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- **SHOP Growth Acceleration**: Closed 85% of $460M pipeline, raising SHOP portfolio to 20% of assets. 
- **Financial Strength**: Core FFO up 1.5% to $0.69, guided to $2.69-$2.71 for 2025. 
- **Strategic Shift**: Converted 2 properties from $2.5M contractual rent to growing SHOP NOI, selling 7 SNF assets for $120M. 
- **Pipeline Momentum**: $1B pipeline with $290M closed YTD, targeting 7% yields and 18% NOI growth. 
- **Funding Strategy**: Use $90M in 2026 loan payoffs and ATM equity to fund growth.

**【CEO Opening Remarks】**
- LTC has executed aggressively on its SHOP initiative, closing 85% of its $460 million 2025 investment pipeline, with $290 million allocated to SHOP. 
- SHOP now represents 20% of the portfolio (21 properties) with 5 operators, targeting 25% of the portfolio by year-end. 
- Converted 2 triple net properties to SHOP in Q3, terminating $2.5 million in contractual rent for a $1.2 million NOI run rate expected to grow beyond that level.

**【CFO Financial Commentary】**
- Core FFO increased to $0.69 (from $0.68) driven by SHOP NOI growth and reduced interest expense, offset by higher G&A. 
- Core FAD rose $0.04 to $0.72 due to rent escalations and CapEx funding. 
- Wrote off $41.5 million in Prestige receivables and $1.3 million from Genesis bankruptcy. 
- Pro forma debt/EBITDA is 4.7x, with $500 million liquidity. 
- Raised full-year core FFO guidance to $2.69-$2.71 (prev $2.68-$2.71), with Q4 guidance of $0.67-$0.69.

**【Asset Management Update】**
- SHOP portfolio NOI guidance raised to $10.9-$11.3 million (from $9.4-$10.3M), implying 18% YoY growth at midpoint. 
- 14 properties under short-term leases generate $5.7 million in rent (64% YoY increase). 
- Sold 7 skilled nursing assets for $120M, realizing $78M gain.

**【Investment Pipeline】**
- $1 billion pipeline with $290M closed YTD, targeting 7% initial yields and low double-digit IRRs. 
- 60% of pipeline under LOI, including $110M expected to close in Q1 2026. 
- Acquired a $23M Georgia community with 7% yield and low-teens IRR.

**【Q&A Highlights】**
- Funding: Use $90M from 2026 loan payoffs and ATM equity to match-fund investments. 
- Prestige loan: $180M prepayment window begins Q2 2026; operator performance improving. 
- Organic growth: Target 3-5% RevPOR growth vs. 2-2.5% escalator growth in legacy portfolio. 
- SHOP expansion: Focus on newer assets (<9 years avg age) with leading operators in key markets.

LTC Properties, Inc. (LTC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

LTC

LTC fundamentals

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