LTC Properties (NYSE: LTC) lifts credit line to $800 million with new term loans

Rhea-AI Filing Summary

LTC Properties, Inc. entered into a First Amendment to its Credit Agreement, increasing the aggregate commitment of the lenders from $600 million to $800 million by exercising an incremental facility and adding new term loans.

The amendment establishes a $50 million three-year term loan, $55 million four-year term loan, $55 million five-year term loan, and $40 million seven-year term loan, maturing in 2028, 2029, 2030 and 2032, while the material terms of the Credit Agreement otherwise remain unchanged.

In connection with this amendment, LTC entered into interest rate swap agreements that effectively fix the interest rates on the 2028, 2029, 2030 and 2032 term loans at 4.61%, 4.65%, 4.70% and 5.22% per annum, based on the Credit Agreement’s stated applicable margins.

Insights

Credit and capital structure analyst

LTC expands its credit facility and fixes rates on new term loans, increasing committed debt capacity while leaving other key credit terms unchanged.

On December 12, 2025, LTC Properties, Inc. executed a First Amendment to its Credit Agreement, lifting aggregate lender commitments from $600 million to $800 million. This was done by exercising the incremental facility and creating four term loans: a $50 million three-year, $55 million four-year, $55 million five-year, and $40 million seven-year loan, maturing in 2028, 2029, 2030 and 2032.

LTC simultaneously entered into interest rate swap agreements that effectively fix the interest cost on each of these term loans. The 2028, 2029 and 2030 maturities are fixed at 4.61%, 4.65% and 4.70% per annum, and the 2032 maturity at 5.22%, all based on the Credit Agreement’s stated applicable margins. This converts those borrowings from floating to effectively fixed-rate exposure.

The amendment states that the material terms of the underlying Credit Agreement otherwise remain unchanged, indicating no disclosed change to covenants or other core provisions. The net effect is more committed capital and a set of dated term loans with predefined interest costs, while the ultimate impact will reflect how much of this expanded capacity LTC chooses to utilize over time.

false 0000887905 0000887905 2025-12-15 2025-12-15 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20459

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report:  December 15, 2025

(Date of earliest event reported)

LTC PROPERTIES, INC.

(Exact name of Registrant as specified in its charter)

Maryland		1-11314		71-0720518
(State or other jurisdiction of		(Commission file number)		(I.R.S. Employer
incorporation or organization)				Identification No)

3011 Townsgate Road, Suite 220

Westlake Village, CA 91361

(Address of principal executive offices)

(805) 981-8655

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common stock, $.01 par value		LTC		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

Item 1.01 Entry into a Material Definitive Agreement.

On December 12, 2025, LTC Properties, Inc. (“LTC”) entered into a First Amendment (the “Amendment”) to its Credit Agreement dated July 21, 2025 (the “Credit Agreement”) with KeyBank National Association, as Administrative Agent and L/C Issuer, and KeyBank National Association, Wells Fargo Bank, National Association, Citizens Bank, N.A., The Huntington National Bank, Royal Bank of Canada and U.S. Bank National Association, as Lenders. In addition, KeyBanc Capital Markets, Inc., Wells Fargo Securities, LLC and Citizens Securities, Inc., as Joint Lead Arrangers and Joint Book Runners, Wells Fargo Bank, National Association and Citizens Bank, N.A. are serving as Co-Syndication Agents, The Huntington National Bank, is serving as Documentation Agent, and Royal Bank of Canada, is serving as Sustainability Agent.

The Amendment increases the aggregate commitment of the lenders under the Credit Agreement from $600 million to $800 million by exercising the incremental facility in accordance with the terms of the Credit Agreement and establishing a $50 million three-year term loan, $55 million four-year term loan, $55 million five-year term loan, and $40 million seven-year term loan (collectively, the “Term Loans”), maturing in 2028, 2029, 2030 and 2032, respectively. The material terms of the Credit Agreement otherwise remain unchanged.

A copy of the Amendment is filed as Exhibit 10.1 hereto and is hereby incorporated by reference. The above summary of the Amendment is qualified in its entirety by reference to such filed exhibit.

In connection with entering into the Amendment, LTC entered into interest rate swap agreements to effectively fix the interest rate on the 2028, 2029, 2030 and 2032 Term Loans at 4.61%, 4.65%, 4.70% and 5.22% per annum, respectively, based on the Credit Agreement’s stated applicable margins.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 is hereby incorporated by reference.

Item 9.01 Financial Statements and Exhibits.

(a) Financial Statements of Business Acquired.

None.

(b) Pro Forma Financial Information

None.

(d) Exhibits.

10.1 First Amendment to Credit Agreement, entered into as of December 12, 2025

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

	LTC PROPERTIES, INC.
Dated: December 15, 2025	By:	/s/ CAROLINE CHIKHALE
		Caroline Chikhale
		Executive Vice President, Chief Financial Officer and Treasurer

FAQ

What change did LTC (LTC) make to its credit facility?

LTC Properties amended its Credit Agreement to increase the aggregate commitment of the lenders from $600 million to $800 million by exercising the incremental facility.

What new term loans were added under LTCs amended Credit Agreement?

The amendment adds a $50 million three-year term loan, $55 million four-year term loan, $55 million five-year term loan, and $40 million seven-year term loan maturing in 2028, 2029, 2030 and 2032.

How did LTC (LTC) address interest rate risk on the new term loans?

In connection with the amendment, LTC entered into interest rate swap agreements that effectively fix the interest rates on the 2028, 2029, 2030 and 2032 term loans at 4.61%, 4.65%, 4.70% and 5.22% per annum.

Did LTC change other material terms of its Credit Agreement?

The amendment states that the material terms of the Credit Agreement otherwise remain unchanged, indicating the core provisions are the same as before.

Which lenders participate in LTCs amended credit facility?

Lenders include KeyBank National Association, Wells Fargo Bank, National Association, Citizens Bank, N.A., The Huntington National Bank, Royal Bank of Canada and U.S. Bank National Association.

What disclosure did LTC (LTC) make regarding direct financial obligations?

LTC identified the amended Credit Agreement and related term loans as a creation of a direct financial obligation, cross-referenced from its description of the amendment.