📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

LTC Properties, Inc. is a real estate investment trust (REIT) focused on seniors housing and health care properties, principally investing through SHOP, as well as triple-net leases, and joint ventures.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding LTC

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	169.2K	$6.3M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management uses specific figures and milestones (pipeline increased to $400M, core FFO guidance raised $0.02, new $600M credit facility, $260M in stabilized SHOP investments closing) and declarative language ('momentum is evident', 'strong platform for meaningful growth') to convey execution and optimism.

Q3 2025

Confident Specific

Management used decisive language like 'outperforming our own expectations' and 'growing the pipeline four-fold', and repeatedly emphasized execution and momentum. The tone was forward-looking with specific guidance increases and concrete pipeline figures.

Q4 2025

Confident Specific

Management uses concrete milestones ('almost halfway through our transformation', '$600 million in acquisitions at the midpoint for 2026') and provides detailed guidance with specific numbers (14% NOI growth, 5% RevPAR growth). Repeatedly emphasizes speed and execution.

Q1 2026 latest

Confident Specific

Management uses decisive language: 'successfully executing', 'strong conviction', 'on track', 'well positioned', and repeatedly emphasizes concrete numbers (e.g., $600 million midpoint, 40% SHOP NOI, 14% growth) without hedging. The tone is assured and forward-looking, supported by specific operational metrics.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is materially stronger after this call. Management demonstrated disciplined execution on the SHOP transformation, with concrete milestones (e.g., $460 million of the $600 million target already secured or under LOI) and reiterated double-digit NOI growth for the core SHOP portfolio. The shift from low-single-digit triple-net growth to mid-single-digit overall portfolio growth at 40% SHOP exposure is a clear value driver. The pipeline remains robust with over $500 million under consideration, and the ability to recycle SNF capital at attractive 8% caps into higher-growth SHOP assets strengthens the narrative. However, the refusal to provide detailed same-store metrics quarterly may limit transparency for investors tracking organic momentum. Key items to watch in Q2: closing of the delayed transaction and the remaining $250 million expected to close, occupancy trajectory into the summer selling season, and any additional Skilled Nursing dispositions that could accelerate the mix shift.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED LTC targets $600M SHOP acquisitions in 2026; SHOP to be 45% of investments by year-end

Revenue & Profitability

First quarter 2026 core FFO per share was $0.69, up $0.04 year-over-year; core FAD per share was $0.72, up $0.02. Full-year 2026 guidance: core FFO per share $2.75–$2.79, core FAD per share $2.82–$2.86. SHOP NOI is expected in the range of $65 million–$77 million. Pro forma debt to annualized adjusted EBITDA was 4.4x, and annualized adjusted fixed charge coverage was 4.6x. Pro forma liquidity totals $775 million.

Outlook

Management sees favorable supply-demand dynamics: baby boomers turning 80 and new construction starts near historical lows. They are confident in low to mid-teens SHOP NOI growth over the foreseeable future. However, there are uncertainties around interest rates due to the new Federal Reserve Chairman. Occupancy troughed at a higher level year-over-year, with green shoots in the spring selling season.

Growth Drivers

Key growth driver is the SHOP strategy, with SHOP portfolio expected to reach nearly $1 billion by end of Q2 2026. The company has closed ~$120 million in YTD investments, with nearly $250 million closing in Q2 and $90 million in signed LOIs for Q3. Pipeline exceeds $500 million. Pro forma NOI growth for the core SHOP portfolio (27 communities) is reiterated at 14% at the midpoint.

Balance Sheet & CapEx

2026 SHOP acquisition guidance midpoint is $600 million, within a range of $400 million–$800 million. FAD CapEx for SHOP is approximately $5 million. Platform investments are being made to add people and data capabilities to scale SHOP, with core infrastructure expected to be largely in place by year-end. The company has $265 million in planned proceeds from asset sales and loan payoffs.

Margins

SHOP NOI growth for the core portfolio is guided at 14% pro forma at the midpoint. The pro forma growth rate for the overall portfolio increases to 5%–7% at the 40% SHOP NOI target, from the low 2% range in triple-net leases. Management expects low to mid-teens SHOP growth over the foreseeable future, driven by 150 bps occupancy increase and RevPOR growth outpacing expense growth.

Key Risks

Management flagged interest rate uncertainty as a risk, given the new Federal Reserve Chairman. There is seasonal softness in Q1 occupancy, though the trough was higher year-over-year. New supply eventually coming online is a consideration, but construction starts remain historically low. Skilled nursing asset sales are opportunistic and depend on market pricing. Operator performance is critical, but LTC retains managers and selects strong operators.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

SHOP transformation accelerated, with 2026 acquisition guidance raised to $900 million and SHOP expected to reach 50% of NOI by year-end. Core SHOP NOI growth is strong, liquidity enhanced, and skilled nursing exposure reduced, supporting higher long-term FFO and FAD growth.

Q1 2026 Q1 2026 2026-05-07

SHOP-focused transformation drives 6% FFO and 3% FAD per share growth year-over-year, with $600M in SHOP acquisitions targeted for 2026 and strong liquidity supporting rapid portfolio expansion. Guidance reiterates double-digit SHOP NOI growth and robust capital recycling.

Q4 2025 Q4 2025 2026-02-25

Transformation to a SHOP-focused REIT is nearly halfway complete, with SHOP expected to reach 45% of the portfolio and 40% of NOI by end of 2026. Strong liquidity, robust acquisition pipeline, and double-digit NOI growth guidance position the company for accelerated growth.

Q3 2025 Q3 2025 2025-11-05

Q3 2025 saw improved core FFO and FAD, driven by SHOP segment growth and asset recycling. Raised full-year FFO guidance, expanded SHOP to 20% of the portfolio, and maintained strong liquidity. SHOP assets are newer, with robust occupancy and NOI growth expected.

Q2 2025 Q2 2025 2025-08-05

Q2 2025 saw improved FFO and FAD, a raised investment pipeline to $400M, and a significant shift toward SHOP assets, with guidance increased and liquidity strengthened. Strategic asset sales and new credit facilities support ongoing growth and portfolio transformation.

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