LTC Properties, Inc.
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Range $42 – $55
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About the company
LTC Properties, Inc. is a real estate investment trust, which engages in managing seniors' housing and health care properties. It operates through the Real Estate Investment Portfolio and SHOP segments.
- CEO
- Clint Malin
- IPO
- 1992
- Employees
- 25
- HQ
- Westlake Village, CA, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $2.17B
- P/E
- 15.05
- Fwd P/E
- 19.87
- PEG
- 0.28
- P/S
- 6.24
- P/B
- 1.73
- EV/EBITDA
- 13.36
- Div Yield
- 5.37%
- Gross Margin
- 67.37%
- Op Margin
- 39.27%
- Net Margin
- 38.92%
- ROE
- 12.28%
- ROIC
- 6.44%
Latest fiscal year · YoY change
- Revenue
- $262.85M+25.3%
- Gross Profit
- $197.48M+0.3%
- Op Income
- $126.74M
- Net Income
- $117.97M+29.6%
- EPS
- $2.55+23.2%
- OCF Growth
- +8.6%
- FCF Growth
- +8.6%
- 52W High
- $43.60
- 52W Low
- $33.64
- 50D MA
- $41.27
- 200D MA
- $38.68
- Beta
- 0.58
- RSI (14)
- 51
- Avg Volume
- 587.30K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
LTC said its SHOP transformation is ahead of schedule, with higher acquisition and disposition targets, while 2Q core earnings held steady and management narrowed full-year guidance.· August 6, 2026
- Raised 2026 SHOP acquisition guidance to $900 million at the midpoint, up 50%, with about $700 million expected closed by end of September.
- Raised 2026 disposition and loan payoff guidance to $730 million, including the Prestige loan payoff now modeled for October 1.
- SHOP is expected to reach 40% of pro forma annualized NOI by end of September and 50% by year-end, with a long-term pathway to 75% by 2028.
- 2Q core FFO per share was $0.68, flat year over year, and core FAD per share was $0.70 versus $0.71 last year.
- Management said balance sheet liquidity improved with a $900 million revolver and $648 million of pro forma liquidity.
- Guidance was narrowed for 2026, with core FFO per share of $2.76-$2.78 and core FAD per share of $2.83-$2.85.
2Q 2026 Core FFO per share was $0.68, flat versus $0.68 in 2Q 2025. Core FAD per share was $0.70 versus $0.71 in 2Q 2025. Core SHOP NOI was $13.3 million in the second quarter, up from $12.7 million pro forma in Q1. At quarter end, debt to annualized adjusted EBITDA for real estate was 4.2x and annualized adjusted fixed charge coverage was 4.9x. The company sold 4.1 million shares under its ATM for $155 million in net proceeds, and pro forma liquidity was $648 million. For 2026, LTC now expects Core FFO per share of $2.76 to $2.78 and Core FAD per share of $2.83 to $2.85. Guidance now assumes $900 million of SHOP acquisitions at the midpoint, total SHOP NOI of $71 million to $80 million, $730 million of asset sales and loan payoffs, and FAD capex of about $4 million. Management also said SHOP will represent 40% of pro forma annualized NOI by end of September and 50% by year-end, with 75% by 2028.
Pam Kessler struck an upbeat tone, saying LTC’s SHOP strategy is “well ahead of schedule” and that the company is transforming from a triple-net and lending platform into a higher-growth SHOP-focused REIT. She emphasized that the company is recycling capital from lower-growth assets into SHOP at attractive pricing, with the aim of materially lifting long-term Core FFO and FAD growth per share. She also said the company could keep pushing beyond the current plan if capital recycling and deal flow remain favorable.
Cece Chikhale focused on liquidity, leverage, and the updated earnings outlook. She said LTC expanded its credit facility by $300 million to a $900 million unsecured revolver, expects a new ATM agreement in Q3, and ended with $648 million of pro forma liquidity. She also cited leverage of 4.2x debt to annualized adjusted EBITDA for real estate and 4.9x fixed charge coverage, and explained that 2Q Core FAD per share declined to $0.70 from $0.71 due to higher diluted share count, lower SNF sale/loan payoff income, and higher interest expense, partly offset by higher SHOP NOI and loan income.
Analysts focused on what is driving the higher acquisition and disposition volumes, why per-share guidance was unchanged despite bigger investment targets, and how much more SNF sale activity might remain. Management said the higher acquisition target is mostly a timing issue, while the larger disposition/loan payoff number reflects multiple transactions and attractive pricing for skilled nursing assets, often back to operators or affiliates. On SHOP, management explained that occupancy guidance was moderated because they do not want to bank on the same second-half occupancy ramp seen last year, but they are seeing better RevPOR and a strong start to Q3. They also said the Prestige loan payoff remains expected this year, with more certainty now that HUD commitments have come in.
The call suggested LTC’s SHOP shift is scaling faster than planned, with management repeatedly saying execution is ahead of schedule and that the platform is already creating stronger long-term growth potential. The company is attracting deal flow, improving its capital structure, and seeing enough portfolio support to target 40% of NOI from SHOP by September and 50% by year-end. Management also sounded confident that current acquisition dynamics can continue into 2027 and beyond.
Near-term per-share growth remains muted because a lot of the 2026 activity is portfolio recycling and acquisition timing, not immediate earnings accretion. SHOP occupancy growth is not being modeled as strongly as last year, and management acknowledged it is not banking on another big second-half occupancy ramp. The company also said next year is less likely to have the same magnitude of SNF sales and loan payoffs, so the pace of transformation may moderate from this year’s unusually large step-up.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 97.7%
- Shares Outstanding
- 51.18M
- Float Shares
- 50.03M
of shares held by institutions
294 13F filers
Buy/sell ratio 2.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for LTC, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Zoe LofgrenHouse · CA19 | Sell | Jun 13, 18 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 9.00M | ▲ 697.51K |
| Vanguard Group Inc | 7.24M | ▲ 125.89K |
| Vanguard Portfolio Management LLC | 5.18M | ▲ 290.21K |
| State Street Corp | 3.35M | ▲ 203.52K |
| Vanguard Capital Management LLC | 2.30M | ▲ 190.34K |
| Geode Capital Management, LLC | 1.50M | ▲ 153.02K |
| American Century Companies Inc | 1.43M | ▲ 104.16K |
| Two Sigma Investments, LP | 1.20M | ▼ 52.29K |
| Morgan Stanley | 1.12M | ▲ 108.89K |
| Charles Schwab Investment Management Inc | 1.00M | ▲ 93.04K |
| Sixth Street Partners Management Company, L.P. | 1.00M | ▲ 1.00M |
| Centersquare Investment Management LLC | 920.71K | ▲ 914.25K |
Held by 430 ETFs
Biggest fund positions in LTC by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 12, 26 | Gruber David L | buy | 500 |
| Aug 11, 26 | Gruber David L | buy | 3,500 |
| Jul 13, 26 | TRICHE TIMOTHY | sell | 3,125 |
| Jun 4, 26 | BOITANO DAVID M | buy | 5,000 |
| Jun 4, 26 | BOITANO DAVID M | buy | 5,000 |
| May 20, 26 | Cheng Cornelia | other | 3,077 |
| May 20, 26 | Preber Bradley J | other | 3,077 |
| May 20, 26 | TRICHE TIMOTHY | other | 3,077 |
| May 20, 26 | HAWKEN JEFFREY C | other | 3,077 |
| May 21, 26 | Gruber David L | buy | 4,000 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our LTC coverage
Recent articles, reports, and earnings notes.

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