LTC Properties Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.89%.
Did LTC Beat Earnings? Q3 2025 Results
LTC Properties delivered a sharply mixed third quarter for 2025, posting revenue of $69.29 million, a 24.2% year-over-year increase that edged past the $66.82 million consensus by 3.69%, while a GAAP diluted loss of $0.44 per share fell well short of the $0.47 consensus estimate, a miss of 194.28%. The headline loss was driven almost entirely by a $41.45 million non-cash write-off tied to a Prestige Healthcare mortgage loan amendment, obscuring what executives described as meaningful underlying progress. The quarter marked a pivotal acceleration of the company's strategic pivot toward its Senior Housing Operating Portfolio, which contributed $22.20 million in resident fees and services, a segment that did not exist in Q3 2024, and now represents roughly 20% of LTC's total investment base following $292 million in SHOP acquisitions during the period. On an adjusted basis, Diluted Core FFO per share rose to $0.69 from $0.68 a year ago. With executives indicating that SHOP growth has become the company's new norm, LTC raised its full-year 2025 Diluted Core FFO guidance to $2.69 to $2.71 per share, the third upward revision this year.
- Conversion of Anthem and New Perspective triple-net lease portfolios into SHOP segment
- New SHOP acquisitions contributing resident fees and services revenue
- SHOP portfolio grew to nearly $450 million or approximately 20% of total investment portfolio with 87% average occupancy
- Diluted Core FFO per share increased $0.01 YoY driven by higher SHOP NOI and lower interest expense
- Diluted Core FAD per share increased $0.04 YoY from SHOP growth, cash rent escalations, and capital expenditure funding
“Our decision to launch SHOP in late 2024, followed by our first cooperative triple-net conversion and SHOP investments in 2025, was a strong catalyst for external growth and strategic transformation. Growth is the new norm for LTC as we continue to build a strong portfolio with quality SHOP assets. Our momentum is strengthening, and we are excited about our ability to continue on this path well into the future.”
LTC Properties CEO, on the earnings call
Forward Guidance & Outlook
LTC raised full-year 2025 guidance for the third time. Updated full-year 2025 guidance: Diluted Core FFO per share of $2.69–$2.71 (prior $2.68–$2.71), Diluted Core FAD per share of $2.82–$2.84 (prior $2.81–$2.83), and diluted EPS of $2.45–$2.47. Q4 2025 guidance: diluted EPS of $2.04–$2.06, Diluted Core FFO of $0.67–$0.69, Diluted Core FAD of $0.69–$0.71. Key assumptions include SHOP NOI of $16.2–$17.2 million for full year 2025 ($36–$42 million annualized, a 28% increase at midpoint), G&A expenses of $29.8–$30.3 million, and total investments of $391.5–$460.0 million. The company expects to close approximately $70 million in SHOP acquisitions over the next 60 days and a $110 million SHOP acquisition in January 2026. Guidance excludes asset sales and additional investments beyond those closed or expected to close within 60 days.
LTC YoY Financials
LTC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.