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OFFON

LTC PROPERTIES, INC.

(LTC)
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LTC Properties : Investor Presentation February 2021

02/24/2021 | 11:03am EDT

Kansas City, MO

Wells Fargo Virtual 24th Annual Real Estate Securities Conference

February 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.

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

COMPANY OVERVIEW

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

  • • Dividend Yield: 5.6% as of February 19, 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: $2.2 billion at December 31, 2020 using February 19, 2021 closing stock price

  • • Debt to Enterprise Value: 28.9% at December 31, 2020 using February 19, 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 "AtTheMarket" offering program

  • • Effective Shelf Registration Statement

REAL ESTATE ACTIVITIES - INVESTMENTS AND CAPITAL RECYCLING SINCE 2010

$ 1.5

Billion

MILLION

$450 $400 $350 $300 $250 $200 $150 $100 $50 $0

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Investments

Sales

(1)Reflects total sales price.

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 24 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 February 2021 16:02:08 UTC.


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Financials (USD)
Sales 2021 168 M - -
Net income 2021 62,0 M - -
Net Debt 2021 653 M - -
P/E ratio 2021 24,3x
Yield 2021 5,86%
Capitalization 1 533 M 1 533 M -
EV / Sales 2021 13,0x
EV / Sales 2022 12,3x
Nbr of Employees 24
Free-Float 98,0%
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Technical analysis trends LTC PROPERTIES, INC.
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Income Statement Evolution
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Mean consensus UNDERPERFORM
Number of Analysts 9
Last Close Price 38,94 $
Average target price 39,29 $
Spread / Average Target 0,89%
EPS Revisions
Managers and Directors
Wendy L. Simpson Chairman & Chief Executive Officer
Pamela J. Shelley-Kessler Co-President, Chief Financial Officer & Secretary
Clint B. Malin Co-President & Chief Investment Officer
Michael Bowden Vice President-Investments
Timothy J. Triche Independent Director
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