 2025 proforma NOI;

o Occupancy growth of ~70 basis points from 2025 proforma average occupancy of ~89.7%; and

o Projected increases in average revenue per occupied room per month (“REVPOR”) of ~5.5%, and average expenses per occupied room per month (“EXPOR”) of ~3.0%.

● SHOP FAD capital expenditures in the range of $4.0 million to $4.4 million, or approximately $1,500 per unit annually;

● SHOP non-FAD capital expenditures of $12.9 million (an increase from $10.0 million), including $4.2 million announced for initial conversions, $6.8 million underwritten for acquired SHOP properties through the end of July 2026, and $1.9 million for value-add conversions of five properties;

● General and administrative costs in the range of $31.7 million to $33.9 million; and

● Adjustments to Core FFO and Core FAD include the following:

o One-time exit IRR income that LTC received in connection with the sale of three skilled nursing centers accounted for as a Financing receivable on the Company’s Consolidated Balance Sheets. See the reconciliation of non-core adjustments above;

o Transaction costs in the range of $3.1 million to $3.5 million for the full year; and

o Recovery of provision for credit losses related to loan payoffs, including the $765,000 provision for credit losses recovery included on the reconciliation of non-core adjustments above.

Reconciliation of NOI

The following table reconciles GAAP net income to NOI (unaudited, amounts in thousands):

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

Net income

30,815

16,548

55,771

38,769

Add (Less): Income tax provision (benefit)

166

(81)

276

(81)

Less: Gain on sale of real estate, net

(7,562)

(332)

(7,552)

(503)

Add: General and administrative expenses

8,161

8,447

16,743

15,418

Add: Transaction costs

1,189

6,706

1,877

7,147

Add (Less): Provision (recovery) for credit losses

387

(657)

3,439

Add: Depreciation and amortization

12,371

8,776

24,350

17,938

Add: Interest expense

9,484

8,014

20,266

15,927

NOI

54,651

48,465

111,074

98,054

The following table provides a summary of the Company’s NOI by segment (unaudited, amounts in thousands):

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

Real estate investment portfolio

40,584

45,809

83,947

95,219

SHOP

13,924

2,531

26,620

2,531

Non-segment/corporate

143

125

507

304

Total NOI

54,651

48,465

111,074

98,054

EX-99.2

Filename: ltc-20260805xex99d2.htm · Sequence: 3

Exhibit 99.2

2Q26 SUPPLEMENTAL

2Q 2026

Supplemental Information

2Q26 SUPPLEMENTAL

LEADERSHIP

BOARD OF DIRECTORS

ANALYSTS

TABLE OF CONTENTS

LTC PROPERTIES, INC.

3011 Townsgate Road,

Suite 220

Westlake Village, CA 91361

805-981-8655

www.LTCreit.com

TRANSFER AGENT

Broadridge Shareholder Services

c/o Broadridge Corporate Issuer Solutions

1155 Long Island Avenue

Edgewood, NY 11717-8309

ATTN: IWS

866-708-5586

Any opinions, estimates, or forecasts regarding LTC’s performance made by the

analysts listed above do not represent the opinions, estimates, and forecasts of LTC

or its management.

WENDY SIMPSON Executive Chairman

PAM KESSLER Co-President and Co-CEO

CLINT MALIN Co-President and Co-CEO

CECE CHIKHALE EVP, Chief Financial Officer, Treasurer and Secretary

DAVID BOITANO EVP, Chief Investment Officer

GIBSON SATTERWHITE EVP, Asset Management

MIKE BOWDEN SVP, Investments

MANDI HOGAN SVP, Marketing

WENDY SIMPSON Executive Chairman

CORNELIA CHENG Sustainability and Corporate Responsibility

Committee Chairman

DAVID GRUBER Investment Committee Chairman

JEFFREY HAWKEN Compensation Committee Chairman

BRADLEY PREBER Audit Committee Chairman

TIMOTHY TRICHE, MD Lead Independent Director and

Nominating & Corporate Governance

Committee Chairman

JUAN SANABRIA BMO Capital Markets Corp.

RICHARD ANDERSON Cantor Fitzgerald

AARON HECHT Citizens JMP Securities, LLC

OMOTAYO OKUSANYA Deutsche Bank Securities Inc.

JOE DICKSTEIN Jefferies LLC

AUSTIN WURSCHMIDT KeyBanc Capital Markets, Inc.

MICHAEL CARROLL RBC Capital Markets Corp.

JOHN KILICHOWSKI Wells Fargo Securities, LLC

INVESTMENTS 3

Seniors Housing Operating Portfolio ("SHOP") Transformation

Portfolio Transformation

Acquisitions and Mortgage Loans

Near-Term Expected Sales and Loan Payoffs

PORTFOLIO 7

Portfolio Overview

Operator Update and Subsequent Events

Portfolio Diversification - Geography

SHOP Diversification

SHOP Performance and Guidance

Real Estate Investments (Excluding SHOP) Diversification - Operators

Real Estate Investments (Excluding SHOP) - Maturity

Real Estate Investments (Excluding SHOP) - Metrics

FINANCIAL 17

Enterprise Value

Debt Metrics

Debt Maturity

Reconciliation of 2026 Guidance

Financial Data Summary

Consolidated Statements of Income

Consolidated Balance Sheets

Funds from Operations

Reconciliation of NOI

GLOSSARY 29

FORWARD-LOOKING STATEMENTS 31

AND NON-GAAP INFORMATION

2Q26 SUPPLEMENTAL

$171

$208

$321

$200

$100

$200

$300

$400

YTD 2Q26 JUL AUG-SEP 4Q26

ACQUISITIONS MILLIONS

* ** $0

$300

$600

$900

$1,200

$1,500

$1,800

2024 2025 Proforma 2026 GROSS ASSET VALUE

Proforma 2026 assumes $900M in SHOP investments (mid-point) and $59M in SHOP conversions

SENIORS HOUSING OPERATING PORTFOLIO (“SHOP”) TRANSFORMATION

2026 SHOP INVESTMENT GUIDANCE - $900M MIDPOINT

(~$700M - $1.1B)

2026 SHOP CONVERSIONS ($59M)  $26M completed in 1Q26

 $33M completed in 2Q26

 Two SHOP operators new to LTC

2026 INVESTMENT FUNDING STRATEGY

 ~ $730M proceeds from property sales and loan prepayments,

of which $120M was received through July 2026

 ~ $198M net proceeds from sales under our ATM through 2Q26

 Proceeds from borrowings under our revolving line of credit and

sales under our ATM

SHOP GROWTH

170%

INVESTMENTS 3

* PIPELINE ** ANTICIPATED

2Q26 SUPPLEMENTAL 4

PORTFOLIO TRANSFORMATION: DECREASING SNF AND LOAN EXPOSURE

(PROFORMA 2026 ASSUMES $900M IN SHOP INVESTMENTS (MID-POINT) AND $59M IN SHOP CONVERSIONS)

ASSET TYPE TRANSFORMATION: 2024 - PROFORMA 2026

 NOI from Seniors Housing increases from 43% to 77%  NOI from Skilled Nursing decreases from 57% to 22%

INVESTMENT TYPE TRANSFORMATION: 2024 - PROFORMA 2026

 NOI from Owned investments increases from 76% to 89%  NOI from Mortgage Loans investment decreases from 20% to 9%

2026 PROFORMA ANNUALIZED NOI BY ASSET TYPE 2026 PROFORMA ANNUALIZED NOI BY INVESTMENT TYPE

SENIORS HOUSING - NNN

SKILLED NURSING

OTHER/UDP

SENIORS HOUSING - SHOP

28%

49%

22% 1% OWNED PORTFOLIO - NNN

OWNED ACCOUNTED

FOR AS FINANCING RECEIVABLES

MORTGAGE LOANS

NOTES RECEIVABLE &

UNCONSOLIDATED JV

OWNED PORTFOLIO - SHOP

30%

49%

10%

INVESTMENTS

2Q26 SUPPLEMENTAL 5

REAL ESTATE - INVESTMENTS

(DOLLAR AMOUNTS IN THOUSANDS)

MORTGAGE LOANS

# OF INVESTMENT PROPERTY # OF DATE OF YEAR 1

PROPERTIES TYPE TYPE UNITS LOCATION OPERATOR CONSTRUCTION CAP RATE

1 SHOP SH 67 Morgan Hill, CA Discovery Senior Living 2019 7.4% 35,200 $

2 SHOP SH 158 Various cities in KY Charter Senior Living 2023 7.6% 39,500 5 SHOP SH 520 Various cities in WI Lifespark Senior Living 2019-2021 7.2% 194,050 1 SHOP SH 88 Marietta, GA The Arbor Company 2017 7.4% 22,900 1 SHOP SH 100 Brentwood, TN Discovery Senior Living 2022 7.4% 31,250

1 SHOP SH 122 Hobart, WI New Perspective 2012-2019 8.7% 30,000

11 1,055 352,900 $

3 SHOP SH 394 Various cities in GA The Arbor Company 2014-2018 7.0% 108,000 $

1 SHOP SH 61 Freeburg, IL Arrow Senior Living 2019 8.1% (1)

9,205

1 SHOP SH 104 Phoenix, AZ MorningStar Senior Living 2013 6.8% 54,250 2 SHOP SH 133 Various cities in CO & NM MorningStar Senior Living 2015-2016 6.9% 72,500

1 SHOP SH 147 Stevens Point, WI Health Dimensions Group 2007 7.2% (1)

40,000

2 SHOP SH 215 Various cities in MN Lifespark Senior Living 2020-2023 7.4% 95,350 10 1,054 379,305 $

Jul-2026

May-2026

Jul-2026

Apr-2026

DATE

PURCHASE

PRICE

Dec-2025

Jan-2026

Jul-2025

Sep-2025

Oct-2025

Sep-2025

ACQUISITIONS

(1) Includes budgeted renovation.

# OF PROPERTY # OF MATURITY INITIAL

PROPERTIES TYPE UNITS LOCATION OPERATOR DATE ORIGINATION INVESTMENT

1 SH 250 Summerfield, FL Momentum Senior Living May-2030 8.50% 42,300 $ 38,350 $ 3,950 $ (1)

2 SH 171 Various cities in CA Gallaher Signature Living Aug-2030 8.25% 57,550 55,350 2,200 (2)

3 421 99,850 $ 93,700 $ 6,150 $

Aug-2025

CONTRACTUAL INITIAL

COMMITMENT

INITIAL ADDITIONAL

RATE

May-2025

DATE

(1) The initial additional commitment includes interest reserve of $2,000 and additional loan proceeds of $1,950 which are available between June 2026 and November 2027, based on debt service coverage.

(2) The initial additional commitment includes interest reserve of $2,200.

INVESTMENTS

2Q26 SUPPLEMENTAL 6

REAL ESTATE – NEAR-TERM EXPECTED SALES AND LOAN PAYOFFS

(DOLLAR AMOUNTS IN THOUSANDS)

Total 2026 expected proceeds

$730M

Total 2026 annualized income

$53M

$64,000

$22,000

$201,000

$443,000

$4,800 $2,200 $13,300

$32,700

$100,000

$200,000

$300,000

$400,000

$500,000

1Q26 2Q26 3Q26E 4Q26E

Expected Sales/Payoff proceeds Annualized Income

INVESTMENTS

(1)

(1) Assuming current transaction timing, we expect to receive $2,095 of rental income in 3Q26 from properties anticipated to be sold in 3Q26.

(2) Assuming current transaction timing, we expect to receive $68 of interest and rental income in 4Q26 from a loan payoff and properties anticipated to be sold in 4Q26.

(2)

2Q26 SUPPLEMENTAL 7

PORTFOLIO OVERVIEW

(AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS)

# OF % OF

BY INVESTMENT TYPE PROPERTIES INVESTMENT NOI (1) % OF NOI INCOME STATEMENT LINE

Owned Portfolio

Triple-Net Portfolio ("NNN")(2) 982,820 92 $ 39.5% 93,239 $ 46.6% Rental income

Seniors Housing Operating Portfolio ("SHOP")(3) 801,022 34 32.1% 42,117 21.0% Resident fees and services, net of Seniors housing operating expense

Owned Portfolio 126 1,783,842 71.6% 135,356 67.6%

Owned Properties accounted for as Financing Receivables(4) 286,916 28 11.5% 22,508 11.3% Interest income from financing receivables

Mortgage Loans 26 396,092 (5) 15.9% (5) 19.8% Interest income from mortgage loans 39,726

Notes Receivable 5 25,728 1.0% 2,556 1.3% Interest and other income

Total 185 2,492,578 $ 100.0% 200,146 $ 100.0%

# OF % OF

BY ASSET TYPE PROPERTIES INVESTMENT NOI (1) % OF NOI

Seniors Housing

NNN 88 885,635 $ 35.5% 72,207 $ 36.1%

SHOP(3) 801,022 34 32.1% 42,117 21.0%

Seniors Housing 122 1,686,657 67.6% 114,324 57.1%

Skilled Nursing(2) 777,530 62 31.2% 83,905 41.9%

Other(6) 12,005 1 0.5% 1,189 0.6%

Under Development — 16,386 0.7% 728 0.4%

Total 185 2,492,578 $ 100.0% 200,146 $ 100.0%

INVESTMENT

GROSS

INVESTMENT

TRAILING TWELVE MONTHS ENDED

JUNE 30, 2026

GROSS

(1) See Trailing Twelve Months NOI definition in the Glossary.

(2) Subsequent to June 30, 2026, we sold a 99-bed skilled nursing center in Oregon. See Subsequent Events on page 9 for further discussion.

(3) Subsequent to June 30, 2026, we acquired five seniors housing communities with a total of 495 units into our SHOP segment for $207,850.

See Subsequent Events on page 9 for further discussion.

(4) Financing receivables represent acquisitions through sale-leaseback transactions, subject to lease agreements that contain purchase

options. In accordance with GAAP, the purchased assets are presented as financing receivables on our Consolidated Balance Sheets and

the rental income received is presented as interest income from financing receivables on our Consolidated Statements of Income. (5) Mortgage loans include short-term loans of $142,292, or 5.7% of gross investment, and long-term loans (Prestige) of $253,800, or 10.2% of

gross investment. The weighted average maturity for our mortgage loans portfolio and long-term mortgage loans (Prestige) at June 30, 2026

is 12.7 years and 17.8 years, respectively.

(6) Includes one behavioral health care hospital and three parcels of land held-for-use.

LONG-TERM INVESTMENTS include our

Owned Portfolio, Owned Properties accounted

for as Financing Receivables and Long-Term

Mortgage Loans (Prestige) which represent

93% of our Gross Investments.

SHORT-TERM INVESTMENTS represent

investment durations shorter than 10 years and

include our Notes Receivable and Short-Term

Mortgage Loans which represent 7% of our

Gross Investments.

Long-Term Investments

93%

Short-Term

Investments 7%

PORTFOLIO

2Q26 SUPPLEMENTAL 8

PORTFOLIO OVERVIEW - DETAIL

(AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS)

(1) See Trailing Twelve Months NOI definition in the

Glossary.

(2) Subsequent to June 30, 2026, we sold a 99-bed

skilled nursing center in Oregon. See Subsequent

Events on page 9 for further discussion.

(3) Subsequent to June 30, 2026, we acquired five

seniors housing communities with a total of 495 units

into our SHOP segment for $207,850. See

Subsequent Events on page 9 for further discussion.

(4) Financing receivables represent acquisitions through

sale-leaseback transactions, subject to lease

agreements that contain purchase options. In

accordance with GAAP, the purchased assets are

presented as financing receivables on our

Consolidated Balance Sheets and the rental income

received is presented as interest income from

financing receivables on our Consolidated

Statements of Income. (5) Skilled nursing long-term loans (Prestige) of

$253,800, or 10.2% of gross investment. The

weighted average maturity of Prestige loans is 17.8

years.

# OF

OWNED PROPERTIES - NNN PROPERTIES RENTAL INCOME(1) Seniors Housing 50 447,788 $ 18.0% 37,258 $ 18.6%

Skilled Nursing(2) 523,027 41 21.0% 54,792 27.4%

Other 1 12,005 0.5% 1,189 0.6%

Total 92 982,820 $ 39.5% 93,239 $ 46.6%

# OF

OWNED PROPERTIES - SHOP PROPERTIES SHOP NOI(1) Seniors Housing(3) 801,022 34 $ 32.1% 42,117 $ 21.0%

Total 34 801,022 $ 32.1% 42,117 $ 21.0%

OWNED PROPERTIES ACCOUNTED FOR AS # OF FINANCING

FINANCING RECEIVABLES(4) PROPERTIES RECEIVABLES INCOME(1) Seniors Housing 28 286,916 $ 11.5% 22,508 $ 11.3%

Total 28 286,916 $ 11.5% 22,508 $ 11.3%

# OF MORTGAGE LOANS

MORTGAGE LOANS PROPERTIES INTEREST INCOME(1) Seniors Housing 5 125,906 $ 5.0% 9,885 $ 4.9%

Skilled Nursing(5) 253,800 21 10.2% 29,113 14.5%

Under Development — 16,386 0.7% 728 0.4%

Total 26 396,092 $ 15.9% 39,726 $ 19.8%

# OF INTEREST AND

NOTES RECEIVABLE PROPERTIES OTHER INCOME(1) Seniors Housing 5 25,025 $ 1.0% 2,556 $ 1.3%

Skilled Nursing — 703 0.0% — 0.0%

Total 5 25,728 $ 1.0% 2,556 $ 1.3%

TOTAL INVESTMENTS 2,492,578 185 $ 100.0% 200,146 $ 100.0%

GROSS % OF % OF

INVESTMENT GROSS INVESTMENT TOTAL NOI

GROSS % OF % OF

INVESTMENT GROSS INVESTMENT TOTAL NOI

INVESTMENT

GROSS

INVESTMENT

GROSS INVESTMENT

% OF

GROSS INVESTMENT

INVESTMENT

TRAILING TWELVE MONTHS ENDED

JUNE 30, 2026

GROSS % OF

GROSS INVESTMENT TOTAL NOI

% OF

% OF % OF

TOTAL NOI

% OF

TOTAL NOI

PORTFOLIO

2Q26 SUPPLEMENTAL 9

PORTFOLIO OVERVIEW – OPERATOR UPDATE AND SUBSEQUENT EVENTS

(AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS)

OPERATOR UPDATE SUBSEQUENT EVENTS

 Market-Based Rent Resets: Received $1,200 of rental revenue

during 2Q26 from the 10-property portfolio with leases containing

market-based rent resets. Anticipated rent on the 10 properties over

the remainder of 2026 is $2,720 for a total of $5,120 for the full year

2026, representing a 24% increase over 2025.

 SHOP Acquisitions Totaling $207,850:  $95,350 for two seniors housing communities in Minnesota, with a

year-one cap rate of 7.4%. The communities have a total of 215 units.

Concurrently, we entered into a management agreement with an

existing operator, Lifespark Senior Living.  $72,500 for two seniors housing communities, with a year-one cap

rate of 6.9%. The communities have a total of 133 units and are in

New Mexico and Colorado. In connection with the acquisition, we

entered into a management agreement with an existing operator,

MorningStar Senior Living.  $40,000 for a 147-unit seniors housing community in Wisconsin, with a

year-one cap rate of 7.2%, and entered into a management

agreement with an operator new to us, Health Dimensions Group.

 Property Sale: A 99-bed skilled nursing center in Oregon for $34,200 and

anticipate recording a gain on sale of approximately $33,000.

PORTFOLIO

2Q26 SUPPLEMENTAL 10

PORTFOLIO DIVERSIFICATION – GEOGRAPHY

(AS OF JUNE 30, 2026)

OPERATORS

STATES

PROPERTIES

185

UNITS/BEDS

16,291

* Behavioral health care

hospital

SNF (62)

SH (88)

OTH* (1)

LAND (3)

UDP (1)

MN WI

PA NJ

5 2

SH– SHOP (34)

2 2

PORTFOLIO

2Q26 SUPPLEMENTAL 11

PORTFOLIO DIVERSIFICATION – GEOGRAPHY

(AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS)

GROSS PORTFOLIO BY MSA(1) AVERAGE SENIORS HOUSING PORTFOLIO AGE(1)

44.5%

23.7% 24.7%

5.7% 1.4%

0.0%

25.0%

50.0%

MSAs

1-31

MSAs

32-100

MSAs

> 100

Cities in

Micro-SA

Cities not in

MSA or

Micro-SA

(1) The MSA rank by population as of July 1, 2025, as estimated by the United States Census

Bureau. Approximately 68% of our properties are in the top 100 MSAs. Represents our real

properties, properties accounted for as financing receivables, and properties secured by our

mortgage loans.

18 years

10 years

NNN SHOP Years

(1) As calculated from construction date or major renovation/expansion date.

Represents our real properties, properties accounted for as financing

receivables, and properties secured by our mortgage loans.

(1) Due to master leases with properties in various states, revenue by state is not available. Also, working capital notes are provided to certain operators under their master leases covering properties in

various states. Therefore, the working capital notes outstanding balance totaling $729 is also not available by state and is excluded from the table above.

(2) Includes one behavioral health care hospital and three parcels of land held-for-use.

(3) Subsequent to June 30, 2026, we acquired five seniors housing communities with a total of 495 units into our SHOP segment for $207,850. See Subsequent Events on page 9 for further discussion.

(4) Subsequent to June 30, 2026, we sold a 99-bed skilled nursing center in Oregon. See Subsequent Events on page 9 for further discussion.

# OF

STATE(1) PROPERTIES % SH - NNN % SH - SHOP % SNF % UDP % %

Wisconsin(3) 320,593 13 $ 12.9% 57,823 $ 6.5% 248,824 $ 31.1% 13,946 $ 1.8% — $ — — $ — North Carolina 33 304,031 12.2% 304,031 34.3% — — — — — — — — Texas 28 304,015 12.2% 16,445 1.9% 26,786 3.3% 260,784 33.5% — — — — Michigan 24 294,649 11.8% 39,906 4.5% — — 253,800 32.7% — — 943 7.9%

Georgia 5 148,036 5.9% — — 148,036 18.5% — — — — — — California 6 144,752 5.8% 95,716 10.8% 49,036 6.1% — — — — — — Ohio 9 141,255 5.7% 71,878 8.1% 15,154 1.9% 54,223 7.0% — — — —

Illinois 6 117,241 4.7% 32,725 3.7% 68,130 8.5% — — 16,386 100.0% — — Colorado(3) 103,447 12 4.1% 61,497 7.0% 41,950 5.2% — — — — — — Kentucky 4 88,617 3.6% — — 39,901 5.0% 48,716 6.3% — — — — All Others(3)(4) 525,213 45 21.1% 205,588 23.2% 163,205 20.4% 145,357 18.7% — — 11,062 92.1%

Total 185 2,491,849 $ 100.0% 885,609 $ 100.0% 801,022 $ 100.0% 776,826 $ 100.0% 16,386 $ 100.0% 12,005 $ 100.0%

OTH(2) INVESTMENT

GROSS GROSS INVESTMENT

PORTFOLIO

2Q26 SUPPLEMENTAL 12

SHOP DIVERSIFICATION

(AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS)

BY OPERATOR

BY STATE

(1) Subsequent to June 30, 2026, we acquired five seniors housing communities with a total of 495 units into

our SHOP segment for $207,850. See Subsequent Events on page 9 for further discussion.

# OF # OF GROSS

OPERATORS(1) PROPERTIES UNITS INVESTMENT %

Lifespark Senior Living 5 520 194,801 $ 24.3%

Anthem Memory Care 12 732 155,993 19.5%

The Arbor Company 4 482 132,765 16.6%

Discovery Senior Living 2 167 67,180 8.4%

MorningStar Senior Living 1 104 54,312 6.8%

New Perspective 2 222 54,024 6.7%

Charter Senior Living 2 158 39,901 5.0%

Compass Senior Living 1 186 33,361 4.2%

Vitality Senior Living 2 159 32,601 4.1%

Pegasus Senior Living 2 88 26,786 3.3%

Arrow Senior Living 1 61 9,298 1.2%

34 2,879 801,022 $ 100.0%

# OF GROSS

STATE UNITS INVESTMENT %

Wisconsin(1) 742 7 248,824 $ 31.1%

Georgia 5 552 148,036 18.5%

Illinois 5 325 68,130 8.5%

Arizona 1 104 54,312 6.8%

California 2 133 49,036 6.1%

Colorado(1) 228 4 41,950 5.2%

Kentucky 2 158 39,901 5.0%

Oregon 1 186 33,361 4.2%

Tennessee 1 100 31,491 3.9%

Texas 2 88 26,786 3.3%

All Others(1) 263 4 59,195 7.4%

Total 34 2,879 801,022 $ 100.0%

# OF

PROPERTIES

PORTFOLIO

2Q26 SUPPLEMENTAL 13

SHOP PERFORMANCE AND GUIDANCE

(AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS, EXCEPT REVPOR AND EXPOR)

CORE SHOP PORTFOLIO TOTAL SHOP PERFORMANCE

 Represents 27 properties (2,281 units) that include initial

conversions (13) and acquired SHOP properties (14)

through 1Q26; excludes value-add conversions and

additional acquisitions.

CORE SHOP PORTFOLIO PERFORMANCE

Three (3) properties, acquired in January 2026, had $314 of additional proforma NOI and

additional proforma revenue of $1,732 for the period January 1st to the acquisition date,

for a total proforma NOI of $12,940 on total proforma revenue of $48,774 for the 27

properties, for the period ending March 31, 2026. Proforma occupancy for the same

period was 89.5%.

2Q25 3Q25 4Q25 1Q26 2Q26

Properties, at end of quarter 13 21 25 30 34 Units, at end of quarter 832 1,577 2,073 2,555 2,879 Average units available 501 899 1,766 2,450 2,799 Average unit occupancy 80.7% 86.5% 89.3% 85.9% 86.1%

Total revenues 11,950 $ 22,203 $ 37,963 $ 49,585 $ 56,132 $

Operating expenses 9,419 17,362 27,306 36,889 42,208 NOI 2,531 $ 4,841 $ 10,657 $ 12,696 $ 13,924 $

NOI margin 21.2% 21.8% 28.1% 25.6% 24.8%

REVPOR 9,855 $ 9,518 $ 8,022 $ 7,850 $ 7,765 $

EXPOR 7,768 $ 7,443 $ 5,770 $ 5,840 $ 5,839 $

1Q26 2Q26

Properties, at end of quarter 27 27 Units, at end of quarter 2,281 2,281 Average units available 2,192 2,281

Average unit occupancy 89.4% 90.0%

Total revenues 47,042 $ 49,491 $

Operating expenses 34,416 36,188 NOI 12,626 $ 13,303 $

NOI margin 26.8% 26.9%

REVPOR 7,998 $ 8,038 $

EXPOR 5,851 $ 5,877 $

CORE SHOP PORTFOLIO GUIDANCE

Low

$53.5M

High

$56.5M 2026 PROJECTED NOI

 Narrowed guidance and maintained midpoint:  NOI growth: ~14% over 2025 proforma NOI  Occupancy growth: ~70 basis points from 2025 proforma

average occupancy ~89.7%

 Projected increases: REVPOR ~5.5%; EXPOR ~3.0%

 2025 proforma NOI and occupancy include results reported

under prior owners; adjusted for current management fee

structure

 2026 Total SHOP Capex Guidance:  FAD: $4.0M to $4.4M, or ~$1,500 per unit annually

 Non-FAD: $12.9M (increase from $10M); $4.2M announced for

initial conversions; $6.8M underwritten for acquired SHOP

properties through the end of July 2026; $1.9M for value-add

conversions for five (5) properties

PORTFOLIO

2Q26 SUPPLEMENTAL

LTC PORTION

PROPERTY # OF GROSS OF GROSS

OPERATORS(1) TYPE PROPERTIES CONTRACTUAL CASH NOI % % INVESTMENT INVESTMENT

Prestige Healthcare SNF/OTH 23 29,270 $ 18.3% 30,405 $ 18.8% 267,797 $ — $ 267,797 $

ALG Senior SH 29 21,924 (4) 13.7% 23,292 (4) 14.4% 297,932 63,941 233,991 Encore Senior Living SH/UDP 14 13,763 (4) 8.6% 13,455 (4) 8.3% 215,911 9,134 206,777 HMG Healthcare SNF 13 12,355 7.7% 12,355 7.6% 167,971 — 167,971 Carespring Health Care Management SNF 4 11,314 7.1% 11,195 6.9% 102,940 — 102,940 Brookdale Senior Living SH 17 10,309 6.4% 10,334 6.4% 65,877 — 65,877 Genesis Healthcare SNF 6 9,999 6.2% 9,999 6.2% 53,339 — 53,339 Fundamental Long Term Care SNF/OTH 5 8,443 5.3% 8,417 5.2% 65,798 — 65,798

Ignite Medical Resorts SNF 6 8,415 5.3% 8,415 5.2% 89,054 — 89,054 Juniper Communities SH 5 7,650 4.8% 7,971 4.9% 83,293 — 83,293 All Others(3) 26,624 29 16.6% 25,946 16.1% 281,644 — 281,644 151 160,066 $ 100.0% 161,784 $ 100.0% 1,691,556 $ 73,075 $ 1,618,481 $

ANNUALIZED(2) NON-CONTROLLING

GAAP NOI INTEREST

REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDES SHOP) DIVERSIFICATION - OPERATORS

(AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS)

(1) See Operator Update on page 9 for further discussion.

(2) See Glossary for definition of Annualized Contractual Cash NOI and Annualized GAAP NOI.

(3) Subsequent to June 30, 2026, we sold a 99-bed skilled nursing center in Oregon. See Subsequent Events on page 9 for further discussion.

(4) Includes the consolidated income from our joint ventures. The non-controlling member’s portion of the annualized contractual cash and annualized GAAP NOI are as follows:

541 Properties 41 States SNF/SH

Continuing Care BROOKDALE NYSE: BKD

19 States Approximately

175 Properties GENESIS Privately Held SNF/SH

66 Properties 7 States SNF/SH

Hospitals & Other Rehab FUNDAMENTAL Privately Held

32 Properties 7 States SNF/SH

Transitional Care IGNITE Privately Held

JUNIPER Privately Held SH 28 Properties 5 States

82 Properties 4 States SNF/SH

Other Rehab PRESTIGE Privately Held

ALG Privately Held SH 117 Properties 6 States

ENCORE Privately Held SH 35 Properties 5 States

HMG Privately Held SNF/SH 37 Properties 2 States

18 Properties 2 States SNF/SH

Transitional Care CARESPRING Privately Held

OPERATORS LTC PORTION JV PARTNER PORTION TOTAL OPERATORS LTC PORTION JV PARTNER PORTION TOTAL

ALG Senior 17,212 $ 4,712 $ 21,924 $ ALG Senior 18,580 $ 4,712 $ 23,292 $

Encore Senior Living 13,763 — 13,763 Encore Senior Living 13,455 — 13,455 ANNUALIZED CONTRACTUAL CASH NOI ANNUALIZED GAAP NOI

PORTFOLIO

2Q26 SUPPLEMENTAL 15

REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDES SHOP) – LOANS & NOTES RECEIVABLE MATURITY

(AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS)

(1) See Annualized GAAP NOI definition in the Glossary.

(2) The Prestige $179,875 mortgage loan secured by 14 skilled nursing centers in Michigan has an option to prepay the loan without penalty during the

12-month window starting July 2026, subject to customary conditions and contingent on Prestige’s ability to obtain replacement financing. This loan

represents $20,312 of annualized GAAP interest income. The remaining $73,925 of mortgage loans mature in 2045.

YEAR PRINCIPAL PRINCIPAL

2026 — $ — $ — 25 $ 2 $ 8.0%

2027 28,999 2,327 8.0% 25,000 2,554 10.2%

2028 — — — 703 — — 2029 — — — — — — 2030 113,293 9,683 8.5% — — — 2031 — — — — — — 2032 — — — — — — 2033 — — — — — — Thereafter 253,800 (2)

29,219 (2) 11.5% — — — Total 396,092 $ 41,229 $ 10.4% 25,728 $ 2,556 $ 9.9%

MORTGAGE LOANS RECEIVABLE NOTES RECEIVABLE

GAAP NOI (1)

ANNUALIZED WA GAAP

RATE

ANNUALIZED WA GAAP

GAAP NOI (1) RATE

PORTFOLIO

2Q26 SUPPLEMENTAL 16

(TRAILING TWELVE MONTHS THROUGH MARCH 31, 2026 AND DECEMBER 31, 2025)

SAME PROPERTY PORTFOLIO (“SPP”) COVERAGE STATISTICS(1)

SENIORS HOUSING SKILLED NURSING

1.15 1.16

1.39 1.40

84.8% 85.1%

70.0%

75.0%

80.0%

85.0%

90.0%

95.0%

100.0%

0.00x

1.00x

2.00x

4Q25 1Q26 Occupancy %

Normalized EBITDAR Normalized EBITDARM Occupancy

1.90

1.99

2.45 2.55

79.5% 79.6%

60.0%

70.0%

80.0%

90.0%

100.0%

0.00x

2.00x

4.00x

4Q25 1Q26 Occupancy %

Normalized EBITDAR Normalized EBITDARM Occupancy

(1) Information is from property level operator financial statements which are unaudited and have not been independently verified by LTC. The same property portfolio excludes properties re-tenanted or

sold after January 1, 2025; and excludes properties transitioned to LTC’s SHOP portfolio prior to June 30, 2026.

SNF metrics as allocated/reported by operators. Occupancy represents the average

TTM occupancy. See Normalized EBITDAR and Normalized EBITDARM definitions in

the Glossary.

SH metrics as allocated/reported by operators. Occupancy represents the average TTM

occupancy. See Normalized EBITDAR and Normalized EBITDARM definitions in the Glossary.

REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDES SHOP) – METRICS

PORTFOLIO

2Q26 SUPPLEMENTAL 17

ENTERPRISE VALUE

(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE, AMOUNTS AND NUMBER OF SHARES)

(1) During 2Q26, we increased our credit facility by $300,000 to

$1,100,000, through an expansion of our aggregate revolving line of

credit from $600,000 to $900,000. Subsequent to June 30, 2026,

we borrowed $156,100 under our unsecured revolving line of credit.

Accordingly, we have $356,100 outstanding and $543,900 available

for borrowing under our unsecured revolving line of credit.

(2) Represents outstanding balance of $200,000, net of debt issue

costs of $1,596.

(3) Represents outstanding balance of $379,500, net of debt issue

costs of $814.

(4) Closing price of our common stock as reported by the NYSE on

June 30, 2026.

(5) See Reconciliation of Annualized Adjusted EBITDAre on page 22.

JUNE 30, 2026

Revolving line of credit - WA rate 4.3%(1) $ 200,000

Term loans, net of debt issue costs - WA rate 4.7%(2)

198,404

Senior unsecured notes, net of debt issue costs - WA rate 4.1%(3) 378,686

Total debt - WA rate 4.3% 777,090 27.3%

No. of shares Price

Common stock 53,905,563 38.45 $ (4) 72.7% 2,072,669

Total market value 2,072,669 2,849,759 100.0%

Add: Non-controlling interest 73,075 Less: Cash and cash equivalents (40,435) $ 2,882,399

Debt to Enterprise Value 27.0%

Debt to Annualized Adjusted EBITDAre(5) 4.2x

TOTAL VALUE

ENTERPRISE VALUE

6/30/26

CAPITALIZATION

DEBT

EQUITY 6/30/26

FINANCIAL

2Q26 SUPPLEMENTAL

$302,250

$144,350 $252,863 $200,000

$97,750

$280,650

$347,137

$700,000

$300,000

$600,000

$900,000

2023 2024 2025 2Q26

Available

Balance

(1)

DEBT METRICS

(DOLLAR AMOUNTS IN THOUSANDS)

LINE OF CREDIT LIQUIDITY

LEVERAGE RATIOS COVERAGE RATIOS

(1) During 2Q26, we increased our credit facility by $300,000 to $1,100,000, through an expansion of our aggregate revolving line of credit

from $600,000 to $900,000. Subsequent to June 30, 2026, we borrowed $156,100 under our unsecured revolving line of credit.

Accordingly, we have $356,100 outstanding and $543,900 available for borrowing under our unsecured revolving line of credit.

39.5%

31.1% 34.0%

29.7%

39.0%

29.3% 29.8%

27.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

2023 2024 2025 2Q26

Debt to Gross Asset Value Debt to Total Enterprise Value

5.6x

4.2x

5.0x

4.2x

3.4x

4.0x

4.8x 4.9x

0.0x

2.0x

4.0x

6.0x

8.0x

2023 2024 2025 2Q26

Debt to Annualized

Adjusted EBITDAre

Annualized Adjusted EBITDAre/

Fixed Charges

FINANCIAL

2Q26 SUPPLEMENTAL

Senior Unsecured Notes

48.6%

Term Loans

25.7%

Revolving Line of

Credit

25.7%

DEBT MATURITY

(AS OF JUNE 30, 2026, DOLLAR AMOUNTS IN THOUSANDS)

$900M SENIOR

REVOLVING TERM UNSECURED % OF

YEAR LINE OF CREDIT LOANS(1) NOTES(1) TOTAL TOTAL

2026 — $ — $ 39,000 $ 39,000 $ 5.0%

2027 — — 54,500 54,500 7.0%

2028 — 50,000 55,000 105,000 13.5%

2029 200,000 55,000 63,000 318,000 40.8%

2030 — 55,000 67,000 122,000 15.6%

2031 — — 56,000 56,000 7.2%

2032 — 40,000 35,000 75,000 9.6%

2033 — — 10,000 10,000 1.3%

Total 200,000 $ (2) $ 379,500 200,000 $ 779,500 $ 100.0%

DEBT STRUCTURE(1)

$200,000

$50,000 $55,000 $55,000

$40,000

$39,000 $54,500 $55,000

$63,000 $67,000

$56,000 $35,000 $10,000

$300,000

$600,000

$900,000

2026 2027 2028 2029 2030 2031 2032 2033

Revolving Line of Credit Term Loans Senior Unsecured Notes

(2)

(1) Reflects scheduled principal payments and excludes debt issue costs on our term loans and senior unsecured notes, which are netted against the principal outstanding

balances on our Consolidated Balance Sheets.

(2) During 2Q26, we increased our credit facility by $300,000 to $1,100,000, through an expansion of our aggregate revolving line of credit from $600,000 to $900,000.

Subsequent to June 30, 2026, we borrowed $156,100 under our unsecured revolving line of credit. Accordingly, we have $356,100 outstanding and $543,900 available for

borrowing under our unsecured revolving line of credit.

FINANCIAL

2Q26 SUPPLEMENTAL 20

RECONCILIATION OF 2026 GUIDANCE

(UNAUDITED, DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

GUIDANCE

The following guidance ranges reflect management's view of current and future market conditions. There can be no assurance that the Company's actual results will not differ

materially from the estimates set forth below. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing

guidance ranges as a result of new information or new or future developments. The 2026 full year guidance is as follows:

Low High

Diluted earnings per common share 8.08 $ 8.10 $

Less: Gain on sale, net of impairment loss (6.36) (6.36) Add: Depreciation and amortization 1.04 1.04 Diluted Nareit FFO attributable to common stockholders 2.76 2.78

Add: Non-core adjustments — — Diluted Core FFO 2.76 $ 2.78 $

Diluted Nareit FFO attributable to common stockholders 2.76 $ 2.78 $

(Less) Add: Non-cash (income) recovery (0.02) (0.02) Add: Non-cash expense 0.14 0.14 Less: Recurring capital expenditures (0.08) (0.08) Diluted FAD 2.80 2.82 Add: Non-core adjustments 0.03 0.03

Diluted Core FAD 2.83 $ 2.85 $

Full Year 2026 Guidance

FINANCIAL

The assumptions underlying the full year guidance are as follows:  Gross investments estimates increased by $300,000 at the midpoint, to a range of $700,000 to $1,100,000, from $400,000 to $800,000. Gross

investments include transactions closed to date, or expected to close in 3Q26;  Asset sales and loan payoffs projections increased by $464,100 to $730,000, including $120,300 of sales and payoffs through the end of July

2026, with anticipated gain on sale of over $300,000, of which $7,600 has been recognized;  SHOP NOI, inclusive of expected net investments, in the range of $71,200 to $79,900, an increase from $65,100 to $77,200. See SHOP

guidance on page 13 for further discussion.  General and administrative costs in the range of $31,700 to $33,900; and

 Adjustments to Core FFO and Core FAD include the following: o One-time exit IRR income that we received in connection with the sale of three skilled nursing centers accounted for as a Financing

receivable on our Consolidated Balance Sheets; See the reconciliation of non-core adjustments on page 27. o Transaction costs in the range of $3,100 to $3,500 for the full year; and o Recovery of provision for credit losses related to loan payoffs, including the $765 provision for credit losses recovery included on the

reconciliation of non-core adjustments on page 27.

2Q26 SUPPLEMENTAL 21

FINANCIAL DATA SUMMARY

(DOLLAR AMOUNTS IN THOUSANDS)

(1) For leases and loans in place at June 30, 2026,

adjusted for the subsequent sale of a 99-bed

skilled nursing center in Oregon described on

page 9.

(1) Decrease primarily due to the conversion of 18

communities from triple-net to our SHOP segment

and lower rent due to property sales, partially offset

by rent increases from fair-market rent resets,

escalations and capital improvements.

(2) Decrease primarily due to the conversion of 18

communities from triple-net to our SHOP segment

and property sales.

(3) Includes write-off of a straight-line rent receivable of

$243 and a lease incentive balance of $249.

(1) Includes outstanding gross revolving line of

credit, term loans, net of debt issue costs, and

senior unsecured notes, net of debt issue costs.

12/31/2023 12/31/2024 12/31/2025 6/30/2026

Gross investments $ 2,139,865 $ 2,088,613 $ 2,397,662 $ 2,492,578

Net investments $ 1,741,093 $ 1,674,140 $ 1,981,017 $ 2,055,728

Gross asset value $ 2,253,870 $ 2,200,615 $ 2,478,705 $ 2,613,708

Total debt(1) $ 891,317 $ 684,600 $ 842,181 $ 777,090

Total liabilities(1) $ 938,831 $ 733,137 $ 899,676 $ 835,227

Non-controlling interest $ 34,988 $ 92,378 $ 87,400 $ 73,075

Total equity $ 916,267 $ 1,053,005 $ 1,162,384 $ 1,341,631

NON-CASH REVENUE COMPONENTS

COMPONENTS OF RENTAL INCOME

$ (100) (264) $ (2) $ (289) (174) $ (340) $

Amortization of lease incentives (129) (116) (112) (106) (106) Effective interest - Financing receivables 361 361 362 362 362 Effective interest - Mortgage loans receivable 288 256 244 232 224 Effective interest - Notes receivable (23) (24) (24) (24) 44

$ 233 $ 377 $ 175 296 $ 184 $

Straight-line rent adjustment

Total non-cash revenue components

2Q27(1) 1Q27(1) 4Q26(1) 3Q26(1) 2Q26

Cash rent 24,187 $ 28,079 $ (3,892) $ (1) $ 57,702 48,723 $ (8,979) $ (1)

Operator reimbursed real estate tax revenue 2,196 2,777 (581) (2) 4,464 5,866 (1,402) (2)

Straight-line rent adjustment (264) (497) 233 (598) (1,075) 477 (3)

Adjustment of lease incentive and rental income (13) — (13) (13) (492) 479 (3)

Amortization of lease incentives (116) (182) 66 (247) (380) 133

Total rental income 25,990 $ 30,177 $ (4,187) $ 52,329 $ 61,621 $ (9,292) $

2026 2025 2026 2025 Variance Variance

THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30, JUNE 30,

FINANCIAL

2Q26 SUPPLEMENTAL 22

FINANCIAL DATA SUMMARY

(DOLLAR AMOUNTS IN THOUSANDS)

RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES

Net income 91,462 $ 94,879 $ 123,880 $ 30,815 $

Less: Gain on sale of real estate, net (37,296) (7,979) (77,822) (7,562) Add: Income tax provision — — 179 166 Add: Impairment loss 15,775 6,953 — — Add: Interest expense 47,014 40,336 35,306 9,484 Add: Depreciation and amortization 37,416 36,367 37,874 12,371 EBITDAre 154,371 170,556 119,417 45,274

Add/less: Non-core adjustments 3,823 (1)

(8,907) (2)

49,783 (3)

1,189 (4)

Adjusted EBITDAre 158,194 $ 161,649 $ 169,200 $ 46,463 $

Interest expense 47,014 $ 40,336 $ 35,306 $ 9,484 $

Fixed charges 47,014 $ 40,336 $ 35,306 $ 9,484 $

Annualized Adjusted EBITDAre 185,852 $

Annualized Fixed Charges 37,936 $

Debt (net of debt issue costs) 891,317 $ 684,600 $ 842,181 $ 777,090 $

Debt (net of debt issue costs) to Annualized Adjusted EBITDAre 5.6x 4.2x 5.0x 4.2x

Annualized Adjusted EBITDAre to Annualized Fixed Charges(5) 3.4x 4.0x 4.8x 4.9x

FOR THE YEAR ENDED THREE MONTHS ENDED

12/31/2023 12/31/2024 6/30/2026 12/31/2025

(1) Includes the $3,561 note receivable write-off related to the sale and transition of 10 seniors housing communities, $1,832 of provision for credit losses related to the acquisition of 11 seniors housing communities

accounted for as financing receivables and two mortgage loan originations, partially offset by the $1,570 exit IRR and prepayment fee received in connection with the payoff of two mezzanine loans.

(2) Represents $4,052 of one-time income received from former operators, $3,158 of one-time additional straight-line income related to restoring accrual basis accounting for two master leases, $2,818 of rental

income received in connection with the sale of two properties, and $1,738 recovery of provision for credit losses related to the payoffs of five mortgage loan receivables, partially offset by $1,635 of provision for

credit losses related to acquisitions totaling $163,460 accounted for as financing receivables, $613 of effective interest receivable write-off related to the partial paydown of a mortgage loan receivable, and the

write-off of straight-line rent receivable ($321) and notes receivable ($290).

(3) Represents a $41,455 write-off of effective interest receivable related to a mortgage loan amendment that permits penalty-free early payoff within an allowable window, $9,992 of costs associated with the

conversion to our new SHOP segment ($5,971 lease termination fee and $4,021 of provision for credit losses related to the write-off of loan and interest receivables), $1,703 of costs associated with the startup

of our new SHOP segment, $1,271 of straight-line rent receivable write-off due to an operator’s on-going bankruptcy, $1,136 of expenses related to an employee retirement and $563 of provision for credit losses

related to loan originations, net of payoffs, offset by $5,737 of exit IRR received in connection with the redemption of LTC’s preferred equity investment in two joint ventures and a mezzanine loan, and $600 of

income received from a former operator.

(4) See the reconciliation of non-core adjustments on page 27 for further detail.

(5) Given we do not have preferred stock, our fixed charge coverage ratio and interest coverage ratio are the same.

FINANCIAL

2Q26 SUPPLEMENTAL 23

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED, DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(1) Represents our seniors housing operating

portfolio (“SHOP”) operating income and

expense.

(2) Represents rental income from acquisitions

through sale-leaseback transactions, subject

to leases which contain purchase options. In

accordance with GAAP, the properties are

required to be presented as Financing

receivables on our Consolidated Balance

Sheets and the rental income to be presented

as Interest income from financing

receivables on our Consolidated Statements

of Income.

2026 2025 2026 2025

Revenues:

Rental income 25,990 $ 30,177 $ 52,329 $ 61,621 $

Resident fees and services (1) 56,132 11,950 105,717 11,950

Interest income from financing receivables(2) 5,640 7,084 13,895 14,086

Interest income from mortgage loans 10,315 9,680 20,544 18,859

Interest and other income 782 1,349 1,785 2,755 Total revenues 98,859 60,240 194,270 109,271

Expenses:

Interest expense 9,484 8,014 20,266 15,927 Depreciation and amortization 12,371 8,776 24,350 17,938

Seniors housing operating expenses (1) 9,419 42,208 79,097 9,419 Provision (recovery) for credit losses 27 387 (657) 3,439

Transaction costs 1,189 6,706 1,877 7,147

Triple-net lease property tax expense 2,101 2,795 4,495 5,902

General and administrative expenses 8,161 8,447 16,743 15,418 Total expenses 75,541 44,544 146,171 75,190

23,318 15,696 48,099 34,081

Gain on sale of real estate, net 7,562 332 7,552 503

Income from unconsolidated joint ventures 101 439 396 4,104

Income tax (provision) benefit (166) 81 (276) 81 Net income 30,815 16,548 55,771 38,769

Income allocated to non-controlling interests (1,178) (1,456) (2,541) (2,997) Net income attributable to LTC Properties, Inc. 29,637 15,092 53,230 35,772

Income allocated to participating securities (158) (154) (314) (317)

Net income available to common stockholders 29,479 $ 14,938 $ 52,916 $ 35,455 $

Earnings per common share:

Basic $0.57 $0.33 $1.05 $0.78

Diluted $0.56 $0.32 $1.05 $0.77

Weighted average shares used to calculate earnings per common share:

Basic 51,872 45,714 50,217 45,524 Diluted 52,198 46,028 50,543 45,838

Dividends declared and paid per common share $0.57 $0.57 $1.14 $1.14

Income before unconsolidated joint ventures, real estate dispositions and other items

THREE MONTHS ENDED

JUNE 30, JUNE 30,

SIX MONTHS ENDED

FINANCIAL

2Q26 SUPPLEMENTAL 24

CONSOLIDATED BALANCE SHEETS

(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(1) Represents acquisitions through sale-leaseback transactions, subject to leases which contain purchase options. In accordance with GAAP, the properties are required to be presented as

financing receivables on our Consolidated Balance Sheets.

ASSETS

Investments:

Land $ 139,436 $ 128,590 Buildings and improvements 1,639,229 1,482,075 Properties held-for-sale, net of accumulated depreciation: 2026—$4,523; 2025—$0 654 — Accumulated depreciation and amortization (425,246) (408,906) Owned real properties, net 1,201,759 1,354,073 Financing receivables,(1) net of credit loss reserve: 2026—$2,869; 2025—$3,631 284,047 359,457

Mortgage loans receivable, net of credit loss reserve: 2026—$3,955; 2025—$3,849 392,137 381,662

Real property investments, net 2,030,257 1,942,878

Notes receivable, net of credit loss reserve: 2026—$257; 2025—$259 25,471 25,615

Investments in unconsolidated joint ventures 12,524 —

Investments, net 2,055,728 1,981,017

Other assets:

Cash and cash equivalents 40,435 14,387

Debt issue costs related to revolving line of credit 6,123 4,742

Interest receivable 24,621 22,720

Straight-line rent receivable 17,329 17,949

Prepaid expenses and other assets 32,622 21,245

Total assets $ 2,176,858 $ 2,062,060 LIABILITIES

Revolving line of credit $ 200,000 $ 252,863 Term loans, net of debt issue costs: 2026—$1,596; 2025—$1,787 198,213 198,404

Senior unsecured notes, net of debt issue costs: 2026—$814; 2025—$895 378,686 391,105

Accrued interest 1,793 3,806

Accrued expenses and other liabilities 56,344 53,689

Total liabilities 835,227 899,676

EQUITY

Stockholders’ equity:

Common stock: $0.01 par value; 110,000 shares authorized; shares issued and outstanding: 2026—53,906; 2025—48,482 539 485

Capital in excess of par value 1,386,159 1,189,846

Cumulative net income 1,896,637 1,843,407

Accumulated other comprehensive income 482 3,409 Cumulative distributions (2,018,188) (1,959,236)

Total LTC Properties, Inc. stockholders’ equity 1,268,556 1,074,984

Non-controlling interests 73,075 87,400 Total equity 1,341,631 1,162,384 Total liabilities and equity $ 2,176,858 $ 2,062,060

(unaudited) (audited)

JUNE 30, 2026 DECEMBER 31, 2025

FINANCIAL

2Q26 SUPPLEMENTAL 25

FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD

(UNAUDITED, DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(1) See the reconciliation of non-core adjustments on page 27 for further detail.

2026 2025 2026 2025

GAAP net income available to common stockholders 29,479 $ 14,938 $ 52,916 $ 35,455 $

Add: Depreciation and amortization 12,371 8,776 24,350 17,938 Less: Gain on sale of real estate, net (7,562) (332) (7,552) (503) Nareit FFO attributable to common stockholders 34,288 23,382 69,714 $ 52,890 $

Add (Less): Non-core djustments(1) 8,011 1,189 (502) 8,416 $ 31,393 35,477 $ 69,212 $ 61,306 $

Nareit FFO attributable to common stockholders 34,288 $ 23,382 $ 69,714 $ 52,890 $

Non-cash income:

Add: Straight-line rent adjustment 264 497 598 1,075

Add: Amortization of lease incentives 129 182 260 629

Add: Other non-cash contra-revenue — — — 243 Less: Effective interest income (626) (1,529) (1,118) (2,930)

Net non-cash income (233) (850) (260) (983)

Non-cash expense:

Add: Non-cash compensation charges 2,326 2,795 4,390 5,048

Add (Less): Provision (recovery) for credit losses 27 387 (657) 3,439 Net non-cash expense 2,353 3,182 3,733 8,487

Less: Recurring capital expenditures (803) (91) (1,208) (91) Funds available for distribution ("FAD") 35,605 25,623 71,979 60,303 Add: Non-core adjustments(1) 6,927 1,189 65 4,268 FAD, excluding non-core adjustments ("Core FAD") 36,794 $ 32,550 $ 72,044 $ 64,571 $

$0.66 $0.51 $1.38 $1.15

$0.68 $0.68 $1.37 $1.34

$0.68 $0.56 $1.42 $1.31

$0.70 $0.71 $1.43 $1.41

Diluted Nareit FFO attributable to common stockholders per share

Diluted Core FFO per share

Diluted FAD per share

Diluted Core FAD per share

FFO, excluding non-core adjustments ("Core FFO")

THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30, JUNE 30,

FINANCIAL

2Q26 SUPPLEMENTAL 26

FUNDS FROM OPERATIONS – RECONCILIATION OF FFO PER SHARE

(UNAUDITED, DOLLAR AMOUNTS IN THOUSANDS)

(1) See the reconciliation of non-core adjustments on page 27 for further detail.

FOR THE THREE MONTHS ENDED JUNE 30,

FFO/FAD attributable to common stockholders 34,288 $ 23,382 $ 35,605 $ 25,623 $

Non-core adjustments(1) 8,011 1,189 1,189 6,927 Core FFO/FAD 35,477 31,393 36,794 32,550 Effect of dilutive securities:

Participating securities — 154 — 154 Diluted Core FFO/FAD 35,477 $ 31,547 $ 36,794 $ 32,704 $

45,714 51,872 51,872 45,714 Effect of dilutive securities:

Performance-based stock units 326 314 326 314 Participating securities — 269 — 269

Shares for diluted Core FFO/FAD per share 52,198 46,297 52,198 46,297 FOR THE SIX MONTHS ENDED JUNE 30,

FFO/FAD attributable to common stockholders 69,714 $ 52,890 $ 71,979 $ 60,303 $

Non-core adjustments(1) 8,416 (502) 65 4,268 Core FFO/FAD 69,212 61,306 72,044 64,571 Effect of dilutive securities:

Participating securities — 317 — 317 Diluted Core FFO/FAD 69,212 $ 61,623 $ 72,044 $ 64,888 $

45,524 50,217 50,217 45,524 Effect of dilutive securities:

Performance based stock units 326 314 326 314 Participating securities — 274 — 274

Shares for diluted Core FFO/FAD per share 50,543 46,112 50,543 46,112 Shares for basic Core FFO/FAD per share

2026 2025 2025

Shares for basic Core FFO/FAD per share

FFO FAD

2026

FFO FAD

2026 2025 2026 2025

FINANCIAL

2Q26 SUPPLEMENTAL 27

FUNDS FROM OPERATIONS – RECONCILIATION OF NON-CORE ADJUSTMENTS

(UNAUDITED, DOLLAR AMOUNTS IN THOUSANDS)

2026 2025 2026 2025

Reconciliation of non-core adjustments to Nareit FFO:

Add: Notes receivables and related interest receivable, if applicable, write-off — $ — $ — $ 3,064 $ (1)

Add: Provision for credit losses reserve recorded upon origination — 384 — 384 Deduct: Recovery for credit losses related to loan payoffs — — (765) — Add (Deduct): Total provision for credit losses adjustments — 384 (765) 3,448 Add: Lease termination fee paid upon conversion to SHOP — 5,971 (2) 5,971 — (2)

Add: Transaction costs 1,189 (3)

520 (3)

1,877 (3)

823 (3)

Add: One-time general and administrative expenses related to an employee retirement — 1,136 — 1,136 Add: Expense and contra-revenue adjustments 1,189 7,627 1,877 7,930

Deduct: Income related to exit IRRs received — — (1,614) (4)

(2,962) (5)

Total non-core adjustments to Nareit FFO 1,189 $ 8,011 $ (502) $ 8,416 $

Reconciliation of non-core adjustments to FAD:

Add: Lease termination fee paid upon conversion to SHOP — $ 5,971 $ (2) $ 5,971 — $ (2)

Add: Transaction costs 1,189 (3)

520 (3)

1,877 (3)

823 (3)

Add: One-time cash general and administrative expenses related to an employee retirement — 436 — 436 Add: Cash expense adjustments 1,189 6,927 1,877 7,230 Deduct: Cash income related to exit IRRs received — — (1,812) (4)

(2,962) (5)

Total non-core cash adjustments to FAD 1,189 $ 6,927 $ 65 $ 4,268 $

JUNE 30,

THREE MONTHS ENDED SIX MONTHS ENDED

JUNE 30,

(1) Represents the write-off of a working capital note and related interest receivable balance in connection with a SHOP conversion.

(2) Represents a one-time lease termination fee paid to an operator for the conversion of the operator’s triple-net lease into SHOP.

excluded from FFO and FAD to improve comparability across periods as such expenditures are not indicative of ongoing operations.

(4) The 2026 exit IRR income adjustment represents the payment received in connection with the sale of a portfolio of three skilled nursing centers in Florida that was accounted for as a financing

receivable. The FFO adjustment represents the receipt of $1,812, offset by $198 of effective interest receivable previously recognized over the term of the loan through payoff.

recorded.

FINANCIAL

2Q26 SUPPLEMENTAL 28

RECONCILIATION OF NOI

(UNAUDITED, DOLLAR AMOUNTS IN THOUSANDS)

MORTGAGE

FINANCING LOANS NOTES

NNN SHOP SUBTOTAL RECEIVABLES RECEIVABLE RECEIVABLE OTHER(1) TOTAL

Revenues 106,879 $ 165,883 $ 272,762 $ 28,124 $ 40,708 $ 4,121 $ 2,138 $ 347,853 $

Income from unconsolidated joint ventures — — — — — — — — (Less)/Add:

Property tax revenue (9,379) — (9,379) — — — — (9,379) Seniors housing operating expenses — (123,766) (123,766) — — — — (123,766) Sales, SHOP conversions and payoffs (5,532) — (5,532) (5,616) (982) (1,565) — (13,695) Other 1,271 (2) 1,271 — — — — (2,138) (867) NOI 93,239 $ 42,117 $ 135,356 $ 22,508 $ 39,726 $ 2,556 $ — $ 200,146 $

TRAILING TWELVE MONTHS ENDED JUNE 30, 2026

(1) Represents income received from former operators and other miscellaneous income.

(2) Represents a straight-line rent receivable balance write-off from 3Q25 due to the Genesis bankruptcy filing.

FINANCIAL

2Q26 SUPPLEMENTAL 29

GLOSSARY

Annualized Contractual Cash NOI: Represents annualized contractual cash rental income (prior to abatements &

deferred rent repayment and excludes real estate tax reimbursement), interest income from financing receivables,

mortgage loans, mezzanine loans and working capital notes, and income from unconsolidated joint ventures for the final

month of the quarter reported herein.

Annualized GAAP NOI: Represents annualized GAAP rent which includes contractual cash rent, straight-line rent and

amortization of lease incentives and excludes real estate tax reimbursement, GAAP interest income from financing

receivables, mortgage loans, mezzanine loans and working capital notes, and income from unconsolidated joint ventures

for the final month of the quarter reported herein.

Assisted Living Communities (“ALF”): The ALF portfolio consists of assisted living, independent living, and/or

memory care properties (see definitions for Independent Living and Memory Care Communities). Assisted living

properties are seniors housing properties serving elderly persons who require assistance with activities of daily living, but

do not require the constant supervision skilled nursing properties provide. Services are usually available 24 hours a day

and include personal supervision and assistance with eating, bathing, grooming and administering medication. The

facilities provide a combination of housing, supportive services, personalized assistance and health care designed to

respond to individual needs.

Contractual Lease Rent: Rental revenue as defined by the lease agreement between us and the operator for the lease

year.

Core SHOP Portfolio: Represents the 27 properties (2,281 units) that include initial conversions (13) and acquired

SHOP properties (14) through 1Q26; excludes value-add conversions and additional acquisitions.

Earnings Before Interest, Tax, Depreciation and Amortization for Real Estate (“EBITDAre”): As defined by the

National Association of Real Estate Investment Trusts (“Nareit”), EBITDAre is calculated as net income (computed in

accordance with GAAP) excluding (i) interest expense, (ii) income tax expense, (iii) real estate depreciation and

amortization, (iv) impairment write-downs of depreciable real estate, (v) gains or losses on the sale of depreciable real

estate, and (vi) adjustments for unconsolidated partnerships and joint ventures.

EXPOR: Average expenses per occupied room per month

FAD Capex: Recurring capital expenditures that extend the useful life of a property

Financing Receivables: Properties acquired through a sale-leaseback transaction with an operating entity being the

same before and after the sale-leaseback, subject to a lease contract that contains a purchase option. In accordance with

GAAP, the purchased assets are required to be presented as Financing receivables on our Consolidated Balance Sheets

and the rental income to be presented as Interest income from financing receivables on our Consolidated Statements of

Income. Funds Available for Distribution (“FAD”): FFO excluding the effects of straight-line rent, amortization of lease costs,

effective interest income, provision for credit losses, non-cash compensation charges, non-cash interest charges and recurring

capital expenditures required to maintain and re-tenant our properties.

Funds From Operations (“FFO”): As defined by Nareit, net income available to common stockholders (computed in

accordance with U.S. GAAP) excluding gains or losses on the sale of real estate and impairment write-downs of depreciable

real estate plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint

ventures.

GAAP Rent: Total rent we will receive as a fixed amount over the initial term of the lease and recognized

evenly over that term. GAAP rent recorded in the early years of a lease is higher than the cash rent received

and during the later years of the lease, the cash rent received is higher than GAAP rent recognized. The

difference between the cash rent and GAAP rent is commonly referred to as straight-line rental income. GAAP

rent also includes amortization of lease incentives and real estate tax reimbursements.

Gross Asset Value: The carrying amount of total assets after adding back accumulated depreciation and loan

loss reserves, as reported in the company’s consolidated financial statements.

Gross Investment: Original price paid for an asset plus capital improvements funded by LTC, without any

deductions for depreciation or provision for credit losses. Gross Investment is commonly referred to as

undepreciated book value.

Independent Living Communities (“ILF”): Seniors housing properties offering a sense of community and

numerous levels of service, such as laundry, housekeeping, dining options/meal plans, exercise and wellness

programs, transportation, social, cultural and recreational activities, on-site security and emergency response

programs. Many offer on-site conveniences like beauty/barber shops, fitness facilities, game rooms, libraries

and activity centers. ILFs are also known as retirement communities or seniors apartments.

Initial Conversion: 13 properties converted to SHOP in 2Q25.

Interest Income: Represents interest income from financing receivables, mortgage loans and other notes.

Licensed Beds/Units: The number of beds and/or units that an operator is authorized to operate at seniors

housing and long-term care properties. Licensed beds and/or units may differ from the number of beds and/or

units in service at any given time.

Memory Care Communities (“MC”): Seniors housing properties offering specialized options for seniors with

Alzheimer’s disease and other forms of dementia. These facilities offer dedicated care and specialized

programming for various conditions relating to memory loss in a secured environment that is typically smaller

in scale and more residential in nature than traditional assisted living facilities. These facilities have staff

available 24 hours a day to respond to the unique needs of their residents.

Metropolitan Statistical Areas (“MSA”): Based on the U.S. Census Bureau, MSA is a geographic entity

defined by the Office of Management and Budget (OMB) for use by Federal statistical agencies in collecting,

tabulating, and publishing Federal statistics. A metro area contains a core urban area of 50,000 or more

population. MSAs 1 to 31 have a population of 19.5M – 2.2M. MSAs 32 to 100 have a population of 2.2M –

0.6M. MSAs greater than 100 have a population of 0.6M – 58K. Cities in a Micro-SA have a population of

264K – 12K. Cities not in an MSA have a population of less than 100K.

Mezzanine: Mezzanine financing sits between senior debt and common equity in the capital

structure, and typically is used to finance development projects, value-add opportunities on existing

operational properties, partnership buy-outs and recapitalization of equity. Security for mezzanine

loans can include all or a portion of the following credit enhancements: secured second mortgage,

pledge of equity interests, and personal/corporate guarantees. Mezzanine loans can be recorded for

GAAP purposes as either a loan or joint venture depending upon loan terms and related credit

enhancements.

GLOSSARY

2Q26 SUPPLEMENTAL 30

GLOSSARY

Micropolitan Statistical Areas (“Micro-SA”): Based on the U.S. Census Bureau, Micro-SA is a geographic entity

defined by the Office of Management and Budget (OMB) for use by Federal statistical agencies in collecting, tabulating,

and publishing Federal statistics. A micro area contains an urban core of at least 10,000 population.

Mortgage Loan: Mortgage financing is provided on properties based on our established investment underwriting criteria

and secured by a first mortgage. Subject to underwriting, additional credit enhancements may be required including, but

not limited to, personal/corporate guarantees and debt service reserves. When possible, LTC attempts to negotiate a

purchase option to acquire the property at a future time and lease the property back to the borrower.

Net Real Estate Assets: Gross real estate investment less accumulated depreciation. Net Real Estate Asset is

commonly referred to as Net Book Value (“NBV”).

NNN: Triple-net lease which requires the lessee to pay all taxes, insurance, maintenance and repair capital and non-capital

expenditures and other costs necessary in the operations of the property.

Non-cash Revenue: Straight-line rental income, amortization of lease inducement and effective interest.

Non-cash Compensation Charges: Vesting expense relating to restricted stock and performance-based stock units.

Non-FAD Capex: Capital expenditures, including significant renovations, to bring a property to a marketable and functional

standard.

Normalized EBITDAR Coverage: The trailing twelve months’ earnings from the operator financial statements adjusted

for non-core, infrequent, or unusual items and before interest, taxes, depreciation, amortization, and rent divided by the

operator’s contractual lease rent. Management fees are imputed at 5% of revenues.

Normalized EBITDARM Coverage: The trailing twelve months’ earnings from the operator financial statements

adjusted for non-core, infrequent, or unusual items and before interest, taxes, depreciation, amortization, rent, and

management fees divided by the operator’s contractual lease rent.

Occupancy: The weighted average percentage of all beds and/or units that are occupied at a given time. The calculation

uses the trailing twelve months and is based on licensed beds and/or units which may differ from the number of beds

and/or units in service at any given time.

Operator Financial Statements: Property level operator financial statements which are unaudited and have not been

independently verified by us.

Private Pay: Private pay includes private insurance, HMO, VA, and other payors.

Purchase Price: Represents the fair value price of an asset that is exchanged in an orderly transaction between market

participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a

period prior to the measurement date to allow for marketing activities that are usual and customary for transactions

involving such assets; it is not a forced transaction (for example, a forced liquidation or distress sale).

Real Estate Investments: Represents our investments in real property, financing receivables, mortgage loans receivable

and other notes receivables.

Rental Income: Represents GAAP rent generated by our owned properties under triple-net leases.

REVPOR: Average revenues per occupied room per month

RIDEA: Real Estate Investment Trust (REIT) Investment Diversification and Empowerment Act of 2007

Same Property Portfolio (“SPP”): Same property statistics allow for the comparative evaluation of

performance across a consistent population of LTC’s leased property portfolio and the Prestige Healthcare

mortgage loan portfolio. Our SPP is comprised of stabilized properties occupied and operated throughout the

duration of the quarter-over-quarter comparison periods presented (excluding assets sold, assets held-for-sale

and SHOP assets). Accordingly, a property must be occupied and stabilized or a minimum of 15 months to be

included in our SPP. Each property transitioned to a new operator has been excluded from SPP and will be

added back to SPP for the SPP reporting period ending 15 months after the date of the transition.

Seniors Housing (“SH”): Consists of independent living, assisted living, and/or memory care properties.

Seniors Housing Operating Portfolio (“SHOP”): Includes Seniors Housing properties generally structured to

comply with RIDEA.

SHOP Net Operating Income (“NOI”): Total SHOP revenues (resident fees and services) less total SHOP

expenses (seniors housing operating expenses).

Skilled Nursing Properties (“SNF”): Seniors housing properties providing restorative, rehabilitative and

nursing care for people not requiring the more extensive and sophisticated treatment available at acute care

hospitals. Many SNFs provide ancillary services that include occupational, speech, physical, respiratory and IV

therapies, as well as sub-acute care services which are paid either by the patient, the patient’s family, private

health insurance, or through the federal Medicare or state Medicaid programs.

Stabilized: Properties are generally considered stabilized upon the earlier of achieving certain occupancy

thresholds (e.g. 80% for SNFs and 90% for ALFs) and, as applicable, 12 months from the date of

acquisition/lease transition/restructure or, in the event of a de novo development, redevelopment, major

renovations or addition, 24 months from the date the property is first placed in or returned to service, or

properties acquired in lease-up.

Trailing Twelve Months NOI: For the owned portfolio under triple-net leases, rental income excluding real

estate tax reimbursement, straight-line rent write-off and rental income from properties sold during the trailing

twelve months. For the owned portfolio under our SHOP segment, represents SHOP NOI during the trailing

twelve months. For owned properties accounted for as financing receivables, mortgage loan receivables and

notes receivables, NOI includes cash interest income and effective interest during the trailing twelve months

and excludes loan payoffs during the trailing twelve months. For Unconsolidated JV, NOI includes income

from our investments in joint ventures during the trailing twelve months.

Under Development Properties (“UDP”): Development projects to construct seniors housing properties.

Value-Add Conversion: Properties converted to date, or planned to be converted, from our market-based

rent reset portfolio – 1 campus converted in 4Q25 (previously disclosed as 2 properties); 2 properties

converted in 1Q26; and 2 properties converted in 2Q26.

GLOSSARY

2Q26 SUPPLEMENTAL 31

Founded in 1992, LTC Properties, Inc. (NYSE: LTC) is a self-administered real estate investment trust (REIT) investing in seniors housing and health care properties

primarily through SHOP, triple-net leases, joint ventures and structured finance solutions including preferred equity and mezzanine lending. LTC’s portfolio encompasses

Seniors Housing (SH) consisting of Assisted Living Communities (ALF), Independent Living Communities (ILF), Memory Care Communities (MC), Skilled Nursing Facilities

(SNF) and combinations thereof. Our main objective is to build and grow a diversified portfolio that creates and sustains shareholder value while providing our stockholders

current distribution income. To meet this objective, we seek properties operated by regional operators, ideally offering upside and portfolio diversification (geographic,

operator, property type and investment vehicle). For more information, visit www.LTCreit.com. FORWARD-LOOKING STATEMENTS

NON-GAAP INFORMATION

This supplemental information contains certain non-GAAP information including EBITDAre, adjusted EBITDAre, FFO, FFO excluding non-core adjustments, FAD, FAD excluding non-core

adjustments, adjusted interest coverage ratio, adjusted fixed charges coverage ratio and NOI. A reconciliation of this non-GAAP information is provided on pages 22, 25, 26, 27 and 28 of this

supplemental information, and additional information is available under the “Non-GAAP Financial Measures” subsection under the “Filings” section of our website at www.LTCreit.com.

This supplemental information contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of

1934, as amended, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as ‘‘believes,’’ ‘‘expects,’’ ‘‘may,’’ ‘‘will,’’ “could,” “would,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or

“anticipates,” or the negative of those words or similar words. Examples of forward-looking statements include the Company’s 2026 SHOP investment guidance and funding strategy, estimated 2026

pro forma SHOP growth and gross asset value, near-term expected sales and loan payoffs, anticipated rent and gain on sales, core SHOP portfolio guidance, and future strategy. Forward- looking

statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect the Company’s future plans of operation, business strategy, results of operations

and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not

limited to, operational and legal risks and liabilities under the Company’s new SHOP segment; the Company’s dependence on the ability of its third-party independent operators to successfully

manage and operate the Company’s SHOP communities; the Company’s dependence on its operators for revenue and cash flow; government regulation of the health care industry; changes in

federal, state, or local laws limiting REIT investments in the health care sector; federal and state health care cost containment measures including reductions in reimbursement from third-party payors

such as Medicare and Medicaid; required regulatory approvals for operation of health care facilities; a failure to comply with applicable law or regulations for the operation of health care facilities; the

adequacy of insurance coverage maintained by the Company’s operators; the Company’s reliance on a few major operators; the Company’s ability to find suitable replacement operators for its SHOP

communities; the Company’s ability to renew leases or enter into favorable terms of renewals or new leases; the impact of inflation; operator financial or legal difficulties; the sufficiency of collateral

securing mortgage loans; an impairment of the Company’s real estate investments; the relative illiquidity of the Company’s real estate investments; the Company’s ability to develop and complete

construction projects; the Company’s ability to invest cash proceeds for health care properties; a failure to qualify as a REIT; the Company’s ability to grow if access to capital is limited; and a failure

to maintain or increase the Company’s dividend. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please

see the discussion under “Risk Factors” and other information contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Company’s subsequent

Quarterly Reports on Form 10-Q, and the Company’s publicly available filings with the Securities and Exchange Commission. The Company does not undertake any responsibility to update or revise

any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise. Although the Company’s management

believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The

actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements.

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