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• Realty Income for seniors housing and healthcare properties.
• American Tower for healthcare infrastructure.

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• Property Leasing: Leasing seniors housing and skilled nursing properties to various healthcare operators under long-term agreements.
• Mortgage Financing: Providing mortgage loans for the acquisition, development, or refinancing of healthcare properties.

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LTC Properties (LTC) primarily sells to other companies, specifically healthcare and senior living operators that lease its properties. Based on recent investor information, its major customers (tenants) include:

• Prestige Healthcare
• Signature Healthcare
• Brookdale Senior Living (NYSE: BKD)
• Capital Senior Living (NYSE: CSU)
• Humphrey Management

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Wendy Simpson Executive Chairman

Wendy Simpson has been appointed Executive Chairman of LTC Properties' Board of Directors, effective December 31, 2024. She served as LTC's Chief Executive Officer since 2007, having joined the company in 2000. Her extensive tenure at LTC has included roles such as Vice Chairman, President, Chief Operating Officer, Chief Financial Officer, and Treasurer. Prior to her time at LTC, Ms. Simpson held executive positions in public companies that owned acute care hospitals, long-term acute care hospitals, psychiatric hospitals, and home health services.

Pam Kessler Co-Chief Executive Officer

Pam Kessler will assume the role of Co-Chief Executive Officer, effective December 31, 2024, and retains her title as Co-President, a position she has held since 2020. She joined LTC Properties in 2000 as Controller and previously served as Chief Financial Officer since 2007. Before joining LTC, Ms. Kessler was the Corporate Controller for a privately held commercial and multifamily real estate developer. She also served as the Director of Financial Reporting for Irvine Apartment Communities, an apartment REIT, and as Assistant Controller of the Inland Empire division of KB Home, a publicly traded homebuilder.

Clint Malin Co-Chief Executive Officer

Clint Malin will become Co-Chief Executive Officer, effective December 31, 2024, and continues in his role as Co-President, which he has held since 2020. He joined LTC in 2004 as Chief Investment Officer. Prior to his work at LTC, Mr. Malin was the Vice President of Corporate Real Estate for Sun Healthcare Group, Inc. (now Genesis HealthCare), where he was responsible for acquisitions and portfolio management.

Cece Chikhale Chief Financial Officer

Cece Chikhale has been promoted to Chief Financial Officer, effective December 31, 2024. She has been LTC's Chief Accounting Officer since 2020 and has served as Controller and Treasurer since 2007. Ms. Chikhale joined LTC in 2002 as an Accounting Manager and also held positions as Assistant Controller and Assistant Treasurer. Before joining LTC, she was a Senior Auditor at Ernst & Young.

Gibson Satterwhite Executive Vice President, Asset Management

Gibson Satterwhite was appointed Executive Vice President in February 2025. He has been LTC's Senior Vice President of Asset Management since 2020 and joined the company in 2016 as an Asset Manager. He also served as Vice President, Asset Management. Prior to his tenure at LTC, Mr. Satterwhite held executive financial positions in privately held companies within the seniors housing and manufacturing sectors. He began his career in equity research at Citigroup Asset Management and has over 15 years of investment and operations experience.

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The key risks to LTC Properties' business are primarily centered around its reliance on its operators, the highly regulated healthcare environment, and its debt structure.

1. Dependence on Operator Financial Health and Tenant Concentration: LTC Properties' revenue and cash flow are substantially derived from the financial performance and stability of its operators. There is a risk associated with tenant concentration, and the quality and financial health of some private operators are described as opaque, with some showing signs of stress. Any financial difficulties faced by these operators, possibly due to low occupancy or high operating costs, could negatively impact LTC's rental income and overall financial performance.
2. Healthcare Regulatory and Reimbursement Changes: Operating within the heavily regulated healthcare industry, LTC Properties is exposed to risks from potential changes in federal and state healthcare policies, including alterations to Medicare or Medicaid reimbursement rates. Such changes could adversely affect the financial stability of LTC's tenants, potentially leading to increased credit risk and reduced rental income.
3. Debt Maturities and Financial Flexibility: LTC Properties faces significant debt maturities in 2026, which requires ongoing monitoring. The company's overall financial health indicators and its ongoing issuance of new debt are factors that investors should remain vigilant about, as they could impact its financial flexibility and ability to secure additional financing.

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The increasing viability and preference for "Aging in Place," significantly enhanced by emerging technologies such as advanced remote patient monitoring, telehealth, home health robotics, and expanded "Hospital-at-Home" programs, poses a clear emerging threat. These advancements enable seniors with increasing care needs to remain in their homes for longer periods, potentially reducing the demand for traditional assisted living, memory care, and skilled nursing facilities. This shift could lead to lower occupancy rates for LTC Properties' tenants, impacting their rental income and the long-term valuation of LTC's real estate portfolio.

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LTC Properties (symbol: LTC) primarily invests in seniors housing and skilled nursing facilities across the United States. Its portfolio consists of approximately 60% seniors housing and 40% skilled nursing properties. The company generates revenue through rental income from leased properties and interest income from mortgage loans.

The addressable markets for LTC Properties' main products and services in the U.S. are as follows:

• U.S. Senior Living Market: The U.S. senior living market was estimated at approximately $907.59 billion in 2024 and is projected to reach $1.33 trillion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 4.42% from 2025 to 2033. Another estimate places the market at $923.75 billion in 2023, with a projection to reach $1.39 trillion by 2033, at a CAGR of 4.18% from 2024 to 2033.
• U.S. Skilled Nursing Facilities Market: This market was estimated at around $199.72 billion in 2024 and is expected to reach $290.02 billion by 2033, exhibiting a CAGR of 4.39% from 2025 to 2033. Other reports estimate the market at $202.4 billion in 2025, with a projected growth to $279.9 billion by 2035 at a CAGR of 3.3% from 2025 to 2035.
• U.S. Healthcare Real Estate Market (Overall): The broader U.S. healthcare real estate market, which encompasses both senior living and skilled nursing facilities, was valued at $1.32 trillion in 2024 and is projected to reach $1.87 trillion by 2030, with a CAGR of 6.20%.

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LTC Properties (NYSE: LTC) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of the Senior Housing Operating Portfolio (SHOP) through acquisitions and conversions: LTC Properties is actively growing its Senior Housing Operating Portfolio (SHOP) segment. This involves acquiring new senior housing properties and converting existing triple-net leases into SHOP structures, which is projected to significantly boost Net Operating Income (NOI) from this segment. The company has a substantial investment pipeline, with plans to deploy significant capital into new investments, predominantly in SHOP, which is expected to more than double the size of its SHOP portfolio.
2. Rent escalations and fair market rent resets: The company benefits from contractual rent increases embedded in its existing lease agreements. Additionally, LTC Properties is realizing revenue growth from fair market rent resets on a portion of its portfolio, contributing to higher rental income.
3. Improved occupancy rates within the SHOP segment: For both newly acquired and converted SHOP properties, an anticipated increase in occupancy rates is a significant driver of revenue growth. As these facilities stabilize and attract more residents, their net operating income is expected to rise.
4. Strategic portfolio repositioning towards senior housing: LTC Properties is strategically optimizing its asset portfolio by divesting older skilled nursing facilities and reinvesting the proceeds into newer, higher-growth senior housing assets. This repositioning aligns with favorable demographic shifts, specifically the increasing population of individuals aged 65 and over, which is expected to drive sustained demand for senior housing.

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Share Issuance

• LTC Properties plans to fund new investments through proceeds from the sales of common stock under the company's At-The-Market (ATM) program.
• During the third quarter of 2025 and subsequently, LTC sold 1.5 million shares via its ATM program, generating approximately $56 million in net proceeds.
• As of September 30, 2025, LTC had the capacity to issue up to $330.3 million of common stock under its equity distribution agreements.

Outbound Investments

• LTC Properties had a projected investment pipeline of $460 million for 2025, with approximately 85% closed through November 4, 2025, and over $290 million allocated to its Senior Housing Operating Portfolio (SHOP).
• Notable acquisitions in 2025 include a $195 million SHOP acquisition of five seniors housing communities in Wisconsin, a $40 million SHOP acquisition of two communities in Kentucky, and a $23 million SHOP acquisition of a community in Georgia.
• The company is actively managing its portfolio by selling older skilled nursing centers, such as $79 million in sales of five properties in Virginia and California in October 2025, to redeploy capital into newer SHOP assets and increase exposure to seniors housing.

Capital Expenditures

• For 2025, LTC increased its SHOP FAD capital expenditures to a range of $660,000 to $920,000, or approximately $1,200 to $1,400 annualized per unit.
• The primary focus of capital expenditures and investments is on acquiring newer, stabilized Senior Housing Operating Portfolio (SHOP) assets to enhance the portfolio.