LTC Properties, Inc.
ltcreit.comWhat Do They Do?
Leases seniors housing and health care properties to care operators and provides mortgage and other financing for those properties.
10-K for FY2025, filed Feb 24, 2026LTC Properties, Inc., a real estate investment trust (“REIT”), was incorporated on May 12, 1992 in the State of Maryland and commenced…View ↗
Historically our investments have consisted of:View ↗
As part of our strategy of making investments in properties used in the provision of long-term health care services, we provide mortgage…View ↗
How Do They Make Money?
LTC earns rent from operators over lease terms and interest on financing, mortgage and notes receivable; SHOP residents and third-party payors are billed monthly for resident services.
10-K for FY2025, filed Feb 24, 2026Substantially all of our revenues and sources of cash flows from operations are derived from rental income from triple net operating…View ↗
Rental Income. Rental income from operating leases is generally recognized on a straight-line basis over the terms of the leases.…View ↗
Resident Fees and Services. Resident fees and services represent all amounts earned from residents within our SHOP segment, as outlined in…View ↗
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10-K for FY2025, filed Feb 24, 2026
FY2025 revenue by reportable segment ↗
$262.9M
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10-K for FY2025, filed Feb 24, 2026
$262.9M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Real estate investments
Recurring
10-K for FY2025, filed Feb 24, 2026 |
72% |
Real estate investments, FY2025
$188.8M Sources
|
Recurring |
|
Seniors housing operating portfolio segment
Recurring
10-K for FY2025, filed Feb 24, 2026 |
27% |
Seniors housing operating portfolio segment, FY2025
$72.1M Sources
|
Recurring |
Who Are Their Customers?
Care-property operators lease LTC properties or borrow against care properties; SHOP resident fees come from residents and third-party payors under resident agreements.
10-K for FY2025, filed Feb 24, 2026Our triple-net leases require the lessee to pay all taxes, insurance, maintenance and repairs, capital and non-capital expenditures and…View ↗
As part of our strategy of making investments in properties used in the provision of long-term health care services, we provide mortgage…View ↗
Resident Fees and Services. Resident fees and services represent all amounts earned from residents within our SHOP segment, as outlined in…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 45 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 24, 2026
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
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Aug 5, 2026
Raises full-year investment guidance to $900 million
The full-year 2026 investment guidance midpoint rose 50% to $900 million.
Sources
8-K, filed Aug 5, 2026
– Increases Full-Year 2026 Mid-Point Investment Guidance to $900 Million, up 50% from Previous Mid-Point; Expects $700 Million in…View ↗
Growing. Revenue grew 69% in 4 years, from $155.3M in FY2021 to $262.9M in FY2025, about 14% a year.
Adds a managed-housing model
The earlier report describes property ownership, mortgages and other financing investments; the latest adds a seniors housing operating segment managed by independent operators that earns resident fees and service revenue.
10-K for FY2022, filed Feb 16, 2023 10-K for FY2025, filed Feb 24, 2026LTC Properties, Inc. is a real estate investment trust (“REIT”) that invests in seniors housing and health care properties through…View ↗
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