LTC Properties, Inc. (LTC) 10-Year Financial Performance & Capital Metrics

LTC • • REIT / Real Estate

Real EstateHealthcare REITsSenior Housing & Skilled Nursing REITsSenior Housing & Skilled Nursing Operators

AboutLTC 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 holds 181 investments in 27 states with 29 operating partners. The portfolio is comprised of approximately 50% seniors housing and 50% skilled nursing properties.Show more

Revenue $210M +6.4%
FFO $127M +0.2%
FFO/Share 2.88 -6.3%
FFO Payout 78.9% +5.9%
FFO per Share 2.88 -6.3%
NOI Margin 93.84% +0.6%
FFO Margin 60.71% -5.8%
ROE 9.25% -9.0%
ROA 5% -2.2%
Debt/Assets 38.33% -20.2%
Net Debt/EBITDA 5.24 -23.3%
Book Value/Share 23.80 +7.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Sustainable FFO payout ratio of 78.9%
✓High NOI margin of 93.8%
✓Trading near 52-week high

✗Weaknesses

✗FFO declining 49.2% TTM
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.84%

5Y2.52%

3Y10.55%

TTM10.08%

Profit (Net Income) CAGR

10Y2.18%

5Y2.48%

3Y17.68%

TTM-66.54%

EPS CAGR

10Y0.25%

5Y0.2%

3Y13.1%

TTM-69.1%

ROCE

10Y Avg6.37%

5Y Avg5.7%

3Y Avg6.05%

Latest5.97%

Peer Comparison

Senior Housing & Skilled Nursing Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CTRECareTrust REIT, Inc.	8.37B	37.47	46.84	14.94%	74.19%	6.51%	2.82%	0.14
LTCLTC Properties, Inc.	1.73B	36.36	17.82	6.39%	14.83%	3.24%	7.23%	0.65

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	136.2M	161.58M	168.06M	168.65M	185.3M	159.34M	155.32M	175.15M	197.24M	209.85M
Revenue Growth %	0.14%	0.19%	0.04%	0%	0.1%	-0.14%	-0.03%	0.13%	0.13%	0.06%
Property Operating Expenses	17.5M	26.44M	0	0	16.75M	15.06M	15.39M	15.49M	13.27M	12.93M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	48.03M	51.16M	82.99M	16.43M	86.68M	48.64M	85.12M	60.59M	94.02M	104.48M
G&A Expenses	14.99M	17.41M	17.51M	19.19M	18.45M	19.71M	21.46M	23.71M	24.29M	27.24M
EBITDA+	100.11M	119.91M	122.69M	189.77M	121.09M	134.7M	93.1M	136.58M	127.37M	128.8M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	29.43M	35.93M	37.61M	37.55M	39.22M	39.07M	38.3M	37.5M	37.42M	36.37M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	70.68M	83.98M	85.08M	152.21M	81.87M	95.63M	54.81M	99.08M	89.96M	92.44M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	17.5M	26.44M	29.95M	30.2M	30.58M	29.7M	27.38M	31.44M	47.01M	40.34M
Interest Coverage	4.04x	3.18x	2.84x	5.04x	2.68x	3.22x	2.00x	3.15x	1.91x	2.29x
Non-Operating Income	-19.9M	-27.58M	-32.21M	-33.06M	-29.58M	-29.75M	-28.79M	-32.94M	-48.52M	-42.78M
Pretax Income+	73.08M	85.11M	87.34M	155.08M	80.87M	95.68M	56.22M	100.58M	91.46M	94.88M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	73.08M	85.11M	87.34M	154.98M	80.53M	95.29M	55.86M	100.02M	89.73M	91.04M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0%	0.16%	0.03%	0.77%	-0.48%	0.18%	-0.41%	0.79%	-0.1%	0.01%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.04%	0.18%	0.03%	0.54%	-0.38%	0.12%	-0.3%	0.46%	-0.08%	0%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.94	2.21	2.20	3.89	2.02	2.42	1.41	2.48	2.16	2.04
EPS Growth %	-0.03%	0.14%	-0%	0.77%	-0.48%	0.2%	-0.42%	0.76%	-0.13%	-0.06%
EPS (Basic)	1.97	2.21	2.21	3.93	2.03	2.42	1.41	2.49	2.16	2.07
Diluted Shares Outstanding	37.33M	38.6M	39.64M	39.84M	39.76M	39.26M	39.16M	40.07M	41.36M	44.24M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	1.28B	1.39B	1.47B	1.51B	1.51B	1.46B	1.5B	1.66B	1.86B	1.79B
Asset Growth %	0.32%	0.09%	0.05%	0.03%	0%	-0.04%	0.03%	0.1%	0.12%	-0.04%
Real Estate & Other Assets+	2.87M	1.03B	810K	17.43M	263.93M	266.35M	1.04B	1.02B	989.52M	927.26M
PP&E (Net)	947.42M	1.03B	1.08B	1.1B	1.11B	1.1B	0	0	0	0
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	301.1M	342.13M	352.6M	362.82M	121.32M	79.44M	448.48M	615.22M	846.24M	828.28M
Cash & Equivalents	12.94M	7.99M	5.21M	2.66M	4.24M	7.77M	5.16M	10.38M	20.29M	9.41M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	245.39M	2.11M	71.37M	47.21M	0	389K	-2.42M	15.22M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Total Liabilities	616.22M	654.85M	706.92M	680.65M	728.78M	683.68M	759.7M	805.8M	938.83M	733.14M
Total Debt+	571.87M	609.39M	667.5M	645.03M	693.39M	649.38M	722.72M	767.85M	891.32M	684.6M
Net Debt	558.93M	601.4M	662.29M	642.37M	689.14M	641.61M	717.56M	757.48M	871.03M	675.19M
Long-Term Debt	571.87M	609.39M	667.5M	645.03M	693.39M	649.38M	722.72M	767.85M	589.07M	540.25M
Short-Term Borrowings	0	0	0	0	0	0	0	0	1000K	1000K
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	44.35M	45.46M	39.42M	35.62M	35.4M	34.3M	36.98M	37.94M	349.76M	192.89M
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	-407.02M	-456.83M	-531.58M	0	0	0	0	0	0	0
Total Equity+	659.2M	1.34B	758.65M	832.97M	785.43M	775.81M	745.13M	850.31M	916.27M	1.05B
Equity Growth %	-0%	1.03%	-0.43%	0.1%	-0.06%	-0.01%	-0.04%	0.14%	0.08%	0.15%
Shareholders Equity	659.2M	740.05M	755.16M	825.49M	776.94M	767.4M	736.71M	828.37M	881.28M	960.63M
Minority Interest	0	601.4M	3.49M	7.48M	8.48M	8.4M	8.41M	21.94M	34.99M	92.38M
Common Stock	375K	392K	396K	397K	398K	392K	394K	412K	430K	455K
Additional Paid-in Capital	758.68M	839M	856.99M	862.71M	867.35M	852.78M	856.89M	931.12M	991.66M	1.08B
Retained Earnings	-99.9M	-99.35M	-102.23M	-37.62M	0	0	-120.4M	-111.89M	-116.92M	-126.41M
Preferred Stock	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.07%	0.06%	0.06%	0.1%	0.05%	0.06%	0.04%	0.06%	0.05%	0.05%
Return on Equity (ROE)	0.11%	0.09%	0.08%	0.19%	0.1%	0.12%	0.07%	0.13%	0.1%	0.09%
Debt / Assets	0.45%	0.44%	0.46%	0.43%	0.46%	0.44%	0.48%	0.46%	0.48%	0.38%
Debt / Equity	0.87x	0.45x	0.88x	0.77x	0.88x	0.84x	0.97x	0.90x	0.97x	0.65x
Net Debt / EBITDA	5.58x	5.02x	5.40x	3.39x	5.69x	4.76x	7.71x	5.55x	6.84x	5.24x
Book Value per Share	17.66	34.76	19.14	20.91	19.75	19.76	19.03	21.22	22.15	23.80

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	102.34M	105.71M	105.31M	115.53M	121.8M	116.1M	91.18M	105.59M	104.4M	125.17M
Operating CF Growth %	0.07%	0.03%	-0%	0.1%	0.05%	-0.05%	-0.21%	0.16%	-0.01%	0.2%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	73.08M	85.11M	87.34M	155.08M	80.14M	95.68M	55.86M	100.58M	91.46M	94.88M
Depreciation & Amortization	29.43M	35.93M	37.61M	37.55M	39.48M	39.07M	40.03M	37.5M	37.42M	36.37M
Stock-Based Compensation	4.01M	4.28M	5.25M	5.87M	0	7.01M	7.76M	7.96M	8.48M	9.05M
Other Non-Cash Items	-7.06M	-9.63M	-6.6M	-8.14M	8.99M	22.68M	-7.35M	-36.47M	-18.06M	-3.58M
Working Capital Changes	1.87M	-8.19M	-14.79M	-3.74M	-6.8M	-8.95M	-5.11M	-3.99M	-14.9M	-11.54M
Cash from Investing+	-326.82M	-139.9M	-92.01M	-3.61M	-77.42M	43.93M	-69.79M	-119.95M	-174.91M	90.68M
Acquisitions (Net)	-23.04M	-1.77M	-3.85M	-670K	965K	9.33M	0	50K	0	0
Purchase of Investments	-324.8M	-157.44M	-121.51M	-97.84M	-100.72M	-45.13M	0	-191.59M	0	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K	0	0
Other Investing	-302.95M	-136.72M	-87.26M	-1.69M	0	-16.24M	-69.79M	-50K	-174.91M	90.68M
Cash from Financing+	212.18M	29.24M	-16.07M	-112.38M	-44.91M	-156.5M	-24.01M	19.58M	80.42M	-226.72M
Dividends Paid	-76.77M	-84.57M	-90.22M	-90.37M	-90.9M	-90.26M	-90.49M	-91.51M	-94.76M	-100.53M
Common Dividends	-76.77M	-84.57M	-90.22M	-90.37M	0	-90.26M	-90.49M	-91.51M	-94.76M	-100.53M
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	1000K	-1000K	1000K	1000K	1000K	-1000K
Share Repurchases	0	0	0	0	0	-18.01M	-3.57M	0	0	0
Other Financing	-2.38M	-2.22M	1.34M	-342K	-2.36M	-4.07M	-3.78M	-3.01M	-1.69M	-1.54M
Net Change in Cash+	-12.29M	-4.95M	-2.78M	-449K	-520K	3.53M	-2.61M	5.22M	9.91M	-10.87M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	25.24M	12.94M	7.99M	5.21M	4.76M	4.24M	7.77M	5.16M	10.38M	20.29M
Cash at End	12.94M	7.99M	5.21M	4.76M	4.24M	7.77M	5.16M	10.38M	20.29M	9.41M
Free Cash Flow+	101.51M	104.3M	104.4M	114.29M	118.96M	115.75M	91.18M	96.59M	104.4M	125.17M
FCF Growth %	0.08%	0.03%	0%	0.09%	0.04%	-0.03%	-0.21%	0.06%	0.08%	0.2%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	2.75	3.14	3.15	4.83	3.01	3.42	2.4	3.43	3.07	2.88
FFO Payout Ratio	74.88%	69.86%	72.2%	46.94%	75.91%	67.18%	96.11%	66.54%	74.53%	78.9%
NOI Margin	87.15%	83.64%	100%	100%	90.96%	90.55%	90.09%	91.16%	93.27%	93.84%
Net Debt / EBITDA	5.58x	5.02x	5.40x	3.39x	5.69x	4.76x	7.71x	5.55x	6.84x	5.24x
Debt / Assets	44.84%	43.69%	45.55%	42.61%	45.79%	44.49%	48.03%	46.37%	48.05%	38.33%
Interest Coverage	4.04x	3.18x	2.84x	5.04x	2.68x	3.22x	2.00x	3.15x	1.91x	2.29x
Book Value / Share	17.66	34.76	19.14	20.91	19.75	19.76	19.03	21.22	22.15	23.8
Revenue Growth	14.49%	18.63%	4.01%	0.35%	9.88%	-14.01%	-2.52%	12.77%	12.61%	6.39%

Frequently Asked Questions

Valuation & Price

LTC Properties, Inc. (LTC) has a price-to-earnings (P/E) ratio of 17.8x. This is roughly in line with market averages.

Growth & Financials

LTC Properties, Inc. (LTC) reported $228.4M in revenue for fiscal year 2024. This represents a 173% increase from $83.6M in 2011.

LTC Properties, Inc. (LTC) grew revenue by 6.4% over the past year. This is steady growth.

Yes, LTC Properties, Inc. (LTC) is profitable, generating $33.9M in net income for fiscal year 2024 (43.4% net margin).

Dividend & Returns

Yes, LTC Properties, Inc. (LTC) pays a dividend with a yield of 6.25%. This makes it attractive for income-focused investors.

LTC Properties, Inc. (LTC) has a return on equity (ROE) of 9.2%. This is below average, suggesting room for improvement.

Industry Metrics

LTC Properties, Inc. (LTC) generated Funds From Operations (FFO) of $70.0M in the trailing twelve months. FFO is the primary profitability metric for REITs.

LTC Properties, Inc. (LTC) offers a 6.25% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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