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OFFON

LTC PROPERTIES, INC.

(LTC)
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LTC Properties : Investor Presentation April 2021

04/06/2021 | 11:08am EDT

North Kansas City Health Retreat

Kansas City, MO

The 2nd Annual Mizuho Healthcare REIT Conference

April 2021

FORWARD LOOKING STATEMENTS

This supplemental information contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as ''believes,'' ''expects,'' ''may,'' ''will,'' ''should,'' ''seeks,'' ''approximately,'' ''intends,'' ''plans,'' ''estimates'' or ''anticipates,'' or the negative of those words or similar words. Forward- looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect our future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, the status of the economy, the status of capital markets (including prevailing interest rates), and our access to capital; the income and returns available from investments in health care related real estate, the ability of our borrowers and lessees to meet their obligations to us, our reliance on a few major operators; competition faced by our borrowers and lessees within the health care industry, regulation of the health care industry by federal, state and local governments, changes in Medicare and Medicaid reimbursement amounts (including due to federal and state budget constraints), compliance with and changes to regulations and payment policies within the health care industry, debt that we may incur and changes in financing terms, our ability to continue to qualify as a real estate investment trust, the relative illiquidity of our real estate investments, potential limitations on our remedies when mortgage loans default, and risks and liabilities in connection with properties owned through limited liability companies and partnerships. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward- looking statements, please see the discussion under ''Risk Factors'' and other information contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and in our publicly available filings with the Securities and Exchange Commission. We do not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise.

TABLE OF CONTENTS

COMPANY

Company Overview

3

INVESTMENTS

Real Estate Activities

Investments and Capital Recycling

4

Acquisitions and Loan Originations

5

Mezzanine Loans and Joint Ventures

6

Lease-Up and Renovations

7

Lease-Up History

8

PORTFOLIO

Overview

9

Metrics

10

Diversification

Geography, MSA, Age of Portfolio

11-12

Operators

13-14

Update

15

Maturity

16

FINANCIAL

Enterprise Value

17

Debt Metrics

18

Debt Maturity

19

Financial Data Summary, Dividends & Total Return

20-22

Income Statement Data

23

Consolidated Balance Sheets

24

Health Care Trends & Investment Strategy

25-26

Investment Highlights & Leadership

27-28

SEC Reg G Compliance

29-32

INVESTOR PRESENTATION

APRIL 2021

2

COMPANY OVERVIEW

LTC (NYSE: LTC) is a real estate investment trust (REIT) investing in seniors housing and health care properties primarily through sale‐leasebacks, mortgage financing, joint‐ventures and structured finance solutions including preferred equity and mezzanine lending.

ATTRACTIVE YIELD &

WELL‐PROTECTED MONTHLY

DIVIDEND

BALANCE SHEET

LIQUIDITY AT

DECEMBER 31, 2020

  • Dividend Yield: 5.3% as of April 1, 2021
  • Monthly dividend is currently $0.19 per month ($2.28 on an annualized basis)
  • FAD Payout ratio of 73.1% in 4Q 2020
  • Investment grade NAIC 2 rating (insurance industry's rating agency for debt investments)
  • Enterprise Value: $2.3 billion at December 31, 2020 using April 1, 2021 closing stock price
  • Debt to Enterprise Value: 27.7% at December 31, 2020 using April 1, 2021 closing stock price
  • Net Debt to Annualized Adjusted EBITDAre: 4.3x
  • $7.8M in cash and cash equivalents
  • $510.1M available for borrowing under our Unsecured Credit Agreement @ 115 bps over LIBOR and a facility fee of 20 bps, matures in 2022
  • $200.0M available under our "At‐The‐Market" offering program
  • Effective Shelf Registration Statement

INVESTOR PRESENTATION

APRIL 2021

3

REAL ESTATE ACTIVITIES - INVESTMENTS AND CAPITAL RECYCLING SINCE 2010

Total Investments

Total Sales (1)

Total Gains

$

$450

$400

$350

MILLION

$300

$250

$200

$150 $100 $50 $0

1.5

Billion

$ 273.2

$ 131.8

Million

Million

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Investments

Sales

  1. Reflects total sales price.

INVESTOR PRESENTATION

APRIL 2021

4

REAL ESTATE ACTIVITIES - ACQUISITIONS AND LOAN ORIGINATIONS

(dollar amounts in thousands)

ACQUISITIONS

CONTRACTUAL

# OF

PRO PERTY

# BEDS/

DATE O F

INITIAL

PURCHASE

ADDITIONAL

DATE

PROPERTIES

TYPE

UNITS

LOCATION

OPERATOR

CONSTRUCTION

CASH YIELD

PRICE

COMMITMENT (1 )

2019

1/31

1

ALF/MC

74 units

Abingdon, VA

English Meadows Senior Living

2015

7.40%

$

16,719

(2)

$

-

8/15

1

SNF(3)

90 beds

Kansas City, MO

Ignite Medical Resorts

2018

8.25%

19,500

-

8/23

1

UDP(3)

90 beds

Independence, MO

Ignite Medical Resorts

2019-2020

9.25%

2,622

14,752

12/31

1

ALF/MC

76 units

Auburn Hills, MI

Randall Residence

1995

7.40%

6,486

2,285 (4)

12/31

1

MC

80 units

Sterling Heights, MI

Randall Residence

1997

7.40%

12,514

-

(4)

5

230 units / 180 beds

$

57,841

$

17,037

2020

1/10

1

SNF

140 beds

Longview, TX

HMG Healthcare

2014

8.50%

$

13,500

$

-

  1. Commitments may include capital improvement or development allowances for approved projects but excludes incentive payments and contingent payments. For a comprehensive list of our commitments, see our Annual Report on Form 10-K.
  2. We entered into a JV to purchase and lease an operational 74-unit ALF/MC community. The non-controlling partner contributed $919 of equity and we contributed $15,976 in cash at closing. LTC's economic interest in the JV is approximately 95%. We account for the JV on a consolidated basis. See page 6 for a list of our joint ventures.
  3. We acquired a 90-bedpost-acute skilled nursing center in Kansas City, MO. We also acquired a parcel of land and developed a 90-bedpost-acute skilled nursing center in Independence, MO. See page 7 for lease-up activities.
  4. Capital improvement commitment is available to both properties for a total of $2,285 at 7.40%.

LOAN ORIGINATIONS

ST ATE D

# OF

PROPERTY

# BEDS/

LOAN

MATURITY

FUNDED AT

INTEREST

DATE

PROPERTIES

TYPE

UNITS

LOCATION

TYPE

DATE

OPERATOR

ORIGINATION

ORIGINATION

RATE

2019

6/20

2

SNF

205 beds

East Lansing, MI (1)

Mortgage

Jan-2045

Prestige Healthcare

$

7,500

$

7,500

9.41%

2020

6/2

4

SNF

501 beds

Various in MI (2)

Mortgage

Oct-2045

Prestige Healthcare

$

2,000

$

2,000

8.89%

  1. We funded additional loan proceeds of $7,500 under an existing mortgage loan. The incremental funding bears interest at 9.41%, fixed for two years, and escalating annually by 2.25% thereafter.
  2. We funded additional loan proceeds of $2,000 under an existing mortgage loan. The incremental funding bears interest at 8.89%, escalating annually by 2.25% thereafter.

INVESTOR PRESENTATION

APRIL 2021

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

LTC Properties Inc. published this content on 06 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 April 2021 15:07:04 UTC.


© Publicnow 2021
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