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OFFON

LTC PROPERTIES, INC.

(LTC)
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LTC Properties : Q2 2021 Supplemental Operating and Financial Data

07/29/2021 | 04:29pm EDT

BEFORE

AFTER

BEFORE

AFTER

RENEWAL

AND

TRANSITION

BEFORE

AFTER

Juniper Village at Chatham

Chatham, NJ

SUPPLEMENTAL OPERATING and FINANCIAL DATA

SECOND QUARTER 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.

NON-GAAP INFORMATION

This supplemental information contains certain non-GAAP information including EBITDAre, adjusted EBITDAre, FFO, FFO excluding non-recurring items, FAD, FAD excluding non-recurring items, adjusted interest coverage ratio, and adjusted fixed charges coverage ratio. A reconciliation of this non-GAAP information is provided on pages 21, 24 and 25 of this supplemental information, and additional information is available under the "Non-GAAP Financial Measures" subsection under the "Selected Financial Data" section of our website at www.LTCreit.com.

2Q 2021 SUPPLEMENTAL REPORT

TABLE OF CONTENTS

COMPANY

Company Information & Leadership

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

5-YearLease-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

20-21

Income Statement Data

22

Consolidated Balance Sheets

23

Funds from Operations

24-25

ESG and GLOSSARY

ESG (Environmental, Social & Governance)

26

Glossary

27-28

2

Founded in 1992, LTC Properties, Inc. (NYSE: LTC) is a self-administered real estate investment trust (REIT) investing in seniors housing and health care properties primarily through sale-leaseback transactions, mortgage financing and structured finance solutions including preferred equity and mezzanine lending. LTC's portfolio encompasses Skilled Nursing Facilities (SNF), Assisted Living Communities (ALF), Independent Living Communities (ILF), Memory Care Communities (MC) and combinations thereof. Our main objective is to build and grow a diversified portfolio that creates and sustains shareholder value while providing our stockholders current distribution income. To meet this objective, we seek properties operated by regional operators, ideally offering upside and portfolio diversification (geographic, operator, property type and investment vehicle). For more information, visit www.LTCreit.com.

LEADERSHIP

WENDY SIMPSON

PAM KESSLER

CLINT MALIN

CECE CHIKHALE

DOUG KOREY

Chairman and

Co-President,

Co-President and

Executive Vice President,

Executive Vice President,

Chief Executive Officer

CFO and Secretary

Chief Investment Officer

Chief Accounting Officer

Managing Director of

and Treasurer

Business Development

GIBSON SATTERWHITE

PETER LYEW

MANDI HOGAN

MIKE BOWDEN

RACHEL SON

Senior Vice President,

Vice President,

Vice President,

Vice President,

Vice President

Asset Management

Director of Taxes

Marketing &

Investments

and Controller

Investor Relations

2Q 2021 SUPPLEMENTAL REPORT

BOARD OF DIRECTORS

WENDY SIMPSON

Chairman

CORNELIA CHENG

ESG Committee Chairman

BOYD HENDRICKSON

Lead Independent Director

JAMES PIECZYNSKI

Nominating & Corporate Governance

Committee Chairman

DEVRA SHAPIRO

Audit Committee Chairman

TIMOTHY TRICHE, MD

Compensation Committee Chairman

ANALYSTS

CONNOR SIVERSKY

Berenberg Capital Markets

JUAN SANABRIA

BMO Capital Markets Corp.

DANIEL BERNSTEIN

CapitalOne

AARON HECHT

JMP Securities, LLC

JORDAN SADLER

KeyBanc Capital Markets, Inc.

MIKE CARROLL

RBC Capital Markets Corporation

RICHARD ANDERSON

SMBC Nikko Securities

STEVE MANAKER

Stifel, Nicolaus & Company, Inc.

TODD STENDER

Wells Fargo Securities, LLC

Any opinions, estimates, or forecasts regarding LTC's performance made by the analysts listed above do not represent the opinions, estimates, and forecasts of LTC or its management.

LTC PROPERTIES, INC.

TRANSFER AGENT

2829 Townsgate Road

Broadridge Shareholder Services

Suite 350

c/o Broadridge Corporate Issuer

Westlake Village, CA 91361

Solutions

805-981-8655

1155 Long Island Avenue

www.LTCreit.com

Edgewood, NY 11717-8309

ATTN: IWS

866-708-5586

3

REAL ESTATE ACTIVITIES - INVESTMENTS AND CAPITAL RECYCLING SINCE 2010

(AS OF JUNE 30, 2021)

Total InvestmentsTotal Sales (1)(2)Total Gains (2)

$ 1.5

$ 311.1

$ 136.5

Billion

Million

Million

MILLION

$450

$400

$350

$300

$250

$200

$150

$100

$50

$0

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

YTD 2021

Investments

Sales

  1. Reflects total sales price.
  2. Subsequent to June 30, 2021, we sold a 123-bed skilled nursing center in WA for $7,700 and expect to record a gain of approximately $2,600.

2Q 2021 SUPPLEMENTAL REPORT

INVESTMENTS I

4

REAL ESTATE ACTIVITIES - ACQUISITIONS AND LOAN ORIGINATIONS

(DOLLAR AMOUNTS IN THOUSANDS)

ACQUISITIONS

CO NTRACT UAL

# OF

PROPERTY

# BEDS/

DATE O F

INITIAL

PURCHASE

DATE

PROPERTIES

TYPE

UNITS

LOCATION

OPERATOR

CO NSTRUCTION

CASH YIELD

PRICE

2020 1/10

1

SNF

140 beds

Longview, TX

HMG Healthcare

2014

8.50%

$ 13,500

LOAN ORIGINATIONS

STATED

# OF

PROPERTY

# BEDS/

LOAN

MATURITY

FUNDED AT

INTEREST

DATE

PROPERTIES

TYPE

UNITS

LOCATION

TYPE

DATE

OPERATOR

ORIGINATION

ORIGINATION

RATE

2020

6/2

4

SNF

501 beds

Various in MI (1)

Mortgage

Oct-2045

Prestige Healthcare

$

2,000

$

2,000

8.89%

  1. 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.

Juniper Village at Chatham

Chatham, NJ

2Q 2021 SUPPLEMENTAL REPORT

INVESTMENTS I

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 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 20:28:18 UTC.


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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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