美國

證券交易委員會

華盛頓特區20549

表格 10-Q

(標記一個)

☒

根據1934年證券交易法第13或15(d)條款的季度報告。

截至2024年6月30日季度結束 2024年9月30日

或

☐

根據1934年證券交易法第13或15(d)條款的過渡報告

從____到____的過渡期間

委員會文件編號 1-11314

LTC PROPERTIES, INC.

（依照公司章程規定指定的登記證券名稱）


馬里蘭州。				71-0720518
(依據所在地或其他管轄區)				(國稅局雇主識別號碼)
的註冊地或組織地點)				識別號碼)

3011 Townsgate Road, Suite 220

Westlake Village, 加利福尼亞州 91361

(總辦事處地址，包括郵遞區號)

(805) 981-8655

(註冊人電話號碼，包括區號)

根據法案第12(b)條規定註冊的證券：



每種類別的名稱	交易標的	每個註冊交易所的名稱
普通股，每股標的價值$0.01	長期護理	紐約證券交易所

請用勾選符號表示登記者（1）是否在過去12個月內按照1934年證券交易所法案第13條或第15（d）條的要求提交了所有要提交的報告（或在登記者被要求提交該報告的較短期間），以及（2）在過去90天內是否已經受到此類報告要求的規定。是 ☑ 否 ☐

請勾選表示，是否申報人在之前的12個月內（或者在申報人被要求提交此類文件的較短時期內）已根據S-t法規第405條（本章第232.405條）提交了每個交互式數據文件。是 ☑ 否 ☐

請勾選表示，申報人是大型加速檔案機構、加速檔案機構、非加速檔案機構、小型報告公司還是新興增長公司。詳情請參閱《證券交易法》第1202條中“大型加速檔案機構”、“加速檔案機構”、“小型報告公司”和“新興增長公司”的定義。


大型加速歸檔人 ☑	加速進入文件 ☐	非加速申報者 ☐	較小的報告公司 ☐	新興成長型公司 ☐

如果是新興成長企業，則在該勾選欄中註明，證明登記公司已選擇不使用根據《交易所法》第13(a)條提供的任何新的或修訂後的財務會計準則的延長過渡期。 ¨☐

請勾選表示，公司是否為殼公司（依據交易法令第120億2條所定義）。

是 ☐ 否 ☑

2024年10月22日持有的普通股份數目為 45,260,754.

LTC PROPERTIES, INC.

表格10-Q

2024年9月30日

指数


第一部分 -- 基本報表		頁面

项目1。	基本報表
	合併資產負債表	3
	綜合損益表	4
	綜合損益表	5
	綜合權益變動表	6
	綜合現金流量表	7
	基本報表註	8
项目2。	管理層對財務狀況和業績的討論與分析	31
项目3。	有關市場風險的定量和定性披露	54
项目4。	內部控制及程序	54
第二部分--其他信息

项目1。	法律訴訟	55
项目1A。	風險因素	55
项目2。	股票權益的未註冊銷售和資金用途	55
项目5。	其他信息	55
第6項。	展品	56

LTC PROPERTIES, INC.

合併資產負債表S

(金額以千位計，每份股票除外)



	2024年9月30日		2023年12月31日
	（未經審計）		(已核准)
資產
投資：
土地	$	118,382	$	121,725
建築和修繕		1,217,954		1,235,600
累積折舊和攤銷		(398,080)		(387,751)
經營房地產業資產、淨額		938,256		969,574
持有待售物業資產、減除累計折舊：2024年—$1,794; 2023—$3,616		4,058		18,391
房地產投資，凈利潤		942,314		987,965
融資應收款項，減除信用虧損準備：2024—$3,615; 2023—$1,980		357,889		196,032
Mortgage loans receivable, net of credit loss reserve: 2024—$3,638; 2023—$4,814		360,776		477,266
房地產投資，淨額		1,660,979		1,661,263
應收票據淨額，扣除信用損失備抵：2024年—$482; 2023—$611		47,691		60,490
1,377,319		30,602		19,340
投資，淨值		1,739,272		1,741,093

其他資產：
現金及現金等價物		35,040		20,286
與循環信貸額度相關的債務發行成本		1,548		1,557
應收利息		58,421		53,960
直線租金應收款		18,677		19,626
租賃獎勵		3,584		2,607
預付費用及其他資產		15,095		15,969
資產總額	$	1,871,637	$	1,855,098
負債
循環信用額度	$	240,150	$	302,250
Term loans, net of debt issue costs: 2024—$229; 2023—$342		99,771		99,658
償還無抵押票據，扣除債務發行成本：2024年—$1,098; 2023—$1,251		445,402		489,409
應計利息		3,757		3,865
應計費用及其他負債		41,120		43,649
總負債		830,200		938,831
股東權益
股東權益：
普通股： $0.01 面額為0.0001； 60,000 已授權股份　已發行股份發行的及流通股：　 2024—45,034; 2023—43,022		450		430
超過票面價值的股本		1,062,374		991,656
Cumulative net income		1,707,352		1,634,395
累積其他綜合收益		3,639		6,110
累積分配		(1,825,996)		(1,751,312)
LTC Properties, Inc. 的股東權益總額		947,819		881,279
非控制股權		93,618		34,988
總股本		1,041,437		916,267
負債加股東權益總額	$	1,871,637	$	1,855,098

請參閱附註。

LTC PROPERTIES, INC.

綜合收入報表E

(金額以千元為單位，每股除外，未經審核)


	三個月結束了				截至九個月
	九月三十日				九月三十日
	2024		2023		2024		2023
收入：
租金收入	$	32,258	$	31,589	$	97,464	$	94,861
來自融資應收款項的利息收入		7,001		3,832		14,661		11,413
按揭貸款利息收入		10,733		12,247		35,842		35,417
利息及其他收入		5,791		1,635		9,298		5,358
總收益		55,783		49,303		157,265		147,049
費用：
利息費用		10,023		12,674		31,971		34,595
折舊與攤提		9,054		9,499		27,173		28,085
資產減損損失		—		—		—		12,510
信用損失準備		215		189		942		2,107
交易成本		33		329		679		537
物業稅費用		3,186		3,271		9,816		9,751
總部及行政費用		6,765		5,959		20,016		18,344
總支出		29,276		31,921		90,597		105,929
其他營業收入：
出售房地產業所獲利淨額		3,663		4,870		6,882		20,545
營收		30,170		22,252		73,550		61,665
來自未合併聯合企業的收入		692		375		1,739		1,127
凈利潤		30,862		22,627		75,289		62,792
收入分配給非控股權益		(1,496)		(430)		(2,332)		(1,287)
歸屬於LTC Properties, Inc.的凈利潤		29,366		22,197		72,957		61,505
分配給優先證券的收益		(201)		(147)		(511)		(440)
可供普通股股東使用的凈利潤	$	29,165	$	22,050	$	72,446	$	61,065

每股普通股收益:
基礎	$	0.66	$	0.54	$	1.67	$	1.48
稀釋	$	0.66	$	0.54	$	1.65	$	1.48

用於計算每股普通股收益的加權平均股份：
基礎		43,868		41,153		43,313		41,127
稀釋		44,394		41,211		43,839		41,185

每普通股宣布並支付的股息	$	0.57	$	0.57	$	1.71	$	1.71

請參閱附註。


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Net income	$	30,862	$	22,627	$	75,289	$	62,792
Unrealized gain on cash flow hedges before reclassification		(1,289)		1,034		655		2,629
Gains reclassified from accumulated other comprehensive income to interest expense		(1,037)		(1,006)		(3,126)		(2,752)
Comprehensive income		28,536		22,655		72,818		62,669
Less: Comprehensive income allocated to non-controlling interests		(1,496)		(430)		(2,332)		(1,287)
Comprehensive income attributable to LTC Properties, Inc.	$	27,040	$	22,225	$	70,486	$	61,382


					Capital in		Cumulative						Total		Non-
	Common Stock				Excess of		Net		Accumulated		Cumulative		Stockholder's		Controlling		Total
	Shares		Amount		Par Value		Income		OCI		Distributions		Equity		Interests		Equity
Balance—December 31, 2022	41,262	$	412	$	931,124	$	1,544,660	$	8,719	$	(1,656,548)	$	828,367	$	21,940	$	850,307
Issuance of common stock	48		—		1,697		—		—		—		1,697		—		1,697
Issuance of restricted stock	128		1		(1)		—		—		—		—		—		—
Common Stock cash distributions ($0.57 per share)	—		—		—		—		—		(23,563)		(23,563)		—		(23,563)
Stock-based compensation expense	—		—		2,088		—		—		—		2,088		—		2,088
Net income	—		—		—		33,134		—		—		33,134		427		33,561
Cash paid for taxes in lieu of common shares	(41)		—		(1,538)		—		—		—		(1,538)		—		(1,538)
Non-controlling interest contributions	—		—		—		—		—		—		—		3,831		3,831
Non-controlling interest distributions	—		—		—		—		—		—		—		(406)		(406)
Fair market valuation adjustment for interest rate swap	—		—		—		—		(1,362)		—		(1,362)		—		(1,362)
Other	(1)		—		—		—		—		—		—		—		—
Balance—March 31, 2023	41,396	$	413	$	933,370	$	1,577,794	$	7,357	$	(1,680,111)	$	838,823	$	25,792	$	864,615
Issuance of restricted stock	15		—		—		—		—		—		—		—		—
Common Stock cash distributions ($0.57 per share)	—		—		—		—		—		(23,599)		(23,599)		—		(23,599)
Stock-based compensation expense	—		—		2,138		—		—		—		2,138		—		2,138
Net income	—		—		—		6,174		—		—		6,174		430		6,604
Cash paid for taxes in lieu of common shares	(2)		—		(81)		—		—		—		(81)		—		(81)
Non-controlling interest contributions	—		—		—		—		—		—		—		9,133		9,133
Non-controlling interest distributions	—		—		—		—		—		—		—		(406)		(406)
Fair market valuation adjustment for interest rate swap	—		—		—		—		1,211		—		1,211		—		1,211
Balance—June 30, 2023	41,409	$	413	$	935,427	$	1,583,968	$	8,568	$	(1,703,710)	$	824,666	$	34,949	$	859,615
Issuance of common stock	—		—		—		—		—		—		—		—		—
Issuance of restricted stock	3		—		—		—		—		—		—		—		—
Common Stock cash distributions ($0.57 per share)	—		—		—		—		—		(23,605)		(23,605)		—		(23,605)
Stock-based compensation expense	—		—		2,123		—		—		—		2,123		—		2,123
Net income	—		—		—		22,197		—		—		22,197		430		22,627
Non-controlling interest distributions	—		—		—		—		—		—		—		(405)		(405)
Fair market valuation adjustment for interest rate swap	—		—		—		—		28		—		28		—		28
Balance—September 30, 2023	41,412	$	413	$	937,550	$	1,606,165	$	8,596	$	(1,727,315)	$	825,409	$	34,974	$	860,383

Balance—December 31, 2023	43,022	$	430	$	991,656	$	1,634,395	$	6,110	$	(1,751,312)	$	881,279	$	34,988	$	916,267
Issuance of common stock	139		1		4,336		—		—		—		4,337		—		4,337
Issuance of restricted stock	160		2		(2)		—		—		—		—		—		—
Common Stock cash distributions ($0.57 per share)	—		—		—		—		—		(24,616)		(24,616)		—		(24,616)
Stock-based compensation expense	—		—		2,202		—		—		—		2,202		—		2,202
Net income	—		—		—		24,230		—		—		24,230		459		24,689
Fair market valuation adjustment for interest rate swap	—		—		—		—		378		—		378		—		378
Cash paid for taxes in lieu of common shares	(50)		—		(1,532)		—		—		—		(1,532)		—		(1,532)
Non-controlling interest contributions	—		—		—		—		—		—		—		50		50
Non-controlling interest distributions	—		—		—		—		—		—		—		(2,904)		(2,904)
Other	—		—		(29)		—		—		—		(29)		—		(29)
Balance—March 31, 2024	43,271	$	433	$	996,631	$	1,658,625	$	6,488	$	(1,775,928)	$	886,249	$	32,593	$	918,842
Issuance of common stock	204		2		6,519		—		—		—		6,521		—		6,521
Issuance of restricted stock	16		—		—		—		—		—		—		—		—
Common Stock cash distributions ($0.57 per share)	—		—		—		—		—		(24,787)		(24,787)		—		(24,787)
Stock-based compensation expense	—		—		2,320		—		—		—		2,320		—		2,320
Net income	—		—		—		19,361		—		—		19,361		377		19,738
Fair market valuation adjustment for interest rate swap	—		—		—		—		(523)		—		(523)		—		(523)
Cash paid for taxes in lieu of common shares	—		—		—		—		—		—		—		—		—
Non-controlling interest contributions	—		—		—		—		—		—		—		61,025		61,025
Non-controlling interest distributions	—		—		—		—		—		—		—		(377)		(377)
Other	—		—		(2)		—		—		—		(2)		—		(2)
Balance—June 30, 2024	43,491	$	435	$	1,005,468	$	1,677,986	$	5,965	$	(1,800,715)	$	889,139	$	93,618	$	982,757
Issuance of common stock	1,543		15		54,637		—		—		—		54,652		—		54,652
Common Stock cash distributions ($0.57 per share)	—		—		—		—		—		(25,281)		(25,281)		—		(25,281)
Stock-based compensation expense	—		—		2,269		—		—		—		2,269		—		2,269
Net income	—		—		—		29,366		—		—		29,366		1,496		30,862
Fair market valuation adjustment for interest rate swap	—		—		—		—		(2,326)		—		(2,326)		—		(2,326)
Non-controlling interest distributions	—		—		—		—		—		—		—		(1,496)		(1,496)
Balance—September 30, 2024	45,034	$	450	$	1,062,374	$	1,707,352	$	3,639	$	(1,825,996)	$	947,819	$	93,618	$	1,041,437


	Nine Months Ended September 30,
	2024		2023
OPERATING ACTIVITIES:
Net income	$	75,289	$	62,792
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		27,173		28,085
Stock-based compensation expense		6,791		6,349
Impairment loss		—		12,510
Gain on sale of real estate, net		(6,882)		(20,545)
Income from unconsolidated joint ventures		(1,739)		(1,127)
Income distributions from unconsolidated joint ventures		839		—
Straight-line rental adjustment		561		1,635
Exchange of prepayment fee for participating interest in mortgage loan		—		(1,380)
Adjustment for collectability of lease incentives and rental income		321		26
Amortization of lease incentives		626		584
Provision for credit losses		942		2,107
Application of interest reserve		(233)		(1,788)
Amortization of debt issue costs		791		900
Other non-cash items, net		71		71
Change in operating assets and liabilities
Lease incentives funded		(1,794)		(1,023)
Increase in interest receivable		(7,124)		(8,605)
Decrease in accrued interest payable		(108)		(1,341)
Net change in other assets and liabilities		(3,645)		(318)
Net cash provided by operating activities		91,879		78,932
INVESTING ACTIVITIES:
Investment in real estate properties		(319)		(43,759)
Investment in real estate capital improvements		(9,908)		(5,053)
Proceeds from sale of real estate, net		33,641		51,410
Investment in financing receivables		(97)		(112,712)
Investment in real estate mortgage loans receivable		(19,078)		(72,260)
Principal payments received on mortgage loans receivable		34,474		301
Investments in unconsolidated joint ventures		(11,262)		—
Advances and originations under notes receivable		(340)		(19,258)
Principal payments received on notes receivable		13,268		7,077
Net cash provided by (used in) investing activities		40,379		(194,254)
FINANCING ACTIVITIES:
Borrowings from revolving line of credit		19,200		274,450
Repayment of revolving line of credit		(81,300)		(42,200)
Principal payments on senior unsecured notes		(44,160)		(44,160)
Proceeds from common stock issued		65,629		1,777
Distributions paid to stockholders		(74,684)		(70,767)
Distributions paid to non-controlling interests		(109)		(1,217)
Financing costs paid		(516)		(19)
Cash paid for taxes in lieu of shares upon vesting of restricted stock		(1,533)		(1,619)
Other		(31)		—
Net cash (used in) provided by financing activities		(117,504)		116,245
Increase in cash and cash equivalents		14,754		923
Cash and cash equivalents, beginning of period		20,286		10,379
Cash and cash equivalents, end of period	$	35,040	$	11,302
Supplemental disclosure of cash flow information:
Interest paid	$	31,288	$	35,036
Non-cash investing and financing transactions:
Contribution from non-controlling interest	$	61,025	$	12,965
Investment in financing receivables	$	(163,460)	$	—
Exchange of mezzanine loan and related prepayment fee for participating interest in mortgage loan	$	—	$	(8,841)
Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables	$	102,435	$	—
Reserves withheld at financing and mortgage loan receivable origination	$	—	$	(5,147)
Accretion of interest reserve recorded as mortgage loan receivable	$	233	$	1,788
Decrease in fair value of interest rate swap agreements	$	(2,471)	$	(123)
Distributions paid to non-controlling interests	$	2,313	$	—
Distributions paid to non-controlling interests related to property sale	$	2,305	$	—
Mortgage loan receivable reserve withheld at origination	$	—	$	1,506


								Average
			Percentage		Number	Number of		Investment
	Gross		of		of	SNF	ALF	per
Type of Property	Investment		Investment		Properties ⁽¹⁾	Beds	Units	Bed/Unit
Assisted Living	$	732,120	54.5	%	73	—	4,341	$	168.65
Skilled Nursing		598,063	44.6	%	50	6,113	236	$	94.20
Other ⁽²⁾		12,005	0.9	%	1	118	—		—
Total	$	1,342,188	100.0	%	124	6,231	4,577


		Type	Number		Number		First
Lease		of	of		of		Year		Lease
Commencement	State	Property	Properties		Units		Rent		Term
November 2023	OK	ALF	5	⁽¹⁾	184	$	960		Three years
January 2024	CO, KS, OH, TX	ALF	17	⁽²⁾	738		9,325		Six years
January 2024	NC	ALF	5	⁽³⁾	210		3,300		Six years
			27		1,132	$	13,585

		Type	Number		Number
		of	of		of		Sales		Net
Year sold	State	Property	Properties		Units		Price		Proceeds ⁽⁴⁾
2023	FL	ALF	4		176	$	18,750	$	14,310	⁽⁵⁾
2023	OK	ALF	1		37		800		769
2023	SC	ALF	3		128		8,409		8,153
			8		341	$	27,959	$	23,232

Total			35		1,473


		Cash					Non-						Number	Number
		Paid at		Assumed			Controlling	Transaction			Assets		of	of
Year	Type of Property	Acquisition		Liabilities			Interest	Costs			Acquired		Properties	Beds/Units
2024	OTH ⁽¹⁾	$	300	$	—	$	—	$	19	$	319		—	—
2023	ALF ⁽²⁾		43,759		9,767		9,133		363		63,022	⁽³⁾	1	242


	September 30, 2024								December 31, 2023
					Accumulated								Accumulated
Assets		Cost			Amortization			Net		Cost			Amortization			Net
In-place leases	$	11,155	⁽¹⁾	$	(6,650)	⁽²⁾	$	4,505	$	11,348	⁽¹⁾	$	(6,109)	⁽²⁾	$	5,239
Tax abatement intangible	$	8,309	⁽³⁾	$	(924)	⁽³⁾	$	7,385	$	8,309	⁽³⁾	$	(405)	⁽³⁾	$	7,904


	Type
	of		Income		Cash Income		Non-cash
Year	Properties		Recognized		Earned		Income Accrued
2024	SNF/ALF	$	589	$	589	$	—
	ALF/MC		359		359		—
	ILF/ALF ⁽¹⁾		791		—		791
Total		$	1,739	$	948	$	791
			`
2023	ALF/MC	$	337	$	—	$	337
	UDP ⁽¹⁾		790		—		790
Total		$	1,127	$	—	$	1,127


Interest				Type of	Gross				Type of
Rate	IRR		Maturity	Loan	Investment			# of loans	Property
8.3%	—		2025	Working capital	$	50		1	ALF
9.0%	—		2026	Working capital		290		1	ALF
8.0%	11.0	%	2027	Mezzanine		25,000		1	ALF
0.0%	—		2028	Working capital		1,545		1	SNF
8.8%	12.0	%	2028	Mezzanine		17,000		1	ALF
6.5%	—		2030	Working capital		138		2	SNF
7.4%	—		2030	Working capital		500		1	ALF
7.4%	—		2030	Working capital		957		1	ALF
0.0%	—		2031	Working capital		2,693		1	ALF
					$	48,173	⁽¹⁾	10


	At September 30, 2024		At December 31, 2023
Mezzanine loans	$	42,000	$	42,000
Working capital loans		6,173		19,101
Notes receivable credit loss reserve		(482)		(611)
Total	$	47,691	$	60,490


	Type	Number
	of	of		Gross		Net Book	Option
State	Property	Properties		Investments ⁽¹⁾		Value	Window
California	ALF/MC	2	$	38,895	$	32,072	2020-2029
Colorado/Kansas/Ohio/Texas	ALF/MC	17		63,576		29,928	2029	⁽²⁾
Florida	SNF	3		76,625		76,625	2025-2027
Georgia/South Carolina	ALF/MC	2		31,904		24,721	2027
North Carolina	ALF/MC	11		121,419		121,419	2025-2028	⁽³⁾
North Carolina	ALF	5		14,654		6,876	2029	⁽⁴⁾
North Carolina	ALF	4		41,000		41,000	2024-2028	⁽⁵⁾
North Carolina/ South Carolina	ALF/MC	13		122,460		122,460	2024-2028	⁽⁶⁾
Ohio	MC	1		16,161		13,158	2024-2025
Ohio	ILF/ALF/MC	1		54,782		51,877	2025-2027
Oklahoma	ALF/MC	5		11,221		4,170	2027-2029	⁽⁷⁾
Tennessee	SNF	2		5,275		2,157	2023-2024
Texas	SNF	4		52,726		49,332	2027-2029	⁽⁸⁾
Texas	MC	1		12,743		9,440	2026-2028	⁽⁹⁾
Total			$	663,441	$	585,235


		Year of origination ⁽¹⁾											At September 30, 2024
Investment Type:	2024		2023		2022		2021		2020		Prior		Total		Credit loss reserve
Financing receivables	$	163,460	$	121,418	$	76,626	$	—	$	—	$	—	$	361,504	$	3,615

Mortgage loans receivable	$	—	$	92,360	$	—	$	16,706	$	—	$	255,348	$	364,414	$	3,638

Mezzanine loans	$	—	$	17,000	$	25,000	$	—	$	—	$	—	$	42,000	$	420
Working Capital loans		50		—		—		2,045		1,095		2,983		6,173		62
Total Notes Receivable	$	50	$	17,000	$	25,000	$	2,045	$	1,095	$	2,983	$	48,173	$	482


	Balance			Recovery	due to		Balance
	at			due to	Originations/		at
Description	12/31/2023			payoffs	additional funding		9/30/2024
Credit Loss Reserve- Financing Receivables	$	1,980	$	—	$	1,635	$	3,615
Credit Loss Reserve- Mortgage Loans Receivable		4,814		(1,369)		193		3,638
Credit Loss Reserve-Notes Receivable		611		(132)		3		482


						Notional	Fair Value at
Date Entered	Maturity Date	Swap Rate		Rate Index		Amount		September 30, 2024		December 31, 2023
November 2021	November 19, 2025	2.62	%	1-month SOFR	$	50,000	$	1,448	$	2,698
November 2021	November 19, 2026	2.76	%	1-month SOFR		50,000		2,191		3,412
					$	100,000	$	3,639	$	6,110


		At September 30, 2024				At December 31, 2023
	Applicable			Available				Available
	Interest	Outstanding		for		Outstanding		for
Debt Obligations	Rate ⁽¹⁾	Balance		Borrowing		Balance		Borrowing
Revolving line of credit⁽²⁾	6.17%	$	240,150	$	184,850	$	302,250	$	97,750
Term loans, net of debt issue costs	2.69%		99,771		—		99,658		—
Senior unsecured notes, net of debt issue costs	4.15%		445,402		—		489,409		—
Total	4.58%	$	785,323	$	184,850	$	891,317	$	97,750


	No. of	Price per
Year	Shares/Units	Share		Reward Type	Vesting Period
2024	159,536	$	30.72	Restricted stock	ratably over 3 years
	69,610	$	31.84	Performance-based stock units	TSR targets ⁽¹⁾
	62,914	$	31.84	Performance-based stock units	TSR targets ⁽²⁾
	15,895	$	34.60	Restricted stock	⁽³⁾
	307,955

2023	127,960	$	37.16	Restricted stock	ratably over 3 years
	86,867	$	37.16	Performance-based stock units	TSR targets ⁽⁴⁾
	15,060	$	31.54	Restricted stock	May 24, 2024
	3,000	$	35.45	Restricted stock	July 25, 2024
	232,887


	Remaining
	Compensation
Vesting Date	Expense
October - December 2024	$	2,260
2025		6,450
2026		3,385
2027		369
Total	$	12,464


	At September 30, 2024					At December 31, 2023
	Carrying		Fair			Carrying		Fair
	Value		Value			Value		Value
Financing receivables, net of credit loss reserve	$	357,889	$	363,900	⁽¹⁾	$	196,032	$	199,199	⁽¹⁾
Mortgage loans receivable, net of credit loss reserve		360,776		422,180	⁽²⁾		477,266		554,993	⁽²⁾
Notes receivable, net of credit loss reserve		47,691		53,923	⁽³⁾		60,490		67,877	⁽³⁾
Revolving line of credit		240,150		240,150	⁽⁴⁾		302,250		302,250	⁽⁴⁾
Term loans, net of debt issue costs		99,771		100,000	⁽⁴⁾		99,658		100,000	⁽⁴⁾
Senior unsecured notes, net of debt issue costs		445,402		417,267	⁽⁵⁾		489,409		439,865	⁽⁵⁾


	Amount
Assisted Living Communities	$	8,663
Skilled Nursing Centers		1,245
Total	$	9,908


	Amount
Investment and funding under financing receivables	$	163,557	⁽¹⁾
Amortization of capital costs		(65)
Provision for loan loss reserve		(1,635)	⁽²⁾
	$	161,857


	Amount
Originations and funding under mortgage loans receivable	$	19,078	⁽¹⁾
Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables		(102,435)	⁽²⁾
Pay-offs received		(34,094)	⁽³⁾
Application of interest reserve		169
Scheduled principal payments received		(380)
Mortgage loan premium amortization		(4)
Recovery of loan loss reserve		1,176
Net decrease in mortgage loans receivable	$	(116,490)


		Type	Total		Contractual		Number						Cash		Non-cash
		of	Preferred		Cash		of		Carrying		Income		Income		Income
State		Properties	Return		Portion		Beds/ Units		Value		Recognized		Earned		Accrued
Texas	⁽¹⁾	SNF/ALF	9.2	%	9.2	%	104	$	11,262	$	589	$	589	$	—
Washington	⁽²⁾	ALF/MC	12.0	%	7.0	%	95		6,340		359		359		—
Washington	⁽³⁾	ILF/ALF	14.0	%	8.0	%	267		13,000		791		—		791
Total							466	$	30,602	$	1,739	$	948	$	791


	Amount
Advances under notes receivable	$	340
Principal payments received under notes receivable		(13,268)	⁽¹⁾
Recovery of credit losses		129
Net decrease in notes receivable	$	(12,799)



	9/30/24		6/30/24		3/31/24		12/31/23		9/30/23
Asset mix:
Real property	$	1,342,188	$	1,342,069	$	1,342,921	$	1,379,332	$	1,405,848
Financing receivables		361,504		361,525		197,990		198,012		198,033
Mortgage Loan receivables		364,414		393,375		485,095		482,080		478,344
Notes receivable		48,173		58,995		60,551		61,101		63,693
Unconsolidated joint ventures		30,602		30,504		19,340		19,340		19,340
Real estate investment mix:
Assisted living communities	$	1,165,395	$	1,166,053	$	1,096,573	$	1,133,543	$	1,149,589
Skilled nursing centers		959,482		1,001,532		991,540		991,492		987,877
Other ⁽¹⁾		12,005		12,005		14,844		14,830		14,792
Under development		9,999		6,878		2,940		—		13,000
Operator mix:
ALG Senior	$	307,308	$	307,308	$	249,882	$	298,816	$	310,789
Prestige Healthcare ⁽¹⁾		269,345		272,081		272,338		272,465		272,767
Encore Senior Living		191,988		187,645		183,345		179,753		179,430
HMG Healthcare, LLC		166,833		176,877		178,422		178,422		176,644
Anthem Memory Care, LLC		156,407		156,407		156,407		156,312		156,054
Remaining operators		1,055,000		1,086,150		1,065,503		1,054,097		1,069,574
Geographic mix:
Texas	$	323,737	$	328,428	$	320,214	$	328,467	$	329,545
North Carolina		301,142		300,893		234,918		234,665		234,665
Michigan		287,795		287,389		283,708		280,857		281,159
Ohio		144,229		143,115		142,897		142,669		142,483
Florida		130,196		130,218		130,240		137,941		146,178
Remaining states		959,782		996,425		993,920		1,015,266		1,031,228


	Year to Date		Quarter Ended
	9/30/24		9/30/24			6/30/24			3/31/24			12/31/23			9/30/23
Debt to gross asset value	34.5	%	34.5	%	⁽¹⁾	37.6	%	⁽⁴⁾	38.9	%	⁽¹⁾	39.5	%	⁽¹⁾	42.1	%
Debt to market capitalization ratio	32.3	%	32.3	%	⁽²⁾	36.5	%	⁽⁵⁾	37.9	%	⁽⁷⁾	39.2	%	⁽⁷⁾	41.8	%
Interest coverage ratio ⁽⁹⁾	3.8	x	4.2	x	⁽³⁾	3.7	x	⁽⁶⁾	3.5	x	⁽⁸⁾	3.3	x		3.2	x
Fixed charge coverage ratio ⁽⁹⁾	3.8	x	4.2	x	⁽³⁾	3.7	x	⁽⁶⁾	3.5	x	⁽⁸⁾	3.3	x		3.2	x


	At September 30, 2024
Cash and cash equivalents	$	35,040	⁽¹⁾
Available under revolving line of credit		184,850	⁽²⁾
Available under Equity Distribution Agreements		9,558	⁽³⁾
Total Liquidity	$	229,448	⁽⁴⁾


	Nine Months Ended September 30,					Change
Net Cash provided by (used in):	2024		2023			$
Operating activities	$	91,879	$	78,932	$	12,947
Investing activities		40,379		(194,254)		234,633
Financing activities		(117,504)		116,245		(233,749)
Increase in cash and cash equivalents		14,754		923		13,831
Cash and cash equivalents, beginning of period		20,286		10,379		9,907
Cash and cash equivalents, end of period	$	35,040	$	11,302	$	23,738


Debt Obligations		Borrowings		Repayments
Revolving line of credit	$	19,200	$	(81,300)	⁽¹⁾
Senior unsecured notes		—		(44,160)
Total	$	19,200	$	(125,460)

3.1	LTC Properties, Inc. Articles of Restatement (incorporated by reference to Exhibit 3.1.2 to the registrant’s Current Report on Form 8-K filed June 6, 2016)

3.2	Bylaws of LTC Properties, Inc. (incorporated by reference to Exhibit 3.2 to the registrant’s Current Report on Form 8-K filed May 26, 2023)
31.1	Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2	Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32	Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH	Inline XBRL Taxonomy Extension Schema Document

101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF	Inline XBRL Taxonomy Extension Definitions Linkbase Document

101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document

104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


	LTC PROPERTIES, INC.
	Registrant



Dated: October 28, 2024	By:	/s/ Caroline Chikhale
		Caroline Chikhale
		Executive Vice President, Chief Accounting Officer and Treasurer
		(Principal Accounting Officer)