LTC PROPERTIES INC LTC

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

LTC Properties, Inc., a real estate investment trust ("REIT"), was incorporated on May 12, 1992 in the State of Maryland and commenced operations on August 25, 1992. Historically we have invested primarily in seniors housing and health care properties primarily through ownership, sale-leasebacks, mortgage financing, joint ventures, construction financing and structured finance solutions including preferred equity, bridge and mezzanine lending.

Unless otherwise expressly stated or the context otherwise requires, when we refer to "we," "our," "us," "registrant," "our company," "the Company" or similar terms in this Annual Report on Form 10-K, we mean LTC Properties, Inc. and its consolidated subsidiaries.

Last close 43.75 2026-10-23
Market cap $2.36B 2026-06-30 share count
52-week range 33.64 - 44.30

Valuation FY2025 figures against the last close

P/S9.0x
P/E17.4x
P/FCF18.3x
EV/EBITDA13.1x
Dividend yield4.6%
Diluted EPS2.52

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $262.9M$209.8M$197.2M$175.2M$155.3M$159.3M$185.3M$168.6M$168.1M$161.6M
SG&A $31.1M$27.2M$24.3M$23.7M$21.5M$19.7M$18.5M$19.2M$17.5M$17.4M
Total operating expenses $223.4M$125.4M$144.6M$113.9M$108.0M$107.8M$105.5M$87.1M$86.8M$81.2M
Operating income $204.7M$199.4M$185.5M$99.1M$54.8M$95.6M$81.9M$152.2M$85.1M$84.0M
Interest expense ——$47.0M$31.4M$27.4M$29.7M$30.6M$30.2M$29.9M$26.4M
Pre-tax income $39.5M$84.5M$52.7M$100.6M$56.2M$95.3M$80.5M$155.0M$87.3M$85.1M
Income tax $179.0K$0$0$0$0$0$0$0$0$0
Net income $123.9M$94.9M$91.5M$100.6M$56.2M$95.3M$80.5M$155.0M$87.3M$85.1M
EPS, basic 2.542.072.162.491.412.422.033.912.212.21
EPS, diluted 2.522.042.162.481.412.422.023.892.202.21
Shares, diluted (wtd. avg.) 46.6M44.2M41.4M40.1M39.2M39.3M39.8M39.8M39.6M38.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $14.4M$9.4M$20.3M$10.4M$5.2M$7.8M$4.2M$4.8M$5.2M$8.0M
Other intangibles $6.5M$7.2M$13.1M———————
Total assets $2.06B$1.79B$1.86B$1.66B$1.50B$1.46B$1.51B$1.51B$1.47B$1.39B
Long-term debt $842.2M$684.6M$891.3M$767.9M$722.7M$649.4M$693.4M$645.0M$667.5M$609.4M
Total liabilities $899.7M$733.1M$938.8M$805.8M$759.7M$683.7M$728.8M$680.6M$706.9M$654.8M
Total equity $1.07B$960.6M$916.3M$850.3M$745.1M$775.8M$785.4M$833.0M$758.6M$740.0M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $136.0M$125.9M$104.5M$105.6M$91.2M$116.1M$122.5M$115.5M$105.3M$105.7M
Depreciation and amortisation $37.9M$36.4M$37.4M$37.5M$38.3M$39.1M$39.2M$37.6M$37.6M$35.9M
Stock-based compensation $9.3M$9.1M$8.5M$8.0M$7.8M$7.0M$6.6M$5.9M$5.2M$4.3M
Capital expenditure $7.3M$13.7M$9.7M$9.0M$6.3M$6.9M$2.8M$3.2M$2.9M$6.8M
Investing cash flow -$269.9M$90.7M-$174.9M-$119.9M-$69.8M$43.9M-$79.0M-$3.6M-$92.0M-$139.9M
Financing cash flow $138.9M-$227.4M$80.3M$19.6M-$24.0M-$156.5M-$44.0M-$112.4M-$16.1M$29.2M
Dividends paid $107.4M$100.5M$94.8M$91.5M$90.5M$90.3M$90.9M$90.4M$90.2M$84.6M
Buybacks —————$18.0M————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-040921.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 100M 200M 300M Revenue, FY2016: 161.6M Net income, FY2016: 85.1M Revenue, FY2017: 168.1M Net income, FY2017: 87.3M Revenue, FY2018: 168.6M Net income, FY2018: 155M Revenue, FY2019: 185.3M Net income, FY2019: 80.5M Revenue, FY2020: 159.3M Net income, FY2020: 95.3M Revenue, FY2021: 155.3M Net income, FY2021: 56.2M Revenue, FY2022: 175.2M Net income, FY2022: 100.6M Revenue, FY2023: 197.2M Net income, FY2023: 91.5M Revenue, FY2024: 209.8M Net income, FY2024: 94.9M Revenue, FY2025: 262.9M Net income, FY2025: 123.9M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $161.6M $168.1M $168.6M $185.3M $159.3M $155.3M $175.2M $197.2M $209.8M $262.9M
Gross profit — — — — — — — — — —
Net income $85.1M $87.3M $155.0M $80.5M $95.3M $56.2M $100.6M $91.5M $94.9M $123.9M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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