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LTC Properties

LTC Properties (LTC) Q2 2026 Earnings

Reported Aug 5, 2026 at 4:22 PM ET · SEC Source

Q2 26 EPS Adjusted

$0.68

BEAT +54.55%

Est. $0.44

Includes $1,189 thousand in transaction costs excluded as non-core adjustments to arrive at Core FFO

Q2 26 Revenue

$98.9M

MISS 1.57%

Est. $100.4M

vs S&P Since Q2 26

+1.5%

BEATING MARKET

LTC +2.1% vs S&P +0.6%

Market Reaction

Did LTC Beat Earnings? Q2 2026 Results

LTC Properties delivered a standout second quarter, posting adjusted Core FFO of $0.68 per diluted share and decisively beating the $0.44 consensus estimate by 54.55%, as its rapidly expanding Senior Housing Operating Portfolio drove a 64.1% year-ove… Read more LTC Properties delivered a standout second quarter, posting adjusted Core FFO of $0.68 per diluted share and decisively beating the $0.44 consensus estimate by 54.55%, as its rapidly expanding Senior Housing Operating Portfolio drove a 64.1% year-over-year surge in total revenues to $98.86 million, though that figure fell modestly short of the $100.43 million consensus. The earnings beat reflects the accelerating scale of LTC's strategic pivot toward SHOP, which grew resident fee revenues to $56.13 million from just $11.95 million a year ago after the company expanded the portfolio to 39 communities across 12 operators. The core 27-property SHOP portfolio achieved 90.0% average occupancy and a 26.9% NOI margin in the quarter, producing $13.30 million in NOI. Institutional investors have been taking notice of the transformation, with several building new or larger stakes ahead of this print. Looking ahead, management raised SHOP investment guidance 50% at the midpoint to $900 million, narrowed Core FFO guidance to $2.76 to $2.78 per share, and projects SHOP will represent nearly 50% of proforma annualized NOI by year-end.

Key Takeaways

  • • Rapid expansion of SHOP portfolio to 39 communities with 12 operators
  • • Core SHOP portfolio occupancy increased to 90.0% with 26.9% NOI margin
  • • SHOP NOI of $13.9 million in Q2 2026, up from $2.5 million in Q2 2025
  • • Market-based rent resets on 10-property portfolio provided 24% increase over 2025
  • • REVPOR growth of approximately 5.5% projected and EXPOR growth contained at approximately 3.0%

LTC Forward Guidance & Outlook

LTC raised full-year 2026 GAAP diluted EPS guidance to $8.08–$8.10, reflecting anticipated gains on planned asset dispositions of $730 million. Core FFO guidance was narrowed to $2.76–$2.78 per diluted share and Core FAD to $2.83–$2.85, both with unchanged midpoints. SHOP investment guidance was increased 50% at the midpoint to $900 million ($700M–$1.1B range). Total SHOP NOI guidance for 2026 was raised to $71.2M–$79.9M. Core SHOP portfolio (27 properties) NOI guidance was narrowed to $53.5M–$56.5M, reflecting approximately 14% proforma NOI growth over 2025 with occupancy growth of ~70 basis points and REVPOR increases of ~5.5%. SHOP is projected to represent 40% of proforma annualized NOI by end of Q3 and nearly 50% by year-end, with a pathway to 75% by end of 2028. G&A costs are expected at $31.7M–$33.9M for the full year.

24/7 Wall St

LTC YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

LTC Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“The excitement and momentum of our SHOP strategy continues, and our transformation is well ahead of previous projections. We increased the mid-point of our 2026 SHOP investment guidance to $900 million, and with an expansion of our credit facility to $1 billion, and an increase in anticipated proceeds from asset sales and the Prestige loan payoff to $730 million, we have enhanced LTC's long-term ability to organically grow core FFO and FAD per share above historical rates.”

— Pam Kessler, Q2 2026 Earnings Press Release

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