Ltc Properties (LTC)
NYSE:LTC
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LTC Properties
(NYSE:LTC)
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Rating:74Outperform
Price Target:
$44.00
▲(10.58% Upside)
Action:Upgraded
Date:05/09/26
The score is led by strong financial performance (high profitability and accelerating revenue growth) and a positive earnings outlook tied to the higher-growth SHOP strategy with reiterated guidance and ample liquidity. Technicals are supportive with price above major moving averages and positive MACD. Valuation is helped by a high dividend yield, though partially tempered by cash-flow volatility and execution/leverage risks during the portfolio transition.
Positive Factors
SHOP strategy & pipeline
LTC's deliberate shift toward higher-growth SHOP assets materially raises the company's structural growth runway. Moving SHOP to ~40% of NOI and having a >$5B pipeline supports sustained organic NOI and FFO/FAD expansion versus legacy triple-net exposure, improving future earnings power if execution holds.
Negative Factors
Cash generation consistency
Although FCF remains generally positive, the recent dip and volatile coverage ratios indicate inconsistent cash conversion. For a REIT executing active acquisitions and dispositions, unstable FCF complicates internal funding of growth and dividends, increasing reliance on external capital and timing-sensitive transactions.
Read all positive and negative factors
Positive Factors
Negative Factors
SHOP strategy & pipeline
LTC's deliberate shift toward higher-growth SHOP assets materially raises the company's structural growth runway. Moving SHOP to ~40% of NOI and having a >$5B pipeline supports sustained organic NOI and FFO/FAD expansion versus legacy triple-net exposure, improving future earnings power if execution holds.
Read all positive factors
LTC Properties Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how much rent and related revenue comes from each property type or business line, highlighting dependence on particular segments or tenants. Changes in segment revenue point to growth opportunities or concentration risks and help predict the impact of lease renewals, rent escalations, or tenant distress on overall top-line performance.
Shows how much rent and related revenue comes from each property type or business line, highlighting dependence on particular segments or tenants. Changes in segment revenue point to growth opportunities or concentration risks and help predict the impact of lease renewals, rent escalations, or tenant distress on overall top-line performance.
Data provided by:
The Fly
The FlyLTC Properties (LTC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.97B
Dividend Yield6.7%
Average Volume (3M)345.33K
Price to Earnings (P/E)19.1
Beta (1Y)0.21
Revenue Growth48.96%
EPS Growth28.05%
CountryUS
Employees23
SectorReal Estate
Sector Strength53
IndustryREIT - Healthcare Facilities
Share Statistics
EPS (TTM)2.58
Shares Outstanding51,181,458
10 Day Avg. Volume382,483
30 Day Avg. Volume345,333
Financial Highlights & Ratios
PEG Ratio0.58
Price to Book (P/B)1.48
Price to Sales (P/S)6.05
P/FCF Ratio11.69
Enterprise Value/Market Cap1.44
Enterprise Value/Revenue9.13
Enterprise Value/Gross Profit15.38
Enterprise Value/Ebitda13.72
Forecast
1Y Price Target
$41.00Price Target Upside3.04% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)1.9
Revenue Forecast (FY)$334.87M
LTC Properties Business Overview & Revenue Model
Company Description
LTC 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 le...
How the Company Makes Money
LTC Properties makes money primarily by generating recurring cash flows from its healthcare real estate investments. Key revenue streams include: (1) Rental income from leased properties: When LTC owns a seniors housing or skilled nursing facility...
LTC Properties Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call is optimistic about LTC Properties' strategic transformation into higher-growth SHOP investments: management provided multiple concrete metrics—SHOP to reach ~40% of NOI, on-track to $600M midpoint acquisitions, robust $5B pipeline, pro forma liquidity of $775M, and reiterated guidance for core FFO/FAD. Execution risks and short-term headwinds were acknowledged, including a transactional timing delay, temporary occupancy seasonality, rising interest and G&A costs, a mix-driven decline in RevPOR, and leverage toward the upper end of the target range. Overall, the positive operational progress, clear pipeline and funding, and repeatedly reiterated SHOP growth math materially outweigh the noted short-term and execution risks.Positive Updates
SHOP Strategy and Portfolio Mix Shift
SHOP projected to represent 45% of total investments and 40% of annualized NOI by year-end, materially enhancing LTC's long-term growth profile and ability to grow FFO and FAD per share above historical rates.
Negative Updates
Rising Interest and G&A Expenses
Increases in interest expense and G&A to support the growing SHOP platform partially offset earnings improvements, reflecting higher overhead and financing costs tied to the strategic shift.
Read all updates
Q1-2026 Updates
Positive
Negative
SHOP Strategy and Portfolio Mix Shift
SHOP projected to represent 45% of total investments and 40% of annualized NOI by year-end, materially enhancing LTC's long-term growth profile and ability to grow FFO and FAD per share above historical rates.
Read all positive updates
Company Guidance
LTC reiterated comprehensive 2026 guidance centered on accelerating SHOP growth: SHOP is projected to represent 45% of total investments and 40% of annualized NOI by year-end, with a $600 million midpoint SHOP acquisition target (guidance range $400–$800M) and SHOP NOI expected to be $65M–$77M; core SHOP (27 stabilized communities) is reiterated at ~14% pro forma growth at the midpoint (driving overall pro forma portfolio growth to ~5%–7% versus the low‑2% embedded in triple‑net). Financially, 2026 core FFO per share is guided to $2.75–$2.79 and core FAD per share to $2.82–$2.86 (Q1 core FFO was $0.69, +$0.04 YoY; core FAD $0.72, +$0.02 YoY), with FAD CapEx ~ $5M; liquidity stands at $585M (including $95M YTD ATM sales) and pro forma liquidity of $775M after $190M of expected proceeds (of $265M planned dispositions/loan payoffs, $77M closed, $190M expected in Q3). Balance sheet metrics at quarter end were pro forma debt/annualized adjusted EBITDA ~4.4x and adjusted fixed charge coverage ~4.6x (within a 4x–5x leverage target), investments closed YTD ~ $120M with nearly $250M on course to close in Q2, signed LOIs of $90M for Q3, and going‑in cap rates around 7%.LTC Properties Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
73
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 309.37M | 262.85M | 209.85M | 197.24M | 175.15M | 155.32M |
| Gross Profit | 183.60M | 197.48M | 196.92M | 183.97M | 159.67M | 139.93M |
| EBITDA | 205.90M | 197.24M | 171.58M | 175.89M | 169.52M | 121.89M |
| Net Income | 120.89M | 117.97M | 91.04M | 89.73M | 100.02M | 55.86M |
Balance Sheet | ||||||
| Total Assets | 2.10B | 2.06B | 1.79B | 1.86B | 1.66B | 1.50B |
| Cash, Cash Equivalents and Short-Term Investments | 21.67M | 14.39M | 9.41M | 20.29M | 10.38M | 5.16M |
| Total Debt | 869.92M | 844.76M | 684.60M | 891.32M | 767.85M | 722.72M |
| Total Liabilities | 919.35M | 899.68M | 733.14M | 938.83M | 805.80M | 759.70M |
| Stockholders Equity | 1.11B | 1.07B | 960.63M | 881.28M | 828.37M | 736.71M |
Cash Flow | ||||||
| Free Cash Flow | 134.46M | 135.98M | 125.17M | 104.40M | 96.59M | 91.18M |
| Operating Cash Flow | 137.13M | 135.98M | 125.17M | 104.40M | 105.59M | 91.18M |
| Investing Cash Flow | -338.35M | -269.94M | 90.68M | -174.91M | -119.95M | -69.79M |
| Financing Cash Flow | 199.59M | 138.94M | -226.72M | 80.42M | 19.58M | -24.01M |
LTC Properties Technical Analysis
Positive
39.79
Price Trends
38.28
Positive
37.44
Positive
35.91
Positive
Market Momentum
0.02
Positive
52.30
Neutral
31.76
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LTC, the sentiment is Positive. The current price of 39.79 is above the 20-day moving average (MA) of 38.35, above the 50-day MA of 38.28, and above the 200-day MA of 35.91, indicating a bullish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 52.30 is Neutral, neither overbought nor oversold. The STOCH value of 31.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LTC.
LTC Properties Risk Analysis
LTC Properties disclosed 39 risk factors in its most recent earnings report. LTC Properties reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
LTC Properties Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $1.97B | 19.11 | 11.79% | 6.70% | 48.96% | 28.05% | |
72 Outperform | $1.69B | 26.06 | 2.81% | 6.98% | 9.37% | 6.95% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $494.01M | 42.08 | 1.41% | 12.08% | 5.24% | ― | |
61 Neutral | $2.08B | -9.23 | -18.75% | 0.80% | 0.39% | -8.95% | |
56 Neutral | $569.18M | 27.89 | 11.44% | 7.51% | 0.77% | -4.74% |
* Real Estate Sector Average
LTC
LTC Properties
38.61
4.87
14.43%
DHC
Diversified Healthcare Trust
8.58
5.34
164.65%
CHCT
Community Healthcare
17.34
2.62
17.77%
UHT
Universal Health Realty Income
40.81
4.10
11.17%
SILA
Sila Realty Trust, Inc.
30.54
6.05
24.71%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.