LTC PROPERTIES INC
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
LTC$44.47-1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows
(amounts in thousands, unaudited)
| | | | | | | | | |
|---|---|---|---|---|---|---|---|---|
| · · Nine Months Ended September 30, | ||||||||
| · 2025 · 2024 | ||||||||
| OPERATING ACTIVITIES: · · · · · · | ||||||||
| Net income | | $20,229 | | $75,289 | | | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | |
| Depreciation and amortization | | 26,925 | | 27,173 | | | ||
| Stock-based compensation expense | | 7,188 | | 6,791 | | | ||
| (Loss) gain on sale of real estate, net | | 235 | | (6,882) | | | ||
| Income tax benefit | | | (39) | | | — | | |
| Income from unconsolidated joint ventures | | (4,543) | | (1,739) | | | ||
| Income distributions from unconsolidated joint ventures | | | 4,578 | | | 839 | | |
| Straight-line rental adjustment | | | 1,447 | | 561 | | | |
| Adjustment for collectability of straight-line rental income | | | 1,514 | | | 321 | | |
| Adjustment for collectability of lease incentives | | | 249 | | | — | | |
| Amortization of lease incentives | | | 556 | | | 626 | | |
| Write-off of effective interest receivable | | | 41,455 | | | — | | |
| Provision for credit losses | | 3,642 | | 942 | | | ||
| Application of interest reserve | | | — | | | (233) | | |
| Amortization of debt issue costs | | | 1,191 | | | 791 | | |
| Other non-cash items, net | | 64 | | 71 | | | ||
| Change in operating assets and liabilities | | | | | | | | |
| Lease incentives funded | | | — | | | (1,794) | | |
| Increase in interest receivable | | (7,097) | | (7,124) | | | ||
| Increase (decrease) in accrued interest payable | | 915 | | (108) | | | ||
| Net change in other assets and liabilities | | (471) | | (3,526) | | | ||
| Net cash provided by operating activities | | 98,038 | | 91,998 | | | ||
| INVESTING ACTIVITIES: | | | | | | | | |
| Investment in real estate properties | | (268,169) | | (319) | | | ||
| Investment in real estate capital improvements | | (6,673) | | (9,908) | | | ||
| Proceeds from sale of real estate, net | | 5,714 | | 33,641 | | | ||
| Investment in financing receivables | | | (777) | | | (97) | | |
| Investment in real estate mortgage loans receivable | | (99,200) | | (19,078) | | | ||
| Principal payments received on mortgage loans receivable | | 21,731 | | 34,474 | | | ||
| Investments in unconsolidated joint ventures | | (740) | | (11,262) | | | ||
| Proceeds from liquidation of investments in unconsolidated joint ventures | | | 13,000 | | | — | | |
| Advances and originations under notes receivable | | (25) | | (340) | | | ||
| Principal payments received on notes receivable | | 18,039 | | 13,268 | | | ||
| Net cash (used in) provided by investing activities | | (317,100) | | 40,379 | | | ||
| FINANCING ACTIVITIES: | | | | | | | | |
| Borrowings from revolving line of credit | | 433,500 | | 19,200 | | | ||
| Repayment of term loans | | | (100,000) | | | — | | |
| Repayment of revolving line of credit | | (29,400) | | (81,300) | | | ||
| Principal payments on senior unsecured notes | | | (44,500) | | | (44,160) | | |
| Proceeds from common stock issued | | 59,316 | | 65,629 | | | ||
| Payments of common share issuance costs | | | (353) | | | (119) | | |
| Distributions paid to stockholders | | (80,012) | | (74,684) | | | ||
| Acquisition of and distributions paid to non-controlling interests | | (1,188) | | (109) | | | ||
| Financing costs paid | | (4,562) | | (516) | | | ||
| Cash paid for taxes in lieu of shares upon vesting of restricted stock | | | (5,209) | | | (1,533) | | |
| Other | | (11) | | (31) | | | ||
| Net cash provided by (used in) financing activities | | 227,581 | | (117,623) | | | ||
| Increase in cash and cash equivalents | | 8,519 | | 14,754 | | | ||
| Cash and cash equivalents, beginning of period | | 9,414 | | 20,286 | | | ||
| Cash and cash equivalents, end of period | | $17,933 | | $35,040 | | | ||
| | | | | | | | | |
| Supplemental disclosure of cash flow information: | | | | | | | | |
| Interest paid | | $22,612 | | $31,288 | | | ||
| Non-cash investing and financing transactions: | | | | | | | | |
| Contribution from non-controlling interest | | $— | | $61,025 | | | ||
| Investment in financing receivables | | $— | | $(163,460) | | | ||
| Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables | | $— | | $102,435 | | | ||
| Accretion of interest reserve recorded as mortgage loan receivable | | $— | | $233 | | | ||
| Write-off of notes receivable | | $(2,693) | | $— | | | ||
| Decrease in fair value of interest rate swap agreements | | $(2,356) | | $(2,471) | | | ||
| Distributions paid to non-controlling interests | | $(5,359) | | $2,313 | | | ||
| Transfer of joint venture partner's non-controlling interest to LTC | | $2,883 | | $— | | | ||
| Distributions paid to non-controlling interests related to property sale | | $— | | $2,305 | | | ||
See accompanying notes*.*
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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