Form 8-K - Current report

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: October 26, 2023

(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)

2829 Townsgate Road, Suite 350

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 October 26, 2023, LTC Properties, Inc. announced the operating results for the quarter ended September 30, 2023. 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 October 26, 2023.

	99.2	LTC Properties, Inc. Supplemental Information Package for the period ending September 30, 2023.

	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: October 26, 2023	By:	/s/ WENDY L. SIMPSON
		Wendy L. Simpson
		Chairman & CEO

Exhibit 99.1

-8655

FOR IMMEDIATE RELEASE

For more information contact:

Mandi Hogan

(805) 981-8655

LTC REPORTS 2023 THIRD QUARTER RESULTS

AND DISCUSSES RECENT ACTIVITIES

WESTLAKE VILLAGE, CALIFORNIA, October 26, 2023 -- 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 third quarter ended September 30, 2023.


	Three Months Ended
	September 30,
	2023		2022

	(unaudited)

Net income available to common stockholders	$	22,050	$	13,159
Diluted earnings per common share	$	0.54	$	0.32
NAREIT funds from operations ("FFO") attributable to common stockholders	$	26,679	$	24,217
NAREIT diluted FFO per common share	$	0.65	$	0.60
FFO attributable to common stockholders, excluding non-recurring items	$	26,679	$	25,477
Funds available for distribution ("FAD")	$	27,213	$	26,019
FAD, excluding non-recurring items	$	27,213	$	26,519

Third quarter 2023 financial results were impacted by:

●

Higher interest income from financing receivables due to the acquisition of 11 assisted living and memory care communities during the 2023 first quarter, and three skilled nursing centers during the 2022 third quarter. These acquisitions are being accounted for as financing receivables in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”);

●

Higher interest income from mortgage loans resulting from mortgage loan originations in the 2023 first quarter;

●

Higher interest and other income due to the origination of a mezzanine loan during the 2023 third quarter;

●

Higher interest expense primarily due to higher interest rates and a higher outstanding balance on LTC’s revolving line of credit, partially offset by scheduled principal paydowns on the Company’s senior unsecured notes; and

●

Lower provision for credit losses primarily due to the 2022 third quarter acquisition of three skilled nursing centers accounted for as a financing receivable, partially offset by the origination of a mezzanine loan in the 2023 third quarter.

During the third quarter of 2023, LTC completed the following transactions:

●

As previously announced, originated a $17.0 million mezzanine loan with an affiliate of Galerie Living. The mezzanine loan was utilized to recapitalize an existing 130-unit assisted living, memory care and independent living campus in Georgia, as well as the construction of 89 additional units. The loan term is five years at an initial yield of 8.75% and an IRR of 12.0%;

●

Committed to fund a $19.5 million mortgage loan for the construction of an 85-unit assisted living and memory care community in Michigan. The borrower contributed $12.1 million of equity which will initially fund the construction. Once all of the borrower’s equity has been drawn, LTC will begin funding the commitment which is expected to be in early 2024. The loan term is approximately three years at a rate of 8.75%, and includes two, one-year extensions, each of which is contingent on certain coverage thresholds;

●

Sold five assisted living communities with a total of 247 units for $14.1 million. These communities are located in Pennsylvania and Nebraska;

●

As previously announced, re-leased 10 of the 35 properties in the existing Brookdale Senior Living (“Brookdale”) portfolio to Brookdale under a new master lease. This new master lease includes six properties in Colorado and four in Kansas. The six-year master lease will commence on January 1, 2024. Rent in the first year is set at $8.0 million, escalating by approximately 2% annually. The lease includes a purchase option that can be exercised in 2029. LTC also agreed to fund $4.5 million for capital expenditures for the first two years of the lease, at an initial rate of 8%, escalating by approximately 2% annually thereafter;

●

Entered into agreements to sell seven assisted living communities in the existing Brookdale portfolio. Four properties located in Florida with a total of 176 units will be sold for approximately $18.8 million, and three properties located in South Carolina will be sold for approximately $8.4 million. LTC anticipates receiving approximately $20.0 million to $21.0 million in proceeds, net of transaction costs and seller financing, as a result of these sales;

●

Received the full deferred rent repayment of $384,000 related to a master lease on three assisted living communities with a total of 258 units;

●

Provided $645,000 of abated rent during the 2023 third quarter and $215,000 of abated rent in October 2023 to the same operator for whom abated rent has been previously provided. LTC has agreed to provide rent abatements up to $215,000 per month through the end of 2023;

●

Paid $33.1 million in regular scheduled principal payments under the Company’s senior unsecured notes; and

●

Borrowed $35.9 million under the Company’s revolving line of credit.

Subsequent to September 30, 2023, LTC completed the following transactions:

●

Amended the new Brookdale master lease commencing on January 1, 2024 to add seven additional properties. One property is located in Ohio with 42 assisted living units and six are located in Texas with 235 assisted living units. These properties are currently included in the original Brookdale master lease. As a result of this amendment, Brookdale will operate 17 properties under the new master lease with the initial annual rent of $9.3 million and the capital expenditure commitment will be $7.2 million. Additionally, the new master lease provides Brookdale with a purchase option on these seven properties; and

●

Leased six assisted living communities located in Oklahoma, with a total of 219 units, to a current LTC operator under a new master lease, which is expected to commence on November 1, subject to the issuance of licensure to the new operator. These properties are currently included in the original Brookdale master lease. The lease term is for three years, with one four-year extension period. Rent in the first year is set at $960,000, increasing to $984,000 in the second year, and $1.2 million in the third year. Additionally, the master lease includes a purchase option that can be exercised starting in November 2027 through October 2029 if the lessee exercises its four-year extension option.

Prestige Healthcare Update:

During the third quarter of 2023 LTC deferred $900,000 in interest payments under an agreement to defer up to $1.5 million, or up to $300,000 per month for May through September 2023, in interest payments due on a mortgage loan secured by 15 skilled nursing centers located in Michigan and operated by Prestige Healthcare. Subsequent to September 30, 2023, this loan was amended. As part of the amendment, LTC has drawn $2.8 million from Prestige Healthcare’s approximate $5.0 million letter of credit to repay all deferred interest outstanding through October 2023. Additionally, LTC will draw down approximately $334,000 in each of November and December 2023 to be applied toward interest then due on the loan at that point. As a result, LTC expects to receive all contractual interest of $19.5 million due from Prestige Healthcare in 2023. Effective January 1, 2024, the minimum mortgage interest payment due to LTC will be set based on an annual current pay rate of 8.5% on the outstanding loan balance. The contractual interest rate on the loan of 10.8% as of January 1, 2024 remains unchanged. From the retro-active Medicaid funds due to Prestige Healthcare, LTC expects the letter of credit will be replenished in 2024 and Prestige Healthcare will be able to pay all contractual interest during 2024 and 2025.

Conference Call Information

LTC will conduct a conference call on Friday, October 27, 2023, at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time), to provide commentary on its performance and operating results for the quarter ended September 30, 2023. The conference call is accessible by telephone and the internet. Interested parties may access the live conference call via the following:


Webcast		www.LTCreit.com
USA Toll-Free Number		(888) 506-0062
International Number		(973) 528-0011
Conference Access Code		273665

Additionally, an audio replay of the call will be available one hour after the live call through November 10, 2023 via the following:


USA Toll-Free Number		(877) 481-4010
International Number		(919) 882-2331
Conference Number		49044

About LTC

LTC is a real estate investment trust (REIT) investing in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint-ventures and structured finance solutions including preferred equity and mezzanine lending. LTC’s investment portfolio includes 208 properties in 27 states with 29 operating partners. Based on its gross real estate investments, LTC’s investment portfolio is comprised of approximately 50% seniors housing and 50% skilled nursing properties. Learn more at www.LTCreit.com.

Forward-Looking Statements

This press release includes statements that are not purely historical and are “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, including statements regarding the Company’s expectations, beliefs, intentions or strategies regarding the future. All statements other than historical facts contained in this press release are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties. Please see LTC’s most recent Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, and its other publicly available filings with the Securities and Exchange Commission for a discussion of these and other risks and uncertainties. All forward-looking statements included in this press release are based on information available to the Company on the date hereof, and LTC assumes no obligation to update such forward-looking statements. 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

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Revenues:
Rental income	$	31,589	$	31,585	$	94,861	$	93,537
Interest income from financing receivables⁽¹⁾		3,832		357		11,413		357
Interest income from mortgage loans		12,247		10,379		35,417		30,112
Interest and other income		1,635		1,182		5,358		3,308
Total revenues		49,303		43,503		147,049		127,314

Expenses:
Interest expense		12,674		7,941		34,595		22,607
Depreciation and amortization		9,499		9,385		28,085		28,202
Impairment loss		—		1,286		12,510		1,286
Provision for credit losses		189		795		2,107		1,454
Transaction costs		329		629		537		728
Property tax expense		3,271		4,179		9,751		12,180
General and administrative expenses		5,959		5,888		18,344		17,407
Total expenses		31,921		30,103		105,929		83,864

Other operating income:
Gain (loss) on sale of real estate, net		4,870		(387)		20,545		37,809
Operating income		22,252		13,013		61,665		81,259
Income from unconsolidated joint ventures		375		376		1,127		1,127
Net income		22,627		13,389		62,792		82,386
Income allocated to non-controlling interests		(430)		(99)		(1,287)		(301)
Net income attributable to LTC Properties, Inc.		22,197		13,290		61,505		82,085
Income allocated to participating securities		(147)		(131)		(440)		(481)
Net income available to common stockholders	$	22,050	$	13,159	$	61,065	$	81,604

Earnings per common share:
Basic	$	0.54	$	0.33	$	1.48	$	2.06
Diluted	$	0.54	$	0.32	$	1.48	$	2.04

Weighted average shares used to calculate earnings per
common share:
Basic		41,153		40,270		41,127		39,658
Diluted		41,211		40,552		41,185		39,939

Dividends declared and paid per common share	$	0.57	$	0.57	$	1.71	$	1.71

(1)

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.

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. We believe 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 our 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 our Company’s FFO to that of other REITs.

We define 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 our 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 mortgage 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 the mortgage loan thus creating an effective interest receivable asset included in the interest receivable line item in our consolidated balance sheet and reduces down to zero when, at some point during the mortgage loan, 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 our 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, except per share amounts):


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2023		2022			2023			2022

GAAP net income available to common stockholders	$	22,050	$	13,159		$	61,065		$	81,604
Add: Impairment loss		—		1,286			12,510			1,286
Add: Depreciation and amortization		9,499		9,385			28,085			28,202
(Less)/Add: (Gain) loss on sale of real estate, net		(4,870)		387			(20,545)			(37,809)
NAREIT FFO attributable to common stockholders		26,679		24,217			81,115			73,283

Add: Non-recurring items		—		1,260	⁽¹⁾		262	⁽⁴⁾		824	⁽⁷⁾
FFO attributable to common stockholders, excluding non-recurring items	$	26,679	$	25,477		$	81,377		$	74,107


NAREIT FFO attributable to common stockholders	$	26,679	$	24,217			81,115			73,283
Non-cash income:
Add: straight-line rental adjustment		747		436			1,635			963
Add: amortization of lease incentives		171		319			610			921	⁽⁸⁾
Less: Effective interest income		(2,696)		(1,762)			(6,524)			(4,551)
Net non-cash income		(1,778)		(1,007)			(4,279)			(2,667)

Non-cash expense:
Add: Non-cash compensation charges		2,123		2,014			6,348			5,951
Add: Provision for credit losses		189		795	⁽²⁾		2,107	⁽⁵⁾		1,454
Net non-cash expense		2,312		2,809			8,455			7,405

Funds available for distribution (FAD)	$	27,213	$	26,019			85,291			78,021

Less: Non-recurring income		—		500	⁽³⁾		(1,570)	⁽⁶⁾		(681)	⁽⁹⁾
Funds available for distribution (FAD), excluding non-recurring items	$	27,213	$	26,519		$	83,721		$	77,340

(1)	Represents the net of (2) and (3) below.

(2)	Includes $760 of provision for credit loss related to the acquisition of the three skilled nursing centers accounted for as a financing receivable.

(3)	Represents the lease termination fee of $500 paid to a former operator of 12 assisted living communities in exchange for cooperation and assistance in facilitating an orderly transition of the communities to another operator.

(4)	Represents the net of (5) and (6) below.

(5)	Includes $1,832 of provision for credit losses related to the $121,321 acquisition accounted for as a financing receivable and $61,900 of mortgage loan originations.

(6)	Represents the prepayment fee and exit IRR related to the payoff of two mezzanine loans.

(7)

Represents (1) from above and (8) from below and the provision for credit losses related to the origination of two mortgage loans during the second quarter of 2022 and a $25,000 mezzanine loan during the first quarter of 2022 ($572) offset by the lease termination fee received in connection with the sale of a 74-unit assisted living community ($1,181).

(8)	Includes a lease incentive balance write-off of $173 related to a closed property and lease termination.

(9)	Represents the lease termination fee received in connection with the sale of a 74-unit assisted living community ($1,181) offset by (3) from above.

(Reconciliation of FFO and FAD continued on next page)

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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022

NAREIT Basic FFO attributable to common stockholders per share	$	0.65	$	0.60	$	1.97	$	1.85
NAREIT Diluted FFO attributable to common stockholders per share	$	0.65	$	0.60	$	1.97	$	1.83

NAREIT Diluted FFO attributable to common stockholders	$	26,826	$	24,348	$	81,555	$	73,283
Weighted average shares used to calculate NAREIT diluted FFO per share attributable to common stockholders		41,469		40,781		41,440		39,939


Diluted FFO attributable to common stockholders, excluding non-recurring items	$	26,826	$	25,608	$	81,817	$	74,107
Weighted average shares used to calculate diluted FFO, excluding non-recurring items, per share attributable to common stockholders		41,469		40,781		41,440		39,939


Diluted FAD	$	27,360	$	26,150	$	85,731	$	78,021

Weighted average shares used to calculate diluted FAD per share		41,469		40,781		41,440		39,939


Diluted FAD, excluding non-recurring items	$	27,360	$	26,650	$	84,161	$	77,340
Weighted average shares used to calculate diluted FAD, excluding non-recurring items, per share		41,469		40,781		41,440		39,939

LTC PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except per share)


	September 30, 2023		December 31, 2022
	(unaudited)		(audited)
ASSETS
Investments:
Land	$	123,919	$	124,665
Buildings and improvements		1,260,891		1,273,025
Accumulated depreciation and amortization		(386,483)		(389,182)
Operating real estate property, net		998,327		1,008,508
Properties held-for-sale, net of accumulated depreciation: 2023—$11,590; 2022—$2,305		9,448		10,710
Real property investments, net		1,007,775		1,019,218
Financing receivables,⁽¹⁾net of credit loss reserve: 2023—$1,981; 2022—$768		196,053		75,999
Mortgage loans receivable, net of credit loss reserve: 2023—$4,777; 2022—$3,930		473,567		389,728
Real estate investments, net		1,677,395		1,484,945
Notes receivable, net of credit loss reserve: 2023—$637; 2022—$589		63,056		58,383
Investments in unconsolidated joint ventures		19,340		19,340
Investments, net		1,759,791		1,562,668

Other assets:
Cash and cash equivalents		11,302		10,379
Debt issue costs related to revolving line of credit		1,719		2,321
Interest receivable		54,605		46,000
Straight-line rent receivable		20,068		21,847
Lease incentives		2,193		1,789
Prepaid expenses and other assets		18,185		11,099
Total assets	$	1,867,863	$	1,656,103

LIABILITIES
Revolving line of credit	$	362,250	$	130,000
Term loans, net of debt issue costs: 2023—$380; 2022—$489		99,620		99,511
Senior unsecured notes, net of debt issue costs: 2023—$1,307; 2022—$1,477		494,353		538,343
Accrued interest		3,893		5,234
Accrued expenses and other liabilities		47,364		32,708
Total liabilities		1,007,480		805,796

EQUITY
Stockholders’ equity:
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2023—41,412; 2022—41,262		413		412
Capital in excess of par value		937,550		931,124
Cumulative net income		1,606,165		1,544,660
Accumulated other comprehensive income		8,596		8,719
Cumulative distributions		(1,727,315)		(1,656,548)
Total LTC Properties, Inc. stockholders’ equity		825,409		828,367
Non-controlling interests		34,974		21,940
Total equity		860,383		850,307
Total liabilities and equity	$	1,867,863	$	1,656,103

(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.

Exhibit 99.2

RENEWAL AND TRANSITION SUPPLEMENTAL OPERATING AND FINANCIAL DATA THIRD QUARTER 2023

3Q 2023 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. 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, the status of the economy, the status of capital markets (including prevailing interest rates), and our access to capital; the income and returns available from investments in health care related real estate, the ability of our borrowers and lessees to meet their obligations to us, our reliance on a few major operators; competition faced by our borrowers and lessees within the health care industry, regulation of the health care industry by federal, state and local governments, changes in Medicare and Medicaid reimbursement amounts (including due to federal and state budget constraints), compliance with and changes to regulations and payment policies within the health care industry, debt that we may incur and changes in financing terms, our ability to continue to qualify as a real estate investment trust, the relative illiquidity of our real estate investments, potential limitations on our remedies when mortgage loans default, and risks and liabilities in connection with properties owned through limited liability companies and partnerships. 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, 2022 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. 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 20, 23 and 24 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. TABLE OF CONTENTS 2 COMPANY Company Information & Leadership 3 INVESTMENTS Real Estate Activities Acquisitions and Financing Receivables 4 Mortgage and Mezzanine Loan Originations 5 Joint Ventures 6 Purchase Options and Renovations & Expansions 7 PORTFOLIO Overview 8-9 Diversification Operators 10-11 Maturity 12 Geography, MSA, Age of Portfolio 13-14 Real Estate Investments Metrics 15 FINANCIAL Enterprise Value 16 Debt Metrics 17 Debt Maturity 18 Financial Data Summary 19-20 Consolidated Statements of Income 21 Consolidated Balance Sheets 22 Funds from Operations 23-24 ESG and GLOSSARY ESG (Environmental, Social & Governance) 25-26 Glossary 27-28 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 sale-leaseback transactions, mortgage financing and structured finance solutions including preferred equity and mezzanine lending. LTC’s portfolio encompasses Skilled Nursing Facilities (SNF), 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.

3Q 2023 SUPPLEMENTAL REPORT 3 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 LEADERSHIP LTC PROPERTIES, INC. 2829 Townsgate Road Suite 350 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 Chairman CORNELIA CHENG ESG Committee Chairman DAVID GRUBER Director BOYD HENDRICKSON Lead Independent Director and Nominating & Corporate Governance Committee Chairman JAMES PIECZYNSKI Investment Committee Chairman DEVRA SHAPIRO Audit Committee Chairman TIMOTHY TRICHE, MD Compensation Committee Chairman STEVEN VALIQUETTE Barclays JUAN SANABRIA BMO Capital Markets Corp. JOE DICKSTEIN Jefferies LLC AARON HECHT JMP Securities, LLC AUSTIN WURSCHMIDT KeyBanc Capital Markets, Inc. MIKE CARROLL RBC Capital Markets Corporation STEVE MANAKER Stifel, Nicolaus & Company, Inc. RICHARD ANDERSON Wedbush CONNOR SIVERSKY Wells Fargo Securities, LLC WENDY SIMPSON Chairman and Chief Executive Officer PAM KESSLER Co-President, CFO and Secretary CLINT MALIN Co-President and Chief Investment Officer CECE CHIKHALE Executive Vice President, Chief Accounting Officer and Treasurer DOUG KOREY Executive Vice President, Managing Director of Business Development PETER LYEW Vice President, Director of Tax GIBSON SATTERWHITE Senior Vice President, Asset Management MANDI HOGAN Senior Vice President of Marketing, Investor Relations and ESG MIKE BOWDEN Vice President, Investments RACHEL SON Vice President and Controller ERIC SMITH Vice President of Facilities and Capital Projects

3Q 2023 SUPPLEMENTAL REPORT CONTRACTUAL # OF PROPERTY # BEDS/ DATE OF INITIAL PROPERTIES TYPE UNITS LOCATION OPERATOR CONSTRUCTION CASH YIELD 2022 4/1 4 SNF 339 beds Various cities in TX Ignite Medical Resorts 2017-2018 8.00% 51,534 $ (1) 2023 6/1 1 ILF/ALF/MC 242 units Centerville, OH Encore Senior Living 2019-2022 8.25% 54,134 $ (2) DATE PURCHASE PRICE ACQUISITIONS INVESTMENTS I 4 REAL ESTATE ACTIVITIES – INVESTMENTS - 2022-2023 YTD FINANCING RECEIVABLES(1) (DOLLAR AMOUNTS IN THOUSANDS) CONTRACTUAL # OF PROPERTY # OF DATE OF INITIAL PURCHASE PROPERTIES TYPE BEDS/UNITS LOCATION OPERATOR CONSTRUCTION CASH YIELD PRICE 2022 9/8 3 SNF 299 beds Various cities in FL PruittHealth 2018-2021 7.25% 75,825 $ (2) 2023 1/5 11 ALF/MC 523 units Various cities in NC ALG Senior 1988-2018 7.25% 121,321 (3) DATE (1) Financing receivables represent acquisitions through sale-leaseback transactions, subject to lease agreements that contain purchase options. In accordance with GAAP, the purchased assets are required to be presented as a financing receivable on our Consolidated Balance Sheets and the rental income received is required to be presented as interest income from financing receivables on our Consolidated Statements of Income. (2) We entered into a JV with an affiliate of PruittHealth, Inc. (“PruittHealth”) and contributed $61,661 into the JV that purchased three skilled nursing centers. The JV leased the centers to PruittHealth under a 10-year master lease, with two five-year renewal options and provided PruittHealth with a purchase option, exercisable at the beginning of the fourth year through the end of the fifth year. See Consolidated Joint Ventures on page 6. (3) We entered into a JV with an affiliate of ALG Senior and contributed $117,490 into the JV that purchased 11 assisted living and memory care communities. The JV leased the communities to an affiliate of ALG Senior under a 10-year master lease, with two five-year renewal options. The initial annual rent is at a rate of 7.25%, increasing to 7.50% in year three, then escalating thereafter based on CPI, subject to a floor of 2% and ceiling of 4%. The master lease provides the operator with the option to buy up to 50% of the properties at the beginning of the third lease year, and the remaining properties at the beginning of the fourth lease year through the end of the sixth lease year, with an exit IRR of 9.00% on any portion of the properties being purchased. See Consolidated Joint Ventures on page 6. (1) The lease term is 10 years, with two 5-year renewal options, and contains a purchase option beginning in the sixth lease year through the end of the seventh lease year. Rent will increase annually beginning on the third anniversary of the lease by 2.0% to 4.0% based on the change in the Medicare Market Basket Rate. Additionally, we provided a 10-year working capital loan at 8.00% for the first year increasing to 8.25% for the second year then increasing annually with the lease rate. During 2023, the working capital loan was fully repaid. Accordingly, the working capital commitment has been terminated. (2) We contributed $45,000 to a $54,134 joint venture (“JV”) for the purchase of an independent living, assisted living and memory care campus in Ohio. The seller, LTC’s JV partner, has the option to purchase the campus during the third and fourth lease years, with an exit IRR of 9.75%. The campus was leased to an affiliate of Encore Senior Living (“Encore”) under a 10-year term at an initial yield of 8.25% on LTC’s allocation of the JV investment. We committed to fund $2,100 of lease incentives under the new lease. See Consolidated Joint Ventures on page 6 for further discussion. 2022 - $176,400 OF INVESTMENTS Acquisitions 30.6% Financing Receivables 34.9% Mortgage Loans 20.3% Mezzanine Loans 14.2% 2023 YTD - $257,851 OF INVESTMENTS Acquisitions 17.4% Financing Receivables 45.6% Mortgage Loans 30.4% Mezzanine Loans 6.6%

3Q 2023 SUPPLEMENTAL REPORT MORTGAGE LOANS INVESTMENTS I 5 MEZZANINE LOANS (1) The loan includes two 12-month extension options. The initial cash rate is 8.00% with a 11.00% IRR. Our investment represents approximately 12.00% of the total investment. (2) The initial cash rate is 8.75% with a 12.00% IRR. Our investment represents approximately 74% of the estimated project cost. The loan will also be utilized for the construction of 89 additional units. # OF PROPERTY # OF MATURITY PROPERTIES TYPE UNITS LOCATION OPERATOR DATE ORIGINATION 2022 5 ILF/ALF/MC 621 units Various cities in OR & MT The Springs Living May-2027 (1) 8.00% (1) $ 25,000 2023 1 ILF/ALF/MC 130 units Alpharetta, GA Galerie Management Jun-2028 (2) 8.75% 17,000 $ CONTRACTUAL YEAR RATE COMMITMENT INITIAL # OF PROPERTY # UNITS/ MATURITY INITIAL PROPERTIES TYPE BEDS LOCATION OPERATOR DATE ORIGINATION INVESTMENT 2022 5/5 4 ALF 217 units Various cities in NC ALG Senior Jun-2026 7.25% (1) $ 33,842 35,074 $ 1,232 $ (1) 5/5 — (2) OTH N/A Mills River, NC ALG Senior Jun-2026 7.25% 826 826 — 4 217 units $ 34,668 35,900 $ 1,232 $ 2023 1/5 1 MC 45 units Canton, NC ALG Senior Jan-2025 7.25% (3) $ 10,750 10,750 $ — $ 2/16 1 ILF/ALF/MC 203 units Atlanta, GA Galerie Management Oct-2024 7.50% (4) 51,111 51,111 — 6/2 1 SNF 150 beds Hanover Park, IL Ignite Medical Resorts Jun-2028 8.75% 16,500 16,500 — 7/27 1 ALF/MC 85 units Lansing, MI Encore Senior Living Sep-2026 8.75% 19,500 (5) 19,500 — (5) 4 333 units/150 beds $ 78,361 97,861 $ 19,500 $ INITIAL DATE COMMITMENT ADDITIONAL CONTRACTUAL INITIAL RATE (1) The initial rate is 7.25% with an 8.00% IRR. The initial additional commitment is for working capital, which was undrawn and expired in May 2023. (2) Represents a mortgage loan on a parcel of land adjacent to one of the assisted living communities secured under the $35,074 ALG mortgage loan. The land is being held for the future development of a seniors housing community. The initial rate is 7.25% with an 8.00% IRR. (3) The initial rate is 7.25% with a 9.00% IRR. (4) Invested in an existing mortgage loan refinancing certain existing banks and our outstanding $7,461 mezzanine loan originated in 4Q18. The initial rate is 7.5% yield with a 7.75% IRR. We expect to record GAAP and cash interest income from this mortgage loan during 2023 of $3,441. (5) Committed to fund the construction of an assisted living and memory care community in Michigan. The borrower contributed $12,100 of equity which will initially fund the construction. Once all of the borrower’s equity has been drawn, we will begin funding the commitment which is expected to be in early 2024. The loan term is approximately three years at a rate of 8.75%, and includes two, one-year extensions, each of which is contingent on certain coverage thresholds. Our investment will represent approximately 62% of the total investment. REAL ESTATE ACTIVITIES – INVESTMENTS - 2022-2023 YTD (DOLLAR AMOUNTS IN THOUSANDS)

3Q 2023 SUPPLEMENTAL REPORT INVESTMENT PROPERTY # OF LTC YEAR TYPE UNITS/BEDS LOCATION OPERATOR INVESTMENT PURPOSE COMMITMENT 2017 ILF/ALF/MC 110 units Cedarburg, WI Tealwood Senior Living Owned Real Estate 22,244 $ 2,305 $ — 19,939 $ 2017 ALF 87 units Spartanburg, SC ALG Senior Owned Real Estate 11,660 1,241 — 10,419 197 units 3,546 33,904 — 30,358 2018 ALF/MC 78 units Medford, OR Fields Senior Living Owned Real Estate(1) 1,090 18,978 — 17,888 2018 ILF 89 units Medford, OR Fields Senior Living Owned Real Estate(1) 2,907 14,651 — 11,744 167 units 3,997 33,629 — 29,632 2022 SNF 299 beds Various cities in FL PruittHealth Owned Real Estate(2) 14,325 75,986 — 61,661 2023 ALF/MC 523 units Various cities in NC ALG Senior Owned Real Estate(3) 3,831 121,321 — 117,490 2023 ILF/ALF/MC 242 units Centerville, OH Encore Senior Living Owned Real Estate(4) 9,134 56,234 1,096 46,004 765 units 12,965 177,555 1,096 163,494 1,129 units/299 beds $ 34,833 321,074 $ 1,096 $ 285,145 $ CONTRIBUTION JOINT VENTURES INTEREST LTC TOTAL NON-CONTROLLING COMMITMENT CONTRIBUTION (1) The initial cash rate is 7.00% increasing to 9.00% in year-four until the IRR is 8.00%. After achieving an 8.00% IRR, the cash rate drops to 8.00% with an IRR ranging between of 12.00% and 14.00% depending upon timing of redemption. Our investment represents 15.50% of the total investment. We have the option to require the JV partner to purchase our preferred equity interest at any time between August 17, 2031 and December 31, 2036. (2) The initial cash rate is 8.00% with an IRR of 14.00%. Our investment represents 11.00% of the total estimated project cost. The JV provides the JV partner the option to buy out our investment at any time after August 31, 2023 at the IRR rate. Also, we have the option to require the JV partner to purchase our preferred equity interest at any time between August 31, 2027 and prior to the end of the first renewal term of the lease. The estimated project completion is 4Q23. CONSOLIDATED JOINT VENTURES UNCONSOLIDATED JOINT VENTURES INVESTMENTS I 6 REAL ESTATE ACTIVITIES – JOINT VENTURES - CURRENT INVESTMENTS HELD (DOLLAR AMOUNTS IN THOUSANDS) # OF PROPERTY # OF INVESTMENT PROPERTIES TYPE UNITS LOCATION OPERATOR TYPE 2020 1 ALF/MC 95 units Arlington, WA Fields Senior Living Preferred Equity 7.00% (1) $ 6,340 2020 1 UDP-ILF/ALF 267 units Vancouver, WA Koelsch Communities Preferred Equity 8.00% (2) 13,000 2 362 units $ 19,340 COMMITMENT INVESTMENT YEAR RETURN COMMITMENT (1) Represents a single joint venture with ownership in two properties. (2) We entered into a JV with an affiliate of PruittHealth and the JV purchased three skilled nursing centers. In accordance with GAAP, the purchased assets are presented as a financing receivable on our Consolidated Balance Sheets. See Financing Receivables on page 4 for further discussion. (3) We entered into a JV with an affiliate of ALG Senior to purchase 11 assisted living/memory care communities. In accordance with GAAP, the purchased assets are presented as a financing receivable on our Consolidated Balance Sheets. See Financing Receivables on page 4 for further discussion. (4) See Acquisitions on page 4 for further discussion.

3Q 2023 SUPPLEMENTAL REPORT CONTRACTUAL TOTAL COMMITMENT # OF PROPERTY PROJECT INITIAL INVESTMENT 3Q23 FUNDED REMAINING YEAR PROPERTIES TYPE TYPE LOCATION OPERATOR CASH YIELD TO DATE COMMITMENT — (1) 2021 1 ALF/MC Expansion Ocala, FL Pointe Group Care 7.75% 4,177 $ 181 $ 4,177 $ — $ — (2) 2021 13 ILF/ALF/MC Renovation Various cities in NC and SC ALG Senior 7.25% 6,098 1,476 5,178 920 — (3) 2023 1 ALF/MC Construction Lansing, MI Encore Senior Living 8.75% 19,500 — — 19,500 15 $ 1,657 29,775 $ 9,355 $ 20,420 $ INCEPTION DATE COMMITMENT FUNDING INTEREST ESTIMATED (1) This commitment is part of a $16,707 loan commitment for the construction of a memory care addition to the property. The expansion project was completed in September 2023. (2) This commitment is part of a $59,250 loan commitment secured by 13 properties, (12) North Carolina and (1) South Carolina. Interest payment increases upon each funding. (3) Committed to fund a mortgage loan for the construction of an assisted living and memory care community in Michigan. The borrower contributed $12,100 of equity which will initially fund the construction. Once all of the borrower’s equity has been drawn, we will begin funding the commitment which is expected to be in early 2024. See Mortgage Loans on page 5 for further discussion. RENOVATIONS & EXPANSIONS: MORTGAGE LOANS INVESTMENTS I 7 REAL ESTATE ACTIVITIES – PURCHASE OPTIONS AND RENOVATIONS & EXPANSIONS (DOLLAR AMOUNTS IN THOUSANDS) PURCHASE OPTIONS # OF PROPERTY GROSS OPTION STATE PROPERTIES TYPE INVESTMENTS WINDOW California 2 ALF/MC 38,895 $ 2,876 $ 2023-2029 Florida 1 MC 7,680 664 2029 Florida 3 SNF 76,712 5,616 2025-2027 (1) North Carolina 11 ALF/MC 121,321 9,706 2025-2028 (1) Ohio 1 MC 16,161 230 2024-2025 Ohio 1 ILF/ALF/MC 54,714 3,900 2025-2027 (2) South Carolina 1 ALF/MC 11,680 907 2029 Tennessee 2 SNF 5,275 986 2023-2024 Texas 4 SNF 52,426 4,409 2027-2029 (3) Total 26 384,864 $ 29,294 $ ANNUALIZED GAAP REVENUE (1) See Financing Receivables on page 4 for further discussion. (2) See Acquisitions on page 4 for further discussion. (3) The master lease allows the operator to elect either an earn-out payment or purchase option. If neither option is elected within the timeframe defined in the lease, both elections are terminated. See Acquisitions on page 4 for further discussion.

3Q 2023 SUPPLEMENTAL REPORT # OF % OF % OF BY INVESTMENT TYPE PROPERTIES INVESTMENT REVENUES(1) REVENUES INCOME STATEMENT LINE Owned Portfolio 143 1,405,848 $ 65.0% 114,687 $ 64.1% Rental Income Financing Receivables 14 198,033 9.1% 12,818 7.1% Interest Income from Financing Receivables Mortgage Loans 44 478,344 22.1% 45,905 25.7% Interest Income from Mortgage Loans Notes Receivable 6 63,693 2.9% 3,945 2.2% Interest and Other Income Unconsolidated Joint Ventures 1 19,340 0.9% 1,504 0.9% Income from Unconsolidated Joint Ventures Total 208 2,165,258 $ 100.0% 178,859 $ 100.0% # OF % OF BY PROPERTY TYPE PROPERTIES INVESTMENT Assisted Living 130 1,149,589 $ 53.1% Skilled Nursing 77 987,877 45.6% Other(2) 14,792 1 0.7% Under Development — 13,000 0.6% Total 208 2,165,258 $ 100.0% INVESTMENT GROSS INVESTMENT TRAILING TWELVE MONTHS ENDED SEPTEMBER 30, 2023 GROSS Owned Portfolio 65.0% Mortgage Loans* 22.1% Financing Receivables 9.1% Notes Receivable 2.9% Unconsolidated Joint Ventures 0.9% Assisted Living 53.1% Skilled Nursing 45.6% Other 0.7% Under Development 0.6% 29 Operators 27 States 208 Properties PORTFOLIO I 8 PORTFOLIO OVERVIEW (AS OF SEPTEMBER 30, 2023, DOLLAR AMOUNTS IN THOUSANDS) *Weighted average maturity @ 9/30/23 – 12.0 years GROSS INVESTMENT BY INVESTMENT TYPE GROSS INVESTMENT BY PROPERTY TYPE (1) See Trailing Twelve Months Revenues definition in the Glossary. (2) Includes one behavioral health care hospital and three parcels for land held-for-use, a parcel of land securing a first mortgage held for future development of a post-acute skilled nursing center and a parcel of land securing a first mortgage held for future development of a seniors housing community.

3Q 2023 SUPPLEMENTAL REPORT PORTFOLIO I 9 PORTFOLIO OVERVIEW – DETAIL (AS OF SEPTEMBER 30, 2023, DOLLAR AMOUNTS IN THOUSANDS) # OF OWNED PORTFOLIO PROPERTIES RENTAL INCOME(1) Assisted Living 92 800,963 $ 37.0% 54,802 $ 30.6% Skilled Nursing 50 592,880 27.4% 58,882 32.9% Other 1 12,005 0.6% 1,003 0.6% Total 143 1,405,848 $ 65.0% 114,687 $ 64.1% # OF FINANCING RECEIVABLES PROPERTIES FINANCING INCOME(1) Assisted Living 11 121,321 $ 5.6% 7,198 $ 4.0% Skilled Nursing 3 76,712 3.5% 5,620 3.1% Total 14 198,033 $ 9.1% 12,818 $ 7.1% # OF MORTGAGE LOANS MORTGAGE LOANS PROPERTIES INTEREST INCOME(1) Assisted Living 20 170,941 $ 7.9% 11,434 $ 6.4% Skilled Nursing 24 304,616 14.1% 34,262 19.2% Other — 2,787 0.1% 209 0.1% Total 44 478,344 $ 22.1% 45,905 $ 25.7% REAL ESTATE INVESTMENTS 2,082,225 201 $ 96.2% 173,410 $ 96.9% # OF INTEREST AND NOTES RECEIVABLE PROPERTIES OTHER INCOME(1) Assisted Living 6 50,024 $ 2.3% 3,387 $ 1.9% Skilled Nursing — 13,669 0.6% 558 0.3% Total 6 63,693 $ 2.9% 3,945 $ 2.2% # OF UNCONSOLIDATED UNCONSOLIDATED JOINT VENTURES PROPERTIES JV INCOME(1) Assisted Living 1 6,340 $ 0.3% 450 $ 0.3% Under Development — 13,000 0.6% 1,054 0.6% Total 1 19,340 $ 0.9% 1,504 $ 0.9% TOTAL INVESTMENTS 2,165,258 208 $ 100.0% 178,859 $ 100.0% GROSS INVESTMENT % OF GROSS INVESTMENT REVENUES % OF TOTAL REVENUES % OF TOTAL REVENUES % OF TOTAL INVESTMENT TRAILING TWELVE MONTHS ENDED SEPTEMBER 30, 2023 GROSS % OF GROSS INVESTMENT REVENUES % OF TOTAL GROSS % OF % OF TOTAL INVESTMENT GROSS INVESTMENT REVENUES INVESTMENT GROSS GROSS INVESTMENT GROSS INVESTMENT % OF GROSS INVESTMENT % OF (1) See Trailing Twelve Months Revenues definition in the Glossary. 30.6% 32.9% 0.6% 0.0% 25.0% 50.0% ALF SNF OTH RENTAL INCOME (AS % OF TOTAL REVENUES) MORTGAGE LOANS INTEREST INCOME (AS % OF TOTAL REVENUES) INTEREST & OTHER INCOME (AS % OF TOTAL REVENUES) UNCONSOLIDATED JV INCOME (AS % OF TOTAL REVENUES) 6.4% 19.2% 0.1% 0.0% 15.0% 30.0% ALF SNF OTH 1.9% 0.3% 0.0% 2.5% 5.0% ALF SNF 0.3% 0.6% 0.0% 0.5% 1.0% ALF SNF 4.0% 3.1% 0.0% 15.0% 30.0% ALF SNF FINANCING RECEIVABLES (AS % OF TOTAL REVENUES)

3Q 2023 SUPPLEMENTAL REPORT PORTFOLIO I 10 PORTFOLIO DIVERSIFICATION – 29 OPERATORS (AS OF SEPTEMBER 30, 2023, DOLLAR AMOUNTS IN THOUSANDS) HMG Privately Held SNF/ILF/ALF 37 Properties 2 States IGNITE Privately Held SNF/ALF 19 Properties 6 States ARK Privately Held SNF/ILF/ALF 14 Properties 4 States 22 States More than 250 Properties SNF/ Senior Living GENESIS OTC PINK: GENN 75 Properties 7 States SNF/MC Hospitals & Other Rehab FUNDAMENTAL Privately Held 79 Properties 5 States SNF/ILF/ALF Other Rehab PRESTIGE Privately Held ALG Privately Held ILF/ALF/MC 149 Properties 7 States 672 Properties 41 States ILF/ALF/MC Continuing Care BROOKDALE NYSE: BKD ANTHEM Privately Held Exclusively MC 20 Properties 8 States 17 Properties 2 States SNF/ILF/ALF Transitional Care CARESPRING Privately Held (1) See Glossary for definition of Annualized Actual Cash Income, Annualized Contractual Cash Income and Annualized GAAP Income. (2) The difference between Annualized Actual Cash and Annualized Contractual Cash at September 2023 is due to deferred rent and interest payments and abatements provided in September 2023. (3) The difference between Annualized Contractual Cash and Annualized GAAP at September 2023 is due to straight-line rent, lease incentives amortization and effective interest. See Non-Cash Revenue Components on page 19. (4) Includes annual cash rent of $8,000 and annual GAAP rent of $7,991 from the HMG 11 skilled nursing centers portfolio master lease in 2023. (5) See Operator Update on page 11 for further discussion. OPERATORS # OF PROPS % % % GROSS INVESTMENT % Prestige Healthcare (5) 24,329 24 $ 13.8% 27,929 $ 15.4% 32,751 $ 17.5% 272,767 $ 12.6% ALG Senior 42 18,080 10.3% 18,080 10.0% 19,285 10.3% 310,789 14.4% Brookdale Senior Living (5) 15,418 35 8.8% 15,418 8.5% 15,413 8.3% 106,921 4.9% Anthem Memory Care (5) 11,040 12 6.3% 11,040 6.1% 11,030 5.9% 156,054 7.2% Carespring Health Care Management 4 10,769 6.1% 10,769 5.9% 11,195 6.0% 102,940 4.8% HMG Healthcare (4) 10,592 13 6.0% 10,592 5.8% 10,583 5.7% 176,644 8.2% Ignite Medical Resorts 7 9,251 5.3% 9,251 5.1% 9,251 5.0% 105,393 4.9% Ark Post Acute Network 7 9,110 5.2% 9,110 5.0% 8,257 4.4% 71,742 3.3% Genesis Healthcare 6 9,027 5.1% 9,027 5.0% 9,027 4.8% 50,630 2.3% Fundamental 5 7,840 4.5% 7,840 4.3% 6,944 3.7% 65,798 3.0% All Others (5) 50,260 53 28.6% 52,474 28.9% 53,120 28.4% 745,580 34.4% 208 175,716 $ 100.0% 181,530 $ 100.0% 186,856 $ 100.0% 2,165,258 $ 100.0% ANNUALIZED GAAP(1)(3) ANNUALIZED ACTUAL CASH(1)(2) ANNUALIZED CONTRACTUAL CASH(1)(2)(3)

3Q 2023 SUPPLEMENTAL REPORT PORTFOLIO I 11 REVENUE UPDATES During 3Q23, we collected 96.9% or $36,851 of contractual rent and mortgage interest income. We deferred, net of repayments, 1.4% or $516 of contractual rent and mortgage interest income and provided 1.7% or $645 of abated rent to an existing operator. Deferred $900 in interest payments during 3Q23 under our previously disclosed agreement to defer $1,500, or up to $300 per month for May through September 2023, in interest payments due on a mortgage loan secured by 15 skilled nursing centers located in Michigan which are operated by Prestige Healthcare. Subsequent to September 30, 2023, we amended the loan. As part of the amendment, we have drawn down $2,767 of the $4,945 letter of credit from Prestige to repay all deferred interest outstanding through October 2023. We will further draw down approximately $334 in each of November and December 2023 to be applied toward interest due on the loan at that point. As a result, we expect to receive all contractual interest of $19,539 due from Prestige in 2023. Beginning on January 1, 2024, the minimum mortgage interest payment due to us will be based on an annual current pay rate of 8.5% on the outstanding loan balance. The contractual interest rate on the loan of 10.8% as of January 1, 2024 remains unchanged. From retro-active Medicaid funds due to Prestige, we expect our letter of credit will be replenished in 2024 and Prestige will be able to pay all contractual interest during 2024 and 2025. We received the full deferred rent repayments of $384 related to a master lease on three assisted living communities with a total of 258 units. Provided $645 of abated rent during 3Q23 and $215 of abated rent in October 2023 to the same operator for whom abated rent has been previously provided. We agreed to provide rent abatements up to $215 per month through the end of 2023, pursuant to a master lease covering two assisted living communities. We are evaluating options for these communities. In regard to our transitioned ALF portfolios with quarterly market-based rent resets, we sold five of the transitioned ALF properties during 3Q23 and recorded a gain of $4,870. Accordingly, the rent we expected to receive from these portfolios during 2023 decreased from $720 to $561. For our transitioned SNF portfolio to HMG, we expect to receive $8,000 in rent during 2023. Anthem paid us the agreed upon annual cash rent of $10,800 in each of 2022 and 2021 and we expect to receive $10,800 of annual cash rent from Anthem during 2023 and 2024. During 1Q23, we transitioned a 60-unit memory care community located in Ohio to Anthem. Under a new two-year lease, no rent was paid through May 2023, after which cash rent is based on mutually agreed upon fair market rent. The first quarterly rent for the period June through August 2023 was set at $45 and paid in August 2023. The second quarterly rent for the period September through November was set at $60 and is payable in November 2023, at which time rent will be reset for the following three months. Anthem is current on agreed upon rent payments through October 2023. We receive regular financial performance updates from Anthem and continue to monitor their performance obligations under the master lease agreement. PORTFOLIO DIVERSIFICATION – OPERATOR UPDATE (DOLLAR AMOUNTS IN THOUSANDS) Brookdale Senior Living (“Brookdale”) elected not to exercise its renewal option under a master lease that matures on December 31, 2023. Brookdale is obligated to pay rent on the portfolio of 35 assisted living communities through maturity. As previously announced, we re-leased 10 of the properties, six in Colorado and four in Kansas, back to Brookdale under a new six-year master lease commencing on January 1, 2024. Rent in the first lease year is $8,000, escalating by approximately 2.0% annually. The lease includes a purchase option that can be exercised in 2029. We also agreed to fund $4,500 for capital expenditures for the first two years of the lease at an initial rate of 8.0%, escalating by approximately 2.0% annually thereafter. We amended the new master lease to add seven additional properties, including one in Ohio with 42 assisted living units, and six in Texas with a total of 235 assisted living units. As a result of this amendment, Brookdale will operate 17 properties under the new master lease with the initial annual rent of $9,325 and the capital expenditure commitment will be $7,150. Additionally, the new master lease provides Brookdale with a purchase option on these seven properties. For the remaining 18 properties, we plan to sell seven, while leasing 11 to different operators. Of the seven properties being sold, four in Florida will be sold for $18,750, and three in South Carolina will be sold for $8,428. We anticipate receiving $20,000-$21,000 in proceeds, net of transaction costs and seller financing, as a result of these sales. Of the 11 properties being re-leased, six properties in Oklahoma, with a total of 219 assisted living units, will be operated under a new master lease by a current LTC operator, which we anticipate will commence on November 1, subject to the issuance of licensure to the new operator. The lease term is for three years, with one four-year extension period. Rent in the first year is set at $960, increasing to $984 in the second year, and $1,150 in the third year. Additionally, the master lease includes a purchase option that can be exercised starting in November 2027 through October 2029 if the lessee exercises its four-year extension option. We are currently working on finalizing a new lease for another five properties located in North Carolina with a total of 210 assisted living units. This new lease is expected to commence on January 1, 2024. Brookdale is current on agreed upon rent payments through October 2023. LEASE RENEWALS

3Q 2023 SUPPLEMENTAL REPORT 8.2% 5.1% 4.7% 9.8% 6.1% 2.2% 4.0% 1.8% 19.5% 8.2% 3.4% 3.6% 1.5% 0.8% 16.9% 0.3% 1.8% 1.2% 0.1% 0.8% 0.0% 10.0% 20.0% 30.0% 2023 2024 2025 2026 2027 2028 2029 2030 Thereafter RENTAL FINANCING INTEREST OTHER NOTES JV (As a % of Total Annualized GAAP Income) Near Term Maturities:  One lease in 2023 with an annualized GAAP income totaling $15.4 million(4)  Four leases and five loans in 2024 with an annualized GAAP income totaling $16.5 million  Five leases and four loans in 2025 with an annualized GAAP income totaling $15.6 million  As of September 30, 2023, approximately 92% of owned properties are covered under master leases and approximately 92% of rental revenues come from master leases or cross-default leases. PORTFOLIO DIVERSIFICATION - MATURITY (AS OF SEPTEMBER 30, 2023, DOLLAR AMOUNTS IN THOUSANDS) % OF % OF % OF % OF % OF ANNUALIZED % OF YEAR TOTAL TOTAL TOTAL TOTAL TOTAL TOTAL 2023 15,413 $ (4) 13.4% — $ — — $ — — $ — — $ — 15,413 $ 8.2% 2024 9,618 (2) 8.4% — — 6,347 13.0% 541 8.6% — — 16,506 8.8% 2025 8,836 7.7% — — 6,776 13.8% — — — — 15,612 8.3% 2026 18,377 16.0% — — 2,749 5.6% — — — — 21,126 11.3% 2027 11,341 9.9% — — — — 3,356 53.6% — — 14,697 7.9% 2028 4,125 3.6% — — 1,464 3.0% 2,239 35.8% — — 7,828 4.2% 2029 7,387 6.4% — — — — — — — — 7,387 4.0% 2030 3,351 2.9% — — — — 126 2.0% — — 3,477 1.9% Thereafter 36,325 31.7% 15,322 100.0% 31,659 64.6% — — 1,504 100.0% 84,810 45.4% Total 114,773 $ 100.0% 15,322 $ 100.0% 48,995 $ 100.0% 6,262 $ 100.0% 1,504 $ 100.0% 186,856 $ 100.0% RENTAL UNCONSOLIDATED INCOME FINANCING OTHER NOTES INCOME INCOME MORTGAGE INTEREST INCOME JV INCOME(3) GAAP INCOME(1) PORTFOLIO I 12 (1) See Annualized GAAP income definition in the Glossary and (3) below. (2) Includes annual GAAP rent of $7,991 from HMG 11 skilled nursing centers portfolio master lease in 2023. (3) Represents income from two preferred equity investments accounted for as unconsolidated joint ventures. These preferred equity investments do not have scheduled maturities but provide the entity an option to redeem our investment at a future date. (4) Brookdale elected not to exercise its renewal option under a master lease that matures on December 31, 2023. See page 11 for further discussion.

3Q 2023 SUPPLEMENTAL REPORT States in which we have some of the highest concentration of properties are states with the highest projected increases in the 80+ population cohort over the next decade. PORTFOLIO I 13 PORTFOLIO DIVERSIFICATION – GEOGRAPHY (AS OF SEPTEMBER 30, 2023) 27 STATES * Behavioral health care hospital SNF (77) ALF (130) OTH* (1) LAND (5) 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 7 20 1 1 3 1 2 4 2 1 3 6 17 33 6 8 8 3 13 5 6 1 22 2 5 7 1 1 3 1 2 5 2 2 MI 1 1 LA 2 Represents 10 states with the highest projected increases in the 80+ population cohort from year 2020 to year 2030 Source: The American Senior Housing Association, Winter 2018, Population Growth Forecast by State 1

3Q 2023 SUPPLEMENTAL REPORT 47.4% 19.2% 24.5% 5.9% 3.0% 0.0% 20.0% 40.0% 60.0% 80.0% MSAs 1-31 MSAs 32-100 MSAs > 100 Cities in Micro-SA Cities not in MSA or Micro-SA 21 years 15 years 0 10 20 30 40 Skilled Nursing Assisted Living Years (1) The MSA rank by population as of July 1, 2021, as estimated by the United States Census Bureau. Approximately 67% of our properties are in the top 100 MSAs. Includes only our real estate investments. (1) As calculated from construction date or major renovation/expansion date. Includes only our real estate investments. GROSS PORTFOLIO BY MSA (1) AVERAGE PORTFOLIO AGE (1) PORTFOLIO I 14 PORTFOLIO DIVERSIFICATION – GEOGRAPHY (27 STATES) (AS OF SEPTEMBER 30, 2023, DOLLAR AMOUNTS IN THOUSANDS) # OF STATE(1) PROPS % ALF % SNF % UDP % % Texas 37 329,545 $ 15.4% 73,216 $ 6.4% 256,329 $ 26.3% — $ — — $ — Michigan 24 281,159 13.1% 21,446 1.9% 258,770 26.6% — — 943 6.4% North Carolina 33 234,665 10.9% 233,839 20.5% — — — — 826 5.6% Florida 13 146,178 6.8% 36,601 3.2% 109,577 11.2% — — — — Ohio 10 142,483 6.6% 88,259 7.7% 54,224 5.6% — — — — Wisconsin 8 114,838 5.4% 100,892 8.8% 13,946 1.4% — — — — Colorado 13 105,330 4.9% 105,330 9.2% — — — — — — Illinois 6 105,132 4.9% 88,632 7.8% 16,500 1.7% — — — — Georgia 3 82,663 3.9% 82,663 7.2% — — — — — — California 4 69,709 3.3% 52,077 4.6% 17,632 1.8% — — — — All Others 57 531,863 24.8% 258,610 22.7% 247,230 25.4% 13,000 100.0% 13,023 88.0% Total 208 2,143,565 $ 100.0% 1,141,565 $ 100.0% 974,208 $ 100.0% 13,000 $ 100.0% 14,792 $ 100.0% OTH(2) INVESTMENT GROSS GROSS INVESTMENT (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 $21,693 is also not available by state. (2) Includes one behavioral health care hospital and three parcels for land held-for-use, one parcel of land securing a first mortgage held for future development of a post-acute skilled nursing center and one parcel of land securing a first mortgage held for future development of a seniors housing community.

3Q 2023 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 transitioned on or after January 1, 2022. (2) The coverage and occupancy levels at our properties may be adversely affected if COVID-19 or another pandemic results in infections on a large scale at our properties, early resident move-outs, our operators delay accepting new residents due to quarantines, and/or potential occupants postpone moving to a senior housing facility, and/or residents delay or postpone elective surgeries at hospitals. ASSISTED LIVING SKILLED NURSING 1.42 1.44 1.90 1.92 71.3% 72.0% 60.0% 70.0% 80.0% 90.0% 100.0% 0.00x 2.00x 4.00x 1Q23 2Q23 Occupancy % Normalized EBITDAR Normalized EBITDARM Occupancy 0.95 1.02 1.18 1.26 79.5% 81.4% 70.0% 80.0% 90.0% 100.0% 0.00x 0.50x 1.00x 1.50x 1Q23 2Q23 Occupancy % Normalized EBITDAR Normalized EBITDARM Occupancy SNF metrics include CSF, as allocated/reported by operators. Excluding CSF, the 2Q23 normalized EBITDAR and EBITDARM coverages were 1.14x and 1.62x, respectively, and 1.13x and 1.61x, respectively, for 1Q23. Occupancy represents the average TTM occupancy. For the 92% of the reported SPP SNF, average monthly occupancy was 73% in September 2023, 72% in June 2023, 73% in March 2023 and 71% in January 2023. ALF metrics include Coronavirus Stimulus Funds (“CSF”) as allocated/reported by operators. Excluding CSF, the 2Q23 normalized EBITDAR and EBITDARM coverages were 0.85x and 1.09x, respectively, and 0.81x and 1.04x, respectively, for 1Q23. See definition of Coronavirus Stimulus Funds in the Glossary. Occupancy represents the average TTM occupancy. For the 96% of the reported SPP ALF, spot occupancy was 85% at September 30, 2023, 82% at June 30, 2023, 81% at March 31, 2023 and 81% at January 31, 2023. PORTFOLIO I 15 REAL ESTATE INVESTMENTS METRICS (TRAILING TWELVE MONTHS THROUGH JUNE 30, 2023 AND MARCH 31, 2023) SAME PROPERTY PORTFOLIO (“SPP”) COVERAGE STATISTICS (1)(2)

3Q 2023 SUPPLEMENTAL REPORT SEPTEMBER 30, 2023 Revolving line of credit - WA rate 6.6% 362,250 $ Term loans, net of debt issue costs - WA rate 2.7% (1) 99,620 Senior unsecured notes, net of debt issue costs - WA rate 4.2% (2) 494,353 Total debt - WA rate 5.0% 956,223 41.8% No. of shares Common stock 41,411,693 32.13 $ (3) 58.2% 1,330,558 Total Market Value 1,330,558 $ 2,286,781 100.0% Add: Non-controlling interest 34,974 Less: Cash and cash equivalents (11,302) $ 2,310,453 Debt to Enterprise Value 41.4% Debt to Annualized Adjusted EBITDAre (4) 6.0x TOTAL VALUE ENTERPRISE VALUE CAPITALIZATION DEBT EQUITY Closing Price 9/30/2023 (1) Represents outstanding balance of $100,000, net of debt issue costs of $380. (2) Represents outstanding balance of $495,660 net of debt issue costs of $1,307. (3) Closing price of our common stock as reported by the NYSE on September 29, 2023, the last trading day of 3Q23. (4) See page 20 for Reconciliation of Annualized Adjusted EBITDAre. FINANCIAL I 16 ENTERPRISE VALUE (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES)

3Q 2023 SUPPLEMENTAL REPORT LEVERAGE RATIOS COVERAGE RATIOS LINE OF CREDIT LIQUIDITY FINANCIAL I 17 DEBT METRICS (DOLLAR AMOUNTS IN THOUSANDS) 35.8% 29.8% 38.4% 34.9% 37.4% 34.2% 42.1% 41.4% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Debt to Gross Asset Value Debt to Total Enterprise Value 2020 2021 2022 3Q23 4.4x 4.9x 6.0x 4.4x 5.6x 4.3x 6.0x 3.2x 0.0x 2.0x 4.0x 6.0x 8.0x Debt to Adjusted EBITDAre Adjusted EBITDAre/ Fixed Charges 2020 2021 2022 3Q23 $89,900 $110,900 $130,000 $362,250 $510,100 $289,100 $270,000 $37,750 $- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 2020 2021 2022 3Q23 Balance Available

3Q 2023 SUPPLEMENTAL REPORT Senior Unsecured Notes 51.8% Term Loans 10.4% Revolving Line of Credit 37.8% $362,250 $50,000 $50,000 $5,000 $49,160 $49,500 $51,500 $54,500 $55,000 $63,000 $67,000 $101,000 $- $100,000 $200,000 $300,000 $400,000 2023 2024 2025 2026 2027 2028 2029 2030 Thereafter Revolving Line of Credit Term Loans Senior Unsecured Notes DEBT STRUCTURE (2) FINANCIAL I 18 DEBT MATURITY (AS OF SEPTEMBER 30, 2023, DOLLAR AMOUNTS IN THOUSANDS) REVOLVING SENIOR LINE OF TERM UNSECURED % OF YEAR CREDIT LOANS(1) NOTES(1) TOTAL TOTAL 2023 — $ — $ 5,000 $ 5,000 $ 0.5% 2024 — — 49,160 49,160 5.1% 2025 362,250 50,000 49,500 461,750 48.2% 2026 — 50,000 51,500 101,500 10.6% 2027 — — 54,500 54,500 5.7% 2028 — — 55,000 55,000 5.7% 2029 — — 63,000 63,000 6.6% 2030 — — 67,000 67,000 7.0% Thereafter — — 101,000 101,000 10.6% Total 362,250 $ 100,000 $ (2) $ 495,660 (2) $ 100.0% 957,910 (1) Reflects scheduled principal payments. (2) Excludes debt issue costs which are netted against the principal outstanding in the term loans and senior unsecured notes balance on our Consolidated Balance Sheets shown on page 22.

3Q 2023 SUPPLEMENTAL REPORT (1) For leases and loans in place at September 30, 2023 assuming no renewals, modifications or replacements. (2) 3Q23 includes deferred interest of $900 and 4Q23 includes $1,500 repayment of deferred interest related to Prestige Healthcare. See page 11 for further discussion. (3) Includes cash flow participation payment on a mezzanine loan. (1) Increase primarily due to rental income from acquisitions, rent received from transitioned portfolios, repayment of deferred rent and annual rent escalations offset by property sales. (2) Decrease primarily due to property tax reassessment and properties sold partially offset by 2Q22 and 2Q23 acquisitions. (3) Decrease primarily due to deferred rent repayment and normal amortization. NON-CASH REVENUE COMPONENTS COMPONENTS OF RENTAL INCOME FINANCIAL I 19 FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) 12/31/20 12/31/21 12/31/22 9/30/23 Gross investments $ 1,737,795 $ 1,804,435 $ 1,959,442 $ 2,165,258 Net investments $ 1,385,414 $ 1,426,070 $ 1,562,668 $ 1,759,791 Gross asset value $ 1,811,867 $ 1,883,190 $ 2,052,687 $ 2,273,330 Total debt (1) $ 649,382 $ 722,719 $ 767,854 $ 956,223 Total liabilities (1) $ 683,680 $ 759,698 $ 805,796 $ 1,007,480 Total equity $ 775,806 $ 745,127 $ 850,307 $ 860,383 Cash rent 29,121 $ 28,180 $ 941 $ (1) $ 83,260 87,260 $ 4,000 $ (1) Operator reimbursed real estate tax revenue 3,386 4,160 (774) (2) 9,846 12,161 (2,315) (2) Straight-line rent (adjustment) income (747) (436) (311) (3) (1,635) (963) (672) (3) Amortization of lease incentives (171) (319) 148 (610) (921) 311 Total rental income 31,589 $ 31,585 $ 4 $ 94,861 $ 93,537 $ 1,324 $ 2023 2022 2023 2022 Variance Variance THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, (1) Includes outstanding gross revolving line of credit, term loans, net of debt issue costs, and senior unsecured notes, net of debt issue costs. 3Q23 4Q23(1) 1Q24(1) 2Q24(1) 3Q24(1) $ (508) (747) $ (600) $ (638) $ (679) $ (202) (171) (198) (198) (147) 191 241 191 191 190 2,280 (2) (166) (2) 1,275 1,287 1,269 175 (3) 349 349 349 349 $ (336) 1,778 $ 1,029 $ 979 $ 982 $ Effective interest - Mortgage loans receivable Effective interest - Notes receivable Straight-line rent adjustment Amortization of lease incentives Effective interest - Financing receivables Total non-cash revenue components

3Q 2023 SUPPLEMENTAL REPORT RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES FINANCIAL I 20 FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) (1) Represents the gain from insurance proceeds related to previously sold properties. (2) Represents a loss of $758 from the sale of properties comprising an unconsolidated joint venture. (3) Represents an impairment loss relating to a 48-unit memory care in Colorado and a 61-unit assisted living community in Florida which was sold in 1Q21. (4) Represents the $23,029 straight-line rent receivable write-off related to Senior Lifestyle, Genesis and another operator and the Senior Lifestyle lease incentives write-off of $185 offset by the gain from insurance proceeds ($373). (5) Represents the Senior Care settlement payment ($3,895), the straight-line rent receivable write-off ($758), the provision for credit losses on mortgage loan originations ($869), and the 50% reduction of 2021 rent and interest escalations ($425). (6) Increase due to additional borrowings for investments. (7) Represents an impairment loss relating to a 60-unit memory care community in Kentucky, a 70-unit assisted living community in Florida which was sold in 1Q23, and a 48-unit memory care in Colorado. (8) Represents a lease incentive balance write-off of $173 related to a closed property, a $1,332 provision for credit losses reserve related to the $75,825 acquisition accounted for as a financing receivable, two mortgage loans and a mezzanine loan, and a lease termination fee of $500 paid to a former operator of 12 assisted living communities in exchange for cooperation and assistance in facilitating an orderly transition of the communities to another operator partially offset by lease termination fee income of $1,181 received in connection with the sale of an assisted living community. (9) Given we do not have preferred stock, our fixed charge coverage ratio and interest coverage ratio are the same. 12/31/22 Net income 95,677 $ 56,224 $ 100,584 $ 22,627 $ Less: Gain on sale of real estate, net (44,117) (7,462) (37,830) (4,870) Less: Gain on insurance proceeds (373) (1) — — — Add: Loss on unconsolidated joint ventures 758 (2) — — — Add: Impairment loss 3,977 (3) 3,422 — (7) — Add: Interest expense 29,705 27,375 31,437 12,674 Add: Depreciation and amortization 39,071 38,296 37,496 9,499 EBITDAre 114,433 124,698 135,109 39,930 Add: Non-recurring items 22,841 (4) 5,947 (5) 824 (8) — Adjusted EBITDAre $ 120,380 147,539 $ 135,933 $ 39,930 $ Interest expense 29,705 $ 27,375 $ 31,437 $ 12,674 $ Add: Capitalized interest 354 — — — Fixed charges 30,059 $ 27,375 $ 31,437 $ 12,674 $ Annualized Adjusted EBITDAre $ 159,720 Annualized Fixed Charges $ 50,696 Debt (net of debt issue costs) 649,382 $ 722,719 $ 767,854 $ 956,223 $ Debt to Annualized Adjusted EBITDAre 4.4x 6.0x (6) 5.6x 6.0x (6) Annualized Adjusted EBITDAre to Fixed Charges(9) 4.9x 4.4x 4.3x 3.2x FOR THE YEAR ENDED THREE MONTHS ENDED 12/31/20 12/31/21 9/30/23

3Q 2023 SUPPLEMENTAL REPORT FINANCIAL I 21 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2023 2022 2023 2022 Revenues Rental income 31,589 $ 31,585 $ 94,861 $ 93,537 $ Interest income from financing receivables(1) 3,832 357 11,413 357 Interest income from mortgage loans 12,247 10,379 35,417 30,112 Interest and other income 1,635 1,182 5,358 3,308 Total revenues 49,303 43,503 147,049 127,314 Expenses Interest expense 12,674 7,941 34,595 22,607 Depreciation and amortization 9,499 9,385 28,085 28,202 Impairment loss 1,286 — 12,510 1,286 Provision for credit losses 189 795 2,107 1,454 Transaction costs 329 629 537 728 Property tax expense 3,271 4,179 9,751 12,180 General and administrative expenses 5,959 5,888 18,344 17,407 Total expenses 31,921 30,103 105,929 83,864 Other Operating Income Gain (loss) on sale of real estate, net 4,870 (387) 20,545 37,809 Operating Income 22,252 13,013 61,665 81,259 Income from unconsolidated joint ventures 375 376 1,127 1,127 Net Income 22,627 13,389 62,792 82,386 Income allocated to non-controlling interests (430) (99) (1,287) (301) Net income attributable to LTC Properties, Inc. 22,197 13,290 61,505 82,085 Income allocated to participating securities (147) (131) (440) (481) Net income available to common stockholders 22,050 $ 13,159 $ 61,065 $ 81,604 $ Earnings per common share: Basic $0.54 $0.33 $1.48 $2.06 Diluted $0.54 $0.32 $1.48 $2.04 Weighted average shares used to calculate earnings per common share: Basic 40,270 41,153 41,127 39,658 Diluted 41,211 40,552 41,185 39,939 Dividends declared and paid per common share $0.57 $0.57 $1.71 $1.71 THREE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, NINE MONTHS ENDED (1) 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.

3Q 2023 SUPPLEMENTAL REPORT FINANCIAL I 22 CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) ASSETS Investments: Land $ 123,919 $ 124,665 Buildings and improvements 1,260,891 1,273,025 Accumulated depreciation and amortization (386,483) (389,182) Operating real estate property, net 1,008,508 998,327 Properties held-for-sale, net of accumulated depreciation: 2023—$11,590; 2022—$2,305 9,448 10,710 Real property investments, net 1,007,775 1,019,218 Financing receivables,(1) net of credit loss reserve: 2023—$1,981; 2022—$768 196,053 75,999 Mortgage loans receivable, net of credit loss reserve: 2023—$4,777; 2022—$3,930 473,567 389,728 Real estate investments, net 1,677,395 1,484,945 Notes receivable, net of credit loss reserve: 2023—$637; 2022—$589 63,056 58,383 Investments in unconsolidated joint ventures 19,340 19,340 Investments, net 1,759,791 1,562,668 Other assets: Cash and cash equivalents 11,302 10,379 Debt issue costs related to revolving line of credit 1,719 2,321 Interest receivable 54,605 46,000 Straight-line rent receivable 20,068 21,847 Lease incentives 1,789 2,193 Prepaid expenses and other assets 18,185 11,099 Total assets $ 1,867,863 $ 1,656,103 LIABILITIES Revolving line of credit $ 362,250 $ 130,000 Term loans, net of debt issue costs: 2023—$380; 2022—$489 99,511 99,620 Senior unsecured notes, net of debt issue costs: 2023—$1,307; 2022—$1,477 494,353 538,343 Accrued interest 3,893 5,234 Accrued expenses and other liabilities 47,364 32,708 Total liabilities 1,007,480 805,796 EQUITY Stockholders’ equity: Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2023—41,412; 2022—41,262 413 412 Capital in excess of par value 937,550 931,124 Cumulative net income 1,606,165 1,544,660 Accumulated other comprehensive income 8,719 8,596 Cumulative distributions (1,727,315) (1,656,548) Total LTC Properties, Inc. stockholders’ equity 825,409 828,367 Non-controlling interests 34,974 21,940 Total equity 860,383 850,307 Total liabilities and equity $ 1,867,863 $ 1,656,103 (unaudited) (audited) SEPTEMBER 30, 2023 DECEMBER 31, 2022 (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.

3Q 2023 SUPPLEMENTAL REPORT (1) Represents the net of (2) and (3) below. (2) Includes $760 of provision for credit loss related to the acquisition of the three skilled nursing centers accounted for as a financing receivable. (3) Represents the lease termination fee of $500 paid to a former operator of 12 assisted living communities in exchange for cooperation and assistance in facilitating an orderly transition of the communities to another operator. (4) Represents the net of (5) and (6) below. (5) Includes $1,832 of provision for credit losses related to the $121,321 acquisition accounted for as a financing receivable and $61,900 of mortgage loan originations. (6) Represents the prepayment fee and exit IRR related to the payoff of two mezzanine loans. (7) Represents (1) from above and (8) from below and the provision for credit losses related to the origination of two mortgage loans during 2Q22 and a $25,000 mezzanine loan during 1Q22 ($572) offset by the lease termination fee received in connection with the sale of a 74-unit assisted living community ($1,181). (8) Includes a lease incentive balance write-off of $173 related to a closed property and lease termination. (9) Represents the lease termination fee received in connection with the sale of a 74-unit assisted living community ($1,181) offset by (3) from above. FINANCIAL I 23 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2023 2022 2023 2022 GAAP net income available to common stockholders 22,050 $ 13,159 $ 61,065 $ 81,604 $ Add: Impairment loss — 1,286 12,510 1,286 Add: Depreciation and amortization 9,499 9,385 28,085 28,202 (Less) Add: (Gain) loss on sale of real estate, net (4,870) 387 (20,545) (37,809) NAREIT FFO attributable to common stockholders 26,679 $ 24,217 $ 81,115 $ 73,283 $ $0.65 $0.60 $1.97 $1.83 NAREIT FFO attributable to common stockholders 26,679 $ 24,217 $ 81,115 $ 73,283 $ Add: Non-recurring items — 1,260 (1) 262 (4) 824 (7) $ 25,477 26,679 $ 81,377 $ 74,107 $ NAREIT FFO attributable to common stockholders 26,679 $ 24,217 $ 81,115 $ 73,283 $ Non-cash income: Add: Straight-line rental adjustment 747 436 1,635 963 Add: Amortization of lease incentives 171 319 610 921 (8) Less: Effective interest income (2,696) (1,762) (6,524) (4,551) Net non-cash income (1,778) (1,007) (4,279) (2,667) Non-cash expense: Add: Non-cash compensation charges 2,123 2,014 6,348 5,951 Add: Provision for credit losses 189 795 (2) 2,107 (5) 1,454 Net non-cash expense 2,312 2,809 8,455 7,405 Funds available for distribution (FAD) 27,213 26,019 85,291 78,021 Less: Non-recurring income — 500 (3) (1,570) (6) (681) (9) Funds available for distribution (FAD), excluding non-recurring items 27,213 $ 26,519 $ 83,721 $ 77,340 $ FFO attributable to common stockholders, excluding non-recurring items THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, NAREIT Diluted FFO attributable to common stockholders per share

3Q 2023 SUPPLEMENTAL REPORT FOR THE THREE MONTHS ENDED SEPTEMBER 30, FFO/FAD attributable to common stockholders 26,679 $ 24,217 $ 27,213 $ 26,019 $ Non-recurring one-time items — 1,260 (2) 500 — (4) FFO/FAD attributable to common stockholders excluding non-recurring items 26,679 25,477 27,213 26,519 Effect of dilutive securities: Participating securities 147 131 147 131 Diluted FFO/FAD excluding non-recurring items 26,826 $ 25,608 $ 27,360 $ 26,650 $ 40,270 41,153 41,153 40,270 Effect of dilutive securities: Stock options 1 — — 1 Performance-based stock units 58 281 58 281 Participating securities 258 229 258 229 Shares for diluted FFO/FAD per share 41,469 40,781 41,469 40,781 FOR THE NINE MONTHS ENDED SEPTEMBER 30, FFO/FAD attributable to common stockholders 81,115 $ 73,283 $ 85,291 $ 78,021 $ Non-recurring one-time items 262 (1) 824 (3) (1,570) (5) (681) (6) FFO/FAD attributable to common stockholders excluding non-recurring items 81,377 74,107 83,721 77,340 Effect of dilutive securities: Participating securities 440 — 440 — Diluted FFO/FAD excluding non-recurring items 81,817 $ 74,107 $ 84,161 $ 77,340 $ 39,658 41,127 41,127 39,658 Effect of dilutive securities: Performance based stock units 58 281 58 281 Participating securities 255 — 255 — Shares for diluted FFO/FAD per share 41,440 39,939 41,440 39,939 FAD 2023 2022 2023 2022 Shares for basic FFO/FAD per share 2023 2022 2022 Shares for basic FFO/FAD per share FFO FAD 2023 FFO FINANCIAL I 24 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO PER SHARE (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (1) Represents the net of a $1,832 of provision for credit losses related to the $121,321 acquisition accounted for as a financing receivable and $61,900 of mortgage loan originations and (5) below. (2) Represents the net of a $760 of provision for credit loss related to the acquisition of the three skilled nursing centers accounted for as a financing receivable and (4) below. (3) Represents (2) above, a lease incentive balance write-off of $173 related to a closed property and lease termination and the provision for credit losses related to the origination of two mortgage loans during 2Q22 and a $25,000 mezzanine loan during 1Q22 ($572) offset by the lease termination fee received in connection with the sale of a 74-unit assisted living community ($1,181). (4) Represents the lease termination fee of $500 paid to a former operator of 12 assisted living communities in exchange for cooperation and assistance in facilitating an orderly transition of the communities to another operator. (5) Represents the prepayment fee and exit IRR related to the payoff of two mezzanine loans. (6) Represents the lease termination fee received in connection with the sale of a 74-unit assisted living community ($1,181) offset by (4) from above.

3Q 2023 SUPPLEMENTAL REPORT 25 ESG (ENVIRONMENTAL, SOCIAL & GOVERNANCE) ACCOMPLISHMENTS TO DATE ESG I The Board committed to an ESG Initiative Appointed Cornelia Cheng as new Board member Board established an ESG committee to oversee practices and performance Created and published an Environmental Sustainability Commitment and Human Capital Management and Labor Rights Guidelines Enhanced our disclosures to highlight ESG initiatives Began aligning with the Sustainability Accounting Standards Board (SASB) reporting framework and adopted select United Nations Sustainable Development Goals (SDGs) in guiding us to provide shareholders with relevant information on our environmental impact Published Inaugural ESG Report 2020 2021 2022 ESG JOURNEY 2023 Visit our website to learn more about our ESG initiatives. www.LTCreit.com/ESG

3Q 2023 SUPPLEMENTAL REPORT ESG I 26 ESG (ENVIRONMENTAL, SOCIAL & GOVERNANCE) 2023 2023 ESG Agenda ENVIRONMENT • Measure and report on energy and water usage, and waste management at LTC across select operator portfolios • Continue to build out our use of ClimateCheck®, which provides detailed climate risk data for individual properties and portfolios, assessing exposure to extreme weather events • Enhance SASB reporting and initiate Task Force on Climate-Related Financial Disclosures (TCFD) reporting • Collect, analyze, and report environmental data for select properties in our portfolio SOCIAL • Continue to conduct annual employee survey • Enhance employee engagement programs GOVERNANCE • Update disclosures annually • Enhance stakeholder communication via proxy, website, and investor presentation

3Q 2023 SUPPLEMENTAL REPORT Annualized Actual Cash Income: Represents annualized cash rental income includes cash rent 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 received for the month of September 2023 for investments as of September 30, 2023. Annualized Contractual Cash Income: 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 month of September 2023 for investments as of September 30, 2023. Annualized GAAP Income: 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 month of September 2023 for investments as of September 30, 2023. Assisted Living Communities (“ALF”): The ALF portfolio consists of assisted living, independent living, and/or memory care properties. (See Independent Living and Memory Care) 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. Financing Receivable: 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 Receivable on our Consolidated Balance Sheets and the rental income to be presented as Interest income from financing receivable 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, deferred income from unconsolidated joint ventures, non-cash compensation charges, capitalized interest and non-cash interest charges. 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 Lease Yield: GAAP rent divided by the sum of the purchase price and transaction costs. 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. GAAP rent is commonly referred to as straight-line rental income. 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 depreciation deductions. 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. Interest Income: Represents interest income from 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 19.8M – 2.2M. MSAs 32 to 100 have a population of 2.2M – 0.6M. MSAs greater than 100 have a population of 0.6M – 59K. Cities in a Micro-SA have a population of 223K – 12K. Cities not in a MSA has population of less than 100K. GLOSSARY I 27 GLOSSARY

3Q 2023 SUPPLEMENTAL REPORT Mezzanine: In certain circumstances, the Company strategically allocates a portion of its capital deployment toward mezzanine loans to grow relationships with operating companies that have not typically utilized sale-leaseback financing as a component of their capital structure. 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. We seek market-based, risk-adjusted rates of return typically between 9% to 14% with the loan term typically between three to 10 years. 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 specifics of the loan terms and related credit enhancements. 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”). Non-cash Rental Income: Straight-line rental income and amortization of lease inducement. Non-cash Compensation Charges: Vesting expense relating to stock options and restricted stock. 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 and mortgage loan receivables. Rental Income: Represents GAAP rent net of amortized lease inducement cost. 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 and assets held-for-sale). Accordingly, a property must be occupied and stabilized for 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. 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 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 Revenues: For the owned portfolio, rental income includes cash rent, straight-line rent and amortization of lease incentives and excludes real estate tax reimbursement and rental income from properties sold during the trailing twelve months. Financing receivables revenue includes cash interest income and effective interest from financing receivables during the trailing twelve months. Mortgage loans revenue includes cash interest income and effective interest from mortgage loans and construction loans during the trailing twelve months. Notes receivables revenue includes cash interest income and effective interest from mezzanine loans and working capital notes and excludes loan payoffs during the trailing twelve months. Unconsolidated JV revenue includes income from our investments in joint ventures during the trailing twelve months. Under Development Properties (“UDP”): Development projects to construct seniors housing properties. GLOSSARY I 28 GLOSSARY

Cover	Oct. 26, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 26, 2023
Entity File Number	1-11314
Entity Registrant Name	LTC PROPERTIES, INC.
Entity Central Index Key	0000887905
Entity Tax Identification Number	71-0720518
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	2829 Townsgate Road, Suite 350
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91361
City Area Code	805
Local Phone Number	981-8655
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, $.01 par value
Trading Symbol	LTC
Security Exchange Name	NYSE
Entity Emerging Growth Company	false