Revenue surged 94.9% in 2026Q1, yet NOI margins contracted sharply to 33.5%, suggesting significant pressure on the company's core triple-net lease profitability.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 309.37M | 262.85M | 209.85M | 197.24M | 175.15M | 155.32M | 159.34M | 185.3M | 168.65M | 168.06M | 161.58M | 136.2M | 118.96M | 104.97M | 92.48M | 83.62M | 74.3M | 69.38M | 68.84M | 74.79M | 73.16M | 72.41M | 62.18M | 58.83M | 63.06M | 64.14M | 81.05M | 82.92M | 86.13M | 73.43M | 54.93M |
| Revenue Growth % | 49.08% | 25.26% | 6.39% | 12.61% | 12.77% | -2.52% | -14.01% | 9.88% | 0.35% | 4.01% | 18.63% | 14.49% | 13.32% | 13.51% | 10.6% | 12.54% | 7.1% | 0.78% | -7.96% | 2.22% | 1.04% | 16.45% | 5.7% | -6.71% | -1.69% | -20.86% | -2.26% | -3.73% | 17.29% | 33.69% | 54.73% |
| Property Operating Expenses | 125.77M | 65.37M | 12.93M | 13.27M | 15.49M | 15.39M | 15.06M | 16.75M | 0 | 0 | 26.44M | 17.5M | 13.13M | 11.36M | 9.93M | 6.43M | 2.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 183.6M | 197.48M | 196.92M | 183.97M | 159.67M | 139.93M | 144.27M | 168.55M | 168.65M | 168.06M | 135.14M | 118.71M | 105.83M | 93.61M | 82.55M | 77.18M | 71.65M | 69.38M | 68.84M | 74.79M | 73.16M | 72.41M | 62.18M | 58.83M | 63.06M | 64.14M | 81.05M | 82.92M | 86.13M | 73.43M | 54.93M |
| NOI Margin % | 59.35% | 75.13% | 93.84% | 93.27% | 91.16% | 90.09% | 90.55% | 90.96% | 100% | 100% | 83.64% | 87.15% | 88.96% | 89.17% | 89.26% | 92.31% | 96.43% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 39.85M | 70.74M | 104.48M | 94.02M | 60.59M | 85.12M | 48.64M | 86.68M | 16.43M | 82.99M | 51.16M | 48.03M | 37.39M | 38.2M | 32.24M | 77.18M | 71.65M | 25.02M | 25.65M | 26.75M | 20.77M | 19.28M | 13.84M | 16.77M | 21.98M | 68.61M | 5.3M | 5.45M | 5.08M | 14.76M | 11.79M |
| G&A Expenses | 25.02M | 31.99M | 27.24M | 24.29M | 23.71M | 21.46M | 19.71M | 18.45M | 19.19M | 17.51M | 17.41M | 14.99M | 11.64M | 11.54M | 10.73M | 9.67M | 9.83M | 7.52M | 7.01M | 7.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | 184.57M | 164.62M | 128.8M | 127.37M | 136.58M | 93.1M | 134.7M | 121.09M | 189.77M | 122.69M | 119.91M | 100.11M | 93.97M | 80.11M | 72.46M | 74.68M | 64.73M | 59.18M | 58.15M | 62.39M | 66.33M | 66.83M | 61.26M | 55.06M | 55.48M | 9.4M | 91M | 90.97M | 93.65M | 67.84M | 51.32M |
| EBITDA Margin % | 59.66% | 62.63% | 61.38% | 64.58% | 77.98% | 59.94% | 84.54% | 65.35% | 112.52% | 73% | 74.21% | 73.5% | 78.99% | 76.32% | 78.35% | 89.31% | 87.11% | 85.31% | 84.48% | 83.42% | 90.67% | 92.29% | 98.53% | 93.59% | 87.99% | 14.65% | 112.29% | 109.7% | 108.73% | 92.38% | 93.43% |
| Depreciation & Amortization | 40.82M | 37.87M | 36.37M | 37.42M | 37.5M | 38.3M | 39.07M | 39.22M | 37.55M | 37.61M | 35.93M | 29.43M | 25.53M | 24.71M | 22.15M | 19.62M | 16.11M | 14.82M | 14.96M | 14.35M | 13.94M | 13.7M | 12.93M | 13M | 14.4M | 13.87M | 15.26M | 13.5M | 12.6M | 9.16M | 8.18M |
| D&A / Revenue % | 13.2% | 14.41% | 17.33% | 18.97% | 21.41% | 24.66% | 24.52% | 21.16% | 22.27% | 22.38% | 22.24% | 21.61% | 21.46% | 23.54% | 23.95% | 23.47% | 21.68% | 21.36% | 21.73% | 19.19% | 19.06% | 18.92% | 20.79% | 22.1% | 22.84% | 21.62% | 18.83% | 16.28% | 14.63% | 12.48% | 14.89% |
| Operating Income | 143.75M | 126.74M | 92.44M | 89.96M | 99.08M | 54.81M | 95.63M | 81.87M | 152.21M | 85.08M | 83.98M | 70.68M | 68.44M | 55.41M | 50.31M | 55.05M | 48.62M | 44.36M | 43.19M | 48.04M | 52.39M | 53.13M | 48.34M | 42.06M | 41.08M | -4.47M | 75.75M | 77.47M | 81.05M | 58.67M | 43.14M |
| Operating Margin % | 46.47% | 48.22% | 44.05% | 45.61% | 56.57% | 35.29% | 60.02% | 44.18% | 90.26% | 50.62% | 51.97% | 51.89% | 57.53% | 52.78% | 54.4% | 65.84% | 65.43% | 63.94% | 62.74% | 64.23% | 71.61% | 73.38% | 77.74% | 71.5% | 65.15% | -6.97% | 93.46% | 93.42% | 94.1% | 79.9% | 78.54% |
| Interest Expense | 4M | 35.31M | 40.34M | 47.01M | 31.44M | 27.38M | 29.7M | 30.58M | 30.2M | 29.95M | 26.44M | 17.5M | 13.13M | 11.36M | 9.93M | 6.43M | 2.65M | 2.42M | 4.11M | 4.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 4.51x | 3.35x | 2.95x | 4.20x | 3.05x | 4.22x | 3.64x | 6.14x | 3.92x | 4.22x | 5.18x | 6.59x | 5.88x | 6.07x | 8.56x | 18.19x | 19.25x | 11.44x | 10.69x | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | -21.33M | -32.62M | -42.78M | -48.52M | -32.94M | -28.79M | -29.75M | -29.58M | -33.06M | -32.21M | -27.58M | -19.9M | -18.09M | -11.36M | -9.93M | 0 | 370K | -2.19M | -3.89M | -4.96M | 0 | 0 | -31.07M | -16.77M | -21.98M | -110.34M | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 126.9M | 124.06M | 94.88M | 91.46M | 100.58M | 56.22M | 95.68M | 80.87M | 155.08M | 87.34M | 85.11M | 73.08M | 73.4M | 55.41M | 50.31M | 48.62M | 45.59M | 44.36M | 0 | 48.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 41.02% | 47.2% | 45.21% | 46.37% | 57.43% | 36.2% | 60.05% | 43.64% | 91.95% | 51.97% | 52.68% | 53.66% | 61.7% | 52.78% | 54.4% | 58.15% | 61.36% | 63.94% | 0% | 64.23% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Income Tax | 289K | 179K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.23% | 0.14% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | - | 0% | - | - | - | - | - | - | - | - | - | - | - |
| Net Income | 120.89M | 117.97M | 91.04M | 89.73M | 100.02M | 55.86M | 95.29M | 80.53M | 154.98M | 87.34M | 85.11M | 73.08M | 73.4M | 57.81M | 51.29M | 49.25M | 45.86M | 44.06M | 42.98M | 47.76M | 78.79M | 52.71M | 32.36M | 23.08M | 1.72M | -2.91M | 31.64M | 31.83M | 50.59M | 35.76M | 22.54M |
| Net Margin % | 39.08% | 44.88% | 43.38% | 45.49% | 57.11% | 35.96% | 59.81% | 43.46% | 91.9% | 51.97% | 52.68% | 53.66% | 61.7% | 55.08% | 55.46% | 58.9% | 61.72% | 63.51% | 62.43% | 63.85% | 107.69% | 72.79% | 52.04% | 39.23% | 2.73% | -4.53% | 39.04% | 38.38% | 58.74% | 48.7% | 41.03% |
| Net Income Growth % | 38.17% | 29.58% | 1.45% | -10.29% | 79.06% | -41.38% | 18.34% | -48.04% | 77.45% | 2.61% | 16.47% | -0.43% | 26.95% | 12.72% | 4.14% | 7.39% | 4.08% | 2.53% | -10.01% | -39.39% | 49.48% | 62.89% | 40.22% | 1242.52% | 159.11% | -109.19% | -0.6% | -37.09% | 41.47% | 58.69% | 12.68% |
| Funds From Operations (FFO) | 161.71M | 155.85M | 127.41M | 127.15M | 137.52M | 94.16M | 134.36M | 119.74M | 192.54M | 124.95M | 121.05M | 102.51M | 98.93M | 82.52M | 73.44M | 68.88M | 61.97M | 58.89M | 57.94M | 62.11M | 92.73M | 66.41M | 45.29M | 36.08M | 16.12M | 10.96M | 46.9M | 45.33M | 63.19M | 44.93M | 30.72M |
| FFO Margin % | 52.27% | 59.29% | 60.71% | 64.46% | 78.51% | 60.62% | 84.33% | 64.62% | 114.17% | 74.35% | 74.91% | 75.26% | 83.16% | 78.61% | 79.41% | 82.37% | 83.4% | 84.88% | 84.16% | 83.04% | 126.75% | 91.71% | 72.83% | 61.33% | 25.56% | 17.09% | 57.86% | 54.66% | 73.37% | 61.18% | 55.92% |
| FFO Growth % | 189.87% | 22.32% | 0.2% | -7.54% | 46.05% | -29.92% | 12.21% | -37.81% | 54.09% | 3.22% | 18.08% | 3.62% | 19.88% | 12.36% | 6.63% | 11.14% | 5.24% | 1.64% | -6.71% | -33.03% | 39.64% | 46.64% | 25.53% | 123.81% | 47.1% | -76.63% | 3.46% | -28.27% | 40.66% | 46.25% | 21.9% |
| FFO per Share | 3.30 | 3.35 | 2.88 | 3.07 | 3.43 | 2.40 | 3.42 | 3.01 | 4.83 | 3.15 | 3.14 | 2.75 | 2.70 | 2.49 | 2.43 | 2.36 | 2.52 | 2.54 | 2.52 | 2.63 | 3.78 | 2.93 | 2.32 | 2.00 | 0.88 | 0.44 | 1.79 | 1.65 | 2.33 | 1.89 | 1.60 |
| FFO Payout Ratio % | 49.56% | 68.91% | 78.9% | 74.53% | 66.54% | 96.11% | 67.18% | 75.91% | 46.94% | 72.2% | 69.86% | 74.88% | 75.24% | 81.08% | 78.68% | 82.14% | 86.98% | 87.24% | 89.38% | 83.69% | 54.9% | 69.9% | 85.01% | 74.19% | 143.93% | 130.12% | 80.58% | 127.3% | 86.24% | 103.3% | 80.31% |
| EPS (Diluted) | 2.47 | 2.52 | 2.04 | 2.16 | 2.48 | 1.41 | 2.42 | 2.02 | 3.89 | 2.20 | 2.21 | 1.94 | 1.99 | 1.63 | 1.57 | 1.36 | 1.21 | 1.27 | 1.24 | 1.31 | 2.51 | 1.56 | 0.77 | 0.36 | 0.91 | -0.12 | 0.63 | 0.61 | 1.39 | 1.25 | 1.17 |
| EPS Growth % | 31.44% | 23.53% | -5.56% | -12.9% | 75.89% | -41.74% | 19.8% | -48.07% | 76.82% | -0.45% | 13.92% | -2.51% | 22.09% | 3.82% | 15.44% | 12.4% | -4.72% | 2.42% | -5.34% | -47.81% | 60.9% | 102.6% | 113.89% | -60.44% | 858.33% | -119.05% | 3.28% | -56.12% | 11.2% | 6.84% | 15.84% |
| EPS (Basic) | - | 2.55 | 2.07 | 2.16 | 2.49 | 1.41 | 2.42 | 2.03 | 3.93 | 2.21 | 2.21 | 1.97 | 2.01 | 1.64 | 1.58 | 1.36 | 1.21 | 1.27 | 1.24 | 1.32 | 2.64 | 1.58 | 0.77 | 0.36 | 0.91 | -0.12 | 0.63 | 0.61 | 1.39 | 1.26 | 1.17 |
| Diluted Shares Outstanding | 48.97M | 46.56M | 44.24M | 41.36M | 40.07M | 39.16M | 39.26M | 39.76M | 39.84M | 39.64M | 38.6M | 37.33M | 36.64M | 33.14M | 30.28M | 29.22M | 24.57M | 23.18M | 22.97M | 23.58M | 24.55M | 22.67M | 19.48M | 18.01M | 18.42M | 25.13M | 26.27M | 27.44M | 27.12M | 23.75M | 19.26M |
Operator credit and reimbursement
According to the latest quarterly data, LTC reported a 94.9% year-over-year revenue increase in 2026Q1, yet this top-line expansion appears disconnected from property-level performance, as NOI margins contracted significantly to 33.5% from the historical levels exceeding 90% observed throughout the 2024 fiscal year.
The dramatic revenue growth suggests either a major portfolio acquisition or a significant shift in revenue recognition, yet the concurrent collapse in NOI margin warrants extreme caution. Investors should investigate whether this margin compression reflects a transition toward higher-cost operating structures or if it indicates that the new revenue streams are significantly less profitable than the legacy portfolio.
As reported in recent financial statements, LTC's NOI margin plummeted from a consistent 93-94% range in 2024 to just 33.5% in 2026Q1, suggesting that the company's traditional triple-net lease structure may be facing unprecedented pressure from rising property-level expenses or operator-related cost absorption.
The sharp decline in profitability metrics implies that the company may be forced to absorb costs previously borne by tenants, which fundamentally alters the risk profile of the REIT. This trend suggests that the historical efficiency of the triple-net model is currently under duress, necessitating a closer look at whether these expenses are recurring or transitory.
Based on reported figures, LTC experienced extreme FFO volatility, swinging from a negative $11.0 million in 2025Q3 to $35.7 million in 2026Q1, a trend that complicates the assessment of dividend safety despite the company's historical commitment to monthly distributions for its shareholders.
The erratic FFO trajectory suggests that non-recurring items or significant accounting adjustments are heavily influencing earnings, making it difficult to rely on FFO as a stable indicator of cash flow. Analysts should monitor whether the recent recovery in FFO per share to $0.73 is sustainable or merely a function of accounting volatility.
Data from the income statement reveals that Net Income and FFO have diverged sharply, with 2025Q3 showing a net loss of $20.0 million alongside a negative FFO, indicating that the company's earnings quality is highly susceptible to non-cash charges and potential impairments within its loan portfolio.
The reliance on structured finance and mezzanine lending introduces significant subjectivity into the income statement, particularly regarding loan loss provisions. Investors should be wary that the reported earnings may be masking underlying credit deterioration in the regional operator base, which could lead to future earnings revisions.
Quick answers to the most common questions about buying LTC stock.
For fiscal year 2025, LTC Properties, Inc. (LTC) reported total revenue of $262.9M. This represents a 378.5% increase compared to $54.9M in 1996.
LTC Properties, Inc. (LTC) is profitable, generating $118.0M in net income for the fiscal year ending 2025 with a net profit margin of 44.9%.
LTC Properties, Inc. (LTC) reported an operating income of $126.7M, resulting in an operating profit margin of 48.2%. This margin reflects the operational efficiency of the business before interest and taxes.
LTC Properties, Inc. (LTC) generated $197.5M in gross profit for the year, representing a gross profit margin of 75.1%. This demonstrates the company's core pricing power and production efficiency.