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Q1 26 EPS
$0.48
BEAT +9.09%
Est. $0.44
Q1 26 Revenue
$95.4M
BEAT +2.81%
Est. $92.8M
vs S&P Since Q1 26
-2.2%
TRAILING MARKET
LTC -1.9% vs S&P +0.2%
Market Reaction
Did LTC Beat Earnings? Q1 2026 Results
LTC Properties delivered a notably strong first quarter for 2026, posting adjusted EPS of $0.48 against a consensus estimate of $0.40, a 20% beat, even as revenue of $95.41 million came in 6.72% below the $102.28 million analysts had expected. The to… Read more LTC Properties delivered a notably strong first quarter for 2026, posting adjusted EPS of $0.48 against a consensus estimate of $0.40, a 20% beat, even as revenue of $95.41 million came in 6.72% below the $102.28 million analysts had expected. The top-line miss did little to obscure the broader transformation underway: total revenues surged 58.4% year over year, powered almost entirely by the company's rapidly expanding Seniors Housing Operating Portfolio, which contributed $49.59 million in resident fees and services from a segment that simply did not exist in the year-ago quarter. SHOP now represents 29% of gross investments, and management is guiding for that share to reach 45% by year-end, supported by an anticipated $250 million in additional SHOP acquisitions expected to close in Q2 alone. Institutional interest in the pivot has been noted by market observers, with some analysts pointing to tenant concentration risk as a key variable to monitor. Full-year guidance was reaffirmed, with diluted Core FFO per share targeted at $2.75 to $2.79.
Key Takeaways
- • SHOP segment NOI of $12.7 million in line with Q1 2026 guidance
- • Total revenues nearly doubled YoY to $95.4 million driven by SHOP resident fees and services of $49.6 million
- • SHOP acquisitions of $108 million completed in Q1 2026
- • Core SHOP portfolio average occupancy of 89.4% with REVPOR of $7,998
- • Credit loss recovery of $684K vs. provision of $3.1M in prior year
- • Successful sale of three Florida SNF centers for $64 million with 8.5% exit IRR
LTC Forward Guidance & Outlook
LTC reaffirmed its full-year 2026 guidance: diluted EPS 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. Gross investments are expected in the range of $400 million to $800 million, with asset sales and loan payoffs of approximately $265.9 million. Total SHOP NOI (inclusive of expected net investments) is guided at $65.1 million to $77.2 million. For the core 27-property SHOP portfolio, NOI is expected at $53 million to $57 million, reflecting approximately 14% growth over 2025 proforma NOI, with occupancy growth of 150 basis points, REVPOR increases of approximately 5%, EXPOR increases of approximately 2.5%, and projected margin of approximately 27.5%. SHOP is projected to represent 45% of gross investments and 40% of annualized NOI by year-end 2026. An additional $250 million of SHOP acquisitions are anticipated to close in Q2 2026.
LTC YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
LTC Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our capabilities, reputation and culture are resonating with sellers and operators, and these relationships are driving investment opportunities and record external growth. We have strong conviction that our SHOP strategy is the right one to create a higher growth profile company with better risk-adjusted returns to drive shareholder value.”
— Clint Malin, Q1 2026 Earnings Press Release
LTC Earnings Trends
LTC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LTC EPS Trend
Earnings per share: estimate vs actual
LTC Revenue Trend
Quarterly revenue: estimate vs actual
LTC Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.44 | $0.48 | +9.09% | $95.4M | +2.81% |
| Q4 25 BEAT FY | $1.30 | $2.11 | +62.31% | $84.3M | +0.07% |
| FY Full Year | — | $2.52 | — | $262.9M | — |
| Q3 25 MISS | $0.47 | $-0.44 | -194.28% | $69.3M | +3.69% |
| Q2 25 MISS | $1.29 | $0.68 | -47.29% | $60.2M | +13.48% |
| Q1 25 MISS | $0.46 | $0.45 | -1.10% | $49.0M | +0.29% |