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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition period from ____ to ____

Commission file number 1-11314

LTC PROPERTIES, INC.

(Exact name of Registrant as specified in its charter)

Maryland

71-0720518

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

3011 Townsgate Road, Suite 220

Westlake Village, California 91361

(Address of principal executive offices, including zip code)

(805) 981-8655

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock, $.01 par value

LTC

New York Stock Exchange

Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No

The number of shares of common stock outstanding on April 22, 2024 was 43,475,389.

LTC PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except per share)

    

    

 

March 31, 2024

December 31, 2023

(unaudited)

(audited)

ASSETS

Investments:

Land

$

120,137

$

121,725

Buildings and improvements

 

1,219,622

 

1,235,600

Accumulated depreciation and amortization

 

(383,782)

 

(387,751)

Operating real estate property, net

 

955,977

 

969,574

Properties held-for-sale, net of accumulated depreciation: 2024—$2,773; 2023—$3,616

 

389

 

18,391

Real property investments, net

 

956,366

 

987,965

Financing receivables, net of credit loss reserve: 2024—$1,980; 2023—$1,980

196,010

196,032

Mortgage loans receivable, net of credit loss reserve: 2024—$4,845; 2023—$4,814

 

480,250

 

477,266

Real estate investments, net

 

1,632,626

 

1,661,263

Notes receivable, net of credit loss reserve: 2024—$605; 2023—$611

 

59,946

 

60,490

Investments in unconsolidated joint ventures

19,340

19,340

Investments, net

 

1,711,912

 

1,741,093

Other assets:

Cash and cash equivalents

 

9,010

 

20,286

Debt issue costs related to revolving line of credit

 

1,786

 

1,557

Interest receivable

 

55,842

 

53,960

Straight-line rent receivable

 

19,075

 

19,626

Lease incentives

3,578

2,607

Prepaid expenses and other assets

 

17,192

 

15,969

Total assets

$

1,818,395

$

1,855,098

LIABILITIES

Revolving line of credit

$

277,050

$

302,250

Term loans, net of debt issue costs: 2024—$305; 2023—$342

99,695

99,658

Senior unsecured notes, net of debt issue costs: 2024—$1,194; 2023—$1,251

 

483,466

 

489,409

Accrued interest

 

4,861

 

3,865

Accrued expenses and other liabilities

 

34,481

 

43,649

Total liabilities

 

899,553

 

938,831

EQUITY

Stockholders’ equity:

Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2024—43,271; 202343,022

 

433

 

430

Capital in excess of par value

 

996,631

 

991,656

Cumulative net income

 

1,658,625

 

1,634,395

Accumulated other comprehensive income

 

6,488

 

6,110

Cumulative distributions

 

(1,775,928)

 

(1,751,312)

Total LTC Properties, Inc. stockholders’ equity

 

886,249

 

881,279

Non-controlling interests

 

32,593

 

34,988

Total equity

 

918,842

 

916,267

Total liabilities and equity

$

1,818,395

$

1,855,098

See accompanying notes.

3

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(amounts in thousands, except per share, unaudited)

Three Months Ended

 

March 31, 

  

2024

  

2023

  

 

Revenues:

Rental income

$

33,549

$

31,735

Interest income from financing receivables

3,830

3,751

Interest income from mortgage loans

 

12,448

11,244

Interest and other income

 

1,539

 

2,770

Total revenues

 

51,366

 

49,500

Expenses:

Interest expense

 

11,045

 

10,609

Depreciation and amortization

 

9,095

 

9,210

Impairment loss

434

Provision for credit losses

 

24

 

1,731

Transaction costs

266

117

Property tax expense

3,383

3,293

General and administrative expenses

 

6,491

 

6,294

Total expenses

 

30,304

 

31,688

Other operating income:

Gain on sale of real estate, net

3,251

15,373

Operating income

 

24,313

 

33,185

Income from unconsolidated joint ventures

376

376

Net income

24,689

33,561

Income allocated to non-controlling interests

 

(459)

 

(427)

Net income attributable to LTC Properties, Inc.

 

24,230

 

33,134

Income allocated to participating securities

 

(165)

(205)

Net income available to common stockholders

$

24,065

$

32,929

Earnings per common share:

Basic

$

0.56

$

0.80

Diluted

$

0.56

$

0.80

Weighted average shares used to calculate earnings per common share:

Basic

 

42,891

 

41,082

Diluted

 

43,032

 

41,189

Dividends declared and paid per common share

$

0.57

$

0.57

See accompanying notes.

4

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(amounts in thousands, unaudited)

Three Months Ended 

March 31, 

2024

  

2023

 

Net income

$

24,689

$

33,561

Unrealized gain (loss) on cash flow hedges before reclassification

 

1,414

 

(550)

Gains reclassified from accumulated other comprehensive income to interest expense

(1,036)

(812)

Comprehensive income

25,067

32,199

Less: Comprehensive income allocated to non-controlling interests

 

(459)

 

(427)

Comprehensive income attributable to LTC Properties, Inc.

$

24,608

$

31,772

5

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)

Capital in

Cumulative

Total

Non-

Common Stock

Excess of

Net

Accumulated

Cumulative

Stockholder's

Controlling

Total

Shares

Amount

Par Value

Income

OCI

Distributions

Equity

Interests

Equity

Balance—December 31, 2022

41,262

$

412

$

931,124

$

1,544,660

$

8,719

$

(1,656,548)

$

828,367

$

21,940

$

850,307

Issuance of common stock

48

1,697

1,697

1,697

Issuance of restricted stock

128

1

(1)

Common Stock cash distributions ($0.57 per share)

(23,563)

(23,563)

(23,563)

Stock-based compensation expense

2,088

2,088

2,088

Net income

33,134

33,134

427

33,561

Cash paid for taxes in lieu of common shares

(41)

(1,538)

(1,538)

(1,538)

Non-controlling interest contributions

3,831

3,831

Non-controlling interest distributions

(406)

(406)

Fair market valuation adjustment for interest rate swap

(1,362)

(1,362)

(1,362)

Other

(1)

Balance—March 31, 2023

41,396

$

413

$

933,370

$

1,577,794

$

7,357

$

(1,680,111)

$

838,823

$

25,792

$

864,615

Balance—December 31, 2023

43,022

$

430

$

991,656

$

1,634,395

$

6,110

$

(1,751,312)

$

881,279

$

34,988

$

916,267

Issuance of common stock

139

1

4,336

4,337

4,337

Issuance of restricted stock

160

2

(2)

Common Stock cash distributions ($0.57 per share)

(24,616)

(24,616)

(24,616)

Stock-based compensation expense

2,202

2,202

2,202

Net income

24,230

24,230

459

24,689

Fair market valuation adjustment for interest rate swap

378

378

378

Cash paid for taxes in lieu of common shares

(50)

(1,532)

(1,532)

(1,532)

Non-controlling interest contributions

50

50

Non-controlling interest distributions

(2,904)

(2,904)

Other

(29)

(29)

(29)

Balance—March 31, 2024

43,271

$

433

$

996,631

$

1,658,625

$

6,488

$

(1,775,928)

$

886,249

$

32,593

$

918,842

6

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands, unaudited)

Three Months Ended March 31, 

 

  

2024

  

2023

  

 

OPERATING ACTIVITIES:

    

    

Net income

$

24,689

$

33,561

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

 

9,095

 

9,210

Stock-based compensation expense

 

2,202

 

2,088

Impairment loss

434

Gain on sale of real estate, net

 

(3,251)

 

(15,373)

Income from unconsolidated joint ventures

 

(376)

 

(376)

Income distributions from unconsolidated joint ventures

112

Straight-line rental adjustment

550

 

465

Exchange of prepayment fee for participating interest in mortgage loan

(1,380)

Amortization of lease incentives

233

209

Provision for credit losses

 

24

 

1,731

Application of interest reserve

(52)

(1,149)

Amortization of debt issue costs

267

300

Other non-cash items, net

 

24

 

23

Change in operating assets and liabilities

Lease incentives funded

(1,395)

Increase in interest receivable

 

(2,220)

 

(2,079)

Increase (decrease) in accrued interest payable

 

996

 

(1,112)

Net change in other assets and liabilities

 

(9,948)

 

(8,513)

Net cash provided by operating activities

 

20,950

 

18,039

INVESTING ACTIVITIES:

Investment in real estate properties

 

(315)

 

Investment in real estate capital improvements

 

(1,329)

 

(2,608)

Proceeds from sale of real estate, net

 

25,306

 

31,616

Investment in financing receivables

(112,712)

Investment in real estate mortgage loans receivable

 

(3,128)

 

(53,226)

Principal payments received on mortgage loans receivable

 

125

 

125

Advances and originations under notes receivable

 

 

(605)

Principal payments received on notes receivable

 

550

 

5,180

Net cash provided by (used in) investing activities

 

21,209

 

(132,230)

FINANCING ACTIVITIES:

Borrowings from revolving line of credit

 

10,300

 

162,700

Repayment of revolving line of credit

 

(35,500)

 

(22,600)

Principal payments on senior unsecured notes

(6,000)

(7,000)

Proceeds from common stock issued

 

4,453

 

1,777

Distributions paid to stockholders

 

(24,616)

 

(23,563)

Distributions paid to non-controlling interests

 

(109)

 

(406)

Financing costs paid

 

(402)

 

(20)

Cash paid for taxes in lieu of shares upon vesting of restricted stock

(1,532)

(1,538)

Other

 

(29)

 

Net cash (used in) provided by financing activities

 

(53,435)

 

109,350

Decrease in cash and cash equivalents

 

(11,276)

 

(4,841)

Cash and cash equivalents, beginning of period

 

20,286

 

10,379

Cash and cash equivalents, end of period

$

9,010

$

5,538

Supplemental disclosure of cash flow information:

Interest paid

$

9,782

$

11,421

Non-cash investing and financing transactions:

Contribution from non-controlling interest

$

$

3,831

Exchange of mezzanine loan and related prepayment fee for participating interest in mortgage loan

$

$

(8,841)

Reserves withheld at financing and mortgage loan receivable origination

$

$

(5,147)

Accretion of interest reserve recorded as mortgage loan receivable

$

52

$

1,149

Increase (decrease) in fair value of interest rate swap agreements

$

378

$

(1,362)

Distributions paid to non-controlling interests

$

439

$

Distributions paid to non-controlling interests related to property sale

$

2,305

$

Mortgage loan receivable reserve withheld at origination

$

$

750

See accompanying notes.

7

Table of Contents

LTC PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)