LTC PROPERTIES INC LTC
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 2.54 | 2.07 | 2.16 | 2.49 | 1.41 | 2.42 | 2.03 | 3.91 | 2.21 | 2.21 |
| EPS, diluted | 2.52 | 2.04 | 2.16 | 2.48 | 1.41 | 2.42 | 2.02 | 3.89 | 2.20 | 2.21 |
| Shares, diluted (wtd. avg.) | $46.6M | $44.2M | $41.4M | $40.1M | $39.2M | $39.3M | $39.8M | $39.8M | $39.6M | $38.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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