LTCNYSEReal Estate Investment TrustsUS GAAP · USD

LTC Properties, Inc

LTC Properties Inc. is a U.S. healthcare real estate investment trust that owns and finances seniors housing and skilled nursing properties. It generates income primarily from triple-net leases, mortgage and other financing arrangements, and a growing SHOP portfolio where independent operators manage communities on LTC’s behalf.

Liikevaihto263milj. USD
+25,3 %v/v
Liikevoitto (EBIT)205milj. USD
+2,7 %v/v
EBIT-marginaali77,9%
−17,1 %-yks.v/v
Nettotulos118milj. USD
+29,6 %v/v
Vapaa kassavirta136milj. USD
+8,6 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

0100200300milj. USD2020: 159 milj. USD2020: EBIT 96 milj. USD20202021: 155 milj. USD2021: EBIT 55 milj. USD20212022: 175 milj. USD2022: EBIT 99 milj. USD20222023: 197 milj. USD2023: EBIT 185 milj. USD20232024: 210 milj. USD2024: EBIT 199 milj. USD20242025: 263 milj. USD2025: EBIT 205 milj. USD2025263205
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Real Estate Investments70 %

Owned healthcare real estate held under non-cancelable triple-net leases and related property investments.

SHOP Segment15 %

Seniors housing communities managed by independent operators under RIDEA-style arrangements.

Mortgage and Financing Receivables10 %

Mortgage loans, financing receivables, notes receivable and related interest income.

Joint Ventures and Structured Finance5 %

Unconsolidated joint ventures plus preferred equity and mezzanine lending investments.

Asiakkaat

LTC’s customers are not end consumers but healthcare operators, tenants, and borrowers that need capital for seniors housing and care properties. The company primarily serves experienced operators of skilled nursing, assisted living, independent living and memory care communities, plus borrowers seeking mortgage or structured financing. Its income depends on operator performance, occupancy, resident fee levels and the ability of counterparties to meet lease and debt obligations.

Triple-net lease operators

Healthcare operators leasing LTC-owned properties and paying contractual rent.

SHOP independent operators

Third-party operators managing seniors housing communities under management agreements.

Mortgage and structured finance borrowers

Sponsors and operators that borrow through mortgage loans, notes or mezzanine/preferred structures.

Joint venture partners

Counterparties in unconsolidated healthcare real estate ventures that generate income and diversification.

Strategia

LTC is shifting from a pure triple-net healthcare landlord toward a broader capital provider with SHOP, mortgage and structured finance exposure. Management emphasizes disciplined underwriting, diversification by operator, property type and geography, and maintaining liquidity to act when capital markets and asset pricing are favorable. The strategy is designed to preserve current income while creating optionality for additional value through repositioning and new investments.

Broaden the investment mixKeskipitkä aikaväli

Reduces reliance on any single lease structure and can improve return opportunities.

Diversify operator and property exposureLyhyt aikaväli

Limits concentration risk and helps stabilize cash flows when individual operators weaken.

Preserve liquidity and capital flexibilityLyhyt aikaväli

Supports new investments and refinancing while reducing dependence on volatile capital markets.

Maantiede

LTC is a U.S.-focused REIT and the available filings emphasize diversification by geographic location rather than a disclosed country revenue split. Its portfolio is spread across multiple U.S. markets, which helps reduce dependence on any single state or local reimbursement and regulatory environment. Because the company invests in healthcare real estate, state-level regulation and local operating conditions can materially affect tenant performance and property cash flows.

Riskit

LTC’s cash flow depends on healthcare operators, so tenant distress, occupancy declines or reimbursement pressure can quickly affect rent and interest collections. The newer SHOP structure adds operating and legal exposure, while healthcare REIT regulation and capital market volatility can constrain growth and financing. Because the portfolio is concentrated in seniors housing and skilled nursing, industry-specific labor, liability and regulatory risks remain central.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →SHOP operational and legal liability risk1Operator credit and lease performance risk2Healthcare REIT regulatory change3
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. SHOP operational and legal liability riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Under RIDEA structures, LTC is exposed to property-level operating issues even with third-party operators.

    Kohdistuu: SHOP segment

  2. Operator credit and lease performance riskVaikutus: KorkeaTodennäköisyys: Matala

    Rental and interest income depend on operators generating enough cash to meet obligations.

    KohdistuuTriple-net leasesFinancing receivablesLoans
  3. Healthcare REIT regulatory changeVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    New laws could restrict REIT ownership or control in nursing homes and other healthcare assets.

    KohdistuuFederalStateLocal healthcare regulation
  4. Interest rate and capital market volatilityVaikutus: Keskitaso

    Funding costs and access to debt/equity capital affect acquisitions, refinancing and returns.

    KohdistuuRevolving creditDebt issuanceAcquisition funding

Kirjanpito

Harkinnanvaraiset erät
Impairment of long-lived assets

Management estimates future cash flows, cap rates and sale values to test recoverability.

Vaikutus: Can trigger write-downs on healthcare properties if operator performance weakens

Collectability of operator obligations

Lease and loan income depends on whether operators can pay amounts due.

Vaikutus: Affects allowance, revenue recognition and credit loss assessments

SHOP revenue recognition and period volatility

Resident fees and services vary with occupancy and operating conditions.

Vaikutus: Can create quarter-to-quarter swings in revenue and margins

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Päivitetty: 24.9.2026

LTC Properties, Inc (LTC) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo