--- title: "LTC Properties | 8-K: FY2026 Q2 Revenue: USD 98.86 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/295015671.md" datetime: "2026-08-05T21:04:51.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/295015671.md) - [en](https://longbridge.com/en/news/295015671.md) - [zh-HK](https://longbridge.com/zh-HK/news/295015671.md) generator: "portal-rs" --- # LTC Properties | 8-K: FY2026 Q2 Revenue: USD 98.86 M Revenue: As of FY2026 Q2, the actual value is USD 98.86 M. EPS: As of FY2026 Q2, the actual value is USD 0.56, beating the estimate of USD 0.4954. EBIT: As of FY2026 Q2, the actual value is USD 30.98 M. ### Investment and Portfolio Transformation LTC Properties, Inc. projects a 2026 Seniors Housing Operating Portfolio (“SHOP”) investment guidance midpoint of $900 million, with a range of $700 million to $1.1 billion. The company completed $59 million in SHOP conversions in 2026, with $26 million in Q1 and $33 million in Q2. The investment funding strategy for 2026 anticipates approximately $730 million in proceeds from property sales and loan prepayments, of which $120 million was received through July 2026. Net proceeds from sales under its ATM through Q2 2026 were approximately $198 million. Proforma 2026 estimates indicate that Net Operating Income (NOI) from Seniors Housing is expected to increase from 43% to 77%, while NOI from Skilled Nursing is projected to decrease from 57% to 22%. Furthermore, NOI from Owned investments is expected to rise from 76% to 89%, and NOI from Mortgage Loans investment is anticipated to decrease from 20% to 9%. Near-term expected sales and loan payoffs for 2026 are projected to generate total proceeds of $730 million and total annualized income of $53 million. Specifically, expected proceeds were $64,000 in Q1 2026 and $22,000 in Q2 2026, with estimated proceeds of $201,000 for Q3 2026 and $443,000 for Q4 2026. As of June 30, 2026, LTC Properties, Inc.’s total gross investment was $2,492,578 million with a total NOI of $200,146 million for the trailing twelve months. The Owned Portfolio represented $1,783,842 million (71.6% of gross investment) contributing $135,356 million (67.6% of NOI), comprising a Triple-Net Portfolio of $982,820 million (39.5% of gross investment) with $93,239 million (46.6% of NOI), and a SHOP segment of $801,022 million (32.1% of gross investment) with $42,117 million (21.0% of NOI). Other investment types included Owned Properties accounted for as Financing Receivables totaling $286,916 million (11.5% of gross investment) with $22,508 million (11.3% of NOI), Mortgage Loans of $396,092 million (15.9% of gross investment) with $39,726 million (19.8% of NOI), and Notes Receivable of $25,728 million (1.0% of gross investment) with $2,556 million (1.3% of NOI). By asset type, Seniors Housing accounted for $1,686,657 million (67.6% of gross investment) with $114,324 million (57.1% of NOI), and Skilled Nursing accounted for $777,530 million (31.2% of gross investment) with $83,905 million (41.9% of NOI). Subsequent to June 30, 2026, LTC Properties, Inc. acquired five seniors housing communities totaling 495 units into its SHOP segment for $207,850 million, and sold a 99-bed skilled nursing center in Oregon for $34,200 million, anticipating a gain on sale of approximately $33,000 million. #### SHOP Performance For the Core SHOP Portfolio (27 properties, 2,281 units) in Q2 2026, total revenues were $49,491 million, with operating expenses of $36,188 million, resulting in an NOI of $13,303 million and an NOI margin of 26.9%. Average unit occupancy for this portfolio was 90.0% in Q2 2026. For the total SHOP portfolio in Q2 2026, total revenues were $56,132 million, operating expenses were $42,208 million, and NOI was $13,924 million, representing an NOI margin of 24.8%. Average unit occupancy for the total SHOP portfolio was 86.1% in Q2 2026. #### Debt Metrics and Enterprise Value As of June 30, 2026, LTC Properties, Inc.’s total debt was $777,090 million with a weighted average rate of 4.3%. The debt comprised a revolving line of credit of $200,000 million, term loans (net of debt issue costs) of $198,404 million, and senior unsecured notes (net of debt issue costs) of $378,686 million. The company’s debt to Enterprise Value was 27.0%, and Debt to Annualized Adjusted EBITDAre was 4.2x. LTC Properties, Inc. increased its credit facility by $300,000 million in Q2 2026, expanding its aggregate revolving line of credit from $600,000 million to $900,000 million. Subsequent to June 30, 2026, $156,100 million was borrowed under the unsecured revolving line of credit, leaving $356,100 million outstanding and $543,900 million available for borrowing. #### Consolidated Statements of Income (Three Months Ended June 30, 2026 vs. 2025) Total revenues for the three months ended June 30, 2026, were $98,859 million, an increase from $60,240 million in the same period of 2025. This increase was driven by resident fees and services, which rose to $56,132 million in 2026 from $11,950 million in 2025. Rental income decreased to $25,990 million from $30,177 million. Total expenses for the three months ended June 30, 2026, were $75,541 million, up from $44,544 million in 2025. Seniors housing operating expenses increased to $42,208 million from $9,419 million. Net income for the three months ended June 30, 2026, was $30,815 million, compared to $16,548 million in 2025. Net income attributable to LTC Properties, Inc. was $29,637 million in 2026, up from $15,092 million in 2025. #### Consolidated Statements of Income (Six Months Ended June 30, 2026 vs. 2025) Total revenues for the six months ended June 30, 2026, were $194,270 million, an increase from $109,271 million in the same period of 2025. Resident fees and services rose to $105,717 million in 2026 from $11,950 million in 2025. Total expenses for the six months ended June 30, 2026, were $146,171 million, compared to $75,190 million in 2025. Seniors housing operating expenses increased to $79,097 million from $9,419 million. Net income for the six months ended June 30, 2026, was $55,771 million, up from $38,769 million in 2025. Net income attributable to LTC Properties, Inc. was $53,230 million in 2026, compared to $35,772 million in 2025. #### Funds From Operations (FFO) and Funds Available for Distribution (FAD) (Three Months Ended June 30, 2026 vs. 2025) Nareit FFO attributable to common stockholders was $34,288 million in Q2 2026, up from $23,382 million in Q2 2025. Core FFO was $35,477 million in Q2 2026, compared to $31,393 million in Q2 2025. FAD was $35,605 million in Q2 2026, an increase from $25,623 million in Q2 2025. Core FAD was $36,794 million in Q2 2026, up from $32,550 million in Q2 2025. #### Funds From Operations (FFO) and Funds Available for Distribution (FAD) (Six Months Ended June 30, 2026 vs. 2025) Nareit FFO attributable to common stockholders was $69,714 million for the six months ended June 30, 2026, up from $52,890 million in the same period of 2025. Core FFO was $69,212 million in 2026, compared to $61,306 million in 2025. FAD was $71,979 million for the six months ended June 30, 2026, an increase from $60,303 million in the same period of 2025. Core FAD was $72,044 million in 2026, up from $64,571 million in 2025. #### Outlook LTC Properties, Inc.’s 2026 full-year guidance includes increased gross investment estimates, now ranging from $700 million to $1.1 billion at the midpoint. Asset sales and loan payoffs projections have also increased to $730 million, with an anticipated gain on sale of over $300 million. SHOP NOI, inclusive of expected net investments, is projected to be in the range of $71.2 million to $79.9 million. ### Related Stocks - [LTC.US](https://longbridge.com/en/quote/LTC.US.md) ## Related News & Research - [How Stronger Earnings Guidance and SHOP Expansion Will Impact LTC Properties (LTC) Investors](https://longbridge.com/en/news/296279738.md) - [LTC Properties upgraded to buy equivalent at RBC Capital](https://longbridge.com/en/news/295945679.md) - [How much of an impact will retiring expats have on Hong Kong’s luxury property?](https://longbridge.com/en/news/296700913.md) - [Skye Bio amends 8-K to set Aug. 24 effective date for reverse stock split](https://longbridge.com/en/news/296471274.md) - [Valion Bio amends 8-K to report final vote tally on reverse stock split approval](https://longbridge.com/en/news/296531983.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**