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OFFON

LTC PROPERTIES, INC.

(LTC)
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LTC PROPERTIES : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-K)

02/18/2021 | 05:25pm EDT

Executive Overview

Business and Investment Strategy


We are a real estate investment trust ("REIT") that invests in seniors housing
and health care properties through sale-leasebacks, mortgage financing, joint
ventures, construction financing and structured finance solutions. We seek to
create, sustain and enhance stockholder equity value and provide current income
for distribution to stockholders through real estate investments in seniors
housing and health care properties managed by experienced operators. Our primary
seniors housing and health care property classifications include skilled nursing
facilities ("SNF"), assisted living facilities ("ALF"), independent living
facilities ("ILF"), memory care communities ("MC") and combinations thereof. We
conduct and manage our business as one operating segment for internal reporting
and internal decision-making purposes. For purposes of this Annual Report on
Form 10-K and other presentations, we generally include ALF, ILF, and MC in the
ALF property classification. We have been operating since August 1992.

The following graph summarizes our gross investments as of December 31, 2020:


                           [[Image Removed: Graphic]]

Substantially all of our revenues and sources of cash flows from operations are
derived from operating lease rentals, interest earned on outstanding loans
receivable and income from investments in unconsolidated joint ventures. Our
investments in owned properties and mortgage loans represent our primary source
of liquidity to fund distributions and are dependent upon the performance of the
operators on their lease and loan obligations and the rates earned thereon.
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  Table of Contents
To the extent that the operators experience operating difficulties and are
unable to generate sufficient cash to make payments to us, there could be a
material adverse impact on our consolidated results of operations, liquidity
and/or financial condition. To mitigate this risk, we monitor our investments
through a variety of methods determined by property type and operator. Our
monitoring process includes periodic review of financial statements for each
facility, periodic review of operator credit, scheduled property inspections and
review of covenant compliance.

In addition to our monitoring and research efforts, we also structure our
investments to help mitigate payment risk. Some operating leases and loans are
credit enhanced by guaranties and/or letters of credit. In addition, operating
leases are typically structured as master leases and loans are generally
cross-defaulted and cross-collateralized with other loans, operating leases or
agreements between us and the operator and its affiliates.

Depending upon the availability and cost of external capital, we anticipate
making additional investments in health care related properties. New investments
are generally funded from cash on hand, temporary borrowings under our unsecured
revolving line of credit and internally generated cash flows. Our investments
generate internal cash from rent and interest receipts and principal payments on
mortgage loans receivable. Permanent financing for future investments, which
replaces funds drawn under our unsecured revolving line of credit, is expected
to be provided through a combination of public and private offerings of debt and
equity securities and secured and unsecured debt financing. The timing, source
and amount of cash flows provided by financing activities and used in investing
activities are sensitive to the capital markets' environment, especially to
changes in interest rates. Changes in the capital markets' environment may
impact the availability of cost-effective capital.

We believe our business model has enabled and will continue to enable us to
maintain the integrity of our property investments, including in response to
financial difficulties that may be experienced by operators. Traditionally, we
have taken a conservative approach to managing our business, choosing to
maintain liquidity and exercise patience until favorable investment
opportunities arise.

COVID-19


On March 11, 2020, the World Health Organization declared the outbreak of
coronavirus ("COVID-19") as a pandemic, and on March 13, 2020, the United States
declared a national emergency with regard to COVID-19. The COVID-19 pandemic has
had repercussions across regional and global economies and financial markets.
The outbreak of COVID-19 in many countries, including the United States, has
significantly and adversely impacted public health and economic activity, and
has contributed to significant volatility, dislocations and liquidity
disruptions in financial markets.

The operations and occupancy levels at our properties have been adversely
affected by COVID-19 and could be further adversely affected by COVID-19 or
another pandemic especially if there are infections on a large scale at our
properties. The impact of COVID-19 has included, and another pandemic could
include, early resident move-outs, our operators delaying accepting new
residents due to quarantines, potential occupants postponing moves to our
operators' facilities, and/or hospitals cancelling or significantly reducing
elective surgeries thereby creating fewer people in need of skilled nursing
care. Additionally, as our operators have responded to the pandemic, operating
costs have begun to rise. A decrease in occupancy, ability to collect rents from
residents and/or increase in operating costs could have a material adverse
effect on the ability of our operators to meet their financial and other
contractual obligations to us, including the payment of rent. In recognition of
the pandemic impact affecting our operators, we have agreed to rent abatements
totaling $1.1 million and rent deferrals for certain operators totaling $2.5
million between April and December 2020, of which $1.5 million subsequently has
been paid. The $2.1 million in rent abatements and deferrals, net with
repayments, represented approximately 2% of our April through December 2020
contractual rent. The remaining balance of deferred rent is due to LTC over the
next 24 months or upon receipt of government funds from the U.S. Coronavirus
Aid, Relief, and Economic Security (the "CARES Act").

Subsequent to December 31, 2020, we proactively provided additional financial
support to the majority of our operators by reducing by 50% 2021 rent
escalations. This support is provided in the form of a credit to the majority of
our operating partners. The one time rent escalation reduction is expected to
have an approximate $0.5 million impact on our 2021 GAAP revenue.

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Portfolio Overview

The following tables summarize our real estate investment portfolio as of December 31, 2020 (dollar amounts in thousands):


                                                        Twelve Months Ended
                                        Percentage       December 31, 2020       Percentage         Number            Number of
                            Gross           of           Rental      Interest        of               of           SNF         ALF
Owned Properties         Investments    Investments    Income (1)     Income      Revenues      Properties (2)   Beds (3)   Units (3)
Assisted Living          $    880,172          51.4 % $     70,889   $       -         42.9 %              107          -       6,103
Skilled Nursing               560,469          32.7 %       62,098           -         37.5 %               51      6,277         212
Other (4)                      11,360           0.7 %          970           -          0.6 %                1        118           -
Total Owned Properties      1,452,001          84.8 %      133,957           -         81.0 %              159      6,395       6,315

Mortgage Loans
Skilled Nursing               259,843          15.2 %            -      31,396         19.0 %               22      2,804           -
Total Mortgage Loans          259,843          15.2 %            -      31,396         19.0 %               22      2,804           -
Total Portfolio          $  1,711,844         100.0 % $    133,957   $  31,396        100.0 %              181      9,199       6,315





                                                               Twelve Months Ended
                                               Percentage       December 31, 2020       Percentage         Number            Number of
                                   Gross           of           Rental      Interest        of               of           SNF         ALF

Summary of Properties by Type Investments Investments Income (1)

 Income      Revenues      Properties (2)   Beds (3)   Units (3)
Assisted Living                 $    880,172          51.4 % $     70,889   $       -         42.9 %              107          -       6,103
Skilled Nursing                      820,312          47.9 %       62,098      31,396         56.5 %               73      9,081         212
Other (4)                             11,360           0.7 %          970           -          0.6 %                1        118           -
Total Portfolio                 $  1,711,844         100.0 % $    133,957   $  31,396        100.0 %              181      9,199       6,315

(1) Excludes variable rental income from lessee reimbursement and sold

    properties.



(2) We have investments in 27 states leased or mortgaged to 29 different

    operators.



(3) See Item 2. Properties for discussion of bed/unit count.

(4) Includes three parcels of land held-for-use and one behavioral health care

hospital.

As of December 31, 2020, we had $1.4 billion in carrying value of net real
estate investments, consisting of $1.1 billion or 81.1% invested in owned and
leased properties and $0.3 billion or 18.9% invested in mortgage loans secured
by first mortgages.

For the year ended December 31, 2020, rental income and interest income from
mortgage loans represented 79.1% and 19.7%, respectively, of total gross
revenues. In most instances, our lease structure contains annual rental
escalations. Our leases that contain fixed annual rental escalations and/or have
annual rental escalations that are contingent upon changes in the Consumer Price
Index, are generally recognized on a straight-line basis over the minimum lease
period. Certain leases have annual rental escalations that are contingent upon
changes in the gross operating revenues of the property. This revenue is not
recognized until the appropriate contingencies have been resolved. During the
years ended December 31, 2020, we recognized $0.1 million of contingent rental
income. For the year ended December 31, 2020, we recognized $1.8 million in
straight-line rental income and $0.6 million in amortization of lease
incentives. For the remaining leases in place at December 31, 2020, assuming no
modification or replacement of existing leases and no new leased investments are
added to our portfolio, except for the subsequent lease extensions and the
leases reported below under Update on Certain Operators, we currently expect
that the non-cash straight-line rent portion of rental income will decrease from
$1.8 million in 2020 to $0.2 million for projected annual 2021. Our cash rental
income is projected to increase from $148.0 million in 2020 to $153.1 million
for projected annual 2021. At December 31, 2020, the straight-line rent
receivable balance on the consolidated balance sheet was $24.5 million.

Many of our existing leases contain renewal options that, if exercised, could
result in the amount of rent payable upon renewal being greater or less than
that currently being paid. During the year ended December 31, 2020, there were
no lease renewals. During the year ended December 31, 2020, we consolidated four
separate lease agreements into a single consolidated master lease with Brookdale
Senior Living Communities, Inc ("Brookdale") and extended the lease maturity
date by one year to December 31, 2021. Also, during year ended December 31,
2020, we consolidated our two

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master leases with an operator into one combined master lease. See Update on
Certain Operators below for more information related to our consolidated master
leases with this operator and Brookdale. Some of our lease agreements provide
purchase options allowing the lessees to purchase the properties they currently
lease from us. See Item 8. FINANCIAL STATEMENTS- Note 5. Real Estate
Investments. Owned Properties for a table that includes information about
purchase options included in our lease agreements.

Update on Certain Operators

An affiliate of Senior Lifestyle Corporation ("Senior Lifestyle") operates 23
properties under a master lease with a combination of independent living,
assisted living and memory care units. Senior Lifestyle was provided deferred
rent in the amount of $0.4 million in April 2020 which has since been fully
repaid, however, they failed to pay full rent during the second quarter of 2020.
In accordance with ASC 842, we evaluated the collectibility of receiving
substantially all of our lease payments from the Senior Lifestyle master lease
through maturity and determined that we did not have the level of certainty
required by the standard. Accordingly, we wrote-off a total $17.7 million of
straight-line rent receivable and lease incentives related to this master lease
during the second quarter of 2020 and accounted for the Senior Lifestyle master
lease on a cash basis effective July 2020. During April through December 2020,
we received $9.2 million of Senior Lifestyle's $13.8 million contractual rent
due and applied their letter of credit and deposits totaling $3.7 million to the
remaining $0.8 million balance of fourth quarter rent, $0.2 million to unaccrued
past due third quarter rent, $2.5 million to accrued second quarter rent
receivable and $0.1 million to notes receivable. At December 31, 2020, Senior
Lifestyle owed us $1.0 million in past due unaccrued rent. Also, during the
fourth quarter of 2020, we recorded an impairment charge of $3.0 million related
to a memory care community that was operated by Senior Lifestyle. Subsequent to
December 31, 2020, we transitioned 11 assisted living communities previously
leased to Senior Lifestyle to two operators. These communities are located in
Illinois, Ohio and Wisconsin. Total cash rent expected under these master lease
agreements is $5.3 million for the first lease year, $7.1 million for the second
lease year and $7.3 million for the third lease year, escalating 2% annually
thereafter. We are currently evaluating our options for the remaining 12
assisted communities operated by Senior Lifestyle, which may include re-leasing
or selling some or all of the properties.

During the third quarter of 2020, an operator paid $0.5 million of its
contractual rent of $1.3 million. In accordance with ASC 842, we evaluated the
collectibility of receiving substantially all of our lease payments form the
operator master lease through maturity and determined that we did not have the
level of certainty required by the standard. Accordingly, we wrote-off $1.2
million of straight-line rent receivable related to this master lease during the
third quarter of 2020. Effective September 1, 2020, we consolidated our two
master leases with the operator into one combined master lease. Under the new
combined master lease, we agreed to abate $0.6 million of third quarter rent
along with $0.1 million that had been deferred in second quarter of 2020.
Additionally, the new combined master lease allows the operator to defer rent as
needed through March 31, 2021. During the fourth quarter of 2020, we granted a
$1.1 million deferral of rent of the operator's $1.3 million contractual rent.
The remaining deferred balance due from the operator is $0.4 million as of
December 31, 2020. We also recorded an impairment charge of $0.9 million related
to an assisted living community that was operated by the operator. The community
was closed in October 2020. We are currently evaluating our options to sell this
property.

On August 10, 2020, in its Quarterly Report on Form 10-Q, Genesis Healthcare,
Inc. ("Genesis") reported doubt regarding its ability to continue as a going
concern. Accordingly, we evaluated the collectibility of receiving substantially
all of our lease payments from the Genesis master lease through maturity in
accordance with ASC 842, and determined that we did not have the level of
certainty required by the standard. As a result, we wrote-off $4.3 million of
straight-line rent receivable related to this master lease during the third
quarter of 2020 and transitioned rental revenue recognition to cash basis in
third quarter of 2020. Genesis is current on rent payments through February
2021.

Anthem Memory Care ("Anthem") operates 11 memory care communities under a master
lease and was placed in default in 2017 resulting from Anthem's partial payment
of its minimum rent. However, we did not enforce our rights and remedies
pertaining to the event of default, under the stipulation that Anthem achieves
sufficient performance and pays agreed upon rent. In accordance with ASC 842
lease accounting guidance, at January 1, 2019, we evaluated the collectibility
of straight-line rent receivable and lease incentive balances related to Anthem
and determined that it was not probable that we would collect substantially all
of the contractual lease obligations through maturity. Accordingly, we wrote-off
the balances to equity as of January 1, 2019, as required by the ASC 842
transition guidance. Anthem paid us annual cash rent of $9.9 million in 2020. We
receive regular financial performance updates from Anthem and

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continue to monitor their performance obligations under the master lease agreement. Anthem has paid their agreed upon rent through February 2021.


Preferred Care, Inc. ("Preferred Care") and affiliated entities filed for
Chapter 11 bankruptcy in 2017 as a result of a multi-million-dollar judgment in
a lawsuit in Kentucky against Preferred Care and certain affiliated entities.
Preferred Care leased 24 properties under two master leases from us and the
Preferred Care operating entities that subleased those properties did not file
for bankruptcy. In accordance with ASC 842 lease accounting guidance, at January
1, 2019, we evaluated the collectibility of straight-line rent receivable and
lease incentive balances related to Preferred Care and determined it was not
probable that we would collect substantially all of the contractual lease
obligations through maturity. Accordingly, we wrote-off the balances to equity
as of January 1, 2019, as required by the ASC 842 transition guidance. Preferred
Care did not affirm our master leases and subsequently filed for Chapter 7
bankruptcy in 2019.

During the fourth quarter of 2019, we entered into multiple contracts to sell
the 24 properties leased by Preferred Care and completed the sales by the end of
the first quarter of 2020. The combined net proceeds from the sales, including
the 2019 transactions, was approximately $77.9 million resulting in a total gain
of approximately $44.0 million. The 24 properties leased by Preferred Care had a
combined net book value of $35.6 million. The 21 properties sold in the first
quarter of 2020, which included 2,411 beds in Arizona, Colorado, Iowa, Kansas
and Texas, were sold through multiple transactions and generated net proceeds of
$72.1 million. These 21 properties had a combined net book value of $29.1
million and resulted in total gain on sale of $44.1 million.

Senior Care Centers, LLC and affiliates and subsidiaries ("Senior Care") filed
for Chapter 11 bankruptcy as a result of lease terminations from certain
landlords and on-going operational challenges in December 2018. Senior Care did
not pay us December 2018 rent and accordingly, in December 2018, we placed
Senior Care on a cash basis. In accordance with ASC 842 lease accounting
guidance, at January 1, 2019, we evaluated the collectibility of the
straight-line rent receivable and lease incentive balance related to Senior Care
and determined it was not probable that we would collect substantially all of
the contractual lease obligations through maturity. Accordingly, we wrote-off
the balances to equity as of January 1, 2019, as required by the ASC 842
transition guidance. During 2019, we received the December 2018 unpaid rent,
late fees and legal cost reimbursement totaling $1.6 million from Senior Care.
In March 2020, Senior Care emerged from bankruptcy and affirmed our master
lease. We continue to evaluate the collectibility of our Senior Care master
lease on a quarterly basis. Senior Care is current on rent payments through
February 2021.

During the year ended December 31, 2020, we consolidated four separate lease
agreements into a single consolidated master lease with Brookdale and extended
the lease maturity date by one year to December 31, 2021. The new master lease
provides three renewal options consisting of a four-year renewal option, a
five-year renewal option and a 10-year renewal option. The notice period for the
first renewal option is January 1, 2021 to April 30, 2021. The economic rent
terms remain the same as the consolidated rent terms under the previous four
separate lease agreements. In addition, we have extended a $4.0 million capital
commitment to Brookdale, which is available through December 31, 2021 at a 7%
yield. As of December 31, 2020, we funded $1.7 million under this commitment
with a remaining commitment of $2.3 million. Brookdale is current on rent
payments through February 2021.



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2020 Transactions Overview

The following tables summarizes our transactions in 2020 (dollar amounts in thousand):

Investment in Owned Properties


          Number        Type        Number     Initial                       Total           Total
            of           of           of        Cash         Purchase     Transaction     Acquisition
State   Properties   Properties   Beds/Units    Yield         Price          Costs           Costs
Texas            1      SNF              140       8.5 %   $   13,500   $          81   $      13,581




Sold Properties


              Type           Number       Number
               of              of           of         Sales      Carrying      Net
 State     Properties      Properties   Beds/Units     Price       Value        Gain
  N/A         N/A                   -            -   $      -   $        -   $    129 (1)
Arizona       SNF                   1          194     12,550        2,229     10,293
Colorado      SNF                   3          275     15,000        4,271     10,364
  Iowa        SNF     (2)           7          544     14,500        4,886      9,051
 Kansas       SNF                   3          250      9,750        7,438      1,993
 Texas        SNF                   7        1,148     23,000       10,260     12,287
                                   21        2,411   $ 74,800   $   29,084   $ 44,117 (3)

Gain recognized from the $90 repayment of a holdback related to a property (1) sold during the fourth quarter of 2019 and the reassessment adjustment of $39

from the holdback under the expected value model per ASC Topic 606, Contracts

    with Customers ("ASC 606").




    This transaction includes a holdback of $838 which is held in an

interest-bearing account with an escrow holder on behalf of the buyer for (2) potential specific losses. Using the expected value model per ASC 606, we

estimated and recorded the holdback value of $471. During the year ended

December 31, 2020, we recognized an additional net gain on sale of $137. At

    December 31, 2020, the estimated holdback value was $609.



(3) Properties sold within the Preferred Care portfolio.



Development Projects




                               Developments    Improvements
Assisted Living Communities   $        4,491   $       6,842
Skilled Nursing Centers               12,208              71
Total                         $       16,699   $       6,913


Completed Developments


    Number       Type       Number
      of          of          of                       Total
  Properties   Property   Beds/Units    State      Investment
      1         ALF/MC        78        Oregon    $     18,447
      1          SNF          90       Missouri         16,587
      2                      168                  $     35,034

Investment in Mortgage Loans

Originations and funding under mortgage loans receivable $ 4,253 Scheduled principal payments received

                        (1,065)
Mortgage loan premium amortization                               (4)
Provision for loan loss reserve                                 (32)
Net increase in mortgage loans receivable                  $   3,152


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  Table of Contents

Investments in Unconsolidated Joint Ventures


                           Type              Type              Total       Contractual          Number                                                                          Cash
                            of                of             Preferred        Cash                of          Investment      Carrying          Capital          Income       Interest
State                   Properties        Investment          Return         Portion          Beds/ Units     Commitment       Value          Contribution     Recognized     Received
Arizona                 ALF/MC/ILF     Preferred Equity            N/A %           N/A % (1)            -   $           -   $        - (1)  $           58   $        231   $      231
Washington (2)             UDP         Preferred Equity (2)         12 %             7 %                -               -        6,340               6,340            169          169
Washington (3)             UDP         Preferred Equity (3)         12 %             8 %                -          13,000        5,000               5,000             32           32
                                                                                                        -   $      13,000   $   11,340      $       11,398   $        432   $      432

We had a preferred equity investment in an unconsolidated joint venture that

owned four communities providing independent living, assisted living and (1) memory care services. During 2020, the four properties comprising the joint

venture were sold. Accordingly, we received liquidation proceeds of $17,848.

    As a result of the recoverability analysis, we impaired the investment by
    $5,500 in 2019 and recorded an additional $758 loss in 2020.



Invested $6,340 of preferred equity in an entity that will develop a 95-unit

ALF/MC in Washington. Our investment represents 15.5% of the estimated total (2) investment. The preferred equity investment earns an initial cash rate of 7%

increasing to 9% in year four until the internal rate of return ("IRR") is

8%. After achieving an 8% IRR, the cash rate drops to 8% with an IRR ranging

    between 12% to 14%.



Entered into $13,000 preferred equity commitment in an entity that will (3) develop and own a 267-unit ILF/ALF in Washington. The preferred equity

    investment earns an initial cash rate of 8% with an IRR of 12%. Our
    investment represents 11.6% of the estimated total investment.



Investment in Notes Receivable



Advances under notes receivable                       $   2,078 (1)

Principal payments received under notes receivable (5,275) (2) Reclassed to real estate under development

                (300) (3)
Notes receivable reserve                                     35
Net decrease in notes receivable                      $ (3,462)


(1) Funding under working capital notes with interest ranging between 5.0% to

    7.5% and maturities between 2025 and 2030.



(2) Subsequent to December 31, 2020, we received $900 for the payoff of a note

    receivable.



Represents an interim working capital loan related to a development project (3) which matured upon completion of the development project and commencement of

    the lease.


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Key Performance Indicators, Trends and Uncertainties


We utilize several key performance indicators to evaluate the various aspects of
our business. These indicators are discussed below and relate to concentration
risk and credit strength. Management uses these key performance indicators to
facilitate internal and external comparisons to our historical operating results
in making operating decisions and for budget planning purposes.

Concentration Risk. We evaluate by gross real estate investment our
concentration risk in terms of asset mix, real estate investment mix, operator
mix and geographic mix. Concentration risk is valuable to understand what
portion of our real estate investments could be at risk if certain sectors were
to experience downturns. Asset mix measures the portion of our real estate
investments that are real property or mortgage loans. Investment mix measures
the portion of our investments that relate to our various property types.
Operator mix measures the portion of our real estate investments that relate to
our top five operators. Geographic mix measures the portion of our real estate
investment that relate to our top five states.

The following table reflects our recent historical trends of concentration risk (gross investment, in thousands):



                                     12/31/20       9/30/20       6/30/20       3/31/20      12/31/19
Asset mix:
Real property                       $ 1,452,001   $ 1,448,764   $ 1,445,691   $ 1,438,177   $ 1,484,571
Loans receivable                        259,843       260,267       258,649       256,959       256,659
Real estate investment mix:
Skilled nursing centers             $   820,312   $   817,364   $   812,637   $   807,457   $   857,187
Assisted living communities             880,172       880,307       880,343       876,319       872,683
Other (1)                                11,360        11,360        11,360        11,360        11,360
Operator mix:
Prestige Healthcare (1)             $   272,976   $   273,399   $   271,781   $   270,091   $   269,792
Senior Lifestyle Corporation (2)        188,586       191,622       191,622
      191,622       191,283
Senior Care Centers                     138,109       138,109       138,109       138,109       138,109
Anthem Memory Care                      136,483       136,483       136,483       136,483       136,484
Carespring Health Care Management       102,520       102,520       102,520
      102,520       102,520
Remaining operators                     873,170       866,898       863,825       856,311       903,042
Geographic mix:
Michigan                            $   281,963   $   282,103   $   279,821   $   277,063   $   276,742
Texas                                   273,287       273,075       273,075       273,075       284,697
Wisconsin                               149,403       149,403       149,403       149,405       149,290
California                              105,163       104,924       104,687       103,970       103,240
Colorado                                104,090       106,879       106,879       106,879       114,923
Remaining states                        797,938       792,647       790,475       784,744       812,338

As of December 31, 2020, we have three parcels of land. These parcels are (1) located adjacent to properties securing the Prestige Healthcare mortgage loan

    and are managed by Prestige.



(2) Subsequent to December 31, 2020, we transitioned 11 ALFs from Senior

Lifestyle to two operators.



Credit Strength. We measure our credit strength both in terms of leverage ratios
and coverage ratios. Our leverage ratios include debt to gross asset value and
debt to market capitalization. The leverage ratios indicate how much of our
consolidated balance sheet capitalization is related to long-term obligations.
Our coverage ratios include interest coverage ratio and fixed charge coverage
ratio. The coverage ratios indicate our ability to service interest and fixed
charges (interest). The coverage ratios are based on earnings before interest,
taxes, depreciation and amortization for real estate ("EBITDAre") as defined by
National Association of Real Estate Investment Trusts ("NAREIT"). EBITDAre is
calculated as net income (computed in accordance with GAAP) excluding (i)
interest expense, (ii) income tax expense, (iii) real estate depreciation and
amortization, (iv) impairment write-downs of depreciable real estate, (v) gains
or losses on the sale of depreciable real estate, and (vi) adjustments for
unconsolidated partnerships and joint ventures. Adjusted EBITDAre is calculated
as EBITDAre adjusted for non-recurring items. Leverage ratios and coverage
ratios are widely used by investors, analysts and rating agencies in the
valuation, comparison, rating and investment recommendations of companies. The
following table reflects the recent historical trends for our credit strength
measures:

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  Table of Contents

Balance Sheet Metrics


                                      Year Ended                                Quarter Ended
                                       12/31/20     12/31/20        9/30/20        6/30/20        3/31/20        12/31/19
Debt to gross asset value                   35.8 %      35.8 % (1)     36.5 % (1)     37.4 %         37.3 %          37.2 %
Debt to market capitalization ratio         29.8 %      29.8 % (2)     32.7 % (4)     31.8 % (5)     36.3 % (4)      28.0 %
Interest coverage ratio (6)                  4.9 x       5.3 x (3)      4.8 x          4.9 x          4.7 x           4.9 x
Fixed charge coverage ratio (6)              4.9 x       5.3 x (3)      4.8 x          4.9 x          4.7 x           4.9 x


(1) Decreased due to decrease in outstanding debt partially offset by decrease in

    gross value.



(2) Decreased due to decrease in outstanding debt and increase in market

    capitalization.



(3) Increased due to decrease in interest expense and increase in rental income.

(4) Increased due to decrease in market capitalization, partially offset by

    decrease in outstanding debt.



(5) Decreased due to increase in market capitalization.

In calculating our interest coverage and fixed charge coverage ratios above,

we use EBITDAre, which is a financial measure not derived in accordance with

U.S. generally accepted accounting principles ("GAAP") (non-GAAP financial

measure). EBITDAre and Adjusted EBITDAre are not alternatives to net income, (6) operating income or cash flows from operating activities as calculated and

presented in accordance with GAAP. You should not rely on EBITDAre and

Adjusted EBITDAre as a substitute for any such GAAP financial measures or

    consider it in isolation, for the purpose of analyzing our financial
    performance, financial position or cash flows. Net income is the most
    directly comparable GAAP measure to EBITDAre and Adjusted EBITDAre.



                                              Year to Date                         Quarter Ended
                                                12/31/20      12/31/20    9/30/20    6/30/20     3/31/20     12/31/19
Net income                                   $       95,677    $ 17,665   $ 12,338   $  1,952   $   63,722   $  12,631
Less/Add: (Gain)/ loss on sale                     (44,117)        (44)       (30)      (189)     (43,854)       4,630
Add: Loss on unconsolidated joint ventures              758         138    
     -        620            -           -
Add: Impairment loss                                  3,977       3,036        941          -            -       5,500
Add: Interest expense                                29,705       7,088      7,361      7,546        7,710       7,578
Add: Depreciation and amortization                   39,071       9,839      9,766      9,797        9,669       9,817
EBITDAre                                     $      125,071    $ 37,722   $ 30,376   $ 19,726   $   37,247   $  40,156
Add (less): Non-recurring one-time items             22,841           -    
 5,099     17,742            -     (2,111)
Adjusted EBITDAre                            $      147,912    $ 37,722   $ 35,475   $ 37,468   $   37,247   $  38,045

Interest expense                             $       29,705    $  7,088   $  7,361   $  7,546   $    7,710   $   7,578
Add: Capitalized interest                               354           -    
    77         86          191         167
Interest incurred                            $       30,059    $  7,088   $  7,438   $  7,632   $    7,901   $   7,745

Interest coverage ratio                                 4.9 x       5.3 x      4.8 x      4.9 x        4.7 x       4.9 x

Interest incurred                            $       30,059    $  7,088   $  7,438   $  7,632   $    7,901   $   7,745
Total fixed charges                          $       30,059    $  7,088   $  7,438   $  7,632   $    7,901   $   7,745
Fixed charge coverage ratio                             4.9 x       5.3 x  
   4.8 x      4.9 x        4.7 x       4.9 x




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We evaluate our key performance indicators in conjunction with current expectations to determine if historical trends are indicative of future results. Our expected results may not be achieved and actual results may differ materially from our expectations. This may be a result of various factors, including, but not limited to:

? The status of the economy;

? The status of capital markets, including prevailing interest rates;

? Compliance with and changes to regulations and payment policies within the

health care industry;

? Changes in financing terms;

? Competition within the health care and seniors housing industries;

? Changes in federal, state and local legislation;

? The duration, spread and severity of the COVID-19 outbreak.

Management regularly monitors the economic and other factors listed above. We
develop strategic and tactical plans designed to improve performance and
maximize our competitive position. Our ability to achieve our financial
objectives is dependent upon our ability to effectively execute these plans and
to appropriately respond to emerging economic and company-specific trends.


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  Table of Contents

Operating Results

Year ended December 31, 2020 compared to year ended December 31, 2019 (in
thousands):


                                                         Years ended December 31,
                                                           2020              2019          Difference
Revenues:
Rental income                                          $    126,094        $ 152,755       $  (26,661) (1)
Interest income from mortgage loans                          31,396           29,991             1,405 (2)
Interest and other income                                     1,847            2,558             (711) (3)
Total revenues                                              159,337          185,304          (25,967)

Expenses:
Interest expense                                             29,705           30,582               877 (4)
Depreciation and amortization                                39,071           39,216               145
Impairment loss from real estate investments                  3,977                -           (3,977) (5)
(Recovery) provision for doubtful accounts                      (3)              166               169
Transaction costs                                               299              365                66
Property tax expense                                         15,065           16,755             1,690 (6)
General and administrative expenses                          19,710           18,453           (1,257) (7)
Total expenses                                              107,824          105,537           (2,287)

Other operating income:
Gain on sale of real estate, net                             44,117 (8)        2,106 (9)        42,011
Operating income                                             95,630           81,873            13,757
Gain from property insurance proceeds                           373 (10)       2,111 (10)      (1,738)
Loss on unconsolidated joint ventures                         (758) (11)           -             (758)
Impairment loss from investments in unconsolidated
joint ventures                                                    -          (5,500) (12)        5,500
Income from unconsolidated joint ventures                       432            2,388           (1,956) (13)
Net income                                                   95,677           80,872            14,805
Income allocated to non-controlling interests                 (384)            (346)              (38)
Net income attributable to LTC Properties, Inc.              95,293           80,526            14,767
Income allocated to participating securities                  (422)            (391)              (31)
Net income available to common stockholders            $     94,871       
$  80,135       $    14,736


    Decreased primarily due to the $23,214 write-off of straight-line rent

receivable and lease incentive balances during 2020, reduction in rent (1) related to the sale of the Preferred Care portfolio, reduced revenue from

Senior Lifestyle, and abated and deferred rent, partially offset by increased

rent from contractual escalations, acquisitions and completed development

    projects.



(2) Increased primarily due to additional mortgage and capital improvement

    funding offset by scheduled principal paydowns.



(3) Decreased primarily due to the partial paydown of a mezzanine loan.

Decreased primarily due to lower outstanding balance and interest rates on (4) our line of credit in 2020, partially offset by increased interest from sale

    of $100,000 senior unsecured notes during the fourth quarter of 2019.



(5) Represents $3,036 impairment loss related to a 48-unit ALF in Colorado and

    $941 impairment loss related to a 61-unit ALF in Florida.



(6) Decreased primarily due to the timing of Senior Lifestyle property tax escrow

    receipts and the payment of related taxes.



(7) Increased primarily due to higher incentive compensation expense in 2020 and

    prior year's legal fee reimbursement from Senior Care.



Represents gain on sale of 21 SNFs within the Preferred Care portfolio and (8) recognition of additional gain due to quarterly evaluation of funds held in

    escrow from previously sold properties.



Represents the net gain resulting from sale of three SNFs and an ALF during (9) 2019. Additionally, represents an additional $500 net gain on sale due to

receipt of funds held in escrow related to a portfolio of six ALFs sold in

    2018.



(10) Relates to insurance proceeds related to properties sold.

(11) Relates to the sale of properties comprising a joint venture in which we had

     a preferred equity investment. Also, see (12) below.



(12) Relates to a preferred equity investment in a joint venture comprised of

     four ALFs which we wrote-down to its estimated fair value.



(13) Decreased due to (12) above and payoff of a mezzanine loan in 2019. Offset

     by two preferred equity investments in 2020.




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  Table of Contents



Year ended December 31, 2019 compared to year ended December 31, 2018 (in
thousands)


                                                       Years ended December 31,
                                                         2019             2018         Difference
Revenues:
Rental income                                        $    152,755       $ 135,405      $    17,350 (1) (2)
Interest income from mortgage loans                        29,991         
28,200            1,791 (3)
Interest and other income                                   2,558           5,040          (2,482) (4)
Total revenues                                            185,304         168,645           16,659

Expenses:
Interest expense                                           30,582          30,196            (386)
Depreciation and amortization                              39,216          37,555          (1,661) (5)
Provision for doubtful accounts                               166          
   87             (79)
Transaction costs                                             365              84            (281)
Property tax expense                                       16,755               -         (16,755) (2)
General and administrative expenses                        18,453         
19,193              740 (6)
Total expenses                                            105,537          87,115         (18,422)

Other operating income:
Gain on sale of real estate, net                            2,106 (7)      70,682 (8)     (68,576)
Operating income                                           81,873         152,212         (70,339)
Gain from property insurance proceeds                       2,111               -            2,111 (9)
Impairment loss from investments in unconsolidated
joint ventures                                            (5,500)               -          (5,500) (10)
Income from unconsolidated joint ventures                   2,388           2,864            (476)
Net income                                                 80,872         155,076         (74,204)
Income allocated to non-controlling interests               (346)            (95)            (251)
Net income attributable to LTC Properties, Inc.            80,526         154,981         (74,455)
Income allocated to participating securities                (391)           (625)              234

Net income available to common stockholders $ 80,135 $ 154,356 $ (74,221)

Increased due to (2) below and increased rent from acquisitions and (1) developments partially offset by decreased rent from sold properties and

    properties transitioned to other operators.



Increased due to recording $15,998 real estate taxes that are reimbursed by

our operators as rental income with a corresponding property tax expense. We (2) adopted ASC 842 using a modified retrospective approach as of the adoption

    date of January 1, 2019. Accordingly, we are not required to report the
    expense and revenue stream for periods prior to January 1, 2019.



(3) Increased primarily due to mortgage originations and capital improvement

    funding.



Decreased primarily due to net impact of the write-off of an earn-out (4) liability and the related lease incentive asset during 2018 partially offset

by increase in other income during 2019 due to mezzanine loan originations.

(5) Increased due to acquisitions and completed developments partially offset by

    sold properties.



(6) Decreased primarily due to lower accrual of incentive compensation in 2019.

Represents the net gain resulting from sale of three SNFs and an ALF during (7) 2019. Additionally, represents an additional $500 net gain on sale due to

receipt of funds held in escrow related to a portfolio of six ALFs sold in

    2018. See (8) below.



(8) Represents the net gain on sale related to six ALFs and four SNFs during

    2018.



(9) Relates to insurance proceeds from a property sold in 2019.

(10) Relates to a preferred equity investment in a joint venture comprised of

four ALFs which we wrote-down to its estimated fair value.

Funds From Operations


Funds from Operations ("FFO") attributable to common stockholders, basic FFO
attributable to common stockholders per share and diluted FFO attributable to
common stockholders per share are supplemental measures of a REIT's financial
performance that are not defined by GAAP. Real estate values historically rise
and fall with market conditions, but cost accounting for real estate assets in
accordance with GAAP assumes that the value of real estate assets diminishes
predictably over time. We believe that by excluding the effect of historical
cost depreciation, which

                                       40



  Table of Contents

may be of limited relevance in evaluating current performance, FFO facilitates comparisons of operating performance between periods.


We use FFO as a supplemental performance measurement of our cash flow generated
by operations. FFO does not represent cash generated from operating activities
in accordance with GAAP, and is not necessarily indicative of cash available to
fund cash needs and should not be considered an alternative to net income
available to common stockholders.

We calculate and report FFO in accordance with the definition and interpretive
guidelines issued by the NAREIT. FFO, as defined by NAREIT, means net income
available to common stockholders (computed in accordance with GAAP) excluding
gains or losses on the sale of real estate and impairment write-downs of
depreciable real estate plus real estate depreciation and amortization, and
after adjustments for unconsolidated partnerships and joint ventures. Our
calculation of FFO may not be comparable to FFO reported by other REITs that do
not define the term in accordance with the current NAREIT definition or that
have a different interpretation of the current NAREIT definition from us;
therefore, caution should be exercised when comparing our FFO to that of other
REITs.

The following table reconciles net income available to common stockholders to
FFO attributable to common stockholders (unaudited, amounts in thousands, except
per share amounts):



                                                        For the year ended December 31,
                                                      2020           2019            2018

GAAP net income available to common stockholders $ 94,871 $ 80,135 $ 154,356 Add: Depreciation and amortization

                     39,071         39,216          37,555
Add: Impairment loss from investments                   3,977          5,500               -
Add: Loss on unconsolidated joint ventures                758              -               -
Less: Gain on sale of real estate, net               (44,117)        (2,106)        (70,682)
NAREIT FFO attributable to common stockholders     $   94,560      $ 122,745      $  121,229
NAREIT FFO attributable to common stockholders
per share:
Basic                                              $     2.41      $    3.10      $     3.07
Diluted                                            $     2.41      $    3.08 (1)  $     3.06 (1)
Weighted average shares used to calculate NAREIT
FFO per share:
Basic                                                  39,179         39,571          39,477
Diluted                                                39,264 (2)     39,921 (3)      39,839 (3)

(1) Includes the effect of participating securities.

(2) Diluted weighted average shares used to calculate FFO per share includes the

    effect of performance-based stock units.



Diluted weighted average shares used to calculate FFO per share includes the (3) effect of stock option equivalents, participating securities and

performance-based stock units.

Critical Accounting Policies

See Item 8. FINANCIAL STATEMENTS-Note 2. Summary of Significant Accounting Policies.

Liquidity and Capital Resources

Sources and Uses of Cash

As of December 31, 2020, we had a total of $7.8 million of cash and cash equivalents, $510.1 million available under our unsecured revolving line of credit and the potential ability to access the capital markets through the issuance of $200.0 million of common stock under our Equity Distribution Agreements. Furthermore, we have the ability to access the capital markets through the issuance of debt and/or equity securities under an automatic shelf registration statement.


We believe that our current cash balance, cash flow from operations available
for distribution or reinvestment, our borrowing capacity and our potential
ability to access the capital markets are sufficient to provide for payment of
our current operating costs, meet debt obligations and pay common dividends at
least sufficient to maintain our REIT status

                                       41



  Table of Contents

and repay borrowings at, or prior to, their maturity. The timing, source and
amount of cash flows used by financing and investing activities are sensitive to
the capital markets' environment, especially to changes in interest rates. In
addition, COVID-19 has adversely affected and is expected to continue to
adversely affect our operators' business, results of operations, cash flows and
financial condition which could, in turn, adversely affect our financial
position.

The operating results of the properties will be impacted by various factors over
which the operators/owners may have no control. Those factors include, without
limitation, the health of the economy, changes in supply of or demand for
competing seniors housing and health care properties, ability to control rising
operating costs, the potential for significant reforms in the health care
industry, and the impact of COVID-19. In addition, our future growth in net
income and cash flow may be adversely impacted by various proposals for changes
in the governmental regulations and financing of the health care industry, and
the impact of COVID-19 or other pandemic level viruses. We cannot presently
predict what impact these potential events may have, if any. We believe that
adequate provision has been made for the possibility of loans proving
uncollectible but we will continually evaluate the financial status of the
operations of the seniors housing and health care properties. In addition, we
will monitor our borrowers and the underlying collateral for mortgage loans and
will make future revisions to the provision, if considered necessary.

Depending on the duration, spread and the severity of the COVID-19 outbreak, our
borrowing capacity, compliance with financial covenants, ability to access the
capital markets, and the payment of dividends may be negatively impacted. We
continuously evaluate the availability of cost-effective capital and believe we
have sufficient liquidity for corporate expenses and additional capital
investments in 2021.

Our investments, principally our investments in owned properties and mortgage
loans, are subject to the possibility of loss of their carrying values as a
result of changes in market prices, interest rates and inflationary
expectations. The effects on interest rates may affect our costs of financing
our operations and the fair market value of our financial assets. Generally, our
leases have agreed upon annual increases and our loans have predetermined
increases in interest rates. Inasmuch as we may initially fund some of our
investments with variable interest rate debt, we would be at risk of net
interest margin deterioration if medium and long-term rates were to increase.

Our primary sources of cash include rent and interest receipts, borrowings under
our unsecured credit facility, public and private issuance of debt and equity
securities, proceeds from investment dispositions and principal payments on
loans receivable. Our primary uses of cash include dividend distributions, debt
service payments (including principal and interest), real property investments
(including acquisitions, capital expenditures and construction advances), loan
advances and general and administrative expenses. These sources and uses of cash
are reflected in our Consolidated Statements of Cash Flows as summarized below
(in thousands):


                                                      Year Ended December 31,          Change
Cash provided by (used in):                              2020            2019             $
Operating activities                                $      118,980    $  122,469    $   (3,489)
Investing activities                                        41,053      (78,988)        120,041
Financing activities                                     (156,505)      (44,001)      (112,504)
Increase (decrease) in cash, cash equivalents
and restricted cash                                          3,528         (520)          4,048
Cash, cash equivalents and restricted cash,
beginning of period                                          4,244         4,764          (520)
Cash, cash equivalents and restricted cash, end
of period                                           $        7,772    $    4,244    $     3,528


Debt Obligations
Bank Borrowings. We have an Unsecured Credit Agreement that provides for a
revolving line of credit up to $600.0 million in aggregate commitment of the
lenders and the opportunity to increase the commitment size of the credit
agreement up to a total of $1.0 billion. The Unsecured Credit Agreement matures
on June 27, 2022 and provides for a one-year extension option at our discretion,
subject to customary conditions. Based on our leverage at December 31, 2020, the
facility provides for interest annually at LIBOR plus 115 basis points and a
facility fee of 20 basis points. At December 31, 2020, we were in compliance
with all covenants.

Senior Unsecured Notes. We have senior unsecured notes held by institutional
investors with interest rates ranging from 3.85% to 5.03%. The senior unsecured
notes mature between 2021 and 2032.

                                       42



  Table of Contents

The debt obligations by component as of December 31, 2020 are as follows (dollar
amounts in thousands):


                                                      Applicable                   Available
                                                       Interest     Outstanding       for
                 Debt Obligations                      Rate (1)       Balance      Borrowing
Bank borrowings (2)                                     1.38%      $      89,900   $  510,100
Senior unsecured notes, net of debt issue costs (2)     4.37%            559,482            -
Total                                                   3.96%      $     649,382   $  510,100

(1) Represents weighted average of interest rate as of December 31, 2020.

Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured (2) revolving line of credit. Accordingly, we have $98,900 outstanding and

    $501,100 available for borrowing under our unsecured revolving line of
    credit.



Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured (3) notes, accordingly we have $552,482 outstanding, net of debt issue costs,

under our senior unsecured notes.

Our debt borrowings and repayments during the year ended December 31, 2020, are as follows (in thousands):




   Debt Obligations        Borrowings     Repayments
Bank borrowings          $     24,000   $   (28,000)
Senior unsecured notes              -       (40,160)
Total                    $     24,000   $   (68,160)


Equity

Non-controlling Interests. We may, enter into partnerships to develop and/or own
real estate. Given that our limited members do not have substantive kick-out
rights, liquidation rights, or participation rights, we have concluded that the
partnerships are VIEs. Since we exercise power over and receive benefits from
the VIEs, we are considered the primary beneficiary. Accordingly, we consolidate
the VIEs and record the non-controlling interests at cost.

At December 31, 2020, we had 39,242,225 shares of common stock outstanding, equity on our balance sheet totaled $775.8 million and our equity securities had a market value of $1.5 billion. During the year ended December 31, 2020, we declared and paid $90.3 million of cash dividends.

Common Stock. We have an equity distribution agreement with sales agents to
issue and sell, from time to time, up to $200.0 million in aggregate offering
price of our common shares. The equity distribution agreement provides for sales
of common shares to be made by means of ordinary brokers' transactions, which
may include block trades, or transactions that are deemed to be "at the market"
offerings. At December 31, 2020, we had $200.0 million available under our
equity distribution agreement.

During 2020, we acquired 76,574 shares of common stock held by employees who
tendered owned shares to satisfy tax withholding obligations. Subsequent to
December 31, 2020, we declared a monthly cash dividend of $0.19 per share on our
common stock for the months of January, February and March 2021, payable on
January 29, February 26 and March 31, 2021, respectively, to stockholders of
record on January 21, February 18, and March 23, 2021, respectively.

Stock Repurchase Plan. During the first quarter of 2020, our Board of Directors
authorized the repurchase of up to 5,000,000 outstanding shares of common stock.
During the year ended December 31, 2020, we purchased 615,827 shares at an
average price of $29.25 per share, including commissions, for a total purchase
price of $18.0 million. Due to the rising level of uncertainty in financial
markets and the adverse effects of COVID-19 on the public health and our
operators, our Board of Directors terminated the stock repurchase plan on March
25, 2020.

Stock Based Compensation Plans. During 2015, we adopted, and our stockholders
approved the 2015 Equity Participation Plan (the "2015 Plan") which 1,400,000
shares of common stock have been reserved for awards, including nonqualified
stock option grants and restricted stock grants to officers, employees,
non-employee directors and consultants. The terms of the awards granted under
the 2015 Plan are set by our compensation committee at its

                                       43



  Table of Contents

discretion.

Restricted Stock and Performance-based Stock Units. During 2020, we granted 167,375 shares of restricted common stock and performance-based stock units under the 2015 Plan as follows:


No. of     Price per
Shares       Share         Vesting Period
 76,464   $   48.95     ratably over 3 years
 66,027   $   49.98       TSR targets (1)
  9,884   $   38.45         May 27, 2021
 15,000   $   38.45     ratably over 3 years
167,375

(1) Vesting is based on achieving certain total shareholder return ("TSR")

targets in 4 years with acceleration opportunity in 3 years.



At December 31, 2020, the total number of restricted common stock shares that
are scheduled to vest, and performance-based stock units that could possibly
vest and remaining compensation expense to be recognized related to the future
service period of unvested outstanding restricted common stock and
performance-based stock units are as follows (dollar amounts in thousands):



               Number         Remaining
                 of          Compensation
Vesting Date   Awards          Expense
    2021       159,537 (1)  $        5,201
    2022       117,417 (2)           2,729
    2023        96,520 (3)             367
Total          373,474      $        8,297

Includes 66,171 performance-based stock units. The performance-based stock (1) units are valued utilizing a lattice-binomial option pricing model based on

Monte Carlo simulations. The company recognizes the fair value of the awards

    over the applicable vesting period as compensation expense.



(2) Includes 60,836 performance-based stock units. See (1) above for valuation

    methodology.



(3) Includes 66,027 performance-based stock units. See (1) above for valuation

methodology.



Stock Options. We did not issue any stock options during the year ended December
31, 2020. At December 31, 2020, we have 15,000 stock options outstanding and
exercisable.

Contractual Obligations

We monitor our contractual obligations and commitments detailed above to ensure
funds are available to meet obligations when due. The following table represents
our long-term contractual obligations (scheduled principal payments and amounts
due at maturity) as of December 31, 2020, excluding the effects of interest and
debt issue costs (in thousands):


                           Total          2021          2022        2023       2024       2025      Thereafter
Bank borrowings          $  89,900 (1)  $      -      $  89,900   $      -   $      -   $      -   $          -
Senior unsecured notes     560,140 (2)    47,160 (1)     48,160     49,160 
   49,160     49,500        317,000
                         $ 650,040      $ 47,160      $ 138,060   $ 49,160   $ 49,160   $ 49,500   $    317,000

Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured (1) revolving line of credit. Accordingly, we have $98,900 outstanding and

    $501,100 available for borrowing under our unsecured revolving line of
    credit.



Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured (2) notes. Accordingly, we have $552,482 outstanding, net of debt issue costs,

    under our senior unsecured notes.




                                       44



  Table of Contents


The following table represents our projected interest expense, excluding capitalized interest, amortization of debt issue costs and bank fees, as of December 31, 2020 (in thousands):



                           Total       2021       2022       2023       2024       2025      Thereafter
Bank borrowings          $   3,706   $  2,478   $  1,228   $      -   $      -   $      -   $          -
Senior unsecured notes     135,393     23,565     21,281     19,003     16,747     14,536         40,261
                         $ 139,099   $ 26,043   $ 22,509   $ 19,003   $ 16,747   $ 14,536   $     40,261

Also, see Item 8. FINANCIAL STATEMENTS- Note 11. Commitments and Contingencies for additional information regarding our contractual commitments.

Off-Balance Sheet Arrangements:

We had no off-balance sheet arrangements as of December 31, 2020.

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Net income 2021 62,1 M - -
Net Debt 2021 618 M - -
P/E ratio 2021 24,7x
Yield 2021 6,02%
Capitalization 1 490 M 1 490 M -
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Wendy L. Simpson Chairman & Chief Executive Officer
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