LTC Properties Inc (NYSE: LTC) is a real estate investment trust (REIT) incorporated in Maryland on May 12, 1992, that invests primarily in seniors housing and health care properties. It generates income through ownership, sale-leasebacks, mortgage financing, joint ventures, construction financing, and structured finance solutions including preferred equity, bridge lending, and mezzanine lending. The company also operates a SHOP (Seniors Housing Operating Portfolio) segment, where third-party independent operators manage communities on LTC's behalf. Investment activity over the three years preceding the 10-K filed February 24, 2026 focused on seniors housing communities and health care centers. Revenue and cash flow depend materially on the performance of third-party operators. LTC is subject to government regulation of the health care industry, creating both a barrier to entry and an ongoing compliance obligation. The company commenced operations on August 25, 1992 and qualifies as a well-known seasoned issuer as of the filing date.

Revenue model

Rental income from owned seniors housing and health care properties, interest income from mortgage and structured finance instruments (preferred equity, bridge loans, mezzanine loans), and operating revenues from SHOP communities managed by third-party operators.

Products and services

Seniors housing community ownership and leasing, sale-leaseback transactions, mortgage financing, construction financing, joint ventures, preferred equity, bridge lending, mezzanine lending, SHOP (Seniors Housing Operating Portfolio) operations.

Customers and end markets

Third-party independent operators of seniors housing communities and health care centers; end market is seniors housing and post-acute/long-term care. Revenue and cash flow are dependent on operator performance.

Value-chain role

Capital provider and property owner in the seniors housing and health care real estate sector; sits between capital markets and facility operators as landlord, mortgage lender, and structured finance provider.

Geographic exposure

United States (specific state or regional breakdown not supported by the provided filing excerpts).

Source: SEC 10-K, filed 2026-02-24

Industry: Real Estate Investment Trusts Peers: CareTrust REIT Inc Community Healthcare Trust Inc Diversified Healthcare Trust Chiron Real Estate Inc Welltower Inc National Health Investors Inc Physicians Realty Trust Omega Healthcare Investors, Inc Sabra Health Care REIT Inc Universal Health Realty Income Trust