Ltc Properties SEC Filings

LTC Properties (NYSE: LTC) Q2 2025 10-Q highlights

• Top-line growth: Revenue rose 20% YoY to $60.2 m, driven by the new Seniors Housing Operating Portfolio (SHOP) segment, which generated $12.0 m of resident fees and now represents 13% of gross real-estate investment.
• Earnings pressure: Net income fell 16% to $16.5 m and diluted EPS slid to $0.32 (-27%), weighed by a $6.7 m spike in transaction costs, the addition of SHOP operating expenses ($9.4 m) and higher G&A.
• Stable cash flow: Operating cash flow was $59.6 m (+3%), sufficient to cover common dividends of $53.6 m YTD ($0.57 per share quarterly).
• Balance-sheet moves: Revolver borrowings increased $24.2 m to $168.6 m, while senior unsecured notes were amortized by $12.4 m, holding total debt at 39% of gross assets. Cash ended at $7.6 m.
• Portfolio actions: 121 owned properties (108 triple-net, 13 SHOP). Year-to-date cap-ex $2.5 m; $3.2 m proceeds from dispositions. Twenty-one triple-net assets (gross $198 m) had lease terms extended.
• Key risks: Post-quarter Genesis Healthcare, a skilled-nursing tenant, filed Chapter 11; rent current through Aug-25 but future payments uncertain. Properties held for sale jumped to $42.5 m (vs. $0.7 m).

Overall, LTC is shifting mix toward an operating model while navigating higher costs and tenant stress. Leverage remains moderate, but earnings coverage of the dividend has tightened.

LTC Properties, Inc. (NYSE: LTC) has disclosed that one of its skilled-nursing operators, Genesis Healthcare, Inc., filed for Chapter 11 bankruptcy protection on July 9, 2025. Genesis currently leases six skilled nursing centers—five in New Mexico and one in Alabama—covering a total of 782 beds under a master lease with LTC.

Lease details: the master lease was due to expire on April 30, 2026; however, on June 3, 2025 Genesis exercised the first of three available five-year extension options, which would push the maturity to April 30, 2031.

Financial exposure: for the quarter ended March 31, 2025 Genesis contributed $8.4 million of annualized revenue (4.5% of LTC’s total) and $9.5 million of annualized contractual cash revenue (5.1% of the total). Genesis has paid rent through July 2025, and LTC holds a $4.7 million letter-of-credit security deposit.

Implications: Although Genesis’ contribution represents a mid-single-digit percentage of LTC’s revenue base, the bankruptcy introduces potential collection risk beyond July 2025. The existing security deposit and the operator’s recent decision to extend the lease provide limited mitigation and suggest Genesis intends to continue operations within the portfolio, but future rent receipts could still be delayed or modified by bankruptcy proceedings.

Form 4 snapshot: Executive Vice President & Chief Investment Officer David M. Boitano reported open-market purchases of LTC Properties, Inc. (LTC) common stock.

• Transactions: 06/26/2025 (4,000 shares at $34.50) and two trades on 06/27/2025 (3,000 shares each at $34.62 and $34.80).
• Total acquired: 10,000 shares; weighted-average price ≈ $34.63.
• Post-trade direct ownership: 15,626 shares.

No derivative security activity was disclosed. The filing was signed on 06/30/2025.

Form 144 filing for LTC Properties, Inc.

This notice discloses a proposed insider sale of LTC common shares under Rule 144. The filer intends to sell 13,200 common shares through Morgan Stanley Smith Barney on or about 24 June 2025. At the filing date, the shares carry an aggregate market value of $465,779.76, implying an average price of roughly $35.28 per share. The proposed sale represents approximately 0.03 % of the 45.93 million shares outstanding, indicating a non-material impact on total float.

The shares were originally acquired on 29 May 2020 via the vesting of restricted stock granted under a registered compensation plan; consideration recorded as “Services Rendered.” The filer reports no other sales during the past three months, meeting Rule 144 aggregation requirements. No adverse information or undisclosed material facts are acknowledged in the certification section, and no remarks or special payment terms are noted.

For investors, Form 144 signals potential insider activity but, given the small size relative to shares outstanding and lack of concurrent sales, the transaction is unlikely to affect market liquidity or corporate control. Nevertheless, it may be monitored as part of broader insider-trading trend analysis.