LTC Properties Q4 Earnings Call Highlights

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Sat, February 28, 2026 astatine 10:41 AM CST 7 min read

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LTC is rapidly shifting to a seniors lodging operating portfolio (SHOP) model, guiding to astir $600 million of 2026 acquisitions astatine the midpoint (nearly each SHOP), with SHOP expected to turn from 25% of investments to astir 45% of the portfolio and 40% of NOI by year-end 2026; absorption already closed $108 million, expects different $160 million to adjacent successful Q2, and has a SHOP pipeline of over $500 million.
The institution is deliberately reducing skilled nursing and indebtedness exposure, expecting the $180 cardinal Prestige loan to beryllium prepaid astir July 1 which would little loans to under 10% of the portfolio and skilled nursing to under 30% by end-2026, portion readying to merchantability 5 skilled nursing properties and implicit astir $90 million of indebtedness payoffs successful the adjacent 60 days.
Liquidity and 2026 fiscal targets were strengthened: the recognition installation was expanded to $800 million (including $200M word loans), pro forma liquidity is ~$810 million aft ~$270 million of expected asset-sale proceeds, and guidance includes Core FFO/share of $2.75–$2.79 and SHOP NOI of $65–$77 million, with leverage astir 4.5x debt/EBITDAre (inside a 4x–5x target).
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LTC Properties (NYSE:LTC) executives utilized the company’s fourth-quarter 2025 net telephone to item what absorption described arsenic a accelerated strategical displacement toward a seniors lodging operating portfolio (SHOP) model, with a extremity of expanding maturation and reducing vulnerability to skilled nursing and loans. Leaders emphasized that the institution is “almost halfway through” its translation from a lower-growth triple-net REIT into a faster-growing, SHOP-focused REIT, a modulation they said should beryllium mostly implicit by the extremity of 2026.

Co-President and Co-CEO Pam Kessler said the institution is guiding to $600 cardinal of acquisitions astatine the midpoint for 2026, which absorption expects volition beryllium wholly successful SHOP. Kessler said the midpoint guidance is “nearly 70% higher” than SHOP acquisitions successful 2025.

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Management said 2026 began with momentum, including $108 cardinal of SHOP acquisitions already completed and different $160 cardinal expected to adjacent successful the 2nd quarter. Executives besides cited an acquisition pipeline of over $500 million successful deals nether review, which they said is comprised wholly of SHOP opportunities.

As SHOP scales, Kessler said the portfolio has grown to 25% of full investments by year-end 2025. Based connected the 2026 acquisition plan, absorption expects SHOP to scope 45% of the concern portfolio and 40% of NOI by the extremity of 2026.

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