LTC Properties, Inc.
- Open
- 40.67
- Day high
- 41.18
- Day low
- 40.65
- Prev close
- 40.32
- Volume
- 44K
- Mkt cap
- $1.9B
- P/E (TTM)
- 14.6
- EPS (TTM)
- $2.82
- P/B
- 1.5
- P/S
- 5.5
- Yield
- 5.54%
- Per share
- $2.28
- ▲Insiders net buying $203K over the last 3 months (3 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
LTC Properties, Inc. (LTC) is a Real Estate company listed on NYSE. The stock is up 11% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 1 sale (SEC Form 4).
LTC Properties, Inc. (LTC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LTC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.48 | $0.56 | +16.7% | $26M | -67.1% |
| May 7, 2026 | $0.72 | $0.69 | -4.2% | $26M | -63.9% |
| Feb 25, 2026 | $1.30 | $0.70 | -46.2% | $84M | +0.1% |
| Feb 15, 2024 | $0.48 | $0.67 | +40.8% | $50M | +0.8% |
| Oct 26, 2023 | $0.47 | $0.54 | +16.1% | $49M | +2.4% |
| Jul 27, 2023 | $0.66 | $0.66 | -0.5% | $48M | -0.8% |
| Apr 27, 2023 | $0.66 | $0.66 | -0.2% | $50M | +22.7% |
| Feb 16, 2023 | $0.67 | $0.72 | +7.8% | $48M | +41.2% |
| Oct 27, 2022 | $0.65 | $0.60 | -7.0% | $44M | +40.5% |
| Jul 28, 2022 | $0.62 | $0.64 | +2.6% | $43M | +41.5% |
| Apr 28, 2022 | $0.62 | $0.60 | -2.8% | $41M | +26.1% |
| Feb 17, 2022 | $0.57 | $0.56 | -1.9% | $39M | +27.9% |
LTC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 13, 2026 | Gruber David Ldirector | Buy | 3,500 | $38.30 |
| Aug 13, 2026 | Gruber David Ldirector | Buy | 500 | $38.30 |
| Jul 14, 2026 | TRICHE TIMOTHYdirector | Sell | 3,125 | $39.54 |
| Jun 4, 2026 | BOITANO DAVID Mofficer: EVP & CIO | Buy | 5,000 | $34.69 |
| May 22, 2026 | Gruber David Ldirector | Grant | 3,077 | $39.00 |
| May 22, 2026 | Preber Bradley Jdirector | Grant | 3,077 | $39.00 |
| May 22, 2026 | TRICHE TIMOTHYdirector | Grant | 3,077 | $39.00 |
| May 22, 2026 | HAWKEN JEFFREY Cdirector | Grant | 3,077 | $39.00 |
| May 22, 2026 | Gruber David Ldirector | Buy | 4,000 | $38.41 |
| May 22, 2026 | Cheng Corneliadirector | Grant | 3,077 | $39.00 |
| Mar 10, 2026 | Satterwhite John Gibsonofficer: EVP, ASSET MANAGEMENT | Tax | 4,162 | $39.68 |
| Mar 10, 2026 | Malin Clint Bofficer: CO-PRESIDENT & CO-CEO | Tax | 17,926 | $39.68 |
| Mar 10, 2026 | SHELLEY-KESSLER PAMELAofficer: CO-PRESIDENT AND CO-CEO | Tax | 15,726 | $39.68 |
| Mar 10, 2026 | SIMPSON WENDYdirector, officer: EXECUTIVE CHAIRMAN | Tax | 36,536 | $39.68 |
| Mar 10, 2026 | Malin Clint Bofficer: CO-PRESIDENT & CO-CEO | Grant | 33,226 | $39.68 |
Source: LTC SEC Form 4 filings, latest Aug 13, 2026. For informational purposes only — not investment advice.
See the full LTC insider & 13F page →LTC Properties, Inc. company profile
Overview
LTC Properties, Inc. (NYSE:LTC) is a real estate investment trust (REIT) that has specialized in healthcare real estate since its initial public offering in 1992. Founded as a vehicle to invest in seniors housing and healthcare facilities, the company has evolved over three decades to become a diversified owner of healthcare real estate across the United States. Today, LTC operates a portfolio of 181 investments spanning 27 states, working with 29 different operating partners. The company has maintained a balanced approach to healthcare real estate, with approximately 50% of its portfolio allocated to seniors housing properties and 50% to skilled nursing facilities.
Business
LTC Properties operates in the healthcare real estate sector, which sits at the intersection of real estate investment and healthcare services. The company functions as a real estate investment trust (REIT), a special type of corporation that owns and typically operates income-producing real estate. REITs are required by law to distribute at least 90% of their taxable income to shareholders as dividends, making them popular income-generating investments. The healthcare real estate industry involves owning properties that house various healthcare services, from hospitals to nursing homes to assisted living facilities. LTC specifically focuses on two main property types that serve America's aging population. Seniors housing properties include assisted living communities, memory care facilities, and independent living communities where elderly residents live with varying levels of care and assistance. These facilities provide housing along with services like meal preparation, housekeeping, medication management, and social activities. Skilled nursing facilities, also known as nursing homes, provide more intensive medical care and rehabilitation services for patients who need 24-hour nursing supervision, often serving as transitional care between hospital stays and returning home. LTC's portfolio consists of approximately: • 50% seniors housing properties - These generate revenue through private-pay residents and some government reimbursement programs • 50% skilled nursing properties - These primarily rely on government reimbursement through Medicare and Medicaid programs The company has diversified its investment approach beyond traditional property ownership, utilizing various financing structures including sale-leaseback transactions (where they buy properties and lease them back to operators), mortgage financing, joint ventures, and structured finance solutions such as preferred equity and mezzanine lending.
Revenue model
LTC Properties generates revenue primarily through rental income from its healthcare real estate portfolio, operating under several different business models depending on the investment structure. The company's traditional approach involves triple net lease arrangements, where tenant operators pay rent plus all property expenses including taxes, insurance, and maintenance. This provides LTC with predictable income streams while transferring operational responsibilities to the healthcare operators. The company has been transitioning toward a RIDEA structure (REIT Investment Diversification and Empowerment Act), which allows REITs to participate more directly in the operations of their healthcare properties. Under RIDEA, LTC can share in both the operational income and expenses of the properties, potentially capturing more upside when facilities perform well but also taking on more operational risk. Management has indicated plans to convert $150-200 million of current triple net leases to RIDEA structures, targeting going-in yields of 7% to 7.5% for seniors housing assets. LTC's customers are healthcare operators - companies that run the day-to-day operations of seniors housing and skilled nursing facilities. These operators pay rent to LTC and, in RIDEA structures, share operational results. The ultimate source of revenue comes from residents and patients, who pay either privately or through government programs like Medicare and Medicaid. Several factors influence LTC's profitability margins. Positive factors include an aging U.S. population driving demand for seniors housing, potential for rent increases in inflationary environments, and the ability to participate in operational upside through RIDEA structures. Negative factors include labor shortages in healthcare (increasing operator costs and potentially affecting their ability to pay rent), changes in government reimbursement rates for Medicare and Medicaid, competition from new healthcare facilities, and interest rate increases that affect both LTC's borrowing costs and the cap rates at which their properties are valued.
Competitive moat
LTC Properties operates in a sector with moderate competitive advantages, though these moats are not exceptionally strong. The company's primary moat stems from its established relationships with healthcare operators and its specialized expertise in healthcare real estate financing. Healthcare real estate requires deep understanding of complex regulations, reimbursement systems, and operational challenges that general real estate investors may lack. LTC's three decades of experience and relationships with 29 operating partners provide valuable insights into operator quality and market dynamics. The company benefits from the essential nature of healthcare services - people will always need medical care and seniors housing regardless of economic conditions. However, this defensive characteristic is somewhat offset by the sector's dependence on government reimbursement programs, which can change based on policy decisions. LTC's geographic diversification across 27 states and operator diversification help reduce concentration risk, though the company still faces exposure to industry-wide challenges like labor shortages and regulatory changes. The competitive landscape includes other healthcare REITs such as Welltower, Ventas, and Healthcare Realty Trust, which have larger scale and potentially better access to capital markets. LTC's smaller size (approximately $1.6 billion market cap) limits its ability to pursue the largest transactions but allows for more nimble decision-making and focus on mid-market opportunities. The transition to RIDEA structures represents both an opportunity to differentiate through operational partnerships and a risk of taking on more operational complexity that larger, more resourced competitors might handle more effectively. Potential disruption could come from new models of senior care, changes in healthcare delivery (such as increased home-based care), or significant shifts in government healthcare policy. The company's focus on essential healthcare services provides some protection, but the specialized nature of healthcare real estate means that obsolescence or regulatory changes could significantly impact property values.
Risks & safety
LTC Properties demonstrates a moderate margin of safety with improving financial metrics but some areas of concern. • **Liquidity and Solvency**: Strong liquidity position with $681 million in total liquidity as of Q1 2025. Current ratio of 2.37x indicates adequate short-term liquidity. No significant solvency concerns given the REIT structure and asset base. • **Debt Management**: Debt-to-EBITDA ratio of 4.3x is manageable for a REIT, down from higher levels in previous periods. Fixed charge coverage ratio of 4.7x provides reasonable cushion for debt service obligations. • **Valuation Metrics**: Trading at 19.4x P/E ratio and 1.67x price-to-book, which appears reasonable for a healthcare REIT. EV/EBITDA of 19.5x is elevated but reflects the REIT's income-focused structure. • **Cash Generation**: Strong operating cash flow of $29.6 million in Q1 2025, with free cash flow matching operating cash flow. FFO (Funds From Operations) of $0.65 per share demonstrates consistent cash generation ability. • **Other Considerations**: Portfolio concentration risk with some operators, ongoing industry challenges with labor costs and government reimbursement, but balanced by essential nature of healthcare services and diversified geographic footprint.
Recent development
Over the past two years, LTC Properties has undergone significant strategic evolution, most notably through its transition toward RIDEA investment structures. This represents a fundamental shift from the company's traditional triple net lease model, where LTC simply collected rent, to a more operationally involved approach where the company shares in both the income and expenses of healthcare facilities. Management has already converted 12 memory care properties from triple net leases to RIDEA and is targeting $150-200 million in additional conversions, with the goal of achieving a 25-50% RIDEA portfolio allocation within 3-5 years. The company has also focused heavily on portfolio optimization and operator diversification. LTC successfully managed challenges with several operators, including providing rent assistance and restructuring arrangements with ALG Senior, converting mortgage loans into joint venture investments, and working through occupancy issues caused by staffing challenges and the Change Healthcare cyber attack that disrupted Medicaid reimbursements. The company has been actively reducing its exposure to underperforming assets while building relationships with new operators interested in RIDEA structures. Financially, LTC has substantially strengthened its balance sheet through deleveraging efforts. The company reduced its debt-to-EBITDA ratio from 5.3x to 4.3x while increasing its fixed charge coverage ratio from 3.7x to 4.8x. This was accomplished through strategic asset sales, loan receivable payoffs totaling over $98 million, and equity raises through their at-the-market (ATM) program. The company has also hired a new Chief Investment Officer, Dave Boitano, to support the expanded investment strategy and RIDEA platform development. Looking forward, LTC is building infrastructure to support its RIDEA operations, including database systems, accounting platforms, and additional personnel. The company has identified a $300 million investment pipeline, with 50% representing RIDEA opportunities, and is targeting going-in yields of 7% to 7.5% for seniors housing assets under the new structure.
LTC company profile · for informational purposes only — not investment advice.
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