LTC Properties (LTC) Financials

$35.77 -0.08 (-0.22%)

Closing price 03:59 PM Eastern

Extended Trading

$35.66 -0.11 (-0.31%)

As of 06:47 PM Eastern

Annual Income Statements for LTC Properties

This table shows LTC Properties' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	70	70	85	87	154	80	95	55	99	89	90
Consolidated Net Income / (Loss)	73	73	85	87	155	81	96	56	101	91	95
Net Income / (Loss) Continuing Operations	73	73	85	87	152	81	96	56	101	90	95
Total Pre-Tax Income	68	71	84	85	152	82	96	55	99	90	92
Total Revenue	119	136	162	142	209	157	203	135	213	235	218
Net Interest Income / (Expense)	0.00	0.00	0.00	-26	-30	-31	0.00	-27	0.00	0.00	0.00
Total Interest Income	0.00	0.00	0.00	3.64	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	0.00	0.00	0.00	30	30	31	0.00	27	0.00	0.00	0.00
Total Non-Interest Income	119	136	162	168	239	187	203	163	213	235	218
Other Service Charges	17	23	28	27	33	33	33	34	47	55	78
Net Realized & Unrealized Capital Gains on Investments	-	-	-	3.81	71	2.11	44	7.46	38	37	7.98
Other Non-Interest Income	102	113	134	138	135	153	126	121	128	143	132
Provision for Credit Losses	-	-	-	-0.21	-	0.17	-	1.02	1.53	-	0.74
Total Non-Interest Expense	51	66	78	57	57	75	108	80	112	145	125
Other Operating Expenses	25	32	40	18	19	35	64	37	71	85	81
Depreciation Expense	26	29	36	38	38	39	39	38	37	37	36
Impairment Charge	-	2.25	0.77	1.88	0.00	0.00	3.98	0.00	3.42	16	6.95
Restructuring Charge	0.20	0.74	0.18	0.06	0.08	0.37	0.30	4.43	0.83	1.14	0.82
Other Gains / (Losses), net	4.96	2.41	1.14	2.26	0.00	-1.00	0.05	1.42	1.50	-	2.44
Net Income / (Loss) Attributable to Noncontrolling Interest	0.48	0.48	0.39	0.36	0.72	0.74	0.81	0.82	1.14	2.31	4.52
Basic Earnings per Share	$2.01	$1.97	$2.21	$2.21	$3.91	$2.03	$2.42	$1.41	$2.49	$2.16	$2.07
Weighted Average Basic Shares Outstanding	34.62M	35.59M	38.39M	39.41M	39.48M	39.57M	39.18M	39.16M	39.89M	41.27M	43.74M
Diluted Earnings per Share	$1.99	$1.94	$2.21	$2.20	$3.89	$2.02	$2.42	$1.41	$2.48	$2.16	$2.04
Weighted Average Diluted Shares Outstanding	36.64M	37.33M	38.60M	39.64M	39.84M	39.76M	39.26M	39.16M	40.07M	41.36M	44.24M
Weighted Average Basic & Diluted Shares Outstanding	34.60M	35.60M	38.30M	39.40M	39.50M	39.50M	39.24M	39.50M	41.37M	43.11M	45.45M
Cash Dividends to Common per Share	$2.04	$2.07	$2.19	$2.28	$2.28	$0.00	$2.28	$2.28	$2.28	$2.28	$2.28

This table shows LTC Properties' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	13	18	33	6.03	22	28	24	19	29	18	21
Consolidated Net Income / (Loss)	13	18	34	6.60	23	29	25	20	31	20	22
Net Income / (Loss) Continuing Operations	13	19	33	6.60	23	28	24	20	30	21	22
Total Pre-Tax Income	13	18	33	6.23	22	28	24	19	30	19	19
Total Revenue	35	70	54	49	54	78	44	50	59	65	49
Net Interest Income / (Expense)	-7.94	23	-11	0.00	0.00	11	-11	0.00	0.00	11	0.00
Total Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	7.94	-23	11	0.00	0.00	-11	11	0.00	0.00	-11	0.00
Total Non-Interest Income	43	48	65	49	54	67	55	50	59	54	49
Other Service Charges	12	13	14	13	14	14	14	15	17	32	11
Net Realized & Unrealized Capital Gains on Investments	-0.39	0.02	15	0.30	4.87	17	3.25	-0.03	3.66	1.10	0.17
Other Non-Interest Income	32	34	35	35	35	36	37	35	39	20	38
Provision for Credit Losses	-	-	-	0.19	0.19	-	-	0.70	-	-	3.05
Total Non-Interest Expense	22	51	21	42	32	50	19	30	29	46	28
Other Operating Expenses	10	41	9.59	21	22	32	9.87	21	20	30	18
Depreciation Expense	9.39	9.29	9.21	9.38	9.50	9.33	9.10	9.02	9.05	9.19	9.16
Restructuring Charge	0.63	0.10	0.12	0.09	0.33	0.61	0.27	0.38	0.03	0.14	0.44
Other Gains / (Losses), net	-	-	-	0.38	0.38	-	-	0.67	-	-	3.67
Net Income / (Loss) Attributable to Noncontrolling Interest	0.23	0.25	0.63	0.58	0.58	0.53	0.62	0.55	1.70	1.65	1.70
Basic Earnings per Share	$0.33	$0.43	$0.80	$0.15	$0.54	$0.67	$0.56	$0.44	$0.66	$0.41	$0.45
Weighted Average Basic Shares Outstanding	40.27M	39.89M	41.08M	41.15M	41.15M	41.27M	42.89M	43.17M	43.87M	43.74M	45.33M
Diluted Earnings per Share	$0.32	$0.44	$0.80	$0.15	$0.54	$0.67	$0.56	$0.44	$0.66	$0.38	$0.45
Weighted Average Diluted Shares Outstanding	40.55M	40.07M	41.19M	41.23M	41.21M	41.36M	43.03M	43.46M	44.39M	44.24M	45.68M
Weighted Average Basic & Diluted Shares Outstanding	40.50M	41.37M	41.40M	41.41M	41.41M	43.11M	43.48M	43.49M	45.26M	45.45M	45.93M
Cash Dividends to Common per Share	$0.57	-	$0.57	$0.57	$0.57	-	$0.57	$0.57	$0.57	-	$0.57

This table details how cash moves in and out of LTC Properties' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	18	-12	-4.95	-2.78	-0.45	-0.52	3.53	-2.61	5.22	9.91	-11
Net Cash From Operating Activities	96	102	106	105	116	122	116	91	106	104	125
Net Cash From Continuing Operating Activities	96	102	106	105	116	122	116	91	106	104	125
Net Income / (Loss) Continuing Operations	73	73	85	87	155	81	96	56	101	91	95
Consolidated Net Income / (Loss)	73	73	85	87	155	81	96	56	101	91	95
Provision For Loan Losses	0.03	0.62	0.46	-0.21	0.09	2.09	23	1.78	1.78	5.70	1.06
Depreciation Expense	26	29	36	38	38	39	39	38	37	37	36
Amortization Expense	0.86	2.09	2.64	2.81	2.47	0.39	1.46	1.73	2.02	1.98	1.88
Non-Cash Adjustments to Reconcile Net Income	-3.93	-4.75	-10	-7.46	-75	6.71	-34	-1.74	-32	-16	4.46
Changes in Operating Assets and Liabilities, net	-0.13	1.87	-8.18	-15	-5.01	-6.80	-9.17	-5.11	-3.99	-17	-13
Net Cash From Investing Activities	-29	-327	-140	-92	-3.61	-79	44	-70	-120	-175	91
Net Cash From Continuing Investing Activities	-29	-327	-140	-92	-3.61	-79	44	-70	-120	-175	91
Purchase of Property, Leasehold Improvements and Equipment	-14	-7.53	-6.79	-2.90	-3.25	-2.84	-6.91	-6.30	-8.99	-9.69	-14
Purchase of Investment Securities	-56	-324	-155	-39	-97	-101	-45	-111	-192	-249	-34
Sale and/or Maturity of Investments	43	6.35	26	33	99	19	78	47	81	84	138
Net Cash From Financing Activities	-48	212	29	-16	-112	-44	-157	-24	20	80	-227
Net Cash From Continuing Financing Activities	-48	212	29	-16	-112	-44	-157	-24	20	80	-227
Issuance of Debt	68	491	201	213	116	208	24	304	269	277	27
Issuance of Common Equity	25	-	79	15	4.97	-	0.00	0.00	68	54	82
Repayment of Debt	-65	-200	-164	-155	-142	-160	-68	-231	-223	-154	-234
Payment of Dividends	-74	-77	-85	-90	-90	-91	-90	-90	-92	-95	-101
Other Financing Activities, Net	-1.28	-2.38	-2.22	1.34	-1.07	-1.34	-4.07	-7.36	-2.49	-1.60	-1.54
Cash Interest Paid	12	16	24	28	30	29	29	27	29	47	40

This table details how cash moves in and out of LTC Properties' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	0.08	3.90	-4.84	1.49	4.28	8.98	-11	-2.84	29	-26	14
Net Cash From Operating Activities	24	33	18	28	32	25	21	37	34	33	30
Net Cash From Continuing Operating Activities	24	33	18	28	32	25	21	37	34	33	30
Net Income / (Loss) Continuing Operations	13	18	34	6.60	23	29	25	20	31	20	22
Consolidated Net Income / (Loss)	13	18	34	6.60	23	29	25	20	31	20	22
Provision For Loan Losses	0.88	0.07	1.73	0.21	0.19	3.57	0.02	1.02	0.22	-0.20	3.30
Depreciation Expense	9.39	9.29	9.21	9.38	9.50	9.33	9.10	9.02	9.05	9.19	9.16
Amortization Expense	0.53	0.51	0.51	0.50	0.47	0.49	0.50	0.47	0.44	0.46	0.47
Non-Cash Adjustments to Reconcile Net Income	2.03	2.60	-15	14	-2.53	-11	-0.79	1.88	-1.68	5.05	2.72
Changes in Operating Assets and Liabilities, net	-1.88	2.14	-12	-1.73	2.14	-5.24	-13	4.82	-4.92	-0.80	-8.30
Net Cash From Investing Activities	-65	-9.44	-132	-55	-6.85	19	21	-22	41	50	12
Net Cash From Continuing Investing Activities	-65	-9.44	-132	-55	-6.85	19	21	-22	41	50	12
Purchase of Property, Leasehold Improvements and Equipment	-1.65	-4.44	-2.61	-0.62	-1.82	-4.63	-1.33	-2.31	-6.27	-3.77	-1.33
Purchase of Investment Securities	-63	-5.77	-167	-61	-20	-1.09	-3.44	-24	-3.37	-2.76	-1.92
Divestitures	-	-	-	-	-	-	-	-	-	-	13
Sale and/or Maturity of Investments	0.27	0.77	37	6.85	15	25	26	4.37	51	57	1.87
Net Cash From Financing Activities	40	-19	109	28	-21	-36	-53	-18	-46	-109	-27
Net Cash From Continuing Financing Activities	40	-19	109	28	-21	-36	-53	-18	-46	-109	-27
Issuance of Debt	95	-	163	62	50	3.00	10	8.90	-	8.00	15
Issuance of Common Equity	4.75	29	1.78	-	-	52	4.45	6.52	55	17	8.49
Repayment of Debt	-36	-26	-30	-10	-47	-68	-42	-8.20	-76	-109	-18
Payment of Dividends	-23	-23	-24	-24	-24	-24	-25	-25	-25	-26	-27
Other Financing Activities, Net	-0.07	1.15	-1.96	-0.49	-0.40	1.26	-2.07	-0.01	-0.11	0.65	-6.05
Cash Interest Paid	8.47	6.42	11	11	12	12	9.78	10	11	8.76	7.81

This table presents LTC Properties' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	965	1,275	1,395	1,466	1,514	1,514	1,459	1,505	1,656	1,855	1,786
Cash and Due from Banks	25	13	7.99	5.21	2.66	4.24	7.77	5.16	10	20	9.41
Loans and Leases, Net of Allowance	166	218	230	224	0.00	254	257	344	390	673	670
Loans and Leases	166	218	230	224	-	254	257	344	390	673	670
Premises and Equipment, Net	727	947	1,026	1,082	1,103	1,110	1,102	1,034	1,009	970	925
Other Assets	45	98	131	154	160	146	92	121	247	192	180
Total Liabilities & Shareholders' Equity	965	1,275	1,395	1,466	1,514	1,514	1,459	1,505	1,656	1,855	1,786
Total Liabilities	305	616	655	707	681	729	684	760	806	939	733
Short-Term Debt	-	121	107	97	112	94	90	111	130	302	143
Accrued Interest Payable	3.56	3.97	4.68	5.28	4.18	4.98	4.22	3.75	5.23	3.87	3.09
Long-Term Debt	281	451	502	571	533	599	559	612	638	589	540
Other Long-Term Liabilities	21	40	41	34	31	30	30	33	33	44	45
Total Equity & Noncontrolling Interests	660	659	740	759	833	785	776	745	850	916	1,053
Total Preferred & Common Equity	660	659	740	755	825	777	767	737	828	881	961
Total Common Equity	622	659	740	755	825	777	767	737	828	881	961
Common Stock	718	759	839	857	863	868	853	857	932	992	1,083
Retained Earnings	-96	-100	-99	-102	-38	-91	-86	-120	-112	-117	-126
Accumulated Other Comprehensive Income / (Loss)	0.08	0.05	0.00	-	-	-	0.00	-0.17	8.72	6.11	3.82
Noncontrolling Interest	-	-	-	3.49	7.48	8.48	8.40	8.41	22	35	92

This table presents LTC Properties' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	1,652	1,799	1,858	1,868	1,818	1,891	1,872	1,776
Cash and Due from Banks	6.48	5.54	7.03	11	9.01	6.17	35	23
Loans and Leases, Net of Allowance	383	453	472	670	736	747	361	314
Loans and Leases	383	453	472	670	736	747	361	314
Premises and Equipment, Net	1,015	992	1,018	998	956	945	938	874
Other Assets	247	348	361	187	115	192	536	562
Total Liabilities & Shareholders' Equity	1,652	1,799	1,858	1,868	1,818	1,891	1,872	1,776
Total Liabilities	827	934	999	1,007	900	908	830	726
Short-Term Debt	151	270	326	361	275	282	239	148
Accrued Interest Payable	3.12	4.12	3.87	3.89	4.86	5.00	3.76	2.92
Long-Term Debt	643	631	627	594	583	579	545	533
Other Long-Term Liabilities	30	29	41	47	34	42	41	41
Total Equity & Noncontrolling Interests	825	865	860	860	919	983	1,041	1,049
Total Preferred & Common Equity	803	839	825	825	886	889	948	962
Total Common Equity	803	839	825	825	886	889	948	962
Common Stock	900	934	936	938	997	1,006	1,063	1,092
Retained Earnings	-107	-102	-120	-121	-117	-123	-119	-133
Accumulated Other Comprehensive Income / (Loss)	9.45	7.36	8.57	8.60	6.49	5.97	3.64	2.91
Noncontrolling Interest	22	26	35	35	33	94	94	87

This table displays calculated financial ratios and metrics derived from LTC Properties' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.32%	14.49%	18.63%	-12.16%	47.35%	-25.01%	29.73%	-33.44%	57.29%	10.12%	-7.13%
EBITDA Growth	17.03%	7.77%	19.91%	2.41%	53.18%	-36.81%	12.09%	-30.35%	46.14%	-6.67%	1.03%
EBIT Growth	23.53%	3.27%	18.82%	1.31%	78.91%	-46.21%	16.80%	-42.69%	80.78%	-9.21%	2.76%
NOPAT Growth	23.53%	3.27%	18.82%	1.31%	78.91%	-46.21%	16.80%	-42.69%	80.78%	-9.21%	2.76%
Net Income Growth	26.95%	-0.43%	16.47%	2.61%	77.55%	-47.85%	18.31%	-41.24%	78.90%	-9.07%	3.74%
EPS Growth	22.09%	-2.51%	13.92%	-0.45%	76.82%	-48.07%	19.80%	-41.74%	75.89%	-12.90%	-5.56%
Operating Cash Flow Growth	9.91%	6.87%	3.29%	-0.38%	9.71%	6.00%	-5.20%	-21.46%	15.79%	-1.12%	19.89%
Free Cash Flow Firm Growth	143.92%	-663.20%	84.35%	124.33%	1,099.64%	-19.23%	84.13%	-91.86%	-521.72%	-94.13%	264.71%
Invested Capital Growth	3.23%	30.87%	9.61%	5.68%	3.64%	0.06%	-3.63%	2.99%	10.24%	11.71%	-3.95%
Revenue Q/Q Growth	3.34%	0.27%	3.03%	-15.76%	48.69%	-26.75%	26.13%	-21.17%	21.64%	19.65%	18.61%
EBITDA Q/Q Growth	4.72%	3.78%	6.79%	0.34%	3.10%	-10.59%	2.21%	-6.01%	3.00%	8.48%	-10.65%
EBIT Q/Q Growth	4.68%	-0.11%	8.89%	0.37%	4.12%	-15.03%	2.01%	-8.52%	4.48%	12.64%	-14.29%
NOPAT Q/Q Growth	4.70%	-0.13%	8.89%	0.37%	3.98%	-15.03%	2.19%	-8.52%	5.61%	13.17%	-9.24%
Net Income Q/Q Growth	9.47%	-4.00%	3.29%	-0.94%	7.64%	-18.38%	5.55%	-7.77%	5.53%	12.93%	-8.73%
EPS Q/Q Growth	9.34%	-4.90%	2.79%	-1.35%	7.46%	-18.22%	6.14%	0.00%	0.00%	11.92%	-12.45%
Operating Cash Flow Q/Q Growth	0.25%	5.49%	-5.15%	3.04%	2.60%	0.23%	-1.61%	-8.86%	11.88%	-6.57%	6.67%
Free Cash Flow Firm Q/Q Growth	186.72%	-26.12%	53.28%	-58.32%	114.93%	-28.18%	16.45%	-86.24%	53.57%	14.60%	79.01%
Invested Capital Q/Q Growth	0.70%	4.40%	1.47%	2.26%	-1.09%	0.07%	-1.25%	3.75%	-0.05%	-0.40%	-4.88%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	79.71%	75.03%	75.84%	88.42%	91.92%	77.46%	66.92%	70.03%	65.07%	55.15%	59.99%
EBIT Margin	57.53%	51.89%	51.97%	59.94%	72.78%	52.21%	47.00%	40.48%	46.52%	38.36%	42.44%
Profit (Net Income) Margin	61.70%	53.66%	52.68%	61.54%	74.15%	51.57%	47.03%	41.52%	47.23%	39.00%	43.56%
Tax Burden Percent	107.25%	103.40%	101.36%	102.66%	101.88%	98.78%	100.05%	102.59%	101.52%	101.67%	102.64%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	7.39%	6.51%	6.51%	6.13%	10.48%	5.54%	6.59%	3.79%	6.42%	5.25%	5.22%
ROIC Less NNEP Spread (ROIC-NNEP)	9.16%	7.07%	6.70%	6.48%	10.92%	5.39%	6.59%	4.00%	6.62%	5.43%	5.53%
Return on Net Nonoperating Assets (RNNOA)	3.97%	4.57%	5.66%	5.53%	9.00%	4.46%	5.67%	3.60%	6.19%	5.10%	4.42%
Return on Equity (ROE)	11.36%	11.08%	12.17%	11.66%	19.49%	9.99%	12.26%	7.39%	12.61%	10.35%	9.64%
Cash Return on Invested Capital (CROIC)	4.21%	-20.23%	-2.67%	0.60%	6.91%	5.48%	10.28%	0.84%	-3.32%	-5.81%	9.25%
Operating Return on Assets (OROA)	7.22%	6.31%	6.29%	5.95%	10.22%	5.41%	6.43%	3.70%	6.27%	5.12%	5.08%
Return on Assets (ROA)	7.74%	6.52%	6.37%	6.11%	10.41%	5.34%	6.43%	3.79%	6.36%	5.21%	5.21%
Return on Common Equity (ROCE)	10.68%	10.76%	12.17%	11.63%	19.35%	9.90%	12.12%	7.31%	12.37%	10.02%	9.01%
Return on Equity Simple (ROE_SIMPLE)	11.12%	11.09%	11.50%	11.57%	18.79%	10.41%	12.47%	7.63%	12.14%	10.38%	9.88%
Net Operating Profit after Tax (NOPAT)	68	71	84	85	152	82	96	55	99	90	92
NOPAT Margin	57.53%	51.89%	51.97%	59.94%	72.78%	52.21%	47.00%	40.48%	46.52%	38.36%	42.44%
Net Nonoperating Expense Percent (NNEP)	-1.77%	-0.56%	-0.19%	-0.35%	-0.44%	0.15%	-0.01%	-0.21%	-0.20%	-0.18%	-0.31%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	42.47%	48.11%	48.03%	40.20%	27.22%	47.69%	53.00%	58.77%	52.76%	61.64%	57.22%
Earnings before Interest and Taxes (EBIT)	68	71	84	85	152	82	96	55	99	90	92
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	95	102	123	125	192	121	136	95	139	129	131
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.41	1.42	1.59	1.53	1.42	1.70	1.57	1.53	1.50	1.40	1.61
Price to Tangible Book Value (P/TBV)	1.41	1.42	1.59	1.53	1.42	1.70	1.57	1.53	1.50	1.40	1.61
Price to Revenue (P/Rev)	7.36	6.87	7.29	8.14	5.60	8.44	5.94	8.35	5.84	5.25	7.10
Price to Earnings (P/E)	12.56	13.35	13.90	13.28	7.59	16.52	12.74	20.40	12.52	13.81	17.12
Dividend Yield	8.12%	7.86%	7.29%	7.81%	7.72%	6.85%	7.41%	7.94%	7.42%	7.67%	6.67%
Earnings Yield	7.96%	7.49%	7.20%	7.53%	13.18%	6.05%	7.85%	4.90%	7.99%	7.24%	5.84%
Enterprise Value to Invested Capital (EV/IC)	1.24	1.21	1.32	1.28	1.23	1.37	1.30	1.26	1.25	1.18	1.33
Enterprise Value to Revenue (EV/Rev)	9.83	10.98	11.01	12.83	8.70	12.89	9.13	13.71	9.50	9.11	10.62
Enterprise Value to EBITDA (EV/EBITDA)	12.33	14.63	14.52	14.51	9.46	16.64	13.65	19.57	14.60	16.52	17.70
Enterprise Value to EBIT (EV/EBIT)	17.08	21.16	21.18	21.41	11.95	24.69	19.43	33.87	20.43	23.76	25.02
Enterprise Value to NOPAT (EV/NOPAT)	17.08	21.16	21.18	21.41	11.95	24.69	19.43	33.87	20.43	23.76	25.02
Enterprise Value to Operating Cash Flow (EV/OCF)	12.21	14.61	16.83	17.30	15.74	16.51	16.01	20.36	19.17	20.47	18.48
Enterprise Value to Free Cash Flow (EV/FCFF)	29.96	0.00	0.00	217.70	18.12	24.94	12.45	152.79	0.00	0.00	14.12
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.43	0.87	0.82	0.88	0.77	0.88	0.84	0.97	0.90	0.97	0.65
Long-Term Debt to Equity	0.43	0.68	0.68	0.75	0.64	0.76	0.72	0.82	0.75	0.64	0.51
Financial Leverage	0.43	0.65	0.84	0.85	0.82	0.83	0.86	0.90	0.93	0.94	0.80
Leverage Ratio	1.47	1.70	1.91	1.91	1.87	1.87	1.90	1.95	1.98	1.99	1.85
Compound Leverage Factor	1.47	1.70	1.91	1.91	1.87	1.87	1.90	1.95	1.98	1.99	1.85
Debt to Total Capital	29.83%	46.45%	45.16%	46.80%	43.64%	46.89%	45.56%	49.24%	47.45%	49.31%	39.35%
Short-Term Debt to Total Capital	0.00%	9.79%	7.94%	6.77%	7.58%	6.35%	6.31%	7.56%	8.03%	16.72%	8.23%
Long-Term Debt to Total Capital	29.83%	36.66%	37.22%	40.04%	36.06%	40.54%	39.26%	41.68%	39.42%	32.59%	31.12%
Preferred Equity to Total Capital	4.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.24%	0.51%	0.57%	0.59%	0.57%	1.36%	1.94%	5.32%
Common Equity to Total Capital	66.08%	53.55%	54.84%	52.95%	55.85%	52.54%	53.85%	50.19%	51.19%	48.75%	55.33%
Debt to EBITDA	2.96	5.60	4.97	5.32	3.36	5.71	4.77	7.62	5.54	6.89	5.23
Net Debt to EBITDA	2.69	5.47	4.91	5.28	3.33	5.67	4.71	7.57	5.47	6.73	5.16
Long-Term Debt to EBITDA	2.96	4.42	4.10	4.55	2.77	4.94	4.11	6.45	4.60	4.55	4.13
Debt to NOPAT	4.10	8.09	7.26	7.85	4.24	8.47	6.79	13.19	7.75	9.91	7.39
Net Debt to NOPAT	3.73	7.91	7.16	7.78	4.21	8.42	6.71	13.09	7.65	9.68	7.29
Long-Term Debt to NOPAT	4.10	6.39	5.98	6.71	3.50	7.32	5.85	11.16	6.44	6.55	5.84
Noncontrolling Interest Sharing Ratio	5.96%	2.92%	0.00%	0.23%	0.69%	0.99%	1.08%	1.11%	1.90%	3.22%	6.47%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	39	-220	-34	8.37	100	81	149	12	-51	-99	164
Operating Cash Flow to CapEx	685.63%	1,358.39%	1,556.36%	3,632.46%	3,556.02%	4,313.81%	1,679.46%	1,447.82%	1,173.96%	1,077.88%	915.33%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.28	3.32	2.65	0.00	0.44	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	3.52	3.83	4.00	0.00	3.33	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	3.42	3.72	3.91	0.00	3.10	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.12	0.12	0.10	0.14	0.10	0.14	0.09	0.13	0.13	0.12
Fixed Asset Turnover	0.16	0.16	0.16	0.13	0.19	0.14	0.18	0.13	0.21	0.24	0.23
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	941	1,231	1,349	1,426	1,478	1,479	1,425	1,468	1,618	1,808	1,736
Invested Capital Turnover	0.13	0.13	0.13	0.10	0.14	0.11	0.14	0.09	0.14	0.14	0.12
Increase / (Decrease) in Invested Capital	29	290	118	77	52	0.81	-54	43	150	189	-71
Enterprise Value (EV)	1,169	1,495	1,779	1,821	1,819	2,022	1,858	1,856	2,024	2,137	2,313
Market Capitalization	875	936	1,178	1,155	1,171	1,324	1,208	1,130	1,245	1,231	1,547
Book Value per Share	$17.84	$18.53	$18.87	$19.08	$20.82	$19.54	$19.56	$18.71	$20.45	$21.28	$21.22
Tangible Book Value per Share	$17.84	$18.53	$18.87	$19.08	$20.82	$19.54	$19.56	$18.71	$20.45	$21.28	$21.22
Total Capital	941	1,231	1,349	1,426	1,478	1,479	1,425	1,468	1,618	1,808	1,736
Total Debt	281	572	609	668	645	693	649	723	768	891	683
Total Long-Term Debt	281	451	502	571	533	599	559	612	638	589	540
Net Debt	255	559	601	662	640	689	642	718	757	871	674
Capital Expenditures (CapEx)	14	7.53	6.79	2.90	3.25	2.84	6.91	6.30	8.99	9.69	14
Net Nonoperating Expense (NNE)	-4.96	-2.41	-1.14	-2.26	-2.86	1.00	-0.05	-1.42	-1.50	-1.50	-2.44
Net Nonoperating Obligations (NNO)	281	572	609	668	645	693	649	723	768	891	683
Total Depreciation and Amortization (D&A)	26	32	39	40	40	40	41	40	40	39	38
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.01	$1.97	$2.21	$2.21	$3.91	$2.03	$2.42	$1.41	$2.49	$2.16	$2.07
Adjusted Weighted Average Basic Shares Outstanding	34.62M	35.59M	38.39M	39.41M	39.48M	39.57M	39.18M	39.16M	39.89M	41.27M	43.74M
Adjusted Diluted Earnings per Share	$1.99	$1.94	$2.21	$2.20	$3.89	$2.02	$2.42	$1.41	$2.48	$2.16	$2.04
Adjusted Weighted Average Diluted Shares Outstanding	36.64M	37.33M	38.60M	39.64M	39.84M	39.76M	39.26M	39.16M	40.07M	41.36M	44.24M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$2.03	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	35.54M	37.52M	39.59M	39.63M	39.71M	39.75M	39.24M	39.50M	41.37M	43.11M	45.45M
Normalized Net Operating Profit after Tax (NOPAT)	48	52	60	61	107	58	70	41	72	79	70
Normalized NOPAT Margin	40.41%	38.18%	36.99%	42.91%	51.01%	36.71%	34.37%	30.62%	33.96%	33.59%	32.20%
Pre Tax Income Margin	57.53%	51.89%	51.97%	59.94%	72.78%	52.21%	47.00%	40.48%	46.52%	38.36%	42.44%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	2.84	5.04	2.68	0.00	2.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	2.84	5.04	2.68	0.00	2.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	2.74	4.93	2.58	0.00	1.77	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	2.74	4.93	2.58	0.00	1.77	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	101.41%	105.04%	99.36%	103.30%	58.32%	112.40%	94.34%	160.95%	90.98%	103.61%	105.96%
Augmented Payout Ratio	101.41%	105.04%	99.36%	103.30%	58.32%	112.40%	113.17%	160.95%	90.98%	103.61%	105.96%

This table displays calculated financial ratios and metrics derived from LTC Properties' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.80%	116.30%	60.80%	-34.03%	54.01%	10.06%	-19.70%	3.16%	9.73%	-16.54%	-9.91%
EBITDA Growth	11.20%	23.58%	78.34%	-74.82%	40.54%	29.46%	-20.97%	77.33%	23.11%	-24.28%	-16.87%
EBIT Growth	21.19%	42.53%	134.82%	-88.49%	71.00%	44.28%	-26.74%	206.15%	35.58%	-32.21%	-23.68%
NOPAT Growth	21.19%	41.95%	134.82%	-88.49%	71.00%	58.76%	-26.74%	206.15%	35.58%	-33.25%	-23.68%
Net Income Growth	20.47%	40.74%	131.34%	-87.88%	69.00%	57.54%	-26.44%	198.88%	36.39%	-31.67%	-10.00%
EPS Growth	14.29%	0.00%	122.22%	-88.97%	68.75%	52.27%	-30.00%	193.33%	22.22%	-43.28%	-19.64%
Operating Cash Flow Growth	16.20%	51.90%	-2.85%	-4.62%	33.17%	-22.38%	16.14%	29.71%	4.85%	30.71%	40.37%
Free Cash Flow Firm Growth	-588.35%	-340.12%	-258.36%	-136.76%	9.13%	-21.61%	105.52%	95.53%	111.42%	156.03%	415.98%
Invested Capital Growth	14.43%	10.24%	17.52%	17.32%	12.10%	11.71%	0.66%	1.70%	0.57%	-3.95%	-2.64%
Revenue Q/Q Growth	-52.20%	100.33%	39.03%	-10.53%	11.59%	43.16%	0.83%	14.95%	18.69%	8.88%	-23.98%
EBITDA Q/Q Growth	-64.16%	27.15%	55.31%	-62.46%	100.04%	17.13%	-22.25%	-15.76%	38.87%	-27.95%	-1.37%
EBIT Q/Q Growth	-75.95%	48.69%	86.21%	-81.23%	257.29%	25.46%	-28.03%	-21.58%	58.23%	-37.27%	-1.95%
NOPAT Q/Q Growth	-75.95%	36.95%	86.21%	-81.23%	257.29%	27.15%	-14.07%	-21.58%	58.23%	-37.40%	-1.75%
Net Income Q/Q Growth	-75.43%	35.92%	84.42%	-80.32%	242.63%	26.71%	-13.89%	-20.05%	56.36%	-36.52%	13.43%
EPS Q/Q Growth	-76.47%	37.50%	81.82%	-81.25%	260.00%	24.07%	-16.42%	-21.43%	50.00%	-42.42%	18.42%
Operating Cash Flow Q/Q Growth	-18.57%	34.88%	-45.03%	57.96%	13.70%	-21.38%	-17.75%	76.42%	-8.09%	-1.99%	-11.18%
Free Cash Flow Firm Q/Q Growth	-73.13%	30.69%	-73.58%	-13.67%	33.55%	7.24%	107.96%	-192.01%	269.75%	354.91%	-27.38%
Invested Capital Q/Q Growth	4.76%	-0.05%	9.12%	2.68%	0.10%	-0.40%	-1.59%	3.74%	-1.01%	-4.88%	-0.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	65.18%	41.37%	79.07%	33.18%	59.48%	48.66%	77.82%	57.03%	66.73%	44.16%	57.29%
EBIT Margin	37.00%	27.46%	61.15%	12.83%	41.08%	36.00%	55.80%	38.07%	50.75%	29.24%	37.71%
Profit (Net Income) Margin	38.06%	25.82%	61.85%	13.60%	41.77%	36.97%	56.66%	39.41%	51.92%	30.27%	45.16%
Tax Burden Percent	102.89%	102.12%	101.13%	106.04%	101.69%	101.33%	101.55%	103.52%	102.29%	103.72%	119.75%
Interest Burden Percent	100.00%	92.10%	100.00%	100.00%	100.00%	101.35%	100.00%	100.00%	100.00%	99.80%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	4.27%	3.49%	7.56%	1.35%	4.69%	5.00%	5.57%	3.71%	5.12%	3.59%	4.57%
ROIC Less NNEP Spread (ROIC-NNEP)	4.32%	3.54%	7.61%	1.40%	4.73%	5.04%	5.61%	3.79%	5.20%	3.68%	5.04%
Return on Net Nonoperating Assets (RNNOA)	3.99%	3.31%	7.86%	1.41%	4.91%	4.73%	5.54%	3.73%	4.75%	2.94%	3.95%
Return on Equity (ROE)	8.26%	6.80%	15.42%	2.76%	9.60%	9.73%	11.11%	7.44%	9.87%	6.53%	8.51%
Cash Return on Invested Capital (CROIC)	-7.28%	-3.32%	-8.88%	-11.76%	-6.78%	-5.81%	3.92%	3.45%	5.03%	9.25%	7.62%
Operating Return on Assets (OROA)	4.17%	3.70%	7.41%	1.32%	4.57%	4.81%	5.46%	3.62%	4.98%	3.50%	4.46%
Return on Assets (ROA)	4.29%	3.48%	7.49%	1.40%	4.65%	4.94%	5.54%	3.75%	5.10%	3.62%	5.34%
Return on Common Equity (ROCE)	8.10%	6.67%	15.10%	2.69%	9.27%	9.42%	10.74%	6.92%	9.21%	6.10%	7.99%
Return on Equity Simple (ROE_SIMPLE)	11.87%	0.00%	14.26%	8.70%	9.81%	0.00%	9.32%	10.77%	10.97%	0.00%	9.61%
Net Operating Profit after Tax (NOPAT)	13	18	33	6.23	22	28	24	19	30	19	19
NOPAT Margin	37.00%	25.29%	61.15%	12.83%	41.08%	36.48%	55.80%	38.07%	50.75%	29.18%	37.71%
Net Nonoperating Expense Percent (NNEP)	-0.05%	-0.05%	-0.05%	-0.04%	-0.04%	-0.05%	-0.04%	-0.07%	-0.08%	-0.09%	-0.48%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	63.01%	72.54%	38.85%	86.79%	58.58%	64.00%	44.20%	60.53%	49.25%	70.76%	56.08%
Earnings before Interest and Taxes (EBIT)	13	19	33	6.23	22	28	24	19	30	19	19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	23	29	43	16	32	38	34	29	40	29	28
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.66	1.50	1.57	1.53	1.50	1.40	1.48	1.67	1.67	1.61	1.67
Price to Tangible Book Value (P/TBV)	1.66	1.50	1.57	1.53	1.50	1.40	1.48	1.67	1.67	1.61	1.67
Price to Revenue (P/Rev)	7.62	5.84	6.53	7.13	6.31	5.25	7.41	8.32	8.64	7.10	7.54
Price to Earnings (P/E)	14.16	12.52	11.17	18.00	15.66	13.81	16.31	15.88	15.78	17.12	18.46
Dividend Yield	6.92%	7.42%	7.15%	7.48%	7.64%	7.67%	7.21%	6.68%	6.25%	6.67%	6.47%
Earnings Yield	7.06%	7.99%	8.96%	5.55%	6.39%	7.24%	6.13%	6.30%	6.34%	5.84%	5.42%
Enterprise Value to Invested Capital (EV/IC)	1.32	1.25	1.27	1.24	1.22	1.18	1.23	1.32	1.33	1.33	1.36
Enterprise Value to Revenue (EV/Rev)	12.24	9.50	11.09	12.67	11.30	9.11	12.39	13.64	13.23	10.62	11.05
Enterprise Value to EBITDA (EV/EBITDA)	15.93	14.60	14.23	20.43	18.57	16.52	17.39	17.50	16.61	17.70	18.23
Enterprise Value to EBIT (EV/EBIT)	22.60	20.43	18.96	31.84	27.73	23.76	25.26	24.30	22.53	25.02	25.95
Enterprise Value to NOPAT (EV/NOPAT)	22.85	20.43	18.96	31.93	27.86	23.76	27.03	25.90	23.86	25.02	27.08
Enterprise Value to Operating Cash Flow (EV/OCF)	22.71	19.17	21.32	21.63	19.82	20.47	20.42	21.01	20.70	18.48	17.56
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	31.55	38.51	26.55	14.12	17.56
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.96	0.90	1.04	1.11	1.11	0.97	0.93	0.88	0.75	0.65	0.65
Long-Term Debt to Equity	0.78	0.75	0.73	0.73	0.69	0.64	0.63	0.59	0.52	0.51	0.51
Financial Leverage	0.92	0.93	1.03	1.01	1.04	0.94	0.99	0.98	0.91	0.80	0.78
Leverage Ratio	1.97	1.98	2.08	2.06	2.09	1.99	2.03	2.03	1.97	1.85	1.83
Compound Leverage Factor	1.97	1.82	2.08	2.06	2.09	2.01	2.03	2.03	1.97	1.85	1.83
Debt to Total Capital	49.03%	47.45%	51.03%	52.59%	52.59%	49.31%	48.30%	46.70%	42.94%	39.35%	39.36%
Short-Term Debt to Total Capital	9.33%	8.03%	15.30%	18.00%	19.87%	16.72%	15.49%	15.28%	13.07%	8.23%	8.53%
Long-Term Debt to Total Capital	39.70%	39.42%	35.73%	34.59%	32.73%	32.59%	32.81%	31.42%	29.87%	31.12%	30.82%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.35%	1.36%	1.46%	1.93%	1.93%	1.94%	1.83%	5.08%	5.13%	5.32%	5.05%
Common Equity to Total Capital	49.62%	51.19%	47.51%	45.49%	45.48%	48.75%	49.87%	48.22%	51.93%	55.33%	55.59%
Debt to EBITDA	5.90	5.54	5.72	8.69	8.01	6.89	6.81	6.19	5.36	5.23	5.29
Net Debt to EBITDA	5.85	5.47	5.69	8.62	7.91	6.73	6.74	6.15	5.12	5.16	5.11
Long-Term Debt to EBITDA	4.78	4.60	4.01	5.71	4.98	4.55	4.63	4.17	3.73	4.13	4.14
Debt to NOPAT	8.46	7.75	7.63	13.57	12.01	9.91	10.59	9.17	7.70	7.39	7.86
Net Debt to NOPAT	8.39	7.65	7.58	13.47	11.87	9.68	10.48	9.10	7.35	7.29	7.59
Long-Term Debt to NOPAT	6.85	6.44	5.34	8.93	7.47	6.55	7.19	6.17	5.35	5.84	6.15
Noncontrolling Interest Sharing Ratio	1.92%	1.90%	2.13%	2.54%	3.38%	3.22%	3.27%	6.98%	6.76%	6.47%	6.10%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-191	-132	-230	-261	-174	-161	13	-12	20	90	66
Operating Cash Flow to CapEx	1,474.42%	739.22%	691.68%	4,581.19%	1,777.18%	549.77%	1,576.37%	1,602.78%	541.51%	883.81%	2,230.09%
Free Cash Flow to Firm to Interest Expense	-24.07	0.00	-21.68	0.00	0.00	0.00	1.15	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	3.06	0.00	1.70	0.00	0.00	0.00	1.90	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	2.86	0.00	1.45	0.00	0.00	0.00	1.78	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.13	0.12	0.10	0.11	0.13	0.10	0.10	0.10	0.12	0.12
Fixed Asset Turnover	0.17	0.21	0.20	0.17	0.19	0.24	0.18	0.18	0.19	0.23	0.23
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,619	1,618	1,766	1,813	1,815	1,808	1,777	1,844	1,825	1,736	1,730
Invested Capital Turnover	0.12	0.14	0.12	0.11	0.11	0.14	0.10	0.10	0.10	0.12	0.12
Increase / (Decrease) in Invested Capital	204	150	263	268	196	189	12	31	10	-71	-47
Enterprise Value (EV)	2,144	2,024	2,240	2,243	2,214	2,137	2,192	2,433	2,430	2,313	2,348
Market Capitalization	1,334	1,245	1,319	1,261	1,236	1,231	1,310	1,484	1,587	1,547	1,603
Book Value per Share	$19.83	$20.45	$20.27	$19.92	$19.93	$21.28	$20.66	$20.45	$21.79	$21.22	$21.16
Tangible Book Value per Share	$19.83	$20.45	$20.27	$19.92	$19.93	$21.28	$20.66	$20.45	$21.79	$21.22	$21.16
Total Capital	1,619	1,618	1,766	1,813	1,815	1,808	1,777	1,844	1,825	1,736	1,730
Total Debt	794	768	901	953	955	891	858	861	784	683	681
Total Long-Term Debt	643	638	631	627	594	589	583	579	545	540	533
Net Debt	787	757	896	946	943	871	849	855	749	674	658
Capital Expenditures (CapEx)	1.65	4.44	2.61	0.62	1.82	4.63	1.33	2.31	6.27	3.77	1.33
Net Nonoperating Expense (NNE)	-0.38	-0.38	-0.38	-0.38	-0.38	-0.38	-0.38	-0.67	-0.69	-0.70	-3.67
Net Nonoperating Obligations (NNO)	794	768	901	953	955	891	858	861	784	683	681
Total Depreciation and Amortization (D&A)	9.92	9.80	9.72	9.88	9.97	9.83	9.60	9.50	9.50	9.65	9.63
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.33	$0.43	$0.80	$0.15	$0.54	$0.67	$0.56	$0.44	$0.66	$0.41	$0.45
Adjusted Weighted Average Basic Shares Outstanding	40.27M	39.89M	41.08M	41.15M	41.15M	41.27M	42.89M	43.17M	43.87M	43.74M	45.33M
Adjusted Diluted Earnings per Share	$0.32	$0.44	$0.80	$0.15	$0.54	$0.67	$0.56	$0.44	$0.66	$0.38	$0.45
Adjusted Weighted Average Diluted Shares Outstanding	40.55M	40.07M	41.19M	41.23M	41.21M	41.36M	43.03M	43.46M	44.39M	44.24M	45.68M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	40.50M	41.37M	41.40M	41.41M	41.41M	43.11M	43.48M	43.49M	45.26M	45.45M	45.93M
Normalized Net Operating Profit after Tax (NOPAT)	11	14	25	13	16	23	17	14	21	18	13
Normalized NOPAT Margin	31.29%	19.92%	45.75%	26.52%	29.18%	29.03%	39.53%	27.18%	35.82%	28.10%	27.03%
Pre Tax Income Margin	37.00%	25.29%	61.15%	12.83%	41.08%	36.48%	55.80%	38.07%	50.75%	29.18%	37.71%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.64	0.00	3.13	0.00	0.00	0.00	2.20	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	1.64	0.00	3.13	0.00	0.00	0.00	2.20	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	1.43	0.00	2.88	0.00	0.00	0.00	2.08	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	1.43	0.00	2.88	0.00	0.00	0.00	2.08	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	95.10%	90.98%	77.39%	130.39%	116.16%	103.61%	116.02%	101.34%	94.92%	105.96%	111.65%
Augmented Payout Ratio	95.10%	90.98%	77.39%	130.39%	116.16%	103.61%	116.02%	101.34%	94.92%	105.96%	111.65%

Financials Breakdown Chart

Key Financial Trends

LTC Properties (NYSE: LTC) has demonstrated steady financial performance over the past several quarters and years, showing strength in key areas of revenue generation and shareholder returns, though some areas require caution.

Positive Trends and Highlights:

Consistent Revenue Growth: Total revenue has generally increased year-over-year, with Q1 2025 reporting $49.2 million, slightly down from Q4 2024's $64.7 million but higher than earlier 2024 quarters, indicating consistent income generation primarily from non-interest sources.
Robust Non-Interest Income: Other service charges and other non-interest income combined account for the majority of LTC's revenue, rising to $49.2 million in Q1 2025 from $53.7 million in Q4 2024.
Strong Net Income Growth: Net income attributable to common shareholders was $20.5 million in Q1 2025, up from $17.94 million in Q4 2024 and $19.1 million in Q2 2024, showing improving profitability.
Stable Dividend Payments: LTC consistently paid $0.57 per share in dividends each quarter over the last few years, underscoring a commitment to returning capital to shareholders.
Operating Cash Flow Strength: Net cash from operating activities remains strong, with $29.6 million in Q1 2025 and $33.3 million in Q4 2024, supporting business operations and liquidity.
Effective Debt Management: The company has both issued and repaid significant debt, but maintain long-term debt near $533 million with sufficient equity ($961.9 million as of Q1 2025), reflecting a balanced capital structure.
Increasing Total Equity: Total common equity rose to $961.9 million in Q1 2025 from approximately $889.1 million in Q2 2024, signaling shareholder value growth and capitalization strength.

Neutral Observations:

No Interest Income/Expense Reported: Interest income and expense were reported as zero in recent quarters but were significant in prior years, suggesting accounting or business model adjustments; investors should monitor this change for future impact.
Stable Shares Outstanding: Weighted average shares outstanding have remained around 45 million over recent periods, indicating no major dilution or buybacks affecting shareholder value.
Capital Expenditures and Investment Activity: LTC consistently invests in property, equipment, and securities, while also divesting assets; net investing activities show moderate positive cash flow in recent quarters, balancing growth and disposals.

Areas of Concern:

Rising Operating Expenses: Total non-interest expenses stood at $27.6 million in Q1 2025, down from $45.7 million in Q4 2024 but still a substantial portion of revenue, driven primarily by depreciation and other operating expenses.
Significant Impairment Charges in Past Periods: Some quarters, especially in 2023 and 2024, reflected impairment charges up to $12 million, which can diminish asset values and net income.
Declining Cash and Cash Equivalents: Cash balances fluctuated, dipping from $35 million in Q3 2024 to about $23.3 million in Q1 2025, which could suggest tighter liquidity.
High Dividend Yield vs. EPS: The dividend payout per share ($0.57) exceeds recent quarterly EPS (e.g., $0.45 in Q1 2025), hinting at a high payout ratio that may pressure future earnings retention and growth.
Use of Financing Activities: Negative net cash from financing activities in some recent quarters, largely due to debt repayments and dividend payments, results in cash outflows greater than inflows which may affect financial flexibility.

Summary: LTC Properties shows generally steady profitability with reliable dividends and growing equity over recent years. Non-interest income remains the primary revenue source, and strong cash flows support ongoing operations. However, rising operating costs, substantial impairment charges in the past, and a payout ratio above recent earnings warrant attention from investors. The company’s balanced capital management and stable shareholder returns remain positive signs for retail investors considering LTC as a long-term investment.

09/19/25 06:50 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About LTC Properties' Financials

When does LTC Properties' financial year end?

According to the most recent income statement we have on file, LTC Properties' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has LTC Properties' net income changed over the last 10 years?

Below is a breakdown of LTC Properties' net income over the past 5 years:

2020: $95.68 million
2021: $56.22 million
2022: $100.58 million
2023: $91.46 million
2024: $94.88 million

Check out LTC Properties' forecast to explore projected trends and price targets.

How has LTC Properties' revenue changed over the last 10 years?

Over the last 10 years, LTC Properties' total revenue changed from $118.96 million in 2014 to $217.83 million in 2024, a change of 83.1%.

How much debt does LTC Properties have?

LTC Properties' total liabilities were at $733.14 million at the end of 2024, a 21.9% decrease from 2023, and a 140.6% increase since 2014.

How much cash does LTC Properties have?

In the past 10 years, LTC Properties' cash and equivalents has ranged from $2.66 million in 2018 to $25.24 million in 2014, and is currently $9.41 million as of their latest financial filing in 2024.

How has LTC Properties' book value per share changed over the last 10 years?

Over the last 10 years, LTC Properties' book value per share changed from 17.84 in 2014 to 21.22 in 2024, a change of 19.0%.

Related Companies

This page (NYSE:LTC) was last updated on 9/19/2025 by MarketBeat.com Staff

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LTC Properties (LTC) Financials

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LTC Properties (LTC) Financials

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