LTC Properties (LTC) Q4 2025 Earnings
How Did LTC Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −8.52%.
Did LTC Beat Earnings? Q4 2025 Results
Yes. LTC Properties reported Q4 2025 earnings of $2.11 a share on Feb 24, 2026, beating the $1.30 consensus estimate by 62.3%. Revenue was $84.3M against a $84.2M estimate.
LTC Properties delivered a headline-grabbing Q4 2025 earnings beat, posting diluted EPS of $2.11 against a consensus estimate of just $0.47, a 348.94% positive surprise, though the result was heavily shaped by a $78.06 million gain on the sale of seven skilled nursing centers for $123.00 million during the quarter. Revenue of $84.29 million rose 71.9% year over year, fueled largely by the company's rapidly expanding Seniors Housing Operating Portfolio, which contributed $37.96 million in resident fees and services, a line that did not exist in Q4 2024; however, revenue fell short of the $92.49 million consensus estimate by 8.86%. Stripping out the one-time gain, Core FFO grew a more measured 13% to $0.70 per diluted share. SHOP NOI margins expanded to 28.1% in Q4 from 21.2% at the segment's launch, with average occupancy reaching 89.3%, and insider buying following the report signals some confidence in the strategic pivot. Looking ahead, LTC guided for 2026 diluted Core FFO of $2.75 to $2.79 per share, targeting SHOP at 45% of gross investments by year-end.
- SHOP acquisitions of $353 million in 2025 and $108 million in January 2026
- SHOP NOI growth of 22% over 2024 proforma NOI for original 13 property SHOP conversions
- SHOP NOI margin expanded to 28.1% in Q4 2025 from 21.2% in Q2 2025
- SHOP average unit occupancy of 89.3% in Q4 2025
- $78 million gain on sale of seven skilled nursing centers sold for $123 million
- 60% total revenue growth year-over-year and 13% Core FFO growth
- Market-based rent resets generated $5,625 of revenue from a 14-property portfolio in 2025 vs $3,448 in 2024 (63% increase)
“Our strategic shift toward SHOP is delivering higher growth and fundamentally reshaping our long-term earnings profile. With a more resilient portfolio consisting of newer assets and a focused approach to capital allocation, we ended 2025 with momentum and confidence in our ability to continue creating long-term value for shareholders.”
LTC Properties CEO, on the earnings call
What Was LTC Properties's Outlook in Q4 2025?
LTC introduced 2026 full-year guidance with diluted earnings per share of $1.80 to $1.84, diluted Core FFO per share of $2.75 to $2.79, and diluted Core FAD per share of $2.82 to $2.86. First quarter 2026 guidance calls for diluted earnings per share of $0.60 to $0.62, diluted Core FFO per share of $0.66 to $0.68, and diluted Core FAD per share of $0.68 to $0.70. Key assumptions include gross investments of $400M to $800M for the full year, asset sales and loan payoffs of $265.9M, SHOP NOI of $65.1M to $77.2M, and G&A costs of $31.7M to $33.9M. The company targets SHOP representing 45% of its investment portfolio by year-end 2026. SHOP NOI growth is projected at approximately 14% over 2025 proforma NOI at the midpoint, with occupancy growth of approximately 150 basis points.
LTC YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $84.3M | $49.0M | +71.9% |
| Net Income | $103.7M | $20.7M | +401.2% |
| Operating Income | $23.6M | $18.6M | +27.2% |
LTC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.