LTC Properties Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), LTC Properties Inc reported revenue of $262.9M (+25.3% year on year) and net income of $123.9M (+30.6% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Rental income | $116.2M | $132.3M | $127.3M | $128.2M |
| Resident fees and services | $72.1M | — | — | — |
| Interest income from financing receivables | $28.3M | $21.7M | $15.2M | $1.8M |
| Interest income from mortgage loans | $39.0M | $45.2M | $47.7M | $40.6M |
| Interest and other income | $7.2M | $10.7M | $6.9M | $4.5M |
| Total revenues | $262.9M | $209.8M | $197.2M | $175.2M |
| Interest expense | $35.3M | $40.3M | $47.0M | $31.4M |
| Depreciation and amortization | $37.9M | $36.4M | $37.4M | $37.5M |
| Seniors housing operating expenses | $54.1M | — | — | — |
| Impairment loss | $0 | $7.0M | $15.8M | $3.4M |
| Write-off of effective interest receivable | $41.5M | — | — | — |
| Provision for credit losses | $4.5M | $741.0K | $5.7M | $1.5M |
| Transaction costs | $8.2M | $819.0K | $1.1M | $828.0K |
| Triple-net lease property tax expense | $10.8M | $12.9M | $13.3M | $15.5M |
| General and administrative expenses | $31.1M | $27.2M | $24.3M | $23.7M |
| Total expenses | $223.4M | $125.4M | $144.6M | $113.9M |
| Income before unconsolidated joint ventures, real estate dispositions and other items | $39.5M | — | — | — |
| Gain on sale of real estate, net | $77.8M | $8.0M | $37.3M | $37.8M |
| Income from unconsolidated joint ventures | $6.8M | $2.4M | $1.5M | $1.5M |
| Income tax provision | ($179.0K) | — | — | — |
| Net income | $123.9M | $94.9M | $91.5M | $100.6M |
| Income allocated to non-controlling interests | ($5.9M) | ($3.8M) | ($1.7M) | ($560.0K) |
| Net income attributable to LTC Properties, Inc. | $118.0M | $91.0M | $89.7M | $100.0M |
| Income allocated to participating securities | ($696.0K) | ($682.0K) | ($587.0K) | ($580.0K) |
| Net income available to common stockholders | $117.3M | $90.4M | $89.1M | $99.4M |
| Basic (in dollars per share) | $2.54 | $2.07 | $2.16 | $2.49 |
| Diluted (in dollars per share) | $2.52 | $2.04 | $2.16 | $2.48 |
| Basic (in shares) | 46.2M | 43.7M | 41.3M | 39.9M |
| Diluted (in shares) | 46.6M | 44.2M | 41.4M | 40.1M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Rental income | $26.0M | $26.3M | $27.8M | $30.2M |
| Resident fees and services | $56.1M | $49.6M | $22.2M | $11.9M |
| Interest income from financing receivables | $5.6M | $8.3M | $7.1M | $7.1M |
| Interest income from mortgage loans | $10.3M | $10.2M | $9.9M | $9.7M |
| Interest and other income | $782.0K | $1.0M | $2.3M | $1.3M |
| Total revenues | $98.9M | $95.4M | $69.3M | $60.2M |
| Interest expense | $9.5M | $10.8M | $8.8M | $8.0M |
| Depreciation and amortization | $12.4M | $12.0M | $9.0M | $8.8M |
| Seniors housing operating expenses | $42.2M | $36.9M | $17.4M | $9.4M |
| Provision (recovery) for credit losses | $27.0K | ($684.0K) | $203.0K | $387.0K |
| Transaction costs | $1.2M | $688.0K | $587.0K | $6.7M |
| Triple-net lease property tax expense | $2.1M | $2.4M | $2.6M | $2.8M |
| General and administrative expenses | $8.2M | $8.6M | $7.5M | $8.4M |
| Total expenses | $75.5M | $70.6M | $87.5M | $44.5M |
| Income before unconsolidated joint ventures, real estate dispositions and other items | $23.3M | $24.8M | ($18.2M) | $15.7M |
| Gain on sale of real estate, net | $7.6M | ($10.0K) | ($738.0K) | $332.0K |
| Income from unconsolidated joint ventures | $101.0K | $295.0K | $439.0K | $439.0K |
| Income tax (provision) benefit | ($166.0K) | ($110.0K) | ($42.0K) | $81.0K |
| Net income | $30.8M | $25.0M | ($18.5M) | $16.5M |
| Income allocated to non-controlling interests | ($1.2M) | ($1.4M) | ($1.5M) | ($1.5M) |
| Net income attributable to LTC Properties, Inc. | $29.6M | $23.6M | ($20.0M) | $15.1M |
| Income allocated to participating securities | ($158.0K) | ($156.0K) | ($154.0K) | ($154.0K) |
| Net income available to common stockholders-basic | $29.5M | $23.4M | ($20.1M) | $14.9M |
| Basic (in dollars per share) | $0.57 | $0.48 | -$0.44 | $0.33 |
| Diluted (in dollars per share) | $0.56 | $0.48 | -$0.44 | $0.32 |
| Basic (in shares) | 51.9M | 48.5M | 46.1M | 45.7M |
| Diluted (in shares) | 52.2M | 49.0M | 46.1M | 46.0M |
| Dividends declared per common share (in dollars per share) | $0.57 | — | — | — |
| Dividends paid per common share (in dollars per share) | $0.57 | $0.57 | $0.57 | $0.57 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Land | $128.6M | $118.2M | $121.7M | $124.7M |
| Buildings and improvements | $1.5B | $1.2B | $1.2B | $1.3B |
| Accumulated depreciation and amortization | ($408.9M) | ($405.9M) | ($387.8M) | ($389.2M) |
| Owned real properties, net | $1.2B | $925.8M | $988.0M | $1.0B |
| Financing receivables, net of credit loss reserve: 2025-$3,631; 2024-$3,615 | $359.5M | $357.9M | — | — |
| Mortgage loans receivable, net of credit loss reserve: 2025-$3,849; 2024-$3,151 | $381.7M | $312.6M | $477.3M | $389.7M |
| Real property investments, net | $1.9B | $1.6B | $1.7B | $1.5B |
| Notes receivable, net of credit loss reserve: 2025-$259; 2024-$477 | $25.6M | $47.2M | — | — |
| Investments in unconsolidated joint ventures | $12.5M | $30.6M | $19.3M | $19.3M |
| Investments, net | $2.0B | $1.7B | $1.7B | $1.6B |
| Cash and cash equivalents | $14.4M | $9.4M | $20.3M | $10.4M |
| Debt issue costs related to revolving line of credit | $4.7M | $1.4M | $1.6M | $2.3M |
| Interest receivable | $22.7M | $60.3M | $54.0M | $46.0M |
| Straight-line rent receivable | $17.9M | $21.5M | $19.6M | $21.8M |
| Prepaid expenses and other assets | $21.2M | $15.9M | $16.0M | $11.1M |
| Total assets | $2.1B | $1.8B | $1.9B | $1.7B |
| Revolving line of credit | $252.9M | $144.3M | $302.3M | $130.0M |
| Term loans, net of debt issue costs: 2025-$1,787; 2024-$192 | $198.2M | $99.8M | $99.7M | $99.5M |
| Senior unsecured notes, net of debt issue costs: 2025-$895; 2024-$1,058 | $391.1M | $440.4M | $489.4M | $538.3M |
| Accrued interest | $3.8M | $3.1M | $3.9M | $5.2M |
| Accrued expenses and other liabilities | $53.7M | $45.4M | $43.6M | $32.7M |
| Total liabilities | $899.7M | $733.1M | $938.8M | $805.8M |
| Common stock: $0.01 par value; 110,000 shares authorized; shares issued and outstanding: 2025-48,482; 2024-45,511 | 485.0K | 455.0K | 430.0K | 412.0K |
| Capital in excess of par value | $1.2B | $1.1B | $991.7M | $931.1M |
| Cumulative net income | $1.8B | $1.7B | $1.6B | $1.5B |
| Accumulated other comprehensive income | $482.0K | $3.8M | $6.1M | $8.7M |
| Cumulative distributions | ($2.0B) | ($1.9B) | ($1.8B) | ($1.7B) |
| Total LTC Properties, Inc. stockholders' equity | $1.1B | $960.6M | $881.3M | $828.4M |
| Non-controlling interests | $87.4M | $92.4M | $35.0M | $21.9M |
| Total equity | $1.2B | $1.1B | $916.3M | $850.3M |
| Total liabilities and equity | $2.1B | $1.8B | $1.9B | $1.7B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Land | $139.4M | $137.2M | $121.9M | $109.9M |
| Buildings and improvements | $1.6B | $1.6B | $1.4B | $1.1B |
| Properties held-for-sale, net of accumulated depreciation: 2026-$4,523; 2025-$0 | $654.0K | — | $42.5M | $42.5M |
| Accumulated depreciation and amortization | ($425.2M) | ($420.8M) | ($398.0M) | ($392.5M) |
| Owned real properties, net | $1.4B | $1.3B | $1.2B | $907.9M |
| Financing receivables, net of credit loss reserve: 2026-$2,869; 2025-$3,631 | $284.0M | $284.0M | $358.6M | $357.8M |
| Mortgage loans receivable, net of credit loss reserve: 2026-$3,955; 2025-$3,849 | $392.1M | $389.5M | $389.7M | $353.3M |
| Real property investments, net | $2.0B | $2.0B | $1.9B | $1.6B |
| Notes receivable, net of credit loss reserve: 2026-$257; 2025-$259 | $25.5M | $25.6M | $26.7M | $43.7M |
| Investments, net | $2.1B | $2.0B | $2.0B | $1.7B |
| Cash and cash equivalents | $40.4M | $21.7M | $17.9M | $7.6M |
| Debt issue costs related to revolving line of credit | $6.1M | $4.4M | $5.1M | $809.0K |
| Interest receivable | $24.6M | $23.3M | $21.5M | $64.5M |
| Straight-line rent receivable | $17.3M | $17.6M | $18.5M | $20.2M |
| Prepaid expenses and other assets | $32.6M | $23.1M | $16.1M | $19.0M |
| Total assets | $2.2B | $2.1B | $2.0B | $1.8B |
| Revolving line of credit | $200.0M | $283.0M | $548.5M | $168.6M |
| Term loans, net of debt issue costs: 2026-$1,596; 2025-$1,787 | $198.4M | $198.3M | — | $99.9M |
| Senior unsecured notes, net of debt issue costs: 2026-$814; 2025-$895 | $378.7M | $386.1M | $396.1M | $428.0M |
| Accrued interest | $1.8M | $3.7M | $4.0M | $2.9M |
| Accrued expenses and other liabilities | $56.3M | $48.2M | $50.6M | $51.1M |
| Total liabilities | $835.2M | $919.3M | $999.2M | $750.5M |
| Common stock: $0.01 par value; 110,000 shares authorized; shares issued and outstanding: 2026-53,906; 2025-48,482 | 539.0K | 498.0K | 473.0K | 461.0K |
| Capital in excess of par value | $1.4B | $1.2B | $1.1B | $1.1B |
| Cumulative net income | $1.9B | $1.9B | $1.7B | $1.8B |
| Accumulated other comprehensive income | $3.4M | $1.6M | $1.5M | $2.2M |
| Cumulative distributions | ($2.0B) | ($2.0B) | ($1.9B) | ($1.9B) |
| Total LTC Properties, Inc. stockholders' equity | $1.3B | $1.1B | $957.9M | $957.5M |
| Non-controlling interests | $73.1M | $73.1M | $87.4M | $87.4M |
| Total equity | $1.3B | $1.2B | $1.0B | $1.0B |
| Total liabilities and equity | $2.2B | $2.1B | $2.0B | $1.8B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $123.9M | $94.9M | $91.5M | $100.6M |
| Depreciation and amortization | $37.9M | $36.4M | $37.4M | $37.5M |
| Stock-based compensation expense | $9.3M | $9.1M | $8.5M | $8.0M |
| Gain on sale of real estate, net | ($77.8M) | ($8.0M) | ($37.3M) | ($37.8M) |
| Income tax provision | $179.0K | — | — | — |
| Income from unconsolidated joint ventures | ($6.8M) | ($2.4M) | ($1.5M) | ($1.5M) |
| Income distributions from unconsolidated joint ventures | $6.8M | $1.3M | $56.0K | $351.0K |
| Straight-line rental adjustment | $1.6M | — | — | — |
| Adjustment for collectability of straight-line rental income | $1.5M | $321.0K | $26.0K | $256.0K |
| Adjustment for collectability of lease incentives | $249.0K | — | — | — |
| Amortization of lease incentives | $687.0K | $818.0K | $773.0K | $877.0K |
| Write-off of effective interest receivable | $41.5M | — | — | — |
| Provision for credit losses | $4.5M | $741.0K | $5.7M | $1.5M |
| Amortization of debt issue costs | $1.6M | $1.1M | $1.2M | $1.1M |
| Other non-cash items, net | $67.0K | $95.0K | $95.0K | $113.0K |
| Increase in interest receivable | ($9.7M) | ($10.4M) | ($9.3M) | ($7.2M) |
| Increase (decrease) in accrued interest payable | $712.0K | ($771.0K) | ($1.4M) | $1.5M |
| Net change in other assets and liabilities | ($264.0K) | ($384.0K) | ($4.2M) | $2.1M |
| Net cash provided by operating activities | $136.0M | $125.2M | $104.4M | $105.6M |
| Investment in real estate properties | ($354.6M) | ($319.0K) | ($43.8M) | ($51.8M) |
| Investment in real estate capital improvements | ($7.3M) | ($13.7M) | ($9.7M) | ($9.0M) |
| Proceeds from sale of real estate, net | $126.7M | $38.9M | $66.3M | $72.6M |
| Investment in financing receivables | ($1.7M) | ($97.0K) | ($112.7M) | ($61.7M) |
| Investment in real estate mortgage loans receivable | ($107.6M) | ($21.8M) | ($72.2M) | ($40.7M) |
| Principal payments received on mortgage loans receivable | $38.2M | $85.9M | $10.4M | $1.2M |
| Investments in unconsolidated joint ventures | ($1.3M) | ($11.3M) | — | — |
| Proceeds from liquidation of investments in unconsolidated joint ventures | $19.3M | — | — | — |
| Advances and originations under notes receivable | ($25.0K) | ($340.0K) | ($20.4M) | ($37.2M) |
| Principal payments received on notes receivable | $18.2M | $13.4M | $7.2M | $6.8M |
| Net cash (used in) provided by investing activities | ($269.9M) | $90.7M | ($174.9M) | ($119.9M) |
| Net borrowings (repayments) under revolving line of credit | $108.5M | — | — | — |
| Proceeds from debt | $200.0M | — | — | $75.0M |
| Repayment of debt | ($149.5M) | ($49.2M) | ($49.2M) | ($48.2M) |
| Proceeds from common stock issued | $100.6M | $82.4M | $53.8M | $68.2M |
| Payments of common share issuance costs | ($436.0K) | $703.0K | — | — |
| Distributions paid to stockholders | ($107.4M) | ($100.5M) | ($94.8M) | ($91.5M) |
| Acquisition of and distributions paid to non-controlling interests | ($1.2M) | — | — | — |
| Financing costs paid | ($6.4M) | ($569.0K) | ($68.0K) | ($1.2M) |
| Cash paid for taxes in lieu of shares upon vesting of restricted stock | -5.2M | -1.5M | -1.6M | -1.4M |
| Other | ($11.0K) | ($30.0K) | — | ($6.0K) |
| Net cash provided by (used in) financing activities | $138.9M | ($226.7M) | $80.4M | $19.6M |
| Increase (decrease) in cash and cash equivalents | $5.0M | ($10.9M) | $9.9M | $5.2M |
| Cash and cash equivalents, beginning of period | $9.4M | $20.3M | $10.4M | $5.2M |
| Cash and cash equivalents, end of period | $14.4M | $9.4M | $20.3M | $10.4M |
| Interest paid | $33.0M | $40.0M | $47.2M | $28.8M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $55.8M | $25.0M | $20.2M | $38.8M |
| Depreciation and amortization | $24.4M | $12.0M | $26.9M | $17.9M |
| Stock-based compensation expense | $4.4M | $2.1M | $7.2M | $5.0M |
| Gain on sale of real estate, net | ($7.6M) | $10.0K | $235.0K | ($503.0K) |
| Income tax provision (benefit) | $276.0K | $110.0K | ($39.0K) | ($81.0K) |
| Income from unconsolidated joint ventures | ($396.0K) | ($295.0K) | ($4.5M) | ($4.1M) |
| Income distributions from unconsolidated joint ventures | $494.0K | $295.0K | $4.6M | $4.1M |
| Straight-line rental adjustment | $598.0K | $334.0K | $1.4M | $1.1M |
| Adjustment for collectability of lease incentives | $13.0K | — | $249.0K | $249.0K |
| Effective interest income | ($1.1M) | — | — | — |
| Amortization of lease incentives | $247.0K | $131.0K | $556.0K | $380.0K |
| (Recovery) provision for credit losses | ($657.0K) | ($684.0K) | $3.6M | $3.4M |
| Amortization of debt issue costs | $1.0M | $501.0K | $1.2M | $780.0K |
| Other non-cash items, net | $5.0K | $2.0K | $64.0K | $46.0K |
| Increase in interest receivable | ($3.3M) | ($1.9M) | ($7.1M) | ($7.1M) |
| Decrease in accrued interest payable | ($2.0M) | ($76.0K) | $915.0K | ($212.0K) |
| Net change in other assets and liabilities | ($6.9M) | ($6.6M) | ($471.0K) | ($500.0K) |
| Net cash provided by operating activities | $65.1M | $30.8M | $98.0M | $59.6M |
| Investment in real estate properties | ($171.6M) | ($108.2M) | ($268.2M) | — |
| Investment in real estate capital improvements | ($6.4M) | ($2.7M) | ($6.7M) | ($2.5M) |
| Proceeds from sale of real estate, net | $9.5M | ($10.0K) | $5.7M | $3.2M |
| Investment in financing receivables | ($373.0K) | ($314.0K) | ($777.0K) | — |
| Proceeds from the sale of properties accounted for as a financing receivable | $62.2M | $62.2M | — | — |
| Investment in real estate mortgage loans receivable | ($10.8M) | ($8.0M) | ($99.2M) | ($41.5M) |
| Principal payments received on mortgage loans receivable | $180.0K | $125.0K | $21.7M | $451.0K |
| Investments in unconsolidated joint ventures | ($34.0K) | ($34.0K) | ($740.0K) | ($192.0K) |
| Proceeds from liquidation of investments in unconsolidated joint ventures | $12.6M | — | $13.0M | $13.0M |
| Principal payments received on notes receivable | $146.0K | $58.0K | $18.0M | $888.0K |
| Net cash used in investing activities | ($104.6M) | ($56.8M) | ($317.1M) | ($26.7M) |
| Net (repayments) borrowings under revolving line of credit | ($52.9M) | $30.1M | — | — |
| Repayment of debt | ($12.5M) | ($5.0M) | ($44.5M) | ($12.5M) |
| Proceeds from common stock issued | $198.1M | $43.4M | $59.3M | $13.8M |
| Payments of common share issuance costs | ($200.0K) | ($118.0K) | ($353.0K) | ($205.0K) |
| Distributions paid to stockholders | ($59.0M) | ($29.2M) | ($80.0M) | ($53.6M) |
| Financing costs paid | ($2.1M) | ($41.0K) | ($4.6M) | ($22.0K) |
| Cash paid for taxes in lieu of shares upon vesting of long-term equity incentives | -5.9M | -5.9M | -5.2M | -5.2M |
| Other | ($12.0K) | ($12.0K) | ($11.0K) | ($11.0K) |
| Net cash provided by (used in) financing activities | $65.5M | $33.3M | $227.6M | ($34.7M) |
| Increase (decrease) in cash and cash equivalents | $26.0M | $7.3M | $8.5M | ($1.8M) |
| Cash and cash equivalents, beginning of period | $14.4M | $14.4M | $9.4M | $9.4M |
| Cash and cash equivalents, end of period | $40.4M | $21.7M | $17.9M | $7.6M |
| Interest paid | $21.3M | $10.4M | $22.6M | $15.4M |
| Increase (decrease) in fair value of interest rate swap agreements | $2.9M | $1.1M | ($2.4M) | ($1.6M) |
| Distributions paid to non-controlling interests | ($2.5M) | ($1.4M) | ($5.4M) | ($3.9M) |
| Distributions to non-controlling interests related to sale of properties accounted for as a financing receivable | ($14.3M) | ($14.3M) | — | — |
LTC Properties Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.