LTC Properties : Investor Presentation October 2020

Weatherly Court

Medford, OR

Capital One

OCTOBER 2020

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, 2019 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

Execution of Growth Strategy	4
Real Estate Activities
Acquisitions and Loan Originations	5
Joint Ventures	6
De Novo Development/Renovations	7
Lease-Up and Lease-Up History	8-9
Capital Recycling	10

PORTFOLIO

Portfolio Overview	11
Portfolio Metrics	12
Portfolio Diversification
Geography, MSA, Age of Portfolio	13-14
Operators	15-16
Maturity	17

FINANCIAL

Enterprise Value	18
Debt Metrics	19
Debt Maturity	20
Financial Data Summary, Dividends & Total Return	21-23
Income Statement Data	24
Consolidated Balance Sheets	25
Health Care Trends & Investment Strategy	26-27
Investment Highlights & Leadership	28-29
SEC Reg G Compliance	30-33

INVESTOR PRESENTATION

OCTOBER 2020

2

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.

ATTRACTIVE YIELD &

WELL­PROTECTED MONTHLY

DIVIDEND

BALANCE SHEET

LIQUIDITY AT

JUNE 30, 2020

• Dividend Yield: 6.3% as of October 2, 2020
• Monthly dividend is currently $0.19 per month ($2.28 on an annualized basis)
• FAD Payout ratio of 76.0% in 2Q 2020
• Investment grade NAIC 2 rating (insurance industry's rating agency for debt investments)
• Enterprise Value: $2.1 billion at June 30, 2020 using October 2, 2020 closing stock price
• Debt to Enterprise Value: 33.2% at June 30, 2020 using October 2, 2020 closing stock price
• Net Debt to Annualized Adjusted EBITDAre: 4.3x
• $50.4M 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

INVESTOR PRESENTATION

OCTOBER 2020

3

EXECUTION OF GROWTH STRATEGY

$1.5 Billion in Total Investments Underwritten

$450											$414
$375
$300					$245
$225							$185
$150													$142
	$94	$109											$103
																$80		$81
$75									$25	$112									$16
					$68	$44
									$39			$28
$0			$9			$12			$22		$17
2010	2011	2012	2013	2014	2015	2016	2017	2018		2019		YTD 2020
				Development/Expansions/Renovations				Total LTC Investment
														(excludes non-controlling partners' contributions)

INVESTOR PRESENTATION

OCTOBER 2020

4