LTC Properties : Q1 2020 Supplemental Operating and Financial Data

Supplemental Operating

and

Financial Data

Operating and

March 2020

Financial Data

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.

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 23, 26 and 27 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.

SUPPLEMENTAL INFORMATION 1Q 2020

TABLE OF CONTENTS

COMPANY

Company Information & Leadership

3

INVESTMENTS

Execution of Growth Strategy	4
Real Estate Activities
Acquisitions and Loan Originations	5
Joint Ventures	6
De Novo Development	7
Expansions and Renovations	8
Lease-Up and Lease-Up History	9-10
Capital Recycling	11

PORTFOLIO

Portfolio Overview	12
Portfolio Metrics	13
Portfolio Diversification
Geography, MSA, Age of Portfolio	14-15
Operators	16-17
Maturity	18

FINANCIAL

Enterprise Value	19
Debt Metrics	20
Debt Maturity	21
Financial Data Summary	22-23
Income Statement Data	24
Consolidated Balance Sheets	25
Funds from Operations	26-27

GLOSSARY

Glossary

28-29

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

LEADERSHIP

operators, ideally offering upside and portfolio diversification (geographic, operator, property type and investment vehicle). For more information, visit www.LTCreit.com.

BOARD OF DIRECTORS

ANALYSTS

Connor Siversky	Berenberg Capital Markets
John Kim	BMO Capital Markets Corp.
Daniel Bernstein	CapitalOne
Jordan Sadler	KeyBanc Capital Markets, Inc.
Omotayo Okusanya	Mizuho Securities USA LLC
Mike Carroll	RBC Capital Markets Corporation
Rich Anderson	SMBC Nikko Securities
Todd Stender	Wells Fargo Securities, LLC

Wendy Simpson

Chairman, Chief Executive

Officer and President

Cece Chikhale

Executive Vice President,

Chief Accounting Officer,

Controller and Treasurer

Peter Lyew

Vice President,

Director of Taxes

Pam Kessler

Executive Vice President,

CFO and Secretary

Doug Korey

Executive Vice President,

Managing Director of

Business Development

Mandi Hogan

Vice President,

Marketing &

Investor Relations

Clint Malin

Executive Vice President, Chief Investment Officer

Gibson Satterwhite

Senior Vice President,

Asset Management

Mike Bowden

Vice President,

Investments

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.

SUPPLEMENTAL INFORMATION 1Q 2020

LTC PROPERTIES, INC.	TRANSFER AGENT
2829 Townsgate Road	American Stock Transfer
Suite 350	and Trust Company
Westlake Village, CA 91361	6201 15th Avenue
805-981-8655	Brooklyn, NY 11219
www.LTCreit.com	866-708-5586

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
					$68	$44												$14
									$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)

SUPPLEMENTAL INFORMATION 1Q 2020

INVESTMENTS

4

REAL ESTATE ACTIVITIES - ACQUISITIONS AND LOAN ORIGINATIONS

(DOLLAR AMOUNTS IN THOUSANDS)

ACQUISITIONS

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 Quarterly Report on Form 10-Q.
2. We entered into a JV to purchase an existing operational 74-unit ALF/MC community. The non-controlling partner contributed $919 of equity and we contributed $15,976 in cash. LTC's economic interest in the real estate JV is approximately 95%. We account for the JV on a consolidated basis. See page 6 for joint venture contributions.
3. We acquired a 90-bedpost-acute skilled nursing center in Kansas City, MO. We also acquired a parcel of land and committed to develop a 90-bedpost-acute skilled nursing center in Independence, MO.
4. See page 7 for development activities.
5. Escalated by 2% in December 2019 and annually thereafter.
6. Capital improvement commitment is available to both properties for a total of $1,900.

LOAN ORIGINATIONS

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 by 2.25% thereafter.

SUPPLEMENTAL INFORMATION 1Q 2020

INVESTMENTS

5

REAL ESTATE ACTIVITIES -JOINT VENTURES

(DOLLAR AMOUNTS IN THOUSANDS)

UNCONSOLIDATED JOINT VENTURES

1. During 2019, this JV was placed on cash basis due to delinquency of our preferred return. In November 2019, the JV entered into an agreement to sell the four properties comprising the JV. Accordingly, we reduced our preferred equity investment down to its estimated fair value by recording an impairment loss of $5,500 on our unconsolidated JV investment. In April 2020, the four properties comprising the JV were sold and we received partial liquidation proceeds of $17,200. We anticipate receiving additional proceeds of approximately $1,300 and expect to recognize a loss on liquidation of unconsolidated joint ventures of approximately $600 in the second quarter of 2020 related to the dissolution of this joint venture.

CONSOLIDATED JOINT VENTURES

1. In 4Q19, the construction of the senior living community in Cedarburg, WI was completed under budget.
2. Certificate of occupancy was received on March 18, 2020.
3. Represents a single joint venture with ownership in two properties.

SUPPLEMENTAL INFORMATION 1Q 2020

INVESTMENTS

6

REAL ESTATE ACTIVITIES - DE NOVO DEVELOPMENT

(DOLLAR AMOUNTS IN THOUSANDS)

CONSTRUCTION IN PROGRESS

1. Includes purchase of land and development commitment.
2. Remaining Commitment is calculated as follows: "Investment Commitment" less "Total Project Basis" plus "Total Capitalized Interest/Other."
3. In August 2019, we acquired a parcel of land for $2,622 and committed to develop a 90-bedpost-acute skilled nursing center in Independence, MO. Completion is scheduled for the fall of 2020.

DEVELOPMENTS COMPLETED DURING THE QUARTER

1. Includes purchase of land and development commitment.
2. Remaining Commitment is calculated as follows: "Investment Commitment" less "Total Project Basis" plus "Total Capitalized Interest/Other." We expect to fund the remaining commitment in 2Q20.
3. Project was completed in 1Q20. See Lease-Up on page 9.

SUPPLEMENTAL INFORMATION 1Q 2020

INVESTMENTS

7

REAL ESTATE ACTIVITIES - EXPANSIONS & RENOVATIONS

(DOLLAR AMOUNTS IN THOUSANDS)

MORTGAGE LOANS

1. Commitment is secured by two properties in Michigan operated by Prestige Healthcare. Interest payment increases upon each funding.
2. Commitment is part of the total loan commitment secured by four properties in Michigan operated by Prestige Healthcare. Interest payment increases upon each funding.

Medilodge of Richmond

Richmond, MI

SUPPLEMENTAL INFORMATION 1Q 2020

INVESTMENTS

8

REAL ESTATE ACTIVITIES - LEASE-UP

(DOLLAR AMOUNTS IN THOUSANDS)

1. Represents date of Certificate of Occupancy.
2. Total Investment includes land acquisition, closing costs and total development funding and excludes capitalized interest.
3. As a result of Anthem's default under its master lease in 2017, they are on a cash basis. We anticipate that Anthem will pay annual cash rent of $9.9 million through 2020. However, the COVID-19 pandemic may adversely impact Anthem's operating cashflow and ability to pay rent. We receive regular financial performance updates from Anthem and continue to monitor Anthem's performance obligations under the master lease agreement.
4. Certificate of occupancy was received in February 2019, however licensure was not received until April 2019.
5. Certificate of occupancy was received in March 2020, however due to COVID-19 pandemic, we have consented to delay the opening of this community to a later date to be determined.

Hamilton House

Cedarburg, WI

SUPPLEMENTAL INFORMATION 1Q 2020

INVESTMENTS

9

REAL ESTATE ACTIVITIES - LEASE-UP HISTORY

1. Represents date of Certificate of Occupancy.

SUPPLEMENTAL INFORMATION 1Q 2020

INVESTMENTS

10

REAL ESTATE ACTIVITIES - CAPITAL RECYCLING

On average, LTC has sold approximately $20.7 million(1) annually

			Since 2000:	• Total Sales Price of $434.2 million
				• Total Gain of $183.4 million
$115
$95
$75
$55
$35
$15
($5)
2000	2003	2006	2009	2012	2015	2018	YTD
								2020
			Sales		Gain/(Loss)

1. Reflects total sales price.

SUPPLEMENTAL INFORMATION 1Q 2020

INVESTMENTS

11

PORTFOLIO OVERVIEW

(DOLLAR AMOUNTS IN THOUSANDS)

										TWELVE MONTHS ENDE D
											MARCH 31, 2020
					GROSS
		# OF				% OF			RENTAL			INTEREST	% OF
PROPERTY TYPE		PROPERTIES		INVE STME NT		INVESTMENT		INCOME (1 )		INCOME (2 )	REVENUES
Skilled Nursing	72	$	800,773	47.2%	$	61,017	$	30,458			56.5%
Assisted Living	107			876,319	51.7%			69,424			-	42.9%
Under Development(3)		-			6,684	0.4%			-			-	-
Other(4)		1			11,360		0.7%			962			-			0.6%
Total	180	$	1,695,136	100.0%	$	131,403	$	30,458			100.0%

1. Includes "cash rent," "straight-line rent" and "amortization of lease incentives" and excludes real estate taxes reimbursement, straight-line rent write-off and rental income from properties sold during the twelve months ended March 31, 2020.
2. Includes "interest income from mortgage loans" and excludes interest income from mortgage loans that paid off during the twelve months ended March 31, 2020.
3. Includes a development project consisting of a 90-bed SNF center in Missouri.
4. Includes three parcels of land held-for use and one behavioral health care hospital.

Gross Real Property

84.8% $1.4B

29	27	180 Properties
Operators
States
	1 Development project
		3 Land parcels

Loans Receivable

15.2% $0.3B

SUPPLEMENTAL INFORMATION 1Q 2020

PORTFOLIO

12

PORTFOLIO METRICS

(TRAILING TWELVE MONTHS THROUGH DECEMBER 31, 2019 AND SEPTEMBER 30, 2019)

SAME PROPERTY PORTFOLIO STATISTICS (1)(2)

					ASSISTED LIVING								SKILLED NURSING
2.00									100.0%	2.00									100.0%
1.50									95.0%	1.50		1.75	1.79		90.0%
1.00	1.44	1.44		90.0%	1.00		1.31		1.34			80.0%
	1.21		1.22			85.0%
												79.5%			79.7%
0.50			86.6%			86.5%			0.50							70.0%
								80.0%
0.00									75.0%	0.00									60.0%
		3Q19		4Q19			3Q19		4Q19
	Normalized EBITDAR	Normalized EBITDARM			Occupancy		Normalized EBITDAR	Normalized EBITDARM			Occupancy

STABILIZED PROPERTY PORTFOLIO (1)(2)

	TOTAL PORTFOLIO PAYOR SOURCE		SNF PORTFOLIO PAYOR SOURCE
70.0%				50.0%
60.0%				40.0%	46.4%		46.9%
58.2%		57.8%
50.0%
		30.0%
40.0%
			32.4%	31.4%
30.0%				20.0%
20.0%		29.1%	29.3%	21.2%		21.7%
			10.0%
10.0%
12.7%		12.9%
0.0%		0.0%
3Q19		4Q19	3Q19		4Q19
	Private Pay	Medicare	Medicaid		Private Pay	Medicare	Medicaid

1. Information is from property level operator financial statements which are unaudited and have not been independently verified by LTC.
2. The coverage and occupancy levels at our properties will be adversely affected if COVID-19 or another pandemic results in infections on a large scale at our properties, early resident move-outs, our operators delay accepting new residents due to quarantines, and/or potential occupants postpone moving to a senior housing facility.

SUPPLEMENTAL INFORMATION 1Q 2020

PORTFOLIO

13

PORTFOLIO DIVERSIFICATION - GEOGRAPHY

(AS OF MARCH 31, 2020)

States in which we have the highest concentration of properties are those states with the highest projected increases in the 80+ population cohort over the next decade.

WA

1

MT

1

ORID

2

WY

1

CA	NV	UT	CO

ND
	MN	WI
SD		1
NE	4	IA
KS

2

NY

1022

MI

		OH	PA	2
		7
5		2
IN	WV	VA

NJ

ME

4

2 5

13

8	MO	1
1
	1

IL			4	1
		2
KY	1
		NC

AZ

NM

OK

6

TN	2	5

SC

3

7

AR

MS

AL GA

5 2

Skilled Nursing (72) Assisted Living (107)

TX
17	17	LA

1 1

1

FL

4

7

Other * (1)

Under Development (1)

Land (3)

• Behavioral health care hospital

Represents 10 states with the highest projected increases in the 80+ population cohort from year 2020 to year 2030 Source: The American Senior Housing Association, Winter 2018, Population Growth Forecast by State

SUPPLEMENTAL INFORMATION 1Q 2020

PORTFOLIO

14

PORTFOLIO DIVERSIFICATION - GEOGRAPHY

(AS OF MARCH 31, 2020, DOLLAR AMOUNTS IN THOUSANDS)

	# OF		GRO SS
STATE (1 )	PROPS	INVESTME NT	%		SNF	%		ALF	%		UDP	%		OTH (2 )	%
Michigan	24	$	277,063	16.3%	$ 256,959	32.1%	$	19,161	2.2%	$	-	-	$	943	8.3%
Texas	34		273,075	16.1%	202,605	25.3%		70,470	8.0%		-	-		-	-
Wisconsin	11		149,405	8.8%	13,946	1.7%		135,459	15.5%		-	-		-	-
Colorado	13		106,879	6.3%		-	-		106,879	12.2%		-	-		-	-
California	7		103,970	6.1%	22,262	2.8%		81,708	9.3%		-	-		-	-
Illinois	5		87,670	5.2%		-	-		87,670	10.0%		-	-		-	-
Ohio	9		86,497	5.1%	54,000	6.7%		32,497	3.7%		-	-		-	-
Florida	11		72,169	4.3%	32,865	4.1%		39,304	4.5%		-	-		-	-
Kentucky	3		62,733	3.7%	48,520	6.1%		14,213	1.6%		-	-		-	-
New Jersey	4		62,229	3.7%		-	-		62,229	7.1%		-	-		-	-
All Others	59		413,446	24.4%		169,616	21.2%		226,729	25.9%		6,684	100.0%		10,417	91.7%
Total	180	$	1,695,136	100.0%	$ 800,773	100.0%	$	876,319	100.0%	$	6,684	100.0%	$	11,360	100.0%

1. Due to master leases with properties in multiple states, revenue by state is not available.
2. Includes one behavioral health care hospital and three parcels of land.

GROSS PORTFOLIO BY MSA (1)

60.0%
	48.9%
40.0%
	19.1%	22.0%
20.0%
				7.5%	2.5%
0.0%
	MSAs 1-31 MSAs 32-100 MSAs > 100 Cities in Micro-		Cities not in
								SA		MSA or Micro-
										SA

1. The MSA rank by population as of July 1, 2019, as estimated by the United States Census Bureau. Approximately 68% of our properties are in the top 100 MSAs.

SUPPLEMENTAL INFORMATION 1Q 2020

AVERAGE PORTFOLIO AGE (1)

40

30

22 years

20

12 years

10

0

Skilled Nursing

Assisted Living

1. As calculated from construction date or major renovation/expansion date. Includes owned portfolio and mortgage loans secured by 22 SNF properties in Michigan.

PORTFOLIO 15

PORTFOLIO DIVERSIFICATION - OPERATORS

(AS OF MARCH 31, 2020, DOLLAR AMOUNTS IN THOUSANDS)

		# OF					ANNUALIZED INCO ME					GROSS
OPE RATO RS		PRO PS			GAAP (1 )		%			CASH		%		INVESTMENT		%
Prestige Healthcare	24	$	32,485		19.5%	$	26,418		16.7%	$	270,091	15.9%
Senior Lifestyle Corporation	23			20,010		12.0%			18,241		11.6%			191,622	11.3%
Anthem Memory Care	11			9,900	(2)	5.9%			9,900	(2)	6.3%			136,483	8.1%
Senior Care Centers	11			14,603		8.8%			14,603		9.3%			138,109	8.1%
Brookdale Senior Living	35			13,894		8.3%			13,969		8.8%			98,921	5.8%
Carespring Health Care Management	4			11,194		6.7%			9,748		6.2%			102,520	6.1%
Fundamental	7			8,418		5.0%			8,675		5.5%			75,795	4.5%
Traditions Senior Management	7			8,276		5.0%			8,535		5.4%			71,742	4.2%
Genesis Healthcare	6			8,154		4.9%			8,111		5.1%			50,004	3.0%
Juniper Communities	5			6,663		4.0%			6,626		4.2%			81,988	4.8%
All Others		47			33,253		19.9%			33,019		20.9%			477,861		28.2%
	180	$	166,850		100.0%	$	157,845		100.0%	$	1,695,136	100.0%

1. Represents annualized income for the month of March 2020 for leased properties, except for Anthem as noted below, and annualized interest income from mortgage loans outstanding as of March 31, 2020.
2. Anthem is currently being accounted for on a cash basis. See page 9 for Anthem disclosure.

Privately Held	SNF/ALF/ILF	78 Properties	5 States
Other Rehab
Privately Held	ALF/ILF/MC/SNF	184 Properties	27 States
Short Term Stays
Privately Held	Exclusively MC	11 Properties	4 States
Privately Held	SNF/ALF	22 Properties	1 State
NYSE: BKD	ILF/ALF/MC	743 Properties	45 States
Continuing Care

Privately Held	SNF/ALF/ILF	13 Properties	2 States
Transitional Care
Privately Held	SNF/MC	84 Properties	10 States
Hospitals & Other Rehab
Privately Held	SNF/ALF/ILF	25 Properties	5 States
NYSE: GEN	SNF/ALF	Nearly 400	26 States
Senior Living	Properties
Privately Held	ALF/ILF/MC/SNF	21 Properties	3 States

SUPPLEMENTAL INFORMATION 1Q 2020

PORTFOLIO

16

PORTFOLIO DIVERSIFICATION - OPERATORS

(DOLLAR AMOUNTS IN THOUSANDS)

COVID-19 UPDATE

"As the world continues to work to find solutions to the current global pandemic, we have the highest confidence in our operating partners and their employees as they fight on the front lines to take care of those most at risk."

	OPERATOR UPDATE
93%	April contractual rent collected
90%	9 of our top 10 operators paid all of
their contractual rent in April

- Wendy Simpson

ALF/MC

87%

SNF

13%

Our rent deferral agreements generally require the deferred rent to be paid within 6 to 12 months.

LTC evaluated deferral requests with close attention to ongoing operations, unit coverage, corporate financial health and liquidity of the operator.

• Of the $772 April rent deferred, approximately 87% relates to ALF/MC and 13% relates to SNF.
• Of the $772 April rent deferred, $496 is backed by security deposits.
• Of the $772 April rent deferred, we subsequently received the repayment of $137.

SUPPLEMENTAL INFORMATION 1Q 2020

PORTFOLIO

17

PORTFOLIO MATURITY

(AS OF MARCH 31, 2020, DOLLAR AMOUNTS IN THOUSANDS)

Near Term Lease Maturities:

• Four in 2020 with an annualized GAAP rent totaling $13.9 million(2)

• Three in 2021 with an annualized GAAP rent totaling $4.0 million

• One in 2022 with an annualized GAAP rent totaling $0.8 million

As of March 31, 2020, approximately 93% of owned properties are covered under master leases and approximately 96% of rental revenues come from master leases or cross- default leases.

100.0%
80.0%				Leases		Loans
60.0%				(As a % of Total Annual Income)(1)
																		43.0%
40.0%																		18.7%
20.0%
	8.3%	2.4% 0.0%			2.0% 0.0%	3.1%	5.5%	9.8%	6.7%
	0.0%	0.5% 0.0%	0.0%	0.0%	0.0%	0.0%
0.0%
2020	2021	2022	2023			2024	2025	2026	2027		Thereafter

1. Includes annualized GAAP rent for leased properties, except for Anthem, and annualized interest income from mortgage loans outstanding as of March 31, 2020.
2. Represents Brookdale maturing on December 31, 2020, with two 10-year renewal options in which the notice period expires on June 30, 2020.

SUPPLEMENTAL INFORMATION 1Q 2020

PORTFOLIO

18

ENTERPRISE VALUE

(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES)

						MARCH 31, 2020	CAPITALIZATION
DE BT
Bank borrowings - weighted average rate 2.2%				$	89,900
Senior unsecured notes, net of debt issue costs - weighted average rate 4.4% (1)		599,527
Total debt - weighted average rate 4.1%						689,427		36.3%		CAPITALIZATION
EQUITY		3/31/20
		No. of shares	Closing Price								Common Stock
Common stock	39,217,848	$ 30.90	(2)			1,211,832		63.7%
					63.7%
Total Market Value						1,211,832
TOTAL VALUE
				$	1,901,259		100.0%
											Total Debt
Add: Non-controlling interest						8,426
Less: Cash and cash equivalents						(30,888)					36.3%
ENTERPRISE VALUE
				$	1,878,797
Debt to Enterprise Value						36.7%
Debt to Annualized Adjusted EBITDAre (3)						4.6x
Net Debt to Annualized Adjusted EBITDAre (3)						4.4x

1. Represents outstanding balance of $600,300, net of debt issue costs of $773.
2. Closing price of our common stock as reported by the NYSE on March 31, 2020.
3. See page 23 for reconciliation of annualized adjusted EBITDAre.

SUPPLEMENTAL INFORMATION 1Q 2020

FINANCIAL

19

DEBT METRICS

(DOLLAR AMOUNTS IN THOUSANDS)

LINE OF CREDIT LIQUIDITY

$600,000

$510,100	$506,100	$488,000	$503,500
$500,000
$400,000
$300,000
$200,000
$100,000
	$93,900	$112,000	$96,500
$89,900
$-
1Q20	2019	2018	2017
		Balance	Available

			LEVERAGE RATIOS						COVERAGE RATIOS
50.0%							8.0
37.3%	37.2%		37.6%	36.7%
40.0%	35.2%		6.0
				28.0% 28.0% 28.0%	4.4x	4.5x	4.3x	4.4x	4.7x	4.9x	4.7x	4.9x
30.0%
					4.0
20.0%
						2.0
10.0%
						0.0
0.0%
							Net Debt to	Adjusted EBITDAre/
Debt to Gross Asset Value	Debt to Total Enterprise Value
		Adjusted EBITDAre		Fixed Charges
	1Q20		2019	2018	2017		1Q20 Annualized	2019	2018		2017
	SUPPLEMENTAL INFORMATION 1Q 2020									FINANCIAL	20

DEBT MATURITY

(AS OF MARCH 31, 2020, DOLLAR AMOUNTS IN THOUSANDS)

DEBT STRUCTURE

Unsecured Line of Credit

13.0%

Senior Unsecured Notes

87.0%

$600,000
$500,000							Unsecured Line	Senior Unsecured Notes
$400,000
$300,000																							$211,000
$200,000					$89,900
$100,000																$51,500	$54,500
		$40,160	$47,160	$48,160		$49,160	$0 $49,160	$49,500
	$0	$0		$0			$0		$0		$0		$0
$-
2020		2021		2022				2023			2024			2025		2026		2027		Thereafter

1. Reflects scheduled principal payments.
2. Includes debt issue costs which are excluded in the senior unsecured notes balance on our Consolidated Balance Sheets shown on page 25.

SUPPLEMENTAL INFORMATION 1Q 2020

FINANCIAL

21

FINANCIAL DATA SUMMARY

(DOLLAR AMOUNTS IN THOUSANDS)

		3/31/20			12/31/19		12/31/18		12/31/17
Gross real estate assets	$	1,695,136	$	1,741,230	$	1,666,842	$	1,618,284
Net real estate investments	$	1,372,241	$	1,390,915	$	1,349,520	$	1,309,996
Gross asset value	$	1,847,860	$	1,864,705	$	1,831,070	$	1,774,024
Total debt (1)	$	689,427	$	693,388	$	645,029	$	667,502
Total liabilities (1)	$	718,730	$	728,783	$	680,649	$	706,922
Total equity	$	806,055	$	785,426	$	832,971	$	758,648

NON-CASH REVENUE COMPONENTS

1. Includes outstanding gross bank borrowings and senior unsecured notes, net of debt issue costs.

1. For leases and loans in place at March 31, 2020, assuming no

renewals, modifications or replacements and no new investments are added to our portfolio except for completed development in 2020 and the leases on cash basis.

1. Increase due to April 2020 rent deferrals. See COVID-19 disclosure

on page 17.

COMPONENTS OF RENTAL INCOME

(1) Decrease due to a reduction of rent received from Preferred Care who began paying reduced rent in July 2019, partially offset by rent increases from acquisitions.

(2) Represents the write-off of straight-line rent due to a lease termination and transition of two senior housing communities to a new operator.

SUPPLEMENTAL INFORMATION 1Q 2020

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22

FINANCIAL DATA SUMMARY

(DOLLAR AMOUNTS IN THOUSANDS)

RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES

	THRE E MO NTHS ENDE D					FO R THE YEAR ENDED
		3/31/20				12/31/2019				12/31/2018			12/31/2017
Net income	$	63,722		$	80,872		$	155,076		$	87,340
Less: Gain on sale of real estate, net		(43,854)				(2,106)					(70,682)			(3,814)
Add: Impairment charges		-				5,500	(1)				-		1,880	(2)
Add: Interest expense		7,710				30,582					30,196			29,949
Add: Depreciation and amortization		9,669				39,216					37,555			37,610
EBITDAre		37,247				154,064					152,145			152,965
Less: Non-recurringone-time items		-				(1,535) (3)				(3,074) (4)			(842) (4)
Adju sted EBITDAr e
$	37,247			$	152,529			$	149,071		$	152,123
Interest expense	$	7,710		$	30,582		$	30,196		$	29,949
Add: Capitalized interest		191				608					1,248			908
Fixed charges (5 )	$	7,901		$	31,190		$	31,444		$	30,857
Annualized Adjusted EBITDAre	$	148,988
Annualized Fixed Charges	$	31,604
Debt (net of debt issue costs)	$	689,427		$	693,388		$	645,029		$	667,502
Net Debt (debt less cash)	$	658,539		$	689,144		$	642,373		$	662,289
Debt to Adjusted EBITDAre		4.6x	*			4.5x					4.3x		4.4x
Net Debt to Adjusted EBITDAre		4.4x	*			4.5x					4.3x		4.4x
Adjusted EBITDAre to Fixed Charges		4.7x	*			4.9x					4.7x		4.9x

• Represents annualized 1Q20 results except for gain on sale of real estate.

1. Impairment charge on an unconsolidated joint venture investment.
2. Represents net write-off of $1,880 of straight-line rent and other receivables related to two properties in Overland Park and Wichita, KS.
3. Represents $2,111 gain from property insurance proceeds related to a property in Texas and $1,350 deferred rent repayment from an operator offset by $1,926 write-off of straight-line rent due to a lease termination and transition of two seniors housing communities to a new operator.
4. Represents net write-off of earn-out liabilities and the related lease incentives.
5. Given we do not have preferred stock, our fixed-charge coverage ratio and interest coverage ratio are the same.

SUPPLEMENTAL INFORMATION 1Q 2020

FINANCIAL

23

INCOME STATEMENT DATA

(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

		THRE E MONTHS ENDED
		MARCH 31,
		2020			2019
		(unaudited)
Reven u es
Rental income	$	38,035	$	37,624
Interest income from mortgage loans		7,777			7,311
Interest and other income		598			521
Total revenues		46,410			45,456
E xpen ses
Interest expense		7,710			7,467
Depreciation and amortization		9,669			9,607
Provision for doubtful accounts		1			83
Transaction costs		70			-
Property tax expense		4,223			4,386
General and administrative expenses		5,100			4,571
Total expenses		26,773			26,114
Other Operating Income
Gain on sale of real estate, net		43,854			-
Operating Income		63,491			19,342
Income from unconsolidated joint ventures		231			1,085
Net Inc ome		63,722			20,427
Income allocated to non-controlling interests		(89)			(81)
Net income attributable to LTC Properties, Inc.		63,633			20,346
Income allocated to participating securities		(263)			(92)
Net income available to common stockholders	$	63,370	$	20,254
E arnings per common s hare:
Basic		$1.60			$0.51
Diluted		$1.60			$0.51
Weighted average s hares u sed to c alc ulate earnings
per c ommon share:
Basic		39,539			39,532
Diluted		39,541			39,874
Dividends declared and paid per common share		$0.57			$0.57

SUPPLEMENTAL INFORMATION 1Q 2020

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24

CONSOLIDATED BALANCE SHEETS

(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

		MARCH 31, 2020		DE CEMBER 31, 2019
ASS E T S		(unaudited)			(audited)
Investments:
Land	$	127,774	$	126,703
Buildings and improvements		1,310,403			1,295,899
Accumulated depreciation and amortization		(320,332)			(312,642)
Operating real estate property, net		1,117,845			1,109,960
Properties held-for-sale, net of accumulated depreciation: 2020-$0;2019-$35,113		-			26,856
Real property investments, net		1,117,845			1,136,816
Mortgage loans receivable, net of loan loss reserve: 2020-$2,563;2019-$2,560		254,396			254,099
Real estate investments, net		1,372,241			1,390,915
Notes receivable, net of loan loss reserve: 2020-$179;2019-$181		17,769			17,927
Investments in unconsolidated joint ventures		19,061			19,003
Investments, net		1,409,071			1,427,845
Other assets:
Cash and cash equivalents		30,888			4,244
Debt issue costs related to bank borrowings		1,948			2,164
Interest receivable		28,097			26,586
Straight-line rent receivable		46,541			45,703
Lease incentives		2,764			2,552
Prepaid expenses and other assets		5,476			5,115
Total assets	$	1,524,785	$	1,514,209
LIABILITIES
Bank borrowings	$	89,900	$	93,900
Senior unsecured notes, net of debt issue costs: 2020-$773;2019-$812		599,527			599,488
Accrued interest		3,503			4,983
Accrued expenses and other liabilities		25,800			30,412
Total liabilities		718,730			728,783
EQUITY
Stockholders' equity:
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2020-39,218;2019-39,752		392			398
Capital in excess of par value		847,572			867,346
Cumulative net income		1,357,115			1,293,482
Cumulative distributions		(1,407,450)			(1,384,283)
Total LTC Properties, Inc. stockholders' equity		797,629			776,943
Non-controlling interests		8,426			8,483
Total equity		806,055			785,426
Total liabilities and equity	$	1,524,785		$	1,514,209

SUPPLEMENTAL INFORMATION 1Q 2020

FINANCIAL

25

FUNDS FROM OPERATIONS

(UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

RECONCILIATION OF FFO AND FAD

(1)(2)

(1)

(2)		(2)

1. Represents $1,926 write-off of straight-line rent due to a lease termination and transition of two seniors housing communities to a new operator.
2. Represents $1,350 of deferred rent repayment from an operator.

SUPPLEMENTAL INFORMATION 1Q 2020

FINANCIAL

26

FUNDS FROM OPERATIONS

(UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

RECONCILIATION OF FFO PER SHARE

(1)(2)		(2)

(3)			(3)
(4)		(4)

1. Represents $1,926 write-off of straight-line rent due to a lease termination and transition of two seniors housing communities to a new operator offset by (2) below.
2. Represents $1,350 net of deferred rent repayment from an operator.
3. Excludes performance-based stock units as no performance-based units would be earned based on the total shareholder return target at March 31, 2020.
4. Excludes the effective of participating securities from the computation of FFO per share and FAD per share as such inclusion would be anti-dilutive.

SUPPLEMENTAL INFORMATION 1Q 2020

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GLOSSARY

Assisted Living Communities ("ALF"): The ALF portfolio consists of assisted living, independent living, and/or memory care properties. (See Independent Living and Memory Care) Assisted living properties are seniors housing properties serving elderly persons who require assistance with activities of daily living, but do not require the constant supervision skilled nursing properties provide. Services are usually available 24 hours a day and include personal supervision and assistance with eating, bathing, grooming and administering medication. The facilities provide a combination of housing, supportive services, personalized assistance and health care designed to respond to individual needs.

Contractual Lease Rent: Rental revenue as defined by the lease agreement between us and the operator for the lease year.

Earnings Before Interest, Tax, Depreciation and Amortization for Real Estate ("EBITDAre"): As defined by the 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,

1. real estate depreciation and amortization, (iv) impairment write-downs of depreciable real estate,

1. gains or losses on the sale of depreciable real estate, and (vi) adjustments for unconsolidated partnerships and joint ventures.

Funds Available for Distribution ("FAD"): FFO excluding the effects of straight-line rent, amortization of lease costs, effective interest income, deferred income from unconsolidated joint ventures, non-cash compensation charges, capitalized interest and non-cash interest charges.

Funds From Operations ("FFO"): As defined by NAREIT, net income available to common stockholders (computed in accordance with U.S. 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.

GAAP Lease Yield: GAAP rent divided by the sum of the purchase price and transaction costs.

GAAP Rent: Total rent we will receive as a fixed amount over the initial term of the lease and recognized evenly over that term. GAAP rent recorded in the early years of a lease is higher than the cash rent received and during the later years of the lease, the cash rent received is higher than GAAP rent recognized. GAAP rent is commonly referred to as straight-line rental income.

Gross Asset Value: The carrying amount of total assets after adding back accumulated depreciation and loan loss reserves, as reported in the company's consolidated financial statements.

Gross Investment: Original price paid for an asset plus capital improvements funded by LTC, without any depreciation deductions. Gross Investment is commonly referred to as undepreciated book value.

Independent Living Communities ("ILF"): Seniors housing properties offering a sense of community and numerous levels of service, such as laundry, housekeeping, dining options/meal plans, exercise and wellness programs, transportation, social, cultural and recreational activities, on-site security and emergency response programs. Many offer on-site conveniences like beauty/barber shops, fitness facilities, game rooms, libraries and activity centers. ILFs are also known as retirement communities or seniors apartments.

Interest Income: Represents interest income from mortgage loans and other notes.

Licensed Beds/Units: The number of beds and/or units that an operator is authorized to operate at seniors housing and long-term care properties. Licensed beds and/or units may differ from the number of beds and/or units in service at any given time.

Memory Care Communities ("MC"): Seniors housing properties offering specialized options for seniors with Alzheimer's disease and other forms of dementia. These facilities offer dedicated care and specialized programming for various conditions relating to memory loss in a secured environment that is typically smaller in scale and more residential in nature than traditional assisted living facilities. These facilities have staff available 24 hours a day to respond to the unique needs of their residents.

Metropolitan Statistical Areas ("MSA"): Based on the U.S. Census Bureau, MSA is a geographic entity defined by the Office of Management and Budget (OMB) for use by Federal statistical agencies in collecting, tabulating, and publishing Federal statistics. A metro area contains a core urban area of 50,000 or more population. MSAs 1 to 31 have a population of 20.3M - 2.1M. MSAs 32 to 100 have a population of 2.1M - 0.6M. MSAs less than 100 have a population of 0.5M - 55K. Cities in a Micro-SA have a population of 216K - 13K. Cities not in a MSA has population of less than 100K.

Mezzanine: In certain circumstances, the Company strategically allocates a portion of its capital deployment toward mezzanine loans to grow relationships with operating companies that have not typically utilized sale leaseback financing as a component of their capital structure. Mezzanine financing sits between senior debt and common equity in the capital structure, and typically is used to finance development projects or value-add opportunities on existing operational properties. We seek market-based,risk-adjusted rates of return typically between 12-18% with the loan term typically between four to eight years. Security for mezzanine loans can include all or a portion of the following credit enhancements; secured second mortgage, pledge of equity interests and personal/corporate guarantees. Mezzanine loans can be recorded for GAAP purposes as either a loan or joint venture depending upon specifics of the loan terms and related credit enhancements.

SUPPLEMENTAL INFORMATION 1Q 2020

GLOSSARY

28

GLOSSARY

Micropolitan Statistical Areas ("Micro-SA"): Based on the U.S. Census Bureau, Micro-SA is a geographic entity defined by the Office of Management and Budget (OMB) for use by Federal statistical agencies in collecting, tabulating, and publishing Federal statistics. A micro area contains an urban core of at least 10,000 population.

Mortgage Loan: Mortgage financing is provided on properties based on our established investment underwriting criteria and secured by a first mortgage. Subject to underwriting, additional credit enhancements may be required including, but not limited to, personal/corporate guarantees and debt service reserves. When possible, LTC attempts to negotiate a purchase option to acquire the property at a future time and lease the property back to the borrower.

Net Real Estate Assets: Gross real estate investment less accumulated depreciation. Net Real Estate Asset is commonly referred to as Net Book Value ("NBV").

Non-cashRental Income: Straight-line rental income and amortization of lease inducement.

Non-cashCompensation Charges: Vesting expense relating to stock options and restricted stock.

Normalized EBITDAR Coverage: The trailing twelve month's earnings from the operator financial statements adjusted for non-recurring, infrequent, or unusual items and before interest, taxes, depreciation, amortization, and rent divided by the operator's contractual lease rent. Management fees are imputed at 5% of revenues.

Normalized EBITDARM Coverage: The trailing twelve month's earnings from the operator financial statements adjusted for non-recurring, infrequent, or unusual items and before interest, taxes, depreciation, amortization, rent, and management fees divided by the operator's contractual lease rent.

Occupancy: The weighted average percentage of all beds and/or units that are occupied at a given time. The calculation uses the trailing twelve months and is based on licensed beds and/or units which may differ from the number of beds and/or units in service at any given time.

Operator Financial Statements: Property level operator financial statements which are unaudited and have not been independently verified by us.

Payor Source: LTC revenue by operator underlying payor source for the period presented. LTC is not a Medicaid or a Medicare recipient. Statistics represent LTC's rental revenues times operators' underlying payor source revenue percentage. Underlying payor source revenue percentage is calculated from property level operator financial statements which are unaudited and have not been independently verified by us.

Private Pay: Private pay includes private insurance, HMO, VA, and other payors.

Purchase Price: Represents the fair value price of an asset that is exchanged in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets; it is not a forced transaction (for example, a forced liquidation or distress sale).

Rental Income: Represents GAAP rent net of amortized lease inducement cost.

Same Property Portfolio ("SPP"): Same property statistics allow for the comparative evaluation of performance across a consistent population of LTC's leased property portfolio and the Prestige Healthcare mortgage loan portfolio. Our SPP is comprised of stabilized properties occupied and operated throughout the duration of the quarter-over-quarter comparison periods presented (excluding assets sold and assets held-for-sale). Accordingly, a property must be occupied and stabilized for a minimum of 15 months to be included in our SPP.

Skilled Nursing Properties ("SNF"): Seniors housing properties providing restorative, rehabilitative and nursing care for people not requiring the more extensive and sophisticated treatment available at acute care hospitals. Many SNFs provide ancillary services that include occupational, speech, physical, respiratory and IV therapies, as well as sub-acute care services which are paid either by the patient, the patient's family, private health insurance, or through the federal Medicare or state Medicaid programs.

Stabilized: Properties are generally considered stabilized upon the earlier of achieving certain occupancy thresholds (e.g. 80% for SNFs and 90% for ALFs) and, as applicable, 12 months from the date of acquisition/lease transition or, in the event of a de novo development, redevelopment, major renovations or addition, 24 months from the date the property is first placed in or returned to service, or issuance of certificate of occupancy for properties acquired in lease-up.

Under Development Properties ("UDP"): Development projects to construct seniors housing properties.

SUPPLEMENTAL INFORMATION 1Q 2020

GLOSSARY

29