NYSE : LTC
LTC Properties, Inc. — Financial statements
Real Estate · REIT - Healthcare Facilities · United States
Last price 44.75 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.41B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 272.76M | 188.29M | 132.28M | 127.35M | 128.24M | 121.12M |
| Other Revenue | -1.71M | 2.00M | 2.44M | 1.50M | 1.50M | 1.42M |
| Total Revenue | 339.88M | 257.62M | 201.60M | 191.82M | 172.11M | 155.35M |
| Property Expenses | 134.40M | 71.40M | 13.75M | 14.41M | 16.31M | 19.82M |
| Selling, General & Administrative | 32.45M | 31.12M | 27.24M | 24.29M | 23.71M | 21.46M |
| Depreciation & Amortization | 44.29M | 37.87M | 36.37M | 37.42M | 37.50M | 38.30M |
| Total Operating Expenses | 252.32M | 184.53M | 78.10M | 81.79M | 79.04M | 80.60M |
| Operating Income | 87.56M | 73.09M | 123.50M | 110.03M | 93.07M | 74.75M |
| Interest Expense | -39.65M | -35.31M | -40.34M | -47.01M | -31.44M | -27.38M |
| Interest & Investment Income | 6.26M | 7.23M | 10.69M | 6.93M | 4.55M | 1.39M |
| EBT Excluding Unusual Items | 54.17M | 45.01M | 93.85M | 69.94M | 66.18M | 48.76M |
| Gain (Loss) on Sale of Investments | 4.76M | 4.76M | ||||
| Gain (Loss) on Sale of Assets | 84.87M | 77.82M | 7.98M | 37.30M | 37.83M | 7.46M |
| Asset Writedown | -6.95M | -15.78M | -3.42M | |||
| Other Unusual Items | -2.39M | -3.54M | ||||
| Pretax Income | 141.42M | 124.06M | 94.88M | 91.46M | 100.58M | 56.22M |
| Income Tax Expense | 536.00K | 179.00K | ||||
| Earnings From Continuing Operations | 140.88M | 123.88M | 94.88M | 91.46M | 100.58M | 56.22M |
| Minority Interest in Earnings | -5.45M | -5.91M | -3.84M | -1.73M | -560.00K | -363.00K |
| Net Income | 135.43M | 117.97M | 91.04M | 89.73M | 100.02M | 55.86M |
| Preferred Dividends & Other Adjustments | 693.00K | 696.00K | 682.00K | 587.00K | 580.00K | 458.00K |
| Net Income to Common | 134.74M | 117.28M | 90.36M | 89.15M | 99.44M | 55.40M |
| Basic Shares Outstanding | 48.58M | 46.23M | 43.74M | 41.27M | 39.89M | 39.16M |
| Diluted Shares Outstanding | 48.91M | 46.56M | 44.24M | 41.36M | 40.07M | 39.16M |
| EPS (Basic) | 2.77 | 2.54 | 2.07 | 2.16 | 2.49 | 1.41 |
| EPS (Diluted) | 2.76 | 2.52 | 2.04 | 2.16 | 2.48 | 1.41 |
| Dividend Per Share | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 |
| Operating Margin | 25.76% | 28.37% | 61.26% | 57.36% | 54.07% | 48.12% |
| Profit Margin | 39.64% | 45.52% | 44.82% | 46.47% | 57.78% | 35.66% |
| EBITDA | 131.84M | 110.96M | 159.87M | 147.44M | 130.56M | 113.05M |
| EBITDA Margin | 38.79% | 43.07% | 79.30% | 76.87% | 75.86% | 72.77% |
| D&A For Ebitda | 44.29M | 37.87M | 36.37M | 37.42M | 37.50M | 38.30M |
| EBIT | 87.56M | 73.09M | 123.50M | 110.03M | 93.07M | 74.75M |
| EBIT Margin | 25.76% | 28.37% | 61.26% | 57.36% | 54.07% | 48.12% |
| Funds From Operations (FFO) | 94.15M | 77.33M | 125.70M | 105.04M | 102.53M | 86.24M |
| FFO Per Share | 1.58 | 1.66 | 2.84 | 2.54 | 2.56 | 2.20 |
| Adjusted Funds From Operations (AFFO) | 95.39M | 78.57M | 123.43M | 105.04M | 102.53M | 86.24M |
| AFFO Per Share | 1.90 | 1.69 | 2.77 | 2.52 | 2.54 | 2.20 |
| FFO Payout Ratio | 119.80% | 138.88% | 79.98% | 90.21% | 89.25% | 104.94% |
| Effective Tax Rate | 0.38% | 0.14% | ||||
| Revenue as Reported | 347.85M | 262.85M | 209.85M | 197.24M | 175.15M | 155.32M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 1.36B | 1.20B | 927.92M | 969.57M | 1.01B | 1.03B |
| Cash & Equivalents | 40.44M | 14.39M | 9.41M | 20.29M | 10.38M | 5.16M |
| Accounts Receivable | 22.26M | 21.08M | 21.50M | 19.63M | 21.85M | 24.15M |
| Other Receivables | 308.67M | 382.18M | 418.12M | 249.99M | 122.00M | 39.52M |
| Investment In Debt and Equity Securities | 3.41M | 482.00K | 3.81M | |||
| Other Intangible Assets | 6.17M | 6.52M | 7.21M | |||
| Loans Receivable Current | 25.47M | 25.61M | 47.24M | 60.49M | 58.38M | 28.34M |
| Other Current Assets | 654.00K | 670.00K | 18.39M | 10.71M | ||
| Deferred Long-Term Tax Assets | 729.00K | |||||
| Deferred Long-Term Charges | 6.12M | 4.74M | 1.41M | 4.16M | 4.11M | 5.74M |
| Other Long-Term Assets | 15.70M | 20.33M | 36.25M | 35.31M | 30.44M | 23.53M |
| Total Assets | 2.18B | 2.06B | 1.79B | 1.86B | 1.66B | 1.50B |
| Long-Term Debt | 777.09M | 842.18M | 684.60M | 891.32M | 767.85M | 722.72M |
| Long-Term Leases | 2.40M | 2.58M | 2.74M | |||
| Accounts Payable | 4.75M | 7.58M | 6.08M | |||
| Accrued Expenses | 14.33M | 17.08M | 16.86M | 47.51M | 37.94M | 36.98M |
| Long-Term Unearned Revenue | 2.41M | 2.12M | ||||
| Other Long-Term Liabilities | 34.24M | 28.13M | 22.85M | |||
| Total Liabilities | 835.23M | 899.68M | 733.14M | 938.83M | 805.80M | 759.70M |
| Common Stock | 539.00K | 485.00K | 455.00K | 430.00K | 412.00K | 394.00K |
| Additional Paid-In Capital | 1.39B | 1.19B | 1.08B | 991.66M | 931.12M | 856.89M |
| Distributions in Excess of Earnings | -121.55M | -115.83M | -126.41M | -116.92M | -111.89M | -120.40M |
| Comprehensive Income & Other | 3.41M | 482.00K | 3.81M | 6.11M | 8.72M | -172.00K |
| Total Common Equity | 1.27B | 1.07B | 960.63M | 881.28M | 828.37M | 736.71M |
| Minority Interest | 73.08M | 87.40M | 92.38M | 34.99M | 21.94M | 8.41M |
| Shareholders' Equity | 1.34B | 1.16B | 1.05B | 916.27M | 850.31M | 745.13M |
| Total Liabilities & Equity | 2.18B | 2.06B | 1.79B | 1.86B | 1.66B | 1.50B |
| Total Debt | 779.49M | 844.76M | 687.34M | 891.32M | 767.85M | 722.72M |
| Net Cash (Debt) | -739.06M | -830.37M | -677.93M | -871.03M | -757.48M | -717.56M |
| Net Cash Per Share | -15.11 | -17.83 | -15.32 | -21.06 | -18.91 | -18.33 |
| Filing Date Shares Outstanding | 53.91M | 48.51M | 45.45M | 43.11M | 41.37M | 39.50M |
| Total Common Shares Outstanding | 53.91M | 48.48M | 45.51M | 43.02M | 41.26M | 39.37M |
| Book Value Per Share | 23.53 | 22.17 | 21.11 | 20.48 | 20.08 | 18.71 |
| Tangible Book Value | 1.26B | 1.07B | 953.41M | 881.28M | 828.37M | 736.71M |
| Tangible Book Value Per Share | 23.42 | 22.04 | 20.95 | 20.48 | 20.08 | 18.71 |
| Land | 139.44M | 128.59M | 118.21M | 121.72M | 124.67M | 123.24M |
| Buildings | 1.64B | 1.48B | 1.21B | 1.24B | 1.27B | 1.29B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 135.43M | 117.97M | 91.04M | 89.73M | 100.02M | 55.86M |
| Depreciation & Amortization | 44.29M | 37.87M | 36.37M | 37.42M | 37.50M | 38.30M |
| Other Amortization | 2.40M | 2.31M | 1.88M | 1.98M | 2.02M | 1.73M |
| Gain (Loss) on Sale of Assets | -84.87M | -77.82M | -7.98M | -37.30M | -37.83M | -7.46M |
| Asset Writedown | 6.95M | 15.78M | 3.42M | |||
| Stock-Based Compensation | 8.67M | 9.33M | 9.05M | 8.48M | 7.96M | 7.76M |
| Income (Loss) on Equity Investments | -6.69M | -6.76M | -2.44M | -1.50M | -1.50M | -1.42M |
| Change in Accounts Receivable | -8.88M | -9.74M | -10.39M | -9.28M | -7.17M | -6.78M |
| Change in Other Net Operating Assets | -7.80M | 448.00K | -2.38M | -7.15M | 3.19M | 1.67M |
| Other Operating Activities | 58.56M | 57.84M | 3.03M | 663.00K | -3.54M | 504.00K |
| Operating Cash Flow | 141.52M | 135.98M | 125.88M | 104.49M | 105.59M | 91.18M |
| Acquisition of Real Estate Assets | -537.43M | -361.86M | -13.99M | -53.45M | -60.92M | -6.30M |
| Sale of Real Estate Assets | 195.23M | 126.70M | 38.87M | 66.27M | 72.62M | 43.63M |
| Net Sale / Acq. of Real Estate Assets | -342.20M | -235.16M | 24.87M | 12.83M | 11.70M | 37.33M |
| Investment in Marketable & Equity Securities | 17.79M | 18.08M | -11.26M | -5.68M | ||
| Other Investing Activities | 17.45M | 18.19M | 13.09M | -13.15M | -30.35M | -13.66M |
| Investing Cash Flow | -347.89M | -269.94M | 90.68M | -174.91M | -119.95M | -69.79M |
| Long-Term Debt Issued | 308.51M | 172.25M | 269.00M | 304.40M | ||
| Long-Term Debt Repaid | -149.50M | -207.06M | -49.16M | -223.06M | -230.56M | |
| Net Debt Issued (Repaid) | 81.95M | 159.01M | -207.06M | 123.09M | 45.94M | 73.84M |
| Issuance of Common Stock | 284.83M | 100.56M | 83.11M | 53.78M | 68.16M | |
| Repurchase of Common Stock | -5.88M | -5.21M | -1.53M | -1.62M | -1.35M | -3.57M |
| Common Dividends Paid | -112.79M | -107.39M | -100.53M | -94.76M | -91.51M | -90.49M |
| Total Dividends Paid | -112.79M | -107.39M | -100.53M | -94.76M | -91.51M | -90.49M |
| Other Financing Activities | -8.92M | -8.03M | -1.41M | -157.00K | -1.65M | -3.78M |
| Net Cash Flow | 32.83M | 4.97M | -10.87M | 9.91M | 5.22M | -2.61M |
| Levered Free Cash Flow | 256.03M | 133.52M | -64.34M | -38.73M | -33.98M | 59.73M |
| Unlevered Free Cash Flow | 278.96M | 153.96M | -40.18M | -10.55M | -15.47M | 75.72M |
| Cash Interest Paid | 38.88M | 32.97M | 40.05M | 47.18M | 28.81M | 26.72M |
| Change in Working Capital | -16.68M | -9.29M | -12.77M | -16.43M | -3.99M | -5.11M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.41B | 1.64B | 1.56B | 1.33B | 1.44B | 1.34B |
| Enterprise Value | 3.15B | 2.65B | 2.41B | 2.31B | 2.25B | 1.97B |
| Last Close Price | 44.75 | 32.76 | 30.85 | 26.84 | 27.75 | 25.10 |
| Price/FFO Ratio | 23.88 | 19.73 | 10.86 | 10.57 | 10.84 | 11.40 |
| Price/AFFO Ratio | 19.85 | 19.41 | 11.13 | 10.63 | 10.90 | 11.40 |
| PE Ratio | 16.19 | 13.96 | 17.31 | 14.92 | 14.47 | 24.26 |
| PS Ratio | 7.10 | 6.35 | 7.76 | 6.93 | 8.36 | 8.65 |
| PB Ratio | 1.90 | 1.41 | 1.49 | 1.45 | 1.69 | 1.80 |
| P/OCF Ratio | 17.05 | 12.04 | 12.42 | 12.73 | 13.63 | 14.74 |
| EV/Sales Ratio | 9.27 | 10.30 | 11.94 | 12.04 | 13.06 | 12.67 |
| EV/EBITDA Ratio | 23.90 | 23.91 | 15.06 | 15.67 | 17.22 | 17.42 |
| EV/EBIT Ratio | 35.99 | 36.31 | 19.50 | 21.00 | 24.16 | 26.34 |
| Debt / Equity Ratio | 0.58 | 0.73 | 0.65 | 0.97 | 0.90 | 0.97 |
| Debt / EBITDA Ratio | 5.91 | 7.61 | 4.30 | 6.05 | 5.88 | 6.39 |
| Net Debt / Equity Ratio | 0.55 | 0.71 | 0.64 | 0.95 | 0.89 | 0.96 |
| Net Debt / EBITDA Ratio | 5.61 | 7.48 | 4.24 | 5.91 | 5.80 | 6.35 |
| Asset Turnover | 0.17 | 0.13 | 0.11 | 0.11 | 0.11 | 0.10 |
| Quick Ratio | 19.46 | 16.93 | 19.57 | 6.10 | 4.07 | 1.86 |
| Current Ratio | 20.83 | 17.97 | 21.66 | 7.76 | 5.89 | 2.63 |
| Return on Equity (ROE) | 11.81% | 11.18% | 9.64% | 10.36% | 12.61% | 7.39% |
| Return on Assets (ROA) | 2.76% | 2.37% | 4.24% | 3.92% | 3.68% | 3.15% |
| Return on Invested Capital (ROIC) | 4.18% | 3.90% | 6.96% | 6.42% | 6.03% | 5.17% |
| Earnings Yield | 6.18% | 7.21% | 5.82% | 6.75% | 6.95% | 4.16% |
| Dividend Yield | 5.09% | 6.75% | 6.64% | 7.37% | 6.54% | 6.68% |
| Payout Ratio | 82.54% | 91.03% | 110.42% | 105.60% | 91.49% | 162.00% |
| Buyback Yield / Dilution | -7.50% | -5.24% | -6.97% | -3.22% | -2.33% | 0.27% |
| Total Shareholder Return | -2.41% | 1.51% | -0.34% | 4.15% | 4.21% | 6.95% |