LTC Properties
Owns and finances senior housing and skilled nursing properties, including operator-managed communities.
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Profile
Owns and finances senior housing and skilled nursing real estate across the United States, earning resident fees through SHOP and rent or interest through triple-net leases and structured finance. Expanding SHOP increases direct exposure to community operating results, while third-party operators run the properties.
Invests in seniors housing and health-care real estate across the United States through two operating segments. SHOP earns resident fees from communities managed by independent operators; Real Estate Investments produces rent and interest through triple-net leases, financing receivables, mortgage and other loans, and joint ventures.
Builds the portfolio through acquisitions, lease conversions, operator relationships, and structured financing. SHOP's rapid expansion since launch has increased direct exposure to occupancy, resident rates, and operating costs, while triple-net and lending assets remain tied to tenant and borrower payments.
Results depend on third-party operators, tenant and borrower performance, access to capital, health-care licensing and reimbursement rules, and continued qualification as a REIT.
Company facts
Key statistics
Year to date +17.3% · Average volume (30d) 494.1K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 27, 2026 | Deutsche Bank | Upgrade | Buy | $55 | ||
| Aug 14, 2026 | Nomura | Upgrade | Neutral | |||
| Aug 14, 2026 | RBC Capital | Upgrade | Sector Perform | Outperform | $34 | $45 |
| Jan 5, 2026 | Cantor Fitzgerald | Target | $38 | $36 | ||
| Oct 21, 2025 | Wells Fargo | Reiterate | Equal Weight | $37 | $36 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.48 | $0.56 | +16.7% | $79.0M | $26.0M | −67.1% | +1.89% |
| May 6, 2026Q1 FY26 | $0.72 | $0.69 | −4.2% | $73.0M | $26.3M | −63.9% | +0.39% |
| Feb 24, 2026Q4 FY25 | $1.30 | $0.70 | −46.2% | $84.2M | $46.3M | −45.0% | +1.41% |
| Nov 4, 2025Q3 FY25 | $0.65 | $0.69 | +6.2% | $84.2M | $69.3M | −17.7% | 0.00% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $49.0M | $60.2M | $69.3M | $84.3M | $95.5M | $98.9M | |
| Gross profit | $45.9M | $48.0M | $49.3M | $54.2M | $32.0M | $98.9M | |
| Operating income | $18.6M | $30.4M | $32.6M | $45.1M | $35.6M | $23.3M | |
| Net income | $20.7M | $15.1M | −$20.0M | $102.2M | $23.6M | $29.6M | |
| Diluted EPS | $0.45 | $0.32 | −$0.44 | $2.19 | $0.48 | $0.56 | |
| Gross margin | 93.7% | 79.7% | 71.2% | 64.3% | 33.5% | 100.0% | |
| Operating margin | 37.8% | 50.5% | 47.1% | 53.5% | 37.2% | 23.6% |
Fiscal years (4-quarter sums)FY21 $155.3M · FY22 $175.2M · FY23 $197.2M · FY24 $209.8M · FY25 $262.9M
Balance sheet, Jun 30, 2026Cash & short-term investments $40.4M · Total debt $779.5M · Total assets $2.18B · Shareholders' equity $1.27B
Dividends
Raised for 23 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 21, 2026 | Aug 21 | Aug 31 | $0.19 | |
| Jul 23, 2026 | Jul 23 | Jul 31 | $0.19 | |
| Jun 22, 2026 | Jun 22 | Jun 30 | $0.19 | |
| May 21, 2026 | May 21 | May 29 | $0.19 | |
| Apr 22, 2026 | Apr 22 | Apr 30 | $0.19 | |
| Mar 23, 2026 | Mar 23 | Mar 31 | $0.19 | |
| Feb 20, 2026 | Feb 20 | Feb 27 | $0.19 | |
| Jan 22, 2026 | Jan 22 | Jan 30 | $0.19 |
Ownership
Shares outstanding 51.18M · Float 50.03M · 97.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 9.00M | 17.58% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 5.18M | 10.12% | 13F | Aug 13, 2026 |
| State Street Corp | 3.35M | 6.54% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 2.30M | 4.49% | 13F | Aug 13, 2026 |
| Geode Capital Management, LLC | 1.50M | 2.93% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 12, 2026 | David L. Gruber | director | +500 | $38.30 |
| Aug 11, 2026 | David L. Gruber | director | +3,500 | $38.30 |
| Jul 13, 2026 | Timothy Triche | director | −3,125 | $39.54 |
| Jun 4, 2026 | David M. Boitano | officer: EVP & CIO | +10,000 | $34.77 |
| May 21, 2026 | David L. Gruber | director | +4,000 | $38.41 |
Peers
- Omega Healthcare Investors
Skilled-nursing scale and newer RIDEA senior housing overlap
- National Health Investors
Close senior-housing, SHOP, and financing model peer
- CareTrust REIT
Net-lease skilled-nursing and seniors-housing capital peer
- Sabra Health Care REIT
Skilled-nursing and managed senior-housing overlap
- Welltower
Scale leader in seniors housing operating assets
- Ventas
SHOP-focused senior-housing acquisition competitor
- American Healthcare REIT
SHOP and integrated senior-health campus overlap
- Diversified Healthcare Trust
Senior-living REIT overlap with weaker skilled-nursing fit
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| LTC Properties | $40.89 | +0.64% | $2.08B | 14.6 | 19.7 | 6.0 | −56.2% |
| Omega Healthcare Investors | $46.34 | +0.75% | $13.76B | 16.4 | 23.9 | 10.6 | −7.0% |
| National Health Investors | $72.03 | 0.00% | $3.49B | 20.8 | 18.6 | 8.1 | −21.9% |
| CareTrust REIT | $39.03 | 0.00% | $9.22B | 24.2 | 25.2 | 17.0 | +5.1% |
| Sabra Health Care REIT | $20.45 | −0.80% | $5.20B | 78.5 | 28.1 | 6.0 | +24.7% |
| Welltower | $238.07 | +0.02% | $171.48B | 126.0 | 87.0 | 13.6 | +40.9% |
| Ventas | $91.58 | −0.25% | $44.63B | 170.0 | 130.6 | 6.9 | +21.7% |
| American Healthcare REIT | $55.53 | −0.04% | $11.48B | 81.6 | 79.5 | 4.6 | +23.7% |
| Diversified Healthcare Trust | $7.65 | +0.20% | $1.85B | — | — | 1.2 | −4.5% |
| Median | 78.5 | 28.1 | 7.5 | +13.4% |