LTC Properties (NYSE: LTC) Q4 2025 surge and 2026 outlook

Q: What were LTC (LTC) Core FFO and FAD metrics for Q4 2025?

In Q4 2025, LTC’s diluted Core FFO per share increased to $0.70 from $0.65 . Diluted Core FAD per share rose to $0.73 from $0.66 , indicating stronger recurring cash flow supporting the REIT’s dividend-paying capacity.

Q: What 2026 earnings guidance did LTC (LTC) provide?

For full-year 2026, LTC guides to diluted EPS of $1.80–$1.84 , diluted Core FFO per share of $2.75–$2.79 , and diluted Core FAD per share of $2.82–$2.86 . These ranges reflect management’s expectations under current market conditions.

Q: What is LTC (LTC) guiding for Q1 2026 performance?

For Q1 2026, LTC expects diluted EPS of $0.60–$0.62 , diluted Core FFO per share of $0.66–$0.68 , and diluted Core FAD per share of $0.68–$0.70 . These quarterly ranges align with the company’s full-year 2026 outlook framework.

Q: How is LTC (LTC) repositioning its portfolio toward SHOP?

LTC is shifting toward a higher-growth SHOP seniors housing operating portfolio , targeting SHOP to represent 45% of its investment portfolio by the end of 2026. Management believes this transformation will improve long-term earnings growth and risk-adjusted returns.

Q: What were LTC (LTC) full-year 2025 results for revenues and net income?

For 2025, LTC reported total revenues of $262.9 million , up from $209.8 million in 2024. Net income available to common stockholders reached $117.3 million , compared with $90.4 million in the prior year, reflecting portfolio transactions and higher operating contributions.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

LTC Properties reported a strong Q4 2025, with total revenues rising to $84.3M from $52.6M, driven by its seniors housing operating portfolio (SHOP) strategy. Net income available to common stockholders increased to $101.6M, or $2.11 diluted EPS, boosted by a $78.1M gain on real estate sales.

On an operating basis, diluted Core FFO per share grew to $0.70 from $0.65, and diluted Core FAD per share rose to $0.73 from $0.66, supporting the dividend. For 2026, LTC guides to diluted EPS of $1.80–$1.84, Core FFO of $2.75–$2.79 per share, and Core FAD of $2.82–$2.86, reflecting continued SHOP-driven growth.

Insights

Q4 shows strong growth, but much of the profit jump is transactional.

LTC Properties delivered a sharp increase in Q4 2025 net income to $103.7M, largely due to a $78.1M gain on sale of real estate. Operating performance also improved, with Core FFO per share up to $0.70 from $0.65.

The shift toward the SHOP segment is evident in higher resident fees and services and new seniors housing operating expenses. Management targets SHOP at 45% of investments by the end of 2026, which increases operating exposure but may enhance growth if execution remains solid.

Guidance for 2026 calls for diluted EPS of $1.80–$1.84 and diluted Core FFO of $2.75–$2.79 per share. Investors can compare upcoming quarters, starting with Q1 2026 guidance of Core FFO of $0.66–$0.68 per share, against these ranges to assess delivery on the SHOP strategy.

02/24/2026 - 04:17 PM

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: February 24, 2026

(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 2.02. — Results of Operations and Financial Condition

On February 24, 2026, LTC Properties, Inc. announced the operating results for the quarter ended December 31, 2025. The text of the press release and the supplemental information package are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are specifically incorporated by reference herein.

The information in this Form 8-K and the related information in the exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any filing of LTC under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01. — Financial Statements and Exhibits


	99.1	Press Release issued February 24, 2026.

	99.2	LTC Properties, Inc. Supplemental Information Package for the period ending December 31, 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: February 24, 2026	By:	/s/ CAROLINE CHIKHALE
		Caroline Chikhale
		Executive Vice President, Chief Financial Officer and Treasurer

Exhibit 99.1

-8655

FOR IMMEDIATE RELEASE

For more information contact:

Mandi Hogan

(805) 981-8655

LTC REPORTS 2025 FOURTH QUARTER RESULTS

AND INTRODUCES 2026 GUIDANCE

-- SHOP Momentum Powers Portfolio Transformation with 60% revenue and 13% Core FFO growth –

WESTLAKE VILLAGE, CALIFORNIA, February 24, 2026 -- LTC Properties, Inc. (NYSE: LTC) (“LTC” or the “Company”), a real estate investment trust that primarily invests in seniors housing and health care properties, today announced operating results for the fourth quarter ended December 31, 2025.

“Our strategic shift toward SHOP is delivering higher growth and fundamentally reshaping our long-term earnings profile,” said Pam Kessler, LTC’s Co-CEO. “With a more resilient portfolio consisting of newer assets and a focused approach to capital allocation, we ended 2025 with momentum and confidence in our ability to continue creating long-term value for shareholders.”

Seniors Housing Operating Portfolio (“SHOP”) Portfolio Composition:

●

SHOP Acquisitions: $353 million in 2025; $108 million in January 2026 with an additional $157 million anticipated to close over the next 60-days.

●

SHOP NOI Growth: 22% over 2024 proforma NOI for the Company’s original 13 property SHOP conversions.

●

SHOP as a % of Gross Investments: 24%.

●

Average Age of SHOP Properties: 9 years.

●

Skilled Nursing as a % of Gross Investments: 36%, down from 46% at year-end 2024.

“The transformation of our portfolio to a material composition of higher-growth SHOP investments will drive better risk adjusted returns of our shareholders,” said Clint Malin, LTC’s Co-CEO. “We are executing on our SHOP strategy with speed, determination and conviction, with a goal of SHOP representing 45% of our investment portfolio by the end of 2026 to further enhance our growth profile.”

Fourth Quarter 2025 Financial Results


	Three Months Ended
	December 31,
(unaudited, amounts in thousands, except per share data)	2025		2024
Total revenues	$	84,293	$	52,582
Net loss income available to common stockholders	$	101,618	$	17,912
Diluted earnings per common share	$	2.11	$	0.39

Nareit funds from operations attributable to common stockholders ("FFO") (1)	$	34,510	$	32,962
Nareit diluted FFO per common share (1)	$	0.72	$	0.72

FFO attributable to common stockholders, excluding non-recurring items ("Core FFO") ⁽¹⁾	$	33,459	$	29,583
Diluted Core FFO per share ⁽¹⁾	$	0.70	$	0.65

Funds available for distribution ("FAD") ⁽¹⁾	$	37,039	$	30,201
Diluted FAD per share ⁽¹⁾	$	0.77	$	0.66

FAD, excluding non-recurring items ("Core FAD") ⁽¹⁾	$	35,031	$	30,201
Diluted Core FAD per share ⁽¹⁾	$	0.73	$	0.66

(1)	Represents non-GAAP financial measures. A reconciliation of these measures is included in the tables at the end of this press release.

Supplemental Information

The company has disclosed more detailed financial information in the tables below, the Company’s Supplemental Operating and Financial Data presentation for the 2025 fourth quarter, and its Form 10-K, as filed with the Securities and Exchange Commission, which can be found online at https://ir.ltcreit.com.

Fourth Quarter 2025 Transactions Update

●

Acquired three seniors housing communities within the Company’s SHOP segment for $84.2 million, with an expected unlevered IRR in the low teens.

●

Converted two seniors housing communities in Oregon from the Company’s triple-net portfolio into SHOP. Upon conversion, the triple-net master lease was terminated, and LTC wrote off a $957,000 working capital note from the prior operator in connection with the prior operator’s cooperation with the conversion. Additionally, the Company entered into a management agreement with an operator new to LTC.

●

Sold seven skilled nursing centers for $123 million and recorded a total gain on sales of $78 million.

●

Received cash proceeds of $8.2 million, inclusive of a 12% exit IRR of $1.8 million, from the redemption of the Company’s preferred equity investment in a joint venture.

●

Received $16 million from the payoff of a mortgage loan secured by a seniors housing community.

Year to Date 2026 Transactions Update

●

Acquired a seniors housing community within its SHOP segment for $108 million, with an expected unlevered IRR in the low teens.

●

Converted two seniors housing communities in Texas from its triple-net portfolio into SHOP. Upon conversion, the triple-net master lease was terminated and LTC entered into a management agreement with an operator new to LTC.

Proforma Liquidity

●

$542.0 million total proforma liquidity:

●

$15.9 million cash on hand.

●

$240.1 million available under the Company’s unsecured revolving line of credit with $359.9 million outstanding.

●

$286.0 million available under the Company’s ATM.

Guidance

LTC is introducing full year 2026 guidance, and is providing 2026 first quarter guidance, as follows:


	2026
	Full Year	First Quarter
Diluted earnings per common share	$1.80 to $1.84	$0.60 to $0.62
Diluted Core FFO per share	$2.75 to $2.79	$0.66 to $0.68
Diluted Core FAD per share	$2.82 to $2.86	$0.68 to $0.70

The assumptions underlying the full year and first quarter guidance are as follows:

●

Gross investments for the full year in the range of $400.0 million and $800.0 million, including transactions closed to date or expected to close over the next 60 days;

●

Asset sales and loan payoffs of $265.9 million for the 2026 full year and $73.5 million for the 2026 first quarter;

●

SHOP NOI, inclusive of expected net investments, in the range of $65.1 million to $77.2 million for the full year, and $12.1 million to $13.0 million for the 2026 first quarter. For further SHOP assumptions see the Company’s Supplemental Operating and Financial Data presentation for the 2025 fourth quarter;

●

SHOP FAD capital expenditures in the range of $4.6 million to $4.9 million for the full year, and $890,000 to $910,000 for the 2026 first quarter; and

●

General and administrative costs for the full year in the range of $31.7 million to $33.9 million, and $8.4 million to $8.7 million for the 2026 first quarter.

Information and a reconciliation of the Company’s guidance, funds from operations attributable to common stockholders, excluding non-recurring items, (“Core FFO”) and funds available for distribution, excluding non-recurring items, (“Core FAD”) can be found in the tables at the end of this press release.

Conference Call Information

LTC will conduct a conference call on Wednesday, February 25, 2026 at 8:00 a.m. Pacific / 11:00 a.m. Eastern, to provide commentary on its performance and operating results for the quarter ended December 31, 2025.


Webcast		https://ir.ltcreit.com/
USA Toll-Free Number		(877) 407-8634
International Number		(201) 689-8502

Conference Call Replay
A replay of the call will be available three hours after the live call through March 11, 2026.


USA Toll-Free Number		(877) 660-6853
International Number		(201) 612-7415
Access ID		13758526

About LTC

LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, principally investing through SHOP, as well as triple-net leases, and joint ventures. The Company’s portfolio includes nearly 190 properties throughout the United States. Based on gross real estate investments, 63% of the Company’s assets are seniors housing communities with the remainder skilled nursing centers. Learn more at www.LTCreit.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as “believes,” “expects,” “may,” “will,” “could,” “would,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or the negative of those words or similar words. Examples of forward-looking statements include the Company’s 2025 full-year and fourth quarter guidance and statements regarding the Company’s investment pipeline, expected SHOP portfolio size, anticipated growth, acquisitions, NOI, capital expenditures, expenses, and future strategy. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect the Company’s future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, the Company’s dependence on its operators for revenue and cash flow; operational and legal risks and liabilities under the Company’s new SHOP segment, government regulation of the health care industry; changes in federal, state, or local laws limiting REIT investments in the health care sector; federal and state health care cost containment measures including reductions in reimbursement from third-party payors such as Medicare and Medicaid; required regulatory approvals for operation of health care facilities; a failure to comply with federal, state, or local regulations for the operation of health care facilities; the adequacy of insurance coverage maintained by the Company’s operators; the Company’s reliance on a few major operators; the Company’s ability to renew leases or enter into favorable terms of renewals or new leases; the impact of inflation, operator financial or legal difficulties; the sufficiency of collateral securing mortgage loans; an impairment of the Company’s real estate investments; the relative illiquidity of the Company’s real estate investments; the Company’s ability to develop and complete construction projects; the Company’s ability to invest cash proceeds for health care properties; a failure to qualify as a REIT; the Company’s ability to grow if access to capital is limited; and a failure to maintain or increase the Company’s dividend. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Company’s subsequent Quarterly Reports on Form 10-Q, and the Company’s publicly available filings with the Securities and Exchange Commission. The Company does not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise. Although the Company’s management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements.

(financial tables follow)

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(amounts in thousands, except per share amounts)


	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2025		2024		2025		2024

	(unaudited)				(audited)
Revenues:
Rental income	$	26,708	$	34,814	$	116,171	$	132,278
Resident fees and services ⁽¹⁾		37,963		—		72,116		—
Interest income from financing receivables ⁽²⁾		7,133		7,002		28,315		21,663
Interest income from mortgage loans		10,308		9,374		39,023		45,216
Interest and other income		2,181		1,392		7,229		10,690
Total revenues		84,293		52,582		262,854		209,847

Expenses:
Interest expense		10,588		8,365		35,306		40,336
Depreciation and amortization		10,949		9,194		37,874		36,367
Seniors housing operating expenses ⁽¹⁾		27,307		—		54,088		—
Impairment loss		—		6,953		—		6,953
Write-off of effective interest receivable		—		—		41,455		—
Provision (recovery) for credit losses		873		(201)		4,515		741
Transaction costs		487		140		8,221		819
Triple-net lease property tax expense		2,312		3,114		10,795		12,930
General and administrative expenses		8,179		7,227		31,120		27,243
Total expenses		60,695		34,792		223,374		125,389

Income before unconsolidated joint ventures, real estate dispositions and other items		23,598		17,790		39,480		84,458

Gain on sale of real estate, net		78,057		1,097		77,822		7,979
Income from unconsolidated joint ventures		2,214		703		6,757		2,442
Income tax provision		(218)		—		(179)		—
Net income		103,651		19,590		123,880		94,879
Income allocated to non-controlling interests		(1,456)		(1,507)		(5,908)		(3,839)
Net income attributable to LTC Properties, Inc.		102,195		18,083		117,972		91,040
Income allocated to participating securities		(577)		(171)		(696)		(682)
Net income available to common stockholders	$	101,618	$	17,912	$	117,276	$	90,358

Earnings per common share:
Basic	$	2.13	$	0.40	$	2.54	$	2.07
Diluted	$	2.11	$	0.39	$	2.52	$	2.04

Weighted average shares used to calculate earnings per
common share:
Basic		47,724		45,025		46,230		43,743
Diluted		48,054		45,523		46,560		44,241

Dividends declared and paid per common share	$	0.57	$	0.57	$	2.28	$	2.28

(1)	Represents the Company’s seniors housing operating portfolio (“SHOP”) operating income and expense.

(2)

Represents rental income from acquisitions through sale-leaseback transactions, subject to leases that contain purchase options. In accordance with GAAP, the properties are required to be presented as Financing receivables on the Consolidated Balance Sheets and the rental income to be presented as Interest income from financing receivables on the Consolidated Statements of Income.

LTC PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(audited, amounts in thousands, except per share amounts)


	December 31, 2025		December 31, 2024
ASSETS
Investments:
Land	$	128,590	$	118,209
Buildings and improvements		1,482,075		1,212,853
Accumulated depreciation and amortization		(408,906)		(405,884)
Operating real estate property, net		1,201,759		925,178
Properties held-for-sale, net of accumulated depreciation: 2025—$0; 2024—$1,346		—		670
Real property investments, net		1,201,759		925,848
Financing receivables,⁽¹⁾net of credit loss reserve: 2025—$3,631; 2024—$3,615		359,457		357,867
Mortgage loans receivable, net of credit loss reserve: 2025—$3,849; 2024—$3,151		381,662		312,583
Real estate investments, net		1,942,878		1,596,298
Notes receivable, net of credit loss reserve: 2025—$259; 2024—$477		25,615		47,240
Investments in unconsolidated joint ventures		12,524		30,602
Investments, net		1,981,017		1,674,140

Other assets:
Cash and cash equivalents		14,387		9,414
Debt issue costs related to revolving line of credit		4,742		1,410
Interest receivable		22,720		60,258
Straight-line rent receivable		17,949		21,505
Prepaid expenses and other assets		21,245		19,415
Total assets	$	2,062,060	$	1,786,142

LIABILITIES
Revolving line of credit	$	252,863	$	144,350
Term loans, net of debt issue costs: 2025—$1,787 ; 2024—$192		198,213		99,808
Senior unsecured notes, net of debt issue costs: 2025—$895; 2024—$1,058		391,105		440,442
Accrued interest		3,806		3,094
Accrued expenses and other liabilities		53,689		45,443
Total liabilities		899,676		733,137

EQUITY
Stockholders’ equity:
Common stock: $0.01 par value; 110,000 shares authorized; shares issued and outstanding: 2025—48,482; 2024—45,511		485		455
Capital in excess of par value		1,189,846		1,082,764
Cumulative net income		1,843,407		1,725,435
Accumulated other comprehensive income		482		3,815
Cumulative distributions		(1,959,236)		(1,851,842)
Total LTC Properties, Inc. stockholders’ equity		1,074,984		960,627
Non-controlling interests		87,400		92,378
Total equity		1,162,384		1,053,005
Total liabilities and equity	$	2,062,060	$	1,786,142

(1)	Represents acquisitions through sale-leaseback transactions, subject to leases that contain purchase options. In accordance with GAAP, the properties are required to be presented as financing receivables on the Consolidated Balance Sheets.

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(audited, amounts in thousands)


	Year Ended December 31,
	2025		2024
OPERATING ACTIVITIES:
Net income	$	123,880	$	94,879
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		37,874		36,367
Stock-based compensation expense		9,329		9,052
Impairment loss		—		6,953
Gain on sale of real estate, net		(77,822)		(7,979)
Income tax provision		179		—
Income from unconsolidated joint ventures		(6,757)		(2,442)
Income distributions from unconsolidated joint ventures		6,839		1,278
Straight-line rent adjustment		1,631		(2,268)
Adjustment for collectability of straight-line rental income		1,514		321
Adjustment for collectability of lease incentives		249		—
Amortization of lease incentives		687		818
Write-off of effective interest receivable		41,455		—
Provision for credit losses		4,515		741
Application of interest reserve		—		(233)
Amortization of debt issue costs		1,626		1,059
Other non-cash items, net		67		95
Change in operating assets and liabilities
Lease incentives funded		—		(1,924)
Increase in interest receivable		(9,737)		(10,390)
Increase (decrease) in accrued interest payable		712		(771)
Net change in other assets and liabilities		(264)		319
Net cash provided by operating activities		135,977		125,875
INVESTING ACTIVITIES:
Investment in real estate properties		(354,587)		(319)
Investment in real estate capital improvements		(7,270)		(13,675)
Proceeds from sale of real estate, net		126,701		38,867
Investment in financing receivables		(1,664)		(97)
Investment in real estate mortgage loans receivable		(107,632)		(21,833)
Principal payments received on mortgage loans receivable		38,237		85,905
Investments in unconsolidated joint ventures		(1,262)		(11,262)
Proceeds from liquidation of investments in unconsolidated joint ventures		19,340		—
Advances and originations under notes receivable		(25)		(340)
Principal payments received on notes receivable		18,218		13,434
Net cash (used in) provided by investing activities		(269,944)		90,680
FINANCING ACTIVITIES:
Net borrowings (repayment) under revolving line of credit		108,513		(157,900)
Proceeds from debt		200,000		—
Repayment of debt		(149,500)		(49,160)
Proceeds from common stock issued		100,555		83,107
Payments of common share issuance costs		(436)		(703)
Distributions paid to stockholders		(107,394)		(100,530)
Acquisition of and distribution paid to non-controlling interests		(1,188)		(109)
Financing costs paid		(6,390)		(569)
Cash paid for taxes in lieu of shares upon vesting of long-term equity incentives		(5,209)		(1,533)
Other		(11)		(30)
Net cash provided by (used in) financing activities		138,940		(227,427)
Increase (decrease) in cash and cash equivalents		4,973		(10,872)
Cash and cash equivalents, beginning of period		9,414		20,286
Cash and cash equivalents, end of period	$	14,387	$	9,414

See LTC’s most recent Quarterly Report on Form 10-Q for Supplemental Cash Flow Information

Supplemental Reporting Measures

FFO and FAD are supplemental measures of a real estate investment trust’s (“REIT”) financial performance that are not defined by U.S. generally accepted accounting principles (“GAAP”). Investors, analysts and the Company use FFO and FAD as supplemental measures of operating performance. The Company believes FFO and FAD are helpful in evaluating the operating performance of a REIT. Real estate values historically rise and fall with market conditions, but cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. LTC believes that by excluding the effect of historical cost depreciation, which may be of limited relevance in evaluating current performance, FFO and FAD facilitate like comparisons of operating performance between periods. Occasionally, the Company may exclude non-recurring items from FFO and FAD in order to allow investors, analysts and management to compare the Company’s operating performance on a consistent basis without having to account for differences caused by unanticipated items.

FFO, as defined by the National Association of Real Estate Investment Trusts (“Nareit”), means net income available to common stockholders (computed in accordance with GAAP) excluding gains or losses on the sale of real estate and impairment write-downs of depreciable real estate, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. The Company’s computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current Nareit definition or have a different interpretation of the current Nareit definition from that of the Company; therefore, caution should be exercised when comparing the Company’s FFO to that of other REITs.

The Company defines FAD as FFO excluding the effects of straight-line rent, amortization of lease inducement, effective interest income, deferred income from unconsolidated joint ventures, non-cash compensation charges, capitalized interest and non-cash interest charges. GAAP requires rental revenues related to non-contingent leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. This method results in rental income in the early years of a lease that is higher than actual cash received, creating a straight-line rent receivable asset included in the consolidated balance sheet. At some point during the lease, depending on its terms, cash rent payments exceed the straight-line rent which results in the straight-line rent receivable asset decreasing to zero over the remainder of the lease term. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a loan based on the initial origination value. Similar to the accounting methodology of straight-line rent, the actual interest rate is higher than the stated interest rate in the early years of a loan thus creating an effective interest receivable asset included in the interest receivable line item in the consolidated balance sheet and reduces down to zero when, at some point during the loan term, the stated interest rate is higher than the actual interest rate. FAD is useful in analyzing the portion of cash flow that is available for distribution to stockholders. Investors, analysts and the Company utilize FAD as an indicator of common dividend potential. The FAD payout ratio, which represents annual distributions to common shareholders expressed as a percentage of FAD, facilitates the comparison of dividend coverage between REITs.

While the Company uses FFO and FAD as supplemental performance measures of the cash flow generated by operations and cash available for distribution to stockholders, such measures are not representative of cash generated from operating activities in accordance with GAAP, and are not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income available to common stockholders.

Reconciliation of FFO and FAD

The following table reconciles GAAP net income available to common stockholders to each of Nareit FFO attributable to common stockholders and FAD (unaudited, amounts in thousands):


	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2025		2024		2025		2024

GAAP net income available to common stockholders	$	101,618	$	17,912	$	117,276	$	90,358
Add: Impairment loss		—		6,953		—		6,953
Add: Depreciation and amortization		10,949		9,194		37,874		36,367
Less: Gain on sale of real estate, net		(78,057)		(1,097)		(77,822)		(7,979)
Nareit FFO attributable to common stockholders		34,510		32,962		77,328		125,699

(Less) Add: Adjustments ⁽¹⁾		(1,051)		(3,379)		49,783		(8,907)
FFO, excluding non-recurring items ("Core FFO")	$	33,459	$	29,583	$	127,111	$	116,792

Nareit FFO attributable to common stockholders	$	34,510	$	32,962	$	77,328	$	125,699
Non-cash income:
Add (Less): Straight-line rent adjustment		184		(2,829)		1,631		(2,268)
Add: Amortization of lease incentives		131		192		936		818
Add: Other non-cash contra-revenue		—		—		1,514		321
Less: Effective interest income		(710)		(2,184)		(2,904)		(8,591)
Net non-cash income		(395)		(4,821)		1,177		(9,720)

Non-cash expense:
Add: Non-cash compensation charges		2,141		2,261		9,329		9,052
Add: Write-off of effective interest receivable		—		—		41,455		—
Add (Less): Provision (recovery) for credit losses		873		(201)		4,515		741
Less: Recurring capital expenditures		(90)		—		(390)		—
Net non-cash expense		2,924		2,060		54,909		9,793

Funds available for distribution ("FAD")		37,039		30,201		133,414		125,772

(Less) Add: Adjustments ⁽¹⁾		(2,008)		—		149		(7,756)
FAD, excluding non-recurring items ("Core FAD")	$	35,031	$	30,201	$	133,563	$	118,016

(1)	See the reconciliation of non-recurring items on the following page for further detail.

Reconciliation of FFO and FAD (continued)

The following table continues the reconciliation between GAAP net income available to common stockholders and each of Nareit FFO attributable to common stockholders and FAD by reconciling the adjustments (unaudited, amounts in thousands):


	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2025			2024			2025			2024
Reconciliation of adjustments to Nareit FFO:
Notes receivables and related interest receivable, if applicable, write-off	$	957	⁽¹⁾	$	290	⁽²⁾	$	4,021	⁽¹⁾	$	290	⁽²⁾
Provision for credit losses related to partial principal paydown		—			—			—			613
Provision for credit losses reserve recorded upon origination		—			—			938			1,635
Recovery for credit losses related to loan payoffs		—			(511)			(375)			(1,738)
Add: Total provision for credit losses adjustments		957			(221)			4,584			800
Effective interest receivable write-off		—			—			41,455	⁽³⁾		—
Straight-line rent receivable write-off		—			—			1,271	⁽⁴⁾		321	⁽⁴⁾
Lease termination fee paid upon conversion to SHOP		—			—			5,971			—
Transaction costs associated with the startup of new SHOP segment		392			—			1,703			—
One-time general and administrative expenses related to an employee retirement		—			—			1,136			—
Add: Expense and contra-revenue adjustments		392			—			51,536			321
Income related to exit IRRs received		(1,800)	⁽⁵⁾		—			(5,737)	⁽⁵⁾		—
Other income received from former operators		(600)			—			(600)			(4,052)
One-time rental income related to sold properties		—			—			—			(2,818)
One-time additional straight-line income		—			(3,158)			—			(3,158)
Deduct: Income adjustments		(2,400)			(3,158)			(6,337)			(10,028)
Total adjustments to Nareit FFO	$	(1,051)		$	(3,379)		$	49,783		$	(8,907)

Reconciliation of adjustments to FAD:
Lease termination fee paid upon conversion to SHOP	$	—		$	—		$	5,971		$	—
Transaction costs associated with the startup of new SHOP segment		392			—			1,703			—
One-time general and administrative expenses related to an employee retirement		—			—			436			—
Add: Cash expense adjustments		392			—			8,110			—
Income related to exit IRRs received		(1,800)	⁽⁵⁾		—			(7,361)	⁽⁵⁾		(886)	⁽⁶⁾
Other income received from former operators		(600)			—			(600)			(4,052)
One-time rental income related to sold properties		—			—			—			(2,818)
Deduct: Cash income adjustments		(2,400)			—			(7,961)			(7,756)
Total cash adjustments to FAD	$	(2,008)		$	—		$	149		$	(7,756)

(1)	Represents the write-off of a working capital note and related interest receivable balance, if applicable, in connection with the transition to SHOP.

(2)	Represents a note receivable write-off in connection with the pending closure of a 56-unit assisted living community located in Texas. The property was sold during the 2025 third quarter.

(3)	During 2025, LTC wrote off $41,455 of effective interest receivable related to a mortgage loan amendment that permits penalty-free early payoff within an allowable window.

(4)

During 2025, LTC wrote off $1,271 of straight-line rent receivable due to an operator’s on-going bankruptcy filing. During 2024, LTC wrote off $321 of straight-line rent receivable related to a lease that converted to fair market rent during the 2024 second quarter. The straight-line rent write-offs are recorded as contra-revenue on the Consolidated Statements of Income.

(5)	The exit IRR income adjustment includes the following:

$1,800 received in connection with the redemption of LTC’s preferred equity investment in a joint venture during the 2025 fourth quarter. The 12% exit IRR was not previously recorded;

$2,599 received upon the early payoff of a mezzanine loan during 2025 third quarter. The FFO adjustment represents the $2,599 offset by $1,624 of effective interest receivable balance previously recognized over the term of the loan through payoff; and

$2,962 received in connection with the redemption of LTC’s preferred equity investment in a joint venture during the 2025 first quarter. The 13% exit IRR was not previously recorded.

(6)	The exit IRR income was received upon the payoff of three mortgage loans in 2024. The exit IRR was previously recorded ratably over the term of the loan through effective interest income.

Reconciliation of FFO and FAD (continued)

The following table continues the reconciliation between GAAP net income available to common stockholders and each of Nareit FFO attributable to common stockholders and FAD (unaudited, amounts in thousands, except per share amounts):


	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2025		2024		2025		2024

Basic Nareit FFO attributable to common stockholders per share	$	0.72	$	0.73	$	1.67	$	2.87
Diluted Nareit FFO attributable to common stockholders per share	$	0.72	$	0.72	$	1.66	$	2.84

Diluted Nareit FFO attributable to common stockholders	$	34,510	$	33,133	$	77,328	$	126,381
Weighted average shares used to calculate Nareit diluted FFO attributable to common stockholders per share		48,054		45,824		46,560		44,537


Basic Core FFO per share	$	0.70	$	0.66	$	2.75	$	2.67
Diluted Core FFO per share	$	0.70	$	0.65	$	2.73	$	2.64

Diluted Core FFO	$	33,459	$	29,754	$	127,807	$	117,474
Weighted average shares used to calculate diluted Core FFO per share		48,054		45,824		46,832		44,537


Basic FAD per share	$	0.78	$	0.67	$	2.89	$	2.88
Diluted FAD per share	$	0.77	$	0.66	$	2.86	$	2.84

Diluted FAD	$	37,039	$	30,372	$	134,110	$	126,454
Weighted average shares used to calculate diluted FAD per share		48,054		45,824		46,832		44,537


Basic Core FAD per share	$	0.73	$	0.67	$	2.89	$	2.70
Diluted Core FAD per share	$	0.73	$	0.66	$	2.87	$	2.67

Diluted Core FAD	$	35,031	$	30,372	$	134,259	$	118,698
Weighted average shares used to calculate diluted Core FAD per share		48,054		45,824		46,832		44,537

Reconciliation of FFO and FAD (continued)

Guidance

The Company is introducing guidance for the 2026 full year, and is providing 2026 first quarter guidance. The following guidance ranges reflect management's view of current and future market conditions. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth below. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments. The 2026 full year guidance is as follows (unaudited, amounts in thousands, except per share amounts):


	Full Year 2026 Guidance				First Quarter 2026 Guidance
	Low		High		Low		High
Diluted earnings per common share	$	1.80	$	1.84	$	0.60	$	0.62
Less: Gain on sale, net of impairment loss		(0.13)		(0.13)		(0.15)		(0.15)
Add: Depreciation and amortization		1.10		1.10		0.25		0.25
Diluted Nareit FFO attributable to common stockholders		2.77		2.81		0.70		0.72
Add: Adjustments		(0.02)		(0.02)		(0.04)		(0.04)
Diluted Core FFO	$	2.75	$	2.79	$	0.66	$	0.68

Diluted Nareit FFO attributable to common stockholders	$	2.77	$	2.81	$	0.70	$	0.72
Add: Non-cash expense		0.14		0.14		0.03		0.03
Less: Recurring capital expenditures		(0.10)		(0.10)		(0.02)		(0.02)
Diluted FAD		2.81		2.85		0.71		0.73
Add: Adjustments		0.01		0.01		(0.03)		(0.03)
Diluted Core FAD	$	2.82	$	2.86	$	0.68	$	0.70

The assumptions underlying the full year and first quarter guidance are as follows:

●

Gross investments for the full year in the range of $400.0 million and $800.0 million, including transactions closed to date or expected to close over the next 60 days;

●

Asset sales and loan payoffs of $265.9 million for the 2026 full year and $73.5 million for the 2026 first quarter;

●

SHOP FAD capital expenditures in the range of $4.6 million to $4.9 million for the full year, and $890,000 to $910,000 for the 2026 first quarter;

●

General and administrative costs for the full year in the range of $31.7 million to $33.9 million, and $8.4 million to $8.7 million for the 2026 first quarter; and

●

Adjustments to Core FFO and Core FAD include the following:

One-time exit IRR income of $1.5 million that LTC is expected receive in connection with the sale of three skilled nursing centers accounted for as a Financing receivable on the Company’s Consolidated Balance Sheets;

Transaction costs in the range of $1.9 million to $2.4 million for the full year, and $400,000 to $500,000 for the 2026 first quarter;

Recovery of provision for credit losses related to loan payoffs outlined in the Company’s Supplemental Operating and Financial Data presentation for the 2025 fourth quarter.

Exhibit 99.2

RENEWAL AND TRANSITION SUPPLEMENTAL OPERATING AND FINANCIAL DATA FOURTH QUARTER 2025

4Q 2025 SUPPLEMENTAL REPORT INVESTMENTS 3 Seniors Housing Operating Portfolio ("SHOP") Transformation Portfolio Transformation Acquisitions and Mortgage Loans Near-Term Loan Payoffs Expected & Purchase Options to be Exercised PORTFOLIO 7 Portfolio Overview Operator Update and Subsequent Events Portfolio Diversification - Geography SHOP Performance and Guidance Real Estate Investments (Excluding SHOP) Diversification - Operators Real Estate Investments (Excluding SHOP) - Maturity Real Estate Investments (Excluding SHOP) - Metrics FINANCIAL 16 Enterprise Value Debt Metrics Debt Maturity Reconciliation of 2026 Guidance Financial Data Summary Consolidated Statements of Income Consolidated Balance Sheets Funds from Operations GLOSSARY 27 FORWARD-LOOKING STATEMENTS 29 AND NON-GAAP INFORMATION 2 LEADERSHIP Any opinions, estimates, or forecasts regarding LTC’s performance made by the analysts listed above do not represent the opinions, estimates, and forecasts of LTC or its management. BOARD OF DIRECTORS ANALYSTS LTC PROPERTIES, INC. 3011 Townsgate Road, Suite 220 Westlake Village, CA 91361 805-981-8655 www.LTCreit.com TRANSFER AGENT Broadridge Shareholder Services c/o Broadridge Corporate Issuer Solutions 1155 Long Island Avenue Edgewood, NY 11717-8309 ATTN: IWS 866-708-5586 WENDY SIMPSON Executive Chairman CORNELIA CHENG Sustainability and Corporate Responsibility Committee Chairman DAVID GRUBER Investment Committee Chairman JEFFREY HAWKEN Compensation Committee Chairman BRADLEY PREBER Audit Committee Chairman TIMOTHY TRICHE, MD Lead Independent Director and Nominating & Corporate Governance Committee Chairman JUAN SANABRIA BMO Capital Markets Corp. RICHARD ANDERSON Cantor Fitzgerald AARON HECHT Citizens JMP Securities, LLC OMOTAYO OKUSANYA Deutsche Bank Securities Inc. JOE DICKSTEIN Jefferies LLC AUSTIN WURSCHMIDT KeyBanc Capital Markets, Inc. MICHAEL CARROLL RBC Capital Markets Corp. JOHN KILICHOWSKI Wells Fargo Securities, LLC WENDY SIMPSON Executive Chairman PAM KESSLER Co-President and Co-CEO CLINT MALIN Co-President and Co-CEO CECE CHIKHALE EVP, Chief Financial Officer, Treasurer and Secretary DAVID BOITANO EVP, Chief Investment Officer GIBSON SATTERWHITE EVP, Asset Management MIKE BOWDEN SVP, Investments MANDI HOGAN SVP, Marketing TABLE OF CONTENTS CONTACT INFORMATION

4Q 2025 SUPPLEMENTAL REPORT INVESTMENTS I 3 SENIORS HOUSING OPERATING PORTFOLIO (“SHOP”) TRANSFORMATION 2025 SHOP ACTIVITIES SINCE MAY ($565M)  $353M in SHOP acquisitions  $212M - Three SHOP conversions  Seven SHOP operators, five new to LTC SHOP GROWTH (DOLLAR AMOUNTS IN MILLIONS) 2026 INVESTMENT FUNDING STRATEGY  ~ $266M proceeds from SNF sales and loan prepayments  Proceeds from untapped opportunities within our portfolio, borrowings under our revolving line of credit, and sales under our ATM 2026 SHOP INVESTMENT GUIDANCE AND ACQUISITIONS COMPLETED TO DATE (~$400M - $800M)  $108M SHOP acquisitions completed in 1Q26  $157M SHOP acquisitions over the next 60 days  $135M - $535M SHOP acquisitions expected to close through the end of 2026 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2024 2025 Proforma 2026 GROSS ASSET VALUE Proforma 2026 assumes $600M in SHOP investments (mid-point) and $58M in SHOP conversions 116% 2026 SHOP CONVERSIONS ($58M)  $26M completed in 1Q26  $32M expected over the next 60 days  Two SHOP operators new to LTC

4Q 2025 SUPPLEMENTAL REPORT Mortg Loans, 15% Mortg Loans, 16% Mortg Loans, 8% Fin Rec, 17% Fin Rec, 15% Fin Rec, 10% NNN 64% NNN 44% NNN 36% SHOP 24% SHOP 45% 0% 20% 40% 60% 80% 100% 2024 2025 2026E NNN SHOP FIN REC LOANS NOTES REC & UNCONS JV INVESTMENTS I 4 PORTFOLIO TRANSFORMATION: DECREASING SNF AND LOAN EXPOSURE 2026 PROFORMA GROSS ASSET VALUE BY ASSET TYPE 2026 PROFORMA GROSS ASSET VALUE BY INVESTMENT TYPE ASSET TYPE TRANSFORMATION: 2024 - PROFORMA 2026  Seniors Housing asset value concentration increases to 77%  Skilled Nursing asset value concentration decreases to 22% INVESTMENT TYPE TRANSFORMATION: 2024 - PROFORMA 2026  Owned investments asset value concentration increases to 91%  Mortgage Loans investment asset value concentration decreases to 8% 40% 40% 10% 8% OWNED PORTFOLIO - NNN 2% OWNED ACCOUNTED FOR AS FINANCING RECEIVABLES MORTGAGE LOANS NOTES REC & UNCONS JV OWNED PORTFOLIO - SHOP 31% 40% 28% 1% SENIORS HOUSING - NNN SKILLED NURSING OTHER/UDP SENIORS HOUSING - SHOP (PROFORMA 2026 ASSUMES $600M IN SHOP INVESTMENTS (MID-POINT) AND $58M IN SHOP CONVERSIONS) 2026 PROFORMA NOI BY ASSET TYPE 2026 PROFORMA NOI BY INVESTMENT TYPE SNF 46% SNF 36% SNF 22% NNN 54% NNN 39% NNN 32% SHOP 24% SHOP 45% 0% 20% 40% 60% 80% 100% 2024 2025 2026E 4% 1% 1% SH - NNN SH - SHOP SNF OTHER/UDP 1% 1%

4Q 2025 SUPPLEMENTAL REPORT MORTGAGE LOANS INVESTMENTS I 5 (1) Represents mortgage loans commitment to construct seniors housing communities and to fund working capital and interest reserve. The borrowers contribute equity, which initially funds the construction. Once all of the borrower’s equity has been drawn, we fund the additional commitment. (2) The initial additional commitment includes interest reserve of $2,000 and additional loan proceeds of $1,950 which are available between June 2026 and November 2027, based on debt service coverage. (3) The initial additional commitment includes interest reserve of $2,200. REAL ESTATE – INVESTMENTS (DOLLAR AMOUNTS IN THOUSANDS) # OF PROPERTY # UNITS/ MATURITY INITIAL PRO PERTIES TYPE BEDS LO CATION OPERATO R DATE O RIGINATIO N INVESTME NT 1 UDP - SH 85 units Lansing, MI Encore Senior Living Sep-2026 8.75% 19,500 $ 2,940 $ 16,560 $ 1 UDP - SH 116 units Loves Park, IL Encore Senior Living Jul-2030 9.00% 26,120 — 26,120 2 201 units 45,620 $ (1) $ 42,680 2,940 $ (1) 1 SH 250 units Summerfield, FL Momentum Senior Living May-2030 8.50% 42,300 $ 38,350 $ 3,950 $ (2) 2 SH 171 units Various cities in CA Gallaher Signature Living Aug-2030 8.25% 57,550 55,350 2,200 (3) 3 421 units 99,850 $ 93,700 $ 6,150 $ Aug-2025 CONTRACTUAL INITIAL Jan-2024 Jul-2024 COMMITMENT INITIAL ADDITIONAL RATE May-2025 DATE ACQUISITIONS # OF INVESTMENT PROPERTY # OF DATE OF YEAR 1 PRO PERTIES TYPE TYPE UNITS LOCATION OPE RATOR CO NSTRUCTIO N CAP RATE 1 SHOP SH 67 Morgan Hill, CA Discovery Senior Living 2019 7.4% 35,200 $ 2 SHOP SH 158 Various cities in KY Charter Senior Living 2023 7.6% 39,500 5 SHOP SH 520 Various cities in WI Lifespark 2019-2021 7.2% 194,050 1 SHOP SH 88 Marietta, GA The Arbor Company 2017 7.4% 22,900 1 SHOP SH 100 Brentwood, TN Discovery Senior Living 2022 7.4% 31,250 1 SHOP SH 122 Hobart, WI New Perspective 2012-2019 8.7% 30,000 11 1,055 352,900 $ 3 SHOP SH 394 Various cities in GA The Arbor Company 2014-2018 7.0% 108,000 $ DATE PURCHASE PRICE Dec-2025 Dec-2025 Jan-2026 Jul-2025 Sep-2025 Oct-2025 Sep-2025

4Q 2025 SUPPLEMENTAL REPORT INVESTMENTS I 6 REAL ESTATE – NEAR-TERM LOAN PAYOFFS EXPECTED & PURCHASE OPTIONS ANTICIPATED TO BE EXERCISED(1) (DOLLAR AMOUNTS IN THOUSANDS) EXPECTED OPTION # OF PROPERTY GROSS SALES/PAYO FF WINDOW INVESTMENT TYPE PROPE RTIES TYPE INVESTME NTS PROCEEDS 2025 (2) Owned 2 SNF 5,275 $ 9,500 $ 1,055 $ 2025-2027 (3) Owned accounted for as Financing Receivable 3 SNF 62,220 64,032 4,841 2026-2027 (4) Mortgage Loan 14 SNF 179,885 179,885 20,323 2026 (5) Unconsolidated Joint Venture 1 SNF 12,524 12,524 1,178 20 259,904 $ 265,941 $ 27,397 $ LTC PORTION OF LTC PO RTION OF ANNUALIZED CONTRACTUAL CASH NOI (1) See our Form 10-K for a list of all of our purchase options. Expected sales proceeds are subject to change. (2) In 3Q25, the operator provided notice of its intent to exercise its purchase option. (3) These properties were acquired through a sale-leaseback transaction, subject to a lease agreement that contains a purchase option. In accordance with GAAP, the purchased properties are presented as a financing receivable on our Consolidated Balance Sheets. In 4Q25, the operator provided notice of its intent to exercise its purchase option. In connection with the sale, we expect to receive approximately $1,500 of exit IRR. See Operator Update on page 9 for further discussion. (4) The Prestige $179,885 mortgage loan secured by 14 skilled nursing centers in Michigan has an option to prepay the loan without penalty during a 12-month window starting in July 2026, subject to customary conditions and contingent on Prestige’s ability to obtain replacement financing. See Operator Update on page 9 for further discussion. (5) Subsequent to December 31, 2025, the operator provided notice of its intent to payoff a mortgage loan accounted for as an unconsolidated joint venture. We expect to receive the payoff in 2Q26. See Operator Update on page 9 for further discussion.

4Q 2025 SUPPLEMENTAL REPORT # OF % OF BY INVESTMENT TYPE PROPERTIES INVESTMENT NOI (1 ) % OF NOI INCOME STATEMENT LINE Owned Portfolio Triple-Net Portfolio ("NNN") 98 1,045,400 $ 43.6% 93,947 $ 52.1% Rental income Seniors Housing Operating Portfolio ("SHOP")(2) 565,265 25 23.6% 18,028 (2) 10.0% Resident fees and services, net of Seniors housing operating expense Owned Portfolio 123 1,610,665 67.2% 111,975 62.1% Owned Properties accounted for as Financing Receivables(3) 363,088 31 15.2% 28,315 15.7% Interest income from financing receivables Mortgage Loans 26 385,511 (4) 16.1% (4) 20.2% Interest income from mortgage loans 36,468 Notes Receivable 5 25,874 1.0% 2,555 1.4% Interest and other income Unconsolidated Joint Ventures 1 12,524 0.5% 1,178 0.6% Income from unconsolidated joint ventures Total 186 2,397,662 $ 100.0% 180,491 $ 100.0% # OF % OF BY PROPERTY TYPE PROPERTIES INVESTMENT Seniors Housing NNN 92 940,773 $ 39.3% SHOP(2) 565,265 25 23.6% Seniors Housing 117 1,506,038 62.9% Skilled Nursing 68 871,825 36.3% Other(5) 12,005 1 0.5% Under Development — 7,794 0.3% Total 186 2,397,662 $ 100.0% INVESTMENT GROSS INVESTMENT TRAILING TWELVE MONTHS ENDED DECEMBER 31, 2025 GROSS PORTFOLIO I (1) See Trailing Twelve Months NOI definition in the Glossary. (2) Subsequent to December 31, 2025, we acquired three seniors housing communities and converted two seniors housing communities from our NNN portfolio into our SHOP segment. See Subsequent Events on page 9 for further discussion. (3) Financing receivables represent acquisitions through sale-leaseback transactions, subject to lease agreements that contain purchase options. In accordance with GAAP, the purchased assets are presented as financing receivables on our Consolidated Balance Sheets and the rental income received is presented as interest income from financing receivables on our Consolidated Statements of Income. (4) Mortgage loans include short-term loans of $131,526 or 5.5% of gross investment and long-term loans (Prestige) of $253,985 or 10.6% of gross investment. The weighted average maturity for our mortgage loans portfolio and long-term mortgage loans (Prestige) at December 31, 2025 is 13.3 years and 18.3 years, respectively. See Operator Update on page 9 for further discussion on a Prestige loan. (5) Includes one behavioral health care hospital and three parcels for land held-for-use. 7 LONG-TERM INVESTMENTS include our Owned Portfolio, Owned Properties accounted for as Financing Receivables and Long-Term Mortgage Loans (Prestige) which represent 93% of our Gross Investments. SHORT-TERM INVESTMENTS represent investment durations shorter than 10 years and include our Notes Receivable, Unconsolidated Joint Ventures and Short-Term Mortgage Loans which represent 7% of our Gross Investments. Long-Term Investments 93% Short-Term Investments 7% PORTFOLIO OVERVIEW (AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS)

4Q 2025 SUPPLEMENTAL REPORT PORTFOLIO I 8 # OF OWNED PRO PERTIES - NNN PROPERTIES RENTAL INCOME(1 ) Seniors Housing 54 505,473 $ 21.1% 38,040 $ 21.1% Skilled Nursing 43 527,922 22.0% 54,718 30.3% Other 1 12,005 0.5% 1,189 0.7% Total 98 1,045,400 $ 43.6% 93,947 $ 52.1% # OF OWNED PRO PERTIES - SHOP PROPERTIES SHOP NOI(1 ) Seniors Housing(2) 565,265 25 $ 23.6% 18,028 $ 10.0% Total 25 565,265 $ 23.6% 18,028 $ 10.0% OWNED PRO PERTIES ACCOUNTED FO R AS # OF FINANCING FINANCING RECEIVABLES(3 ) PROPERTIES RECEIVABLES INCOME(1 ) Seniors Housing 28 286,543 $ 12.0% 22,430 $ 12.4% Skilled Nursing 3 76,545 3.2% 5,885 3.3% Total 31 363,088 $ 15.2% 28,315 $ 15.7% # OF MORTGAGE LOANS MO RTGAGE LOANS PROPERTIES INTEREST INCO ME(1 ) Seniors Housing 5 123,732 $ 5.2% 6,193 $ 3.4% Skilled Nursing(4) 253,985 21 10.6% 30,144 16.7% Under Development — 7,794 0.3% 131 0.1% Total 26 385,511 $ 16.1% 36,468 $ 20.2% # OF INTEREST AND NO TES RECEIVABLE PROPERTIES OTHER INCOME(1 ) Seniors Housing 5 25,025 $ 1.0% 2,555 $ 1.4% Skilled Nursing — 849 0.0% — 0.0% Total 5 25,874 $ 1.0% 2,555 $ 1.4% # OF UNCONSOLIDATED UNCONSOLIDATED JO INT VENTURES PROPERTIES JV INCOME(1 ) Skilled Nursing 1 12,524 0.5% 1,178 0.6% Total 1 12,524 $ 0.5% 1,178 $ 0.6% TO TAL INVESTMENTS 2,397,662 186 $ 100.0% 180,491 $ 100.0% GROSS INVESTMENT % O F GROSS INVESTMENT % O F TOTAL NO I % O F TOTAL NO I % O F TOTAL NO I INVESTMENT TRAILING TWELVE MO NTHS ENDED DECEMBER 31, 2025 GROSS % O F GROSS INVESTMENT % O F TOTAL NO I GROSS % O F INVESTMENT GROSS INVESTMENT % O F TOTAL NO I INVESTMENT GROSS GROSS INVESTMENT GROSS INVESTMENT % O F GROSS INVESTMENT % O F GROSS % O F INVESTMENT GROSS INVESTMENT % O F TOTAL NO I 21.1% 30.3% 0.7% 0.0% 25.0% 50.0% SH SNF OTH RENTAL INCOME (AS % OF TOTAL NOI) MORTGAGE LOANS INTEREST INCOME (AS % OF TOTAL NOI) INTEREST & OTHER INCOME (AS % OF TOTAL NOI) UNCONSOLIDATED JV INCOME (AS % OF TOTAL NOI) 3.4% 16.7% 0.1% 0.0% 15.0% 30.0% SH SNF UDP 1.4% 0.0% 5.0% 10.0% SH 0.6% 0.0% 5.0% 10.0% SNF 12.4% 3.3% 0.0% 15.0% 30.0% SH SNF FINANCING RECEIVABLES INCOME (AS % OF TOTAL NOI) (1) See Trailing Twelve Months NOI definition in the Glossary. (2) Subsequent to December 31, 2025, we acquired three seniors housing communities and converted two seniors housing communities from our NNN portfolio into our SHOP segment. See Subsequent Events on page 9 for further discussion. (3) Financing receivables represent acquisitions through sale-leaseback transactions, subject to lease agreements that contain purchase options. In accordance with GAAP, the purchased assets are presented as financing receivables on our Consolidated Balance Sheets and the rental income received is presented as interest income from financing receivables on our Consolidated Statements of Income. (4) Skilled nursing long-term loans (Prestige) of $253,985 or 10.6% of gross investment. The weighted average maturity of Prestige loans is 18.3 years. See Operator Update on page 9 for further discussion on a Prestige loan. 10.0% 0.0% 10.0% 20.0% SH SHOP NOI (AS % OF TOTAL NOI) PORTFOLIO OVERVIEW - DETAIL (AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS)

4Q 2025 SUPPLEMENTAL REPORT PORTFOLIO I 9 PORTFOLIO OVERVIEW - OPERATOR UPDATE (DOLLAR AMOUNTS IN THOUSANDS)  Market-Based Rent Resets: Received $5,625 of revenue from a 14-property portfolio in 2025 vs. $3,448 in 2024 (63% increase). Two of the 14 properties were converted into SHOP in January 2026, with plans to convert two additional properties with a total of 159 units in the next 60-days. See below for further discussion of the SHOP conversions. Anticipated rent on the remaining 10 properties in 2026 is $4,880, vs. $4,140 in 2025 (18% increase).  Operator Update (Genesis): As previously discussed, Genesis filed for Chapter 11 bankruptcy on July 9, 2025. Since filing, Genesis has made all contractual rent payments through February 2026.  Purchase Option Exercised (TN): $9,500 under a master lease for two skilled nursing centers. The sale is expected to close in the next 60-days with an anticipated gain of approximately $7,400.  Purchase Option Exercised (FL): $64,032, inclusive of an exit IRR of approximately $1,500, under a master lease for three skilled nursing centers expected to close by the end of 1Q26. These properties are presented as a financing receivable on our Consolidated Balance Sheets, since they were acquired through a sale-leaseback transaction, subject to a lease agreement. We expect to record one-time income of approximately $1,300, which represents the exit IRR of $1,500, offset by $200 of effective interest receivable balance previously recognized over the term of the financing receivable through payoff. SUBSEQUENT EVENTS  Previously Announced SHOP Acquisition: Three seniors housing communities in Georgia for $108,000, with a year-one yield of approximately 7% and expected unlevered IRR in the low teens, operated by the Arbor Company, an existing SHOP relationship.  SHOP Conversion (TX): Two seniors housing communities, operated by Pegasus Senior Living, an operator new to us. These properties comprised of 88 units were previously included in the portfolio of market-based rent resets discussed above.  Mortgage Loan Prepayment Option: Prestige Healthcare provided a prepayment notice on its $179,885 mortgage loan secured by 14 skilled nursing centers. Prestige has the option to prepay without penalty during a 12-month window starting in July 2026, subject to customary conditions and contingent on the ability to obtain replacement financing.  Mortgage Loan Extension (MI): We intend to extend a $17,104 mortgage loan secured by an 85-unit seniors housing community, currently set to mature in 2026, to 1Q27.  Loan Payoff Notice (TX): The operator provided notice of its intent to pay off a $12,524 mortgage loan secured by a 104-bed skilled nursing center. The mortgage loan is accounted for as an unconsolidated joint venture. We expect to receive the payoff in 2Q26.  Anticipated SHOP Conversions (GA and SC): We anticipate converting two seniors housing communities with an operator new to us in April 2026. These properties are currently included in the portfolio of market-based rent resets discussed above.

4Q 2025 SUPPLEMENTAL REPORT PORTFOLIO I 10 PORTFOLIO DIVERSIFICATION – GEOGRAPHY (AS OF DECEMBER 31, 2025) * Behavioral health care hospital SNF (68) SH– NNN (92) OTH* (1) LAND (3) UDP (1) CA WA ME NV WY IL AR WV ND NY OR AZ NM TX UT ID MT SD NE KS OK MS MN WI FL AL GA SC TN MO IA IN OH PA NJ NC VA CO KY 5 21 1 3 1 2 2 1 4 4 8 33 1 6 6 8 5 3 21 2 1 5 1 2 3 LA 1 2 3 MI 2 1 1 3 SH– SHOP (25) 4 2 2 4 7 1 2 1 1 1 OPERATORS 30 STATES 23 PROPERTIES 186 UNITS/BEDS 16,276

4Q 2025 SUPPLEMENTAL REPORT 39.0% 25.7% 27.6% 6.0% 1.7% 0.0% 25.0% 50.0% MSAs 1-31 MSAs 32-100 MSAs > 100 Cities in Micro-SA Cities not in MSA or Micro-SA 17 years 9 years 0 10 20 30 40 NNN SHOP Years (1) The MSA rank by population as of July 1, 2024, as estimated by the United States Census Bureau. Approximately 65% of our properties are in the top 100 MSAs. Represents our real properties, properties accounted for as financing receivables, and properties secured by our mortgage loans. (1) As calculated from construction date or major renovation/expansion date. Represents our real properties, properties accounted for as financing receivables, and properties secured by our mortgage loans. GROSS PORTFOLIO BY MSA (1) AVERAGE SENIORS HOUSING PORTFOLIO AGE (1) PORTFOLIO I 11 (1) Due to master leases with properties in various states, revenue by state is not available. Also, working capital notes are provided to certain operators under their master leases covering properties in various states. Therefore, the working capital notes outstanding balance totaling $874 is also not available by state and is excluded from the table above. (2) Includes one behavioral health care hospital and three parcels for land held-for-use. (3) Subsequent to December 31, 2025, we converted two seniors housing communities from our NNN portfolio into our SHOP segment. See Subsequent Events on page 9 for further discussion. # OF STATE(1 ) PRO PERTIES % SH - NNN % SH - SHOP % SNF % UDP % % Wisconsin 13 319,951 $ 13.3% 57,822 $ 6.2% 248,183 $ 43.9% 13,946 $ 1.6% — $ — — $ — Texas(3) 314,987 29 13.1% 42,059 4.5% — — 272,928 31.3% — — — — North Carolina 33 303,391 12.7% 303,391 32.2% — — — — — — — — Michigan 24 293,954 12.3% 39,026 4.2% — — 253,985 29.2% — — 943 7.9% California 6 143,906 6.0% 95,163 10.1% 48,743 8.6% — — — — — — Ohio 9 141,114 5.9% 71,867 7.6% 15,024 2.7% 54,223 6.2% — — — — Florida 6 125,406 5.2% 39,897 4.2% — — 85,509 9.8% — — — — Colorado 12 103,298 4.3% 61,497 6.5% 41,801 7.4% — — — — — — Illinois 5 98,541 4.1% 32,725 3.5% 58,022 10.3% — — 7,794 100.0% — — Kentucky 4 88,479 3.7% — — 39,763 7.0% 48,716 5.6% — — — — All Others 45 463,761 19.4% 197,301 21.0% 113,729 20.1% 141,669 16.3% — — 11,062 92.1% Total 186 2,396,788 $ 100.0% 940,748 $ 100.0% 565,265 $ 100.0% 870,976 $ 100.0% 7,794 $ 100.0% 12,005 $ 100.0% O TH(2 ) INVESTMENT GROSS GROSS INVESTME NT PORTFOLIO DIVERSIFICATION – GEOGRAPHY (AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS)

4Q 2025 SUPPLEMENTAL REPORT # O F # OF GROSS O PERATO RS(1 ) PRO PERTIES UNITS STATES INVESTMENT % Lifespark Acquired 5 520 WI 194,577 $ 34.4% Anthem Memory Care Initial Conversion 12 732 CA, CO, IL, KS, OH 154,343 27.3% Discovery Senior Living Acquired 2 167 CA, TN 66,822 11.8% New Perspective Initial Conversion; Acquired 2 222 WI 53,606 9.5% Charter Senior Living Acquired 2 158 KY 39,763 7.0% Compass Senior Living Value-Add Conversion 1 186 OR 33,139 5.9% The Arbor Company(1) Acquired 1 88 GA 23,015 4.1% 2,073 25 565,265 $ 100.0% PORTFOLIO I 12 SHOP PERFORMANCE AND GUIDANCE (AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS, EXCEPT REVPOR AND EXPOR) OPERATOR DIVERSIFICATON (1) Subsequent to December 31, 2025, we acquired three seniors housing communities with a total of 394 units and converted two seniors housing communities (Value-Add Conversions) with a total of 88 units into our SHOP segment. See Subsequent Events on page 9 for further discussion.  Represents 27 properties (2,281 units) that include Initial Conversions (13) and Acquired SHOP properties (14) through January 31, 2026; excludes Value-Add Conversions and additional acquisitions  Guidance at the midpoint:  NOI growth: ~14% over 2025 Proforma NOI  Occupancy growth: ~150 basis points from 2025 Proforma Ave Occupancy ~89.7%  Projected Increases: REVPOR ~5%; EXPOR ~2.5%  Projected margin: ~27.5%  2025 Proforma NOI and occupancy include results reported under prior owners; adjusted for current management fee structure  2026 Total SHOP Capex Guidance:  FAD: ~$1,500 per unit, annually  Non-FAD: $9M; $4M announced for Initial Conversions; $4M underwritten for Acquired SHOP properties to date; $1M for Value-Add Conversions for three (3) properties TOTAL SHOP PERFORMANCE 2Q25 3Q25 4Q25 Properties, at end of quarter 13 21 25 Units, at end of quarter 832 1,577 2,073 Average units available 501 899 1,766 Average unit occupancy 80.7% 86.5% 89.3% Total revenues 11,950 $ 22,203 $ 37,963 $ Operating expenses 9,419 17,362 27,307 NOI 2,531 $ 4,841 $ 10,656 $ NOI margin 21.2% 21.8% 28.1% REVPOR 9,855 $ 9,518 $ 8,022 $ EXPOR 7,768 $ 7,443 $ 5,770 $ SHOP GUIDANCE Low $53 High $57 2026 PROJECTED NOI (millions)

4Q 2025 SUPPLEMENTAL REPORT LTC PORTION PRO PERTY # OF GRO SS OF GROSS OPERATO RS(1 ) TYPE PROPERTIES CONTRACTUAL CASH NOI % % INVESTMENT INVESTMENT Prestige Healthcare SNF/OTH 23 29,167 $ 17.5% 30,435 $ 18.1% 267,982 $ — $ 267,982 $ ALG Senior SH 29 21,864 (4) 13.1% 23,497 (4) 14.0% 297,292 63,941 233,351 Encore Senior Living SH/UDP 14 12,837 (4) 7.7% 12,600 (4) 7.5% 206,429 9,134 197,295 HMG Healthcare SNF 13 11,778 7.1% 11,778 7.0% 167,737 — 167,737 Carespring Health Care Management SNF 4 11,314 6.8% 11,195 6.7% 102,940 — 102,940 Brookdale Senior Living SH 17 10,094 6.1% 10,310 6.1% 65,599 — 65,599 Genesis Healthcare SNF 6 9,746 5.8% 9,746 5.8% 53,339 — 53,339 Ignite Medical Resorts SNF 7 9,457 5.7% 9,457 5.6% 101,578 — 101,578 Fundamental Long Term Care SNF/OTH 5 8,237 4.9% 8,417 5.0% 65,798 — 65,798 Juniper Communities SH 5 7,484 4.5% 6,730 4.0% 83,293 — 83,293 All Others(3) 34,637 38 (4) 20.8% 33,885 (4) 20.2% 420,410 14,325 406,085 161 166,615 $ 100.0% 168,050 $ 100.0% 1,832,397 $ 87,400 $ 1,744,997 $ ANNUALIZED(2 ) NON-CONTRO LLING GAAP NOI INTEREST PORTFOLIO I 13 REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) DIVERSIFICATION - OPERATORS 584 Properties 41 States SNF/SH Continuing Care BROOKDALE NYSE: BKD 19 States Nearly 200 Properties GENESIS Privately Held SNF/SH 27 Properties 6 States SNF/SH Transitional Care IGNITE Privately Held 69 Properties 7 States SNF/SH Hospitals & Other Rehab FUNDAMENTAL Privately Held JUNIPER Privately Held SH 26 Properties 5 States 82 Properties 4 States SNF/SH Other Rehab PRESTIGE Privately Held ALG Privately Held SH 118 Properties 6 States ENCORE Privately Held SH 34 Properties 5 States HMG Privately Held SNF/SH 37 Properties 2 States 18 Properties 2 States SNF/SH Transitional Care CARESPRING Privately Held (1) See Operator Update on page 9 for further discussion. (2) See Glossary for definition of Annualized Contractual Cash NOI and Annualized GAAP NOI. (3) Subsequent to December 31, 2025, we converted two seniors housing communities from our NNN portfolio into our SHOP segment. See Subsequent Events on page 9 for further discussion. (4) Includes the consolidated income from our joint ventures. The non-controlling member’s portion of the annualized contractual cash and annualized GAAP NOI are as follows: OPERATORS LTC PORTION JV PARTNER PORTION TOTAL OPERATORS LTC PORTION JV PARTNER PORTION TOTAL ALG Senior 17,152 $ 4,712 $ 21,864 $ ALG Senior 18,785 $ 4,712 $ 23,497 $ Encore Senior Living 12,837 — 12,837 Encore Senior Living 12,600 — 12,600 All Others 33,527 1,110 34,637 All Others 32,775 1,110 33,885 ANNUALIZED CONTRACTUAL CASH NOI ANNUALIZED GAAP NOI (AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS)

4Q 2025 SUPPLEMENTAL REPORT REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - MATURITY (AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) PORTFOLIO I 14 (1) See Annualized GAAP NOI definition in the Glossary. (2) One of the six lease maturities is a master lease covering two skilled nursing centers in Tennessee which represents 15% of rental income and 11% of annualized GAAP NOI maturing in 2026. In 4Q25, the operator provided notice of its intent to exercise its purchase option. Another of the six 2026 maturities is a master lease that was terminated subsequent to December 31, 2025. The master lease, which covered two seniors housing communities in Texas converted into our SHOP segment. Additionally, we expect to terminate another master lease that was scheduled to mature in 2026 and covers two seniors housing communities in Georgia and South Carolina. The properties will convert into our SHOP segment. Lastly, we intend to extend one of the three loans maturing in 2026 to 1Q27. See page 9 for further discussion. (3) Represents income from three skilled nursing centers in Florida acquired through a sale-leaseback transaction, subject to a lease agreement that contains a purchase option. In accordance with GAAP, the purchased properties are presented as a financing receivable on our Consolidated Balance Sheets. The operator provided notice of intent to exercise the purchase option. (4) The Prestige $179,885 mortgage loan secured by 14 skilled nursing centers in Michigan has an option to prepay the loan without penalty during the 12-month window starting July 2026, subject to customary conditions and contingent on Prestige’s ability to obtain replacement financing. This loan represents $20,313 of annualized GAAP interest income. See Operator Update on page 9 for further discussion. (5) Subsequent to December 31, 2025, an operator provided notice of its intent to payoff the mortgage loan, which is accounted for as an unconsolidated joint venture. We expect to receive the payoff in 2Q26. See Subsequent Events on page 9 for further discussion. Near Term Lease and Loan Maturities:  Six leases and three loans in 2026 with an annualized GAAP NOI totaling $9.2 million.(2)  Three leases and one loan in 2027 with an annualized GAAP NOI totaling $14.2 million.  Three leases and one loan in 2028 with an annualized GAAP NOI totaling $12.7 million.  As of December 31, 2025, approximately 95% of owned properties are covered under master leases and approximately 95% of rental revenues come from master leases or cross-default leases. MORTGAGE LOANS WA GAAP % OF NOTE S WA GAAP % O F % OF YEAR RECE IVABLE RATE TO TAL RECEIVABLE RATE TOTAL TOTAL 2026 27,854 $ (2) 8.9% 7.2% 25 $ 8.0% 0.1% 27,879 $ 6.8% 2027 — — — 25,000 10.2% 96.6% 25,000 6.1% 2028 — — — 849 — 3.3% 849 0.2% 2029 — — — — — — — — 2030 103,672 8.5% 26.9% — — — 103,672 25.2% 2031 — — — — — — — — 2032 — — — — — — — — 2033 — — — — — — — — Thereafter 253,985 (4) 11.5% 65.9% — — — 253,985 61.7% Total 385,511 $ 10.5% 100.0% 25,874 $ 9.9% 100.0% 411,385 $ 100.0% RECEIVABLE TOTAL LOANS LOANS RECEIVABLE PRINCIPAL MATURITIES % OF % OF % OF % O F % O F % OF YEAR TO TAL TOTAL TOTAL TOTAL TOTAL TOTAL 2026 6,751 $ (2) 7.1% — $ — 2,485 $ (2) 6.1% 2 $ 0.1% — $ — 9,238 $ 5.5% 2027 11,631 12.2% — — — — 2,554 99.9% — — 14,185 8.4% 2028 12,687 13.3% — — — — — — — — 12,687 7.5% 2029 14,472 15.2% — — — — — — 1,178 (5) 100.0% 15,650 9.3% 2030 13,859 14.6% — — 8,818 21.8% — — — — 22,677 13.5% 2031 14,449 15.2% — — — — — — — — 14,449 8.6% 2032 6,417 6.7% 6,025 (3) 21.1% — — — — — — 12,442 7.4% 2033 14,942 15.7% 9,847 34.5% — — — — — — 24,789 14.8% Thereafter — — 12,684 44.4% 29,249 (4) 72.1% — — — — 41,933 25.0% Total 95,208 $ 100.0% 28,556 $ 100.0% 40,552 $ 100.0% 2,556 $ 100.0% 1,178 $ 100.0% 168,050 $ 100.0% INCOME JV INCO ME GAAP NOI(1 ) RENTAL UNCONSOLIDATED INCOME FINANCING REC OTHER NOTE S INCOME INTEREST INCOME MO RTGAGE LOANS ANNUALIZED

4Q 2025 SUPPLEMENTAL REPORT (1) Information is from property level operator financial statements which are unaudited and have not been independently verified by LTC. The same store portfolio excludes properties re-tenanted or sold after July 1, 2024; and excludes properties transitioned to LTC’s SHOP portfolio prior to December 31, 2025. SENIORS HOUSING SKILLED NURSING 1.61 1.70 2.15 2.24 79.0% 79.3% 60.0% 70.0% 80.0% 90.0% 100.0% 0.00x 1.00x 2.00x 3.00x 2Q25 3Q25 Occupancy % Normalized EBITDAR Normalized EBITDARM Occupancy 1.12 1.13 1.37 1.37 83.4% 83.6% 70.0% 80.0% 90.0% 100.0% 0.00x 1.00x 2.00x 2Q25 3Q25 Occupancy % Normalized EBITDAR Normalized EBITDARM Occupancy SNF metrics exclude CSF, as allocated/reported by operators. Occupancy represents the average TTM occupancy. See Normalized EBITDAR and Normalized EBITDARM definitions in the Glossary. SH metrics exclude Coronavirus Stimulus Funds (“CSF”) as allocated/reported by operators. See Coronavirus Stimulus Funds definition in the Glossary. Occupancy represents the average TTM occupancy. See Normalized EBITDAR and Normalized EBITDARM definitions in the Glossary. PORTFOLIO I 15 REAL ESTATE INVESTMENTS PORTFOLIO (EXCLUDING SHOP) - METRICS (TRAILING TWELVE MONTHS THROUGH SEPTEMBER 30, 2025 AND JUNE 30, 2025) SAME PROPERTY PORTFOLIO (“SPP”) COVERAGE STATISTICS(1)

4Q 2025 SUPPLEMENTAL REPORT DE CEMBE R 31, 2025 Revolving line of credit - WA rate 4.4%(1) $ 252,863 Term loans, net of debt issue costs - WA rate 4.8%(2) 198,213 Senior unsecured notes, net of debt issue costs - WA rate 4.1%(3) 391,105 Total debt - WA rate 4.4% 842,181 30.6% No. of shares Closing Price Common stock 48,481,892 39.39 $ (4) 69.4% 1,909,702 Total market value 1,909,702 2,751,883 100.0% Add: Non-controlling interest 87,400 Less: Cash and cash equivalents (14,387) $ 2,824,896 Debt to Enterprise Value 29.8% Debt to Annualized Adjusted EBITDAre (5) 4.5x TOTAL VALUE ENTE RPRISE VALUE 2/13/26 CAPITALIZATION DE BT EQ UITY 12/31/25 FINANCIAL I 16 ENTERPRISE VALUE (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) (1) Subsequent to December 31, 2025, we borrowed $107,000 under our unsecured revolving line of credit. Accordingly, we have $359,863 outstanding and $240,137 available for borrowing under our unsecured revolving line of credit. (2) Represents outstanding balance of $200,000, net of debt issue costs of $1,787. (3) Represents outstanding balance of $392,000, net of debt issue costs of $895. Subsequent to December 31, 2025, we repaid $5,000 in scheduled principal paydown on our senior unsecured notes. (4) Closing price of our common stock as reported by the NYSE on February 13, 2025. (5) See Reconciliation of Annualized Adjusted EBITDAre on page 21.

4Q 2025 SUPPLEMENTAL REPORT LEVERAGE RATIOS COVERAGE RATIOS LINE OF CREDIT LIQUIDITY FINANCIAL I 17 DEBT METRICS (DOLLAR AMOUNTS IN THOUSANDS) $130,000 $302,250 $144,350 $252,863 $270,000 $97,750 $280,650 $347,137 $- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 2022 2023 2024 4Q25 Balance Available 39.5% 31.1% 34.0% 39.0% 29.3% 29.8% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 2023 2024 2025 Debt to Gross Asset Value Debt to Total Enterprise Value 5.6x 4.2x 5.0x 4.5x 3.4x 4.0x 4.8x 4.4x 0.0x 2.0x 4.0x 6.0x 8.0x 2023 2024 2025 4Q25 Debt to Annualized Adjusted EBITDAre Annualized Adjusted EBITDAre/ Fixed Charges (1) Subsequent to December 31, 2025, we borrowed $107,000 under our unsecured revolving line of credit. Accordingly, we have $359,863 outstanding and $240,137 available for borrowing under our unsecured revolving line of credit. (1)

4Q 2025 SUPPLEMENTAL REPORT REVOLVING SENIOR LINE OF TERM UNSECURED % O F YEAR CREDIT LOANS(1 ) NOTES(1 ) TOTAL TOTAL 2026 — $ — $ 51,500 $ 51,500 $ 6.1% 2027 — — 54,500 54,500 6.5% 2028 — 50,000 55,000 105,000 12.4% 2029 252,863 55,000 63,000 370,863 43.9% 2030 — 55,000 67,000 122,000 14.4% 2031 — — 56,000 56,000 6.6% 2032 — 40,000 35,000 75,000 8.9% 2033 — — 10,000 10,000 1.2% Total 252,863 $ (2) $ 392,000 200,000 $ (3) $ 100.0% 844,863 $252,863 $50,000 $51,500 $54,500 $55,000 $55,000 $55,000 $40,000 $63,000 $67,000 $56,000 $35,000 $10,000 $- $100,000 $200,000 $300,000 $400,000 2026 2027 2028 2029 2030 2031 2032 2033 Revolving Line of Credit Term Loans Senior Unsecured Notes Senior Unsecured Notes 46.4% Term Loans 23.7% Revolving Line of Credit 29.9% DEBT STRUCTURE (2) FINANCIAL I 18 DEBT MATURITY (AS OF DECEMBER 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) (1) Reflects scheduled principal payments and excludes debt issue costs on our term loans and senior unsecured notes, which are netted against the principal outstanding balances on our Consolidated Balance Sheets. (2) Subsequent to December 31, 2025, we borrowed $107,000 under our unsecured revolving line of credit. Accordingly, we have $359,863 outstanding and $240,137 available for borrowing under our unsecured revolving line of credit. (3) Subsequent to December 31, 2025, we repaid $5,000 in scheduled principal paydowns on our senior unsecured notes.

4Q 2025 SUPPLEMENTAL REPORT FINANCIAL I 19 RECONCILIATION OF 2026 GUIDANCE (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Guidance The Company is introducing guidance for the 2026 full year, and is providing 1Q26 guidance. The following guidance ranges reflect management's view of current and future market conditions. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth below. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments. The assumptions underlying the full year and 1Q26 guidance are as follows:  Gross investments for the full year in the range of $400,000 and $800,000, including transactions closed to date or expected to close over the next 60 days;  Asset sales and loan payoffs of $265,941 for the 2026 full year and $73,532 for 1Q26;  SHOP NOI, inclusive of expected net investments, in the range of $65,100 to $77,200 for the full year, and $12,100 to $13,000 for 1Q26. See SHOP guidance on page 12 for further discussion.  SHOP FAD capital expenditures in the range of $4,600 to $4,900 for the full year, and $890 to $910 for 1Q26;  General and administrative costs for the full year in the range of $31,700 to $33,900, and $8,400 to $8,700 for 1Q26; and  Adjustments to Core FFO and Core FAD include the following: o One-time exit IRR income of $1,500 that we expect to receive in connection with the sale of three skilled nursing centers accounted for as a Financing receivable on our Consolidated Balance Sheets; See Operator Update on page 9 for further discussion. o Transaction costs in the range of $1,900 to $2,400 for the full year, and $400 to $500 for 1Q26; o Recovery of provision for credit losses related to loan payoffs. Low High Low High Diluted earnings per common share 1.80 $ 1.84 $ 0.60 $ 0.62 $ Less: Gain on sale, net of impairment loss (0.13) (0.13) (0.15) (0.15) Add: Depreciation and amortization 1.10 1.10 0.25 0.25 Diluted Nareit FFO attributable to common stockholders 2.77 2.81 0.70 0.72 Add: Adjustments (0.02) (0.02) (0.04) (0.04) Diluted Core FFO 2.75 $ 2.79 $ 0.66 $ 0.68 $ Diluted Nareit FFO attributable to common stockholders 2.77 $ 2.81 $ 0.70 $ 0.72 $ Add: Non-cash expense 0.14 0.14 0.03 0.03 Less: Recurring capital expenditures (0.10) (0.10) (0.02) (0.02) Diluted FAD 2.81 2.85 0.71 0.73 Add: Adjustments 0.01 0.01 (0.03) (0.03) Diluted Core FAD 2.82 $ 2.86 $ 0.68 $ 0.70 $ Full Year 2026 Guidance 1Q26 Guidance

4Q 2025 SUPPLEMENTAL REPORT (1) For leases and loans in place at December 31, 2025 and adjusted for the anticipated activities listed on the Operator Update on page 9. (2) Decrease of $200 due to the expected write-off of effective interest related to the anticipated 1Q26 sale of three properties in Florida accounted for as a financing receivable. See Operator Update on page 9. (1) Decrease primarily due to the conversion of 15 communities from triple-net to our new SHOP segment and lower rent due to property sales, partially offset by rent increases from fair-market rent resets, escalations and capital improvements. (2) Decrease primarily due to the repayment of $2,377 rent credit received in 2024 and (1) above. (3) Decrease due to the conversion of 15 communities from triple-net to our new SHOP segment and property sales. (4) Due to Genesis’ on-going Chapter 11 bankruptcy filing, we wrote off the Genesis master lease straight-line rent receivable balance of $1,271 and we also wrote off a straight-line rent receivable of $243 in connection with the termination of two existing leases with the same operator, combining them into a single master lease. COMPONENTS OF RENTAL INCOME FINANCIAL I 20 FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) 12/31/2023 12/31/2024 12/31/2025 Gross investments $ 2,139,865 $ 2,088,613 $ 2,397,662 Net investments $ 1,741,093 $ 1,674,140 $ 1,981,017 Gross asset value $ 2,253,870 $ 2,200,615 $ 2,478,705 Total debt (1) $ 891,317 $ 684,600 $ 842,181 Total liabilities (1) $ 938,831 $ 733,137 $ 899,676 Non-controlling interest $ 34,988 $ 92,378 $ 87,400 Total equity $ 916,267 $ 1,053,005 $ 1,162,384 Cash rent 24,690 $ 29,056 $ (4,366) $ (1) $ 118,198 109,471 $ (8,727) $ (2) Operator reimbursed real estate tax revenue 2,333 3,121 (788) (3) 10,781 12,951 (2,170) (3) Straight-line rent adjustment (184) 2,829 (3,013) (1) (1,631) 2,268 (3,899) (2) Straight-line rent write-off — — — (1,514) (321) (1,193) (4) Amortization of lease incentives (131) (192) 61 (936) (818) (118) Total rental income 26,708 $ 34,814 $ (8,106) $ 116,171 $ 132,278 $ (16,107) $ 2025 2024 2025 2024 Varian ce Variance THRE E MONTHS ENDE D TWE LVE MONTHS ENDED DECE MBER 31, DE CEMBER 31, (1) Includes outstanding gross revolving line of credit, term loans, net of debt issue costs, and senior unsecured notes, net of debt issue costs. NON-CASH REVENUE COMPONENTS 4Q25 1Q26(1 ) 2Q 26(1 ) 3Q26(1 ) 4Q26(1 ) $ (361) (184) $ (404) $ (459) $ (483) $ Amortization of lease incentives (131) (131) (131) (131) (120) Effective interest - Financing receivables 382 169 (2) 361 361 361 Effective interest - Mortgage loans receivable 351 342 312 277 266 Effective interest - Notes receivable (23) (23) (23) (24) (24) $ 395 $ (4) $ 115 $ 24 $ — Straight-line rent adjustment Total non-cash revenue components

4Q 2025 SUPPLEMENTAL REPORT RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES FINANCIAL I 21 FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) 12/31/25 Net income 91,462 $ 94,879 $ 123,880 $ 103,651 $ Less: Gain on sale of real estate, net (37,296) (7,979) (77,822) (78,057) Add: Income tax provision — — 179 218 Add: Impairment loss 15,775 6,953 — — Add: Interest expense 47,014 40,336 35,306 10,588 Add: Depreciation and amortization 37,416 36,367 37,874 10,949 EBITDAre 170,556 154,371 119,417 47,349 Add/less: Non-recurring items 3,823 (1) (8,907) (2) 49,783 (3) (1,051) (3) Adjusted EBITDAre $ 161,649 158,194 $ 169,200 $ 46,298 $ Interest expense 47,014 $ 40,336 $ 35,306 $ 10,588 $ Fixed charges 47,014 $ 40,336 $ 35,306 $ 10,588 $ Annualized Adjusted EBITDAre $ 185,192 Annualized Fixed Charges 42,352 $ Debt (net of debt issue costs) 891,317 $ 684,600 $ 842,181 $ 842,181 $ Debt (net of debt issue costs) to Annualized Adjusted EBITDAre 5.6x 4.2x 5.0x 4.5x Annualized Adjusted EBITDAre to Annualized Fixed Charges(4) 3.4x 4.0x 4.8x 4.4x FOR THE YE AR ENDED THREE MONTHS ENDE D 12/31/23 12/31/24 12/31/25 (1) Includes the $3,561 note receivable write-off related to the sale and transition of 10 seniors housing communities, $1,832 of provision for credit losses related to the acquisition of 11 seniors housing communities accounted for as financing receivables and two mortgage loan originations, partially offset by the $1,570 exit IRR and prepayment fee received in connection with the payoff of two mezzanine loans. (2) Represents $4,052 of one-time income received from former operators, $3,158 of one-time additional straight-line income related to restoring accrual basis accounting for two master leases, $2,818 of rental income received in connection with the sale of two properties, and $1,738 recovery of provision for credit losses related to the payoffs of five mortgage loan receivables, partially offset by $1,635 of provision for credit losses related to acquisitions totaling $163,460 accounted for as financing receivables, $613 of effective interest receivable write-off related to the partial paydown of a mortgage loan receivable, and the write-off of straight-line rent receivable ($321) and notes receivable ($290). (3) See the reconciliation of non-recurring items on page 26 for further detail. (4) Given we do not have preferred stock, our fixed charge coverage ratio and interest coverage ratio are the same.

4Q 2025 SUPPLEMENTAL REPORT 2025 2024 2025 2024 Revenues: Rental income 26,708 $ 34,814 $ 116,171 $ 132,278 $ Resident fees and services (1) 37,963 — 72,116 — Interest income from financing receivables(2) 7,133 7,002 28,315 21,663 Interest income from mortgage loans 10,308 9,374 39,023 45,216 Interest and other income 2,181 1,392 7,229 10,690 Total revenues 84,293 52,582 262,854 209,847 Expenses: Interest expense 10,588 8,365 35,306 40,336 Depreciation and amortization 10,949 9,194 37,874 36,367 Seniors housing operating expenses (1) — 27,307 54,088 — Impairment loss — 6,953 — 6,953 Write-off of effective interest receivable — — 41,455 — Provision (recovery) for credit losses 873 (201) 4,515 741 Transaction costs 487 140 8,221 819 Triple-net lease property tax expense 2,312 3,114 10,795 12,930 General and administrative expenses 8,179 7,227 31,120 27,243 Total expenses 60,695 34,792 223,374 125,389 23,598 17,790 39,480 84,458 Gain on sale of real estate, net 78,057 1,097 77,822 7,979 Income from unconsolidated joint ventures 2,214 703 6,757 2,442 Income tax provision (218) — (179) — Net income 103,651 19,590 123,880 94,879 Income allocated to non-controlling interests (1,456) (1,507) (5,908) (3,839) Net income attributable to LTC Properties, Inc. 102,195 18,083 117,972 91,040 Income allocated to participating securities (577) (171) (696) (682) Net income available to common stockholders 101,618 $ 17,912 $ 117,276 $ 90,358 $ E arnin gs per common share: Basic $2.13 $0.40 $2.54 $2.07 Diluted $2.11 $0.39 $2.52 $2.04 Weighted average s hares u s ed to calc u late earn in gs per c ommon share: Basic 47,724 45,025 46,230 43,743 Diluted 48,054 45,523 46,560 44,241 Dividends declared and paid per common share $0.57 $0.57 $2.28 $2.28 Income before unconsolidated joint ventures, real estate dispositions and other items THREE MONTHS ENDED DECE MBER 31, DECEMBE R 31, TWE LVE MONTH S ENDED (unaudited) (audited) FINANCIAL I 22 CONSOLIDATED STATEMENTS OF INCOME (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (1) Represents our seniors housing operating portfolio (“SHOP”) operating income and expense. (2) Represents rental income from acquisitions through sale-leaseback transactions, subject to leases which contain purchase options. In accordance with GAAP, the properties are required to be presented as Financing receivables on our Consolidated Balance Sheets and the rental income to be presented as Interest income from financing receivables on our Consolidated Statements of Income.

4Q 2025 SUPPLEMENTAL REPORT FINANCIAL I 23 CONSOLIDATED BALANCE SHEETS (AUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) ASSETS Investments: Land $ 128,590 $ 118,209 Buildings and improvements 1,482,075 1,212,853 Accumulated depreciation and amortization (408,906) (405,884) Operating real estate property, net 1,201,759 925,178 Properties held-for-sale, net of accumulated depreciation: 2025—$0; 2024—$1,346 — 670 Real property investments, net 1,201,759 925,848 Financing receivables,(1) net of credit loss reserve: 2025—$3,631; 2024—$3,615 359,457 357,867 Mortgage loans receivable, net of credit loss reserve: 2025—$3,849; 2024—$3,151 381,662 312,583 Real estate investments, net 1,942,878 1,596,298 Notes receivable, net of credit loss reserve: 2025—$259; 2024—$477 25,615 47,240 Investments in unconsolidated joint ventures 12,524 30,602 Investments, net 1,981,017 1,674,140 Other assets: Cash and cash equivalents 14,387 9,414 Debt issue costs related to revolving line of credit 4,742 1,410 Interest receivable 22,720 60,258 Straight-line rent receivable 17,949 21,505 Prepaid expenses and other assets 21,245 19,415 Total assets $ 2,062,060 $ 1,786,142 LIABILITIES Revolving line of credit $ 252,863 $ 144,350 Term loans, net of debt issue costs: 2025—$1,787; 2024—$192 198,213 99,808 Senior unsecured notes, net of debt issue costs: 2025—$895; 2024—$1,058 391,105 440,442 Accrued interest 3,806 3,094 Accrued expenses and other liabilities 53,689 45,443 Total liabilities 899,676 733,137 EQUITY Stockholders’ equity: Common stock: $0.01 par value; 110,000 shares authorized; shares issued and outstanding: 2025—48,482; 2024—45,511 485 455 Capital in excess of par value 1,189,846 1,082,764 Cumulative net income 1,843,407 1,725,435 Accumulated other comprehensive income 482 3,815 Cumulative distributions (1,959,236) (1,851,842) Total LTC Properties, Inc. stockholders’ equity 1,074,984 960,627 Non-controlling interests 87,400 92,378 Total equity 1,162,384 1,053,005 Total liabilities and equity $ 2,062,060 $ 1,786,142 DECEMBER 31, 2025 DECEMBER 31, 2024 (1) Represents acquisitions through sale-leaseback transactions, subject to leases which contain purchase options. In accordance with GAAP, the properties are required to be presented as financing receivables on our Consolidated Balance Sheets.

4Q 2025 SUPPLEMENTAL REPORT 2025 2024 2025 2024 GAAP net income available to common stockholders 101,618 $ 17,912 $ 117,276 $ 90,358 $ Add: Impairment loss — 6,953 — 6,953 Add: Depreciation and amortization 10,949 9,194 37,874 36,367 Less: Gain on sale of real estate, net (78,057) (1,097) (77,822) (7,979) Nareit FFO attributable to common stockholders 34,510 32,962 77,328 $ 125,699 $ (Less) Add: Adjustments(1) (3,379) (1,051) 49,783 (8,907) $ 29,583 33,459 $ 127,111 $ 116,792 $ Nareit FFO attributable to common stockholders 34,510 $ 32,962 $ 77,328 $ 125,699 $ Non-cash income: Add (Less): Straight-line rent adjustment 184 (2,829) 1,631 (2,268) Add: Amortization of lease incentives 131 192 936 818 Add: Other non-cash contra-revenue — — 1,514 321 Less: Effective interest income (710) (2,184) (2,904) (8,591) Net non-cash income (395) (4,821) 1,177 (9,720) Non-cash expense: Add: Non-cash compensation charges 2,141 2,261 9,329 9,052 Add: Write-off of effective interest receivable — — 41,455 — Add (Less): Provision (recovery) for credit losses 873 (201) 4,515 741 Less: Recurring capital expenditures (90) — (390) — Net non-cash expense 2,924 2,060 54,909 9,793 Funds available for distribution ("FAD") 37,039 30,201 133,414 125,772 (Less) Add: Adjustments(1) — (2,008) 149 (7,756) FAD, excluding non-recurring items ("Core FAD") 35,031 $ 30,201 $ 133,563 $ 118,016 $ $0.72 $0.72 $1.66 $2.84 $0.70 $0.65 $2.73 $2.64 $0.77 $0.66 $2.86 $2.84 $0.73 $0.66 $2.87 $2.67 Diluted Nareit FFO attributable to common stockholders per share Diluted Core FFO per share Diluted FAD per share Diluted Core FAD per share FFO, excluding non-recurring items ("Core FFO") THREE MONTHS ENDED TWE LVE MO NTHS ENDED DECEMBER 31, DECEMBER 31, FINANCIAL I 24 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (1) See the reconciliation of non-recurring items on page 26 for further detail.

4Q 2025 SUPPLEMENTAL REPORT FOR THE THREE MONTHS ENDED DECEMBER 31, FFO/FAD attributable to common stockholders 34,510 $ 32,962 $ 37,039 $ 30,201 $ Non-recurring one-time items(1) (3,379) (1,051) (2,008) — Core FFO/FAD 33,459 29,583 35,031 30,201 Effect of dilutive securities: Participating securities — 171 — 171 Diluted Core FFO/FAD 33,459 $ 29,754 $ 35,031 $ 30,372 $ 45,025 47,724 47,724 45,025 Effect of dilutive securities: Performance-based stock units 330 498 330 498 Participating securities — 301 — 301 Shares for diluted Core FFO/FAD per share 48,054 45,824 48,054 45,824 FOR THE TWE LVE MONTHS ENDE D DECE MBER 31, FFO/FAD attributable to common stockholders 77,328 $ 125,699 $ 133,414 $ 125,772 $ Non-recurring one-time items(1) (8,907) 49,783 149 (7,756) Core FFO/FAD 127,111 116,792 133,563 118,016 Effect of dilutive securities: Participating securities 696 682 696 682 Diluted Core FFO/FAD 127,807 $ 117,474 $ 134,259 $ 118,698 $ 43,743 46,230 46,230 43,743 Effect of dilutive securities: Performance based stock units 330 498 330 498 Participating securities 272 296 272 296 Shares for diluted Core FFO/FAD per share 46,832 44,537 46,832 44,537 Shares for basic Core FFO/FAD per share 2025 2024 2024 Shares for basic Core FFO/FAD per share FFO FAD 2025 FFO FAD 2025 2024 2025 2024 FINANCIAL I 25 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO PER SHARE (UNAUDITED, AMOUNTS IN THOUSANDS) (1) See the reconciliation of non-recurring items on page 26 for further detail.

4Q 2025 SUPPLEMENTAL REPORT 2025 2024 2025 2024 Reconciliation of adjustments to Nareit FFO: Notes receivables and related interest receivable, if applicable, write-off 957 $ (1) $ 290 (2) $ 4,021 (1) $ 290 (2) Provision for credit losses related to partial principal paydown — — — 613 Provision for credit losses reserve recorded upon origination — — 938 1,635 Recovery for credit losses related to loan payoffs — (511) (375) (1,738) Add: Total provision for credit losses adjustments 957 (221) 4,584 800 Effective interest receivable write-off — — 41,455 (3) — Straight-line rent receivable write-off — — 1,271 (4) 321 (4) Lease termination fee paid upon conversion to SHOP — — 5,971 — Transaction costs associated with the startup of new SHOP segment 392 — 1,703 — One-time general and administrative expenses related to an employee retirement — — 1,136 — Add: Expenses and contra-revenue adjustments 392 — 51,536 321 Income related to exit IRRs received (1,800) (5) (5,737) — (5) — Other income received from former operators (600) — (600) (4,052) One-time rental income related to sold properties — — — (2,818) One-time additional straight-line income — (3,158) — (3,158) Deduct: Income adjustments (2,400) (3,158) (6,337) (10,028) Total adju stmen ts to Nareit FFO ( 1,051) $ (3,379) $ 49,783 $ ( 8,907) $ Reconciliation of adjustments to FAD: Lease termination fee paid upon conversion to SHOP — $ — $ 5,971 $ — $ Transaction costs associated with the startup of new SHOP segment 392 — 1,703 — One-time general and administrative expenses related to an employee retirement — — 436 — Add: Cash expense adjustments 392 — 8,110 — Income related to exit IRRs received (1,800) (5) (7,361) — (5) (886) (6) Other income received from former operators (600) — (600) (4,052) One-time rental income related to sold properties — — — (2,818) Deduct: Cash income adjustments (2,400) — (7,961) (7,756) Total cash adju stments to FAD ( 2,008) $ — $ 149 $ ( 7,756) $ DECEMBER 31, THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, FINANCIAL I 26 FUNDS FROM OPERATIONS – RECONCILIATION OF NON-RECURRING ITEMS (UNAUDITED, AMOUNTS IN THOUSANDS) (1) Represents the write-off of a working capital note and related interest receivable balance, if applicable, in connection with the transition to SHOP. (2) Represents a note receivable write-off in connection with the pending closure of a 56-unit seniors housing community located in Texas. The property was sold during 3Q25. (3) During 2025, we wrote off $41,455 of effective interest receivable related to a mortgage loan amendment that permits penalty-free early payoff within an allowable window. (4) During 2025, we wrote off $1,271 of straight-line rent receivable due to an operator’s ongoing bankruptcy filing. During 2024, we wrote off $321 of straight-line rent receivable related to a lease that converted to fair market rent. The straight-line rent write-offs are recorded as contra-revenue on the Consolidated Statements of Income. (5) The exit IRR income adjustment includes the following: a. $1,800 received in connection with the redemption of our preferred equity investment in a joint venture during 4Q25. The 12% exit IRR was not previously recorded; b. $2,599 received upon the early payoff of a mezzanine loan during 3Q25. The FFO adjustment represents the $2,599 offset by $1,624 of effective interest receivable balance previously recognized over the term of the loan through payoff; and c. $2,962 received in connection with the redemption of our preferred equity investment in a joint venture during 1Q25. The 13% exit IRR was not previously recorded. (6) The exit IRR income was received upon the payoff of three mortgage loans in 2024. The exit IRR was previously recorded ratably over the term of the loan through effective interest income.

4Q 2025 SUPPLEMENTAL REPORT Annualized Contractual Cash NOI: Represents annualized contractual cash rental income (prior to abatements & deferred rent repayment and excludes real estate tax reimbursement), interest income from financing receivables, mortgage loans, mezzanine loans and working capital notes, and income from unconsolidated joint ventures for the final month of the quarter reported herein. Annualized GAAP NOI: Represents annualized GAAP rent which includes contractual cash rent, straight-line rent and amortization of lease incentives and excludes real estate tax reimbursement, GAAP interest income from financing receivables, mortgage loans, mezzanine loans and working capital notes, and income from unconsolidated joint ventures for the final month of the quarter reported herein. Assisted Living Communities (“ALF”): The ALF portfolio consists of assisted living, independent living, and/or memory care properties (see definitions for Independent Living and Memory Care Communities). Assisted living properties are seniors housing properties serving elderly persons who require assistance with activities of daily living, but do not require the constant supervision skilled nursing properties provide. Services are usually available 24 hours a day and include personal supervision and assistance with eating, bathing, grooming and administering medication. The facilities provide a combination of housing, supportive services, personalized assistance and health care designed to respond to individual needs. Contractual Lease Rent: Rental revenue as defined by the lease agreement between us and the operator for the lease year. Coronavirus Stimulus Funds (“CSF”): CSF includes funding from various state and federal programs to support healthcare providers in dealing with the challenges of the coronavirus pandemic. Included in CSF are state-specific payments identified by operators as well as federal payments connected to the Paycheck Protection Program and the Provider Relief Fund. CSF is self-reported by operators in unaudited financial statements provided to LTC. Specifically excluded from CSF are the suspension of the Medicare sequestration cut, and increases to the Federal Medical Assistance Percentages (FMAP), both of which are reflected in reported coverage both including and excluding CSF. Earnings Before Interest, Tax, Depreciation and Amortization for Real Estate (“EBITDAre”): As defined by the National Association of Real Estate Investment Trusts (“Nareit”), EBITDAre is calculated as net income (computed in accordance with GAAP) excluding (i) interest expense, (ii) income tax expense, (iii) real estate depreciation and amortization, (iv) impairment write-downs of depreciable real estate, (v) gains or losses on the sale of depreciable real estate, and (vi) adjustments for unconsolidated partnerships and joint ventures. EXPOR: Average expenses per occupied room per month FAD Capex: Recurring capital expenditures that extend the useful life of a property Financing Receivables: Properties acquired through a sale-leaseback transaction with an operating entity being the same before and after the sale-leaseback, subject to a lease contract that contains a purchase option. In accordance with GAAP, the purchased assets are required to be presented as Financing receivables on our Consolidated Balance Sheets and the rental income to be presented as Interest income from financing receivables on our Consolidated Statements of Income. Funds Available for Distribution (“FAD”): FFO excluding the effects of straight-line rent, amortization of lease costs, effective interest income, provision for credit losses, non-cash compensation charges, non-cash interest charges and recurring capital expenditures required to maintain and re-tenant our properties. Funds From Operations (“FFO”): As defined by Nareit, net income available to common stockholders (computed in accordance with U.S. GAAP) excluding gains or losses on the sale of real estate and impairment write-downs of depreciable real estate plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. GAAP Rent: Total rent we will receive as a fixed amount over the initial term of the lease and recognized evenly over that term. GAAP rent recorded in the early years of a lease is higher than the cash rent received and during the later years of the lease, the cash rent received is higher than GAAP rent recognized. The difference between the cash rent and GAAP rent is commonly referred to as straight-line rental income. GAAP rent also includes amortization of lease incentives and real estate tax reimbursements. Gross Asset Value: The carrying amount of total assets after adding back accumulated depreciation and loan loss reserves, as reported in the company’s consolidated financial statements. Gross Investment: Original price paid for an asset plus capital improvements funded by LTC, without any deductions for depreciation or provision for credit losses. Gross Investment is commonly referred to as undepreciated book value. Independent Living Communities (“ILF”): Seniors housing properties offering a sense of community and numerous levels of service, such as laundry, housekeeping, dining options/meal plans, exercise and wellness programs, transportation, social, cultural and recreational activities, on-site security and emergency response programs. Many offer on-site conveniences like beauty/barber shops, fitness facilities, game rooms, libraries and activity centers. ILFs are also known as retirement communities or seniors apartments. Initial Conversion: 13 properties converted to SHOP in 2Q25. Interest Income: Represents interest income from financing receivables, mortgage loans and other notes. Licensed Beds/Units: The number of beds and/or units that an operator is authorized to operate at seniors housing and long-term care properties. Licensed beds and/or units may differ from the number of beds and/or units in service at any given time. Memory Care Communities (“MC”): Seniors housing properties offering specialized options for seniors with Alzheimer’s disease and other forms of dementia. These facilities offer dedicated care and specialized programming for various conditions relating to memory loss in a secured environment that is typically smaller in scale and more residential in nature than traditional assisted living facilities. These facilities have staff available 24 hours a day to respond to the unique needs of their residents. Metropolitan Statistical Areas (“MSA”): Based on the U.S. Census Bureau, MSA is a geographic entity defined by the Office of Management and Budget (OMB) for use by Federal statistical agencies in collecting, tabulating, and publishing Federal statistics. A metro area contains a core urban area of 50,000 or more population. MSAs 1 to 31 have a population of 19.5M – 2.2M. MSAs 32 to 100 have a population of 2.2M – 0.6M. MSAs greater than 100 have a population of 0.6M – 58K. Cities in a Micro-SA have a population of 264K – 12K. Cities not in an MSA have a population of less than 100K. Mezzanine: Mezzanine financing sits between senior debt and common equity in the capital structure, and typically is used to finance development projects, value-add opportunities on existing operational properties, partnership buy-outs and recapitalization of equity. Security for mezzanine loans can include all or a portion of the following credit enhancements: secured second mortgage, pledge of equity interests, and personal/corporate guarantees. Mezzanine loans can be recorded for GAAP purposes as either a loan or joint venture depending upon loan terms and related credit enhancements. GLOSSARY I 27 GLOSSARY

4Q 2025 SUPPLEMENTAL REPORT Micropolitan Statistical Areas (“Micro-SA”): Based on the U.S. Census Bureau, Micro-SA is a geographic entity defined by the Office of Management and Budget (OMB) for use by Federal statistical agencies in collecting, tabulating, and publishing Federal statistics. A micro area contains an urban core of at least 10,000 population. Mortgage Loan: Mortgage financing is provided on properties based on our established investment underwriting criteria and secured by a first mortgage. Subject to underwriting, additional credit enhancements may be required including, but not limited to, personal/corporate guarantees and debt service reserves. When possible, LTC attempts to negotiate a purchase option to acquire the property at a future time and lease the property back to the borrower. Net Real Estate Assets: Gross real estate investment less accumulated depreciation. Net Real Estate Asset is commonly referred to as Net Book Value (“NBV”). NNN – Triple-net lease which requires the lessee to pay all taxes, insurance, maintenance and repair capital and non-capital expenditures and other costs necessary in the operations of the property. Non-cash Revenue: Straight-line rental income, amortization of lease inducement and effective interest. Non-cash Compensation Charges: Vesting expense relating to restricted stock and performance-based stock units. Non-FAD Capex: Capital expenditures, including significant renovations, to bring a property to a marketable and functional standard. Normalized EBITDAR Coverage: The trailing twelve month’s earnings from the operator financial statements adjusted for non-recurring, infrequent, or unusual items and before interest, taxes, depreciation, amortization, and rent divided by the operator’s contractual lease rent. Management fees are imputed at 5% of revenues. Normalized EBITDARM Coverage: The trailing twelve month’s earnings from the operator financial statements adjusted for non-recurring, infrequent, or unusual items and before interest, taxes, depreciation, amortization, rent, and management fees divided by the operator’s contractual lease rent. Occupancy: The weighted average percentage of all beds and/or units that are occupied at a given time. The calculation uses the trailing twelve months and is based on licensed beds and/or units which may differ from the number of beds and/or units in service at any given time. Operator Financial Statements: Property level operator financial statements which are unaudited and have not been independently verified by us. Payor Source: LTC revenue by operator underlying payor source for the period presented. LTC is not a Medicaid or a Medicare recipient. Statistics represent LTC's rental revenues times operators' underlying payor source revenue percentage. Underlying payor source revenue percentage is calculated from property level operator financial statements which are unaudited and have not been independently verified by us. Private Pay: Private pay includes private insurance, HMO, VA, and other payors. Purchase Price: Represents the fair value price of an asset that is exchanged in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets; it is not a forced transaction (for example, a forced liquidation or distress sale). Real Estate Investments: Represents our investments in real property, financing receivables, mortgage loans receivable and other notes receivables. Rental Income: Represents GAAP rent generated by our owned properties under triple-net leases. REVPOR: Average revenues per occupied room per month RIDEA: Real Estate Investment Trust (REIT) Investment Diversification and Empowerment Act of 2007 Same Property Portfolio (“SPP”): Same property statistics allow for the comparative evaluation of performance across a consistent population of LTC’s leased property portfolio and the Prestige Healthcare mortgage loan portfolio. Our SPP is comprised of stabilized properties occupied and operated throughout the duration of the quarter-over-quarter comparison periods presented (excluding assets sold, assets held-for-sale and SHOP assets). Accordingly, a property must be occupied and stabilized or a minimum of 15 months to be included in our SPP. Each property transitioned to a new operator has been excluded from SPP and will be added back to SPP for the SPP reporting period ending 15 months after the date of the transition. Seniors Housing (“SH”): Consists of independent living, assisted living, and/or memory care properties. Seniors Housing Operating Portfolio (“SHOP”): Includes Seniors Housing properties generally structured to comply with RIDEA. SHOP Net Operating Income (“NOI”): Total SHOP revenues (resident fees and services) less total SHOP expenses (seniors housing operating expenses). Skilled Nursing Properties (“SNF”): Seniors housing properties providing restorative, rehabilitative and nursing care for people not requiring the more extensive and sophisticated treatment available at acute care hospitals. Many SNFs provide ancillary services that include occupational, speech, physical, respiratory and IV therapies, as well as sub-acute care services which are paid either by the patient, the patient’s family, private health insurance, or through the federal Medicare or state Medicaid programs. Stabilized: Properties are generally considered stabilized upon the earlier of achieving certain occupancy thresholds (e.g. 80% for SNFs and 90% for ALFs) and, as applicable, 12 months from the date of acquisition/lease transition/restructure or, in the event of a de novo development, redevelopment, major renovations or addition, 24 months from the date the property is first placed in or returned to service, or properties acquired in lease-up. Trailing Twelve Months NOI: For the owned portfolio under triple-net leases, rental income excluding real estate tax reimbursement, straight-line rent write-off and rental income from properties sold during the trailing twelve months. For the owned portfolio under our SHOP segment, represents SHOP NOI during the trailing twelve months. For owned properties accounted for as financing receivables, mortgage loan receivables and notes receivables, NOI includes cash interest income and effective interest during the trailing twelve months and excludes loan payoffs during the trailing twelve months. For Unconsolidated JV, NOI includes income from our investments in joint ventures during the trailing twelve months. Under Development Properties (“UDP”): Development projects to construct seniors housing properties. Value-Add Conversion: Properties converted to date, or planned to be converted, from our market-based rent reset portfolio – 1 campus converted in 4Q25 (previously disclosed as 2 properties); 2 properties converted in 1Q26; and 2 properties expected to be converted in 2Q26. GLOSSARY I 28 GLOSSARY

4Q 2025 SUPPLEMENTAL REPORT FORWARD-LOOKING STATEMENTS This supplemental information contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as ‘‘believes,’’ ‘‘expects,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘seeks,’’ ‘‘approximately,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates’’ or ‘‘anticipates,’’ or the negative of those words or similar words. Examples of forward-looking statements include the Company’s 2025 full-year guidance and statements regarding the Company’s SHOP pipeline, anticipated growth, and future strategy. Forward- looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect our future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, our dependence on our operators for revenue and cash flow; government regulation of the health care industry; changes in federal, state, or local laws limiting REIT investments in the health care sector; federal and state health care cost containment measures including reductions in reimbursement from third-party payors such as Medicare and Medicaid; required regulatory approvals for operation of health care facilities; a failure to comply with federal, state, or local regulations for the operation of health care facilities; the adequacy of insurance coverage maintained by our operators; our reliance on a few major operators; our ability to renew leases or enter into favorable terms of renewals or new leases; the impact of inflation, operator financial or legal difficulties; the sufficiency of collateral securing mortgage loans; an impairment of our real estate investments; the relative illiquidity of our real estate investments; our ability to develop and complete construction projects; our ability to invest cash proceeds for health care properties; a failure to qualify as a REIT; our ability to grow if access to capital is limited; and a failure to maintain or increase our dividend. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under ‘‘Risk Factors’’ and other information contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in our publicly available filings with the Securities and Exchange Commission. We do not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise. Although our management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved may differ materially from any forward-looking statements due to the risks and uncertainties of such statements. 29 Founded in 1992, LTC Properties, Inc. (NYSE: LTC) is a self-administered real estate investment trust (REIT) investing in seniors housing and health care properties primarily through RIDEA, triple-net leases, joint ventures and structured finance solutions including preferred equity and mezzanine lending. LTC’s portfolio encompasses Skilled Nursing Facilities (SNF) and Seniors Housing (SH) consisting of Assisted Living Communities (ALF), Independent Living Communities (ILF), Memory Care Communities (MC) and combinations thereof. Our main objective is to build and grow a diversified portfolio that creates and sustains shareholder value while providing our stockholders current distribution income. To meet this objective, we seek properties operated by regional operators, ideally offering upside and portfolio diversification (geographic, operator, property type and investment vehicle). For more information, visit www.LTCreit.com. FORWARD-LOOKING STATEMENTS AND NON-GAAP INFORMATION NON-GAAP INFORMATION This supplemental information contains certain non-GAAP information including EBITDAre, adjusted EBITDAre, FFO, FFO excluding non-recurring items, FAD, FAD excluding non-recurring items, adjusted interest coverage ratio, and adjusted fixed charges coverage ratio. A reconciliation of this non-GAAP information is provided on pages 21, 24, 25, and 26 of this supplemental information, and additional information is available under the “Non-GAAP Financial Measures” subsection under the “Filings” section of our website at www.LTCreit.com.

Source: View Original Filing on SEC EDGAR

FAQ

How did LTC (LTC) perform in Q4 2025?

LTC delivered strong Q4 2025 results, with total revenues of $84.3 million, up from $52.6 million a year earlier. Net income available to common stockholders rose to $101.6 million, or $2.11 diluted EPS, aided by a significant real estate sale gain.

What were LTC (LTC) Core FFO and FAD metrics for Q4 2025?

In Q4 2025, LTC’s diluted Core FFO per share increased to $0.70 from $0.65. Diluted Core FAD per share rose to $0.73 from $0.66, indicating stronger recurring cash flow supporting the REIT’s dividend-paying capacity.

What 2026 earnings guidance did LTC (LTC) provide?

For full-year 2026, LTC guides to diluted EPS of $1.80–$1.84, diluted Core FFO per share of $2.75–$2.79, and diluted Core FAD per share of $2.82–$2.86. These ranges reflect management’s expectations under current market conditions.

What is LTC (LTC) guiding for Q1 2026 performance?

For Q1 2026, LTC expects diluted EPS of $0.60–$0.62, diluted Core FFO per share of $0.66–$0.68, and diluted Core FAD per share of $0.68–$0.70. These quarterly ranges align with the company’s full-year 2026 outlook framework.

How is LTC (LTC) repositioning its portfolio toward SHOP?

LTC is shifting toward a higher-growth SHOP seniors housing operating portfolio, targeting SHOP to represent 45% of its investment portfolio by the end of 2026. Management believes this transformation will improve long-term earnings growth and risk-adjusted returns.

What were LTC (LTC) full-year 2025 results for revenues and net income?

For 2025, LTC reported total revenues of $262.9 million, up from $209.8 million in 2024. Net income available to common stockholders reached $117.3 million, compared with $90.4 million in the prior year, reflecting portfolio transactions and higher operating contributions.

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