LTC PROPERTIES INC

For the period ended Mar 31, 2026. Filed May 6, 2026.

About this filing

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.

Mar 31, 2026 · Filed May 6, 2026

LTC$44.47-1.1%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Cash Flows

(amounts in thousands, unaudited)


· · Three Months Ended March 31,
· · 2026 · · 2025 ·
OPERATING ACTIVITIES:
Net income	$24,956	$22,221
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,979	9,162
Stock-based compensation expense	2,064	2,253
Loss (gain) on sale of real estate, net	10	(171)
Income tax provision	110	—
Income from unconsolidated joint ventures	(295)	(3,665)
Income distributions from unconsolidated joint ventures	295	3,699
Straight-line rental adjustment	334	578
Adjustment for collectability of straight-line rental income	—	243
Adjustment for collectability of lease incentives	—	249
Amortization of lease incentives	131	199
(Recovery) provision for credit losses	(684)	3,052
Amortization of debt issue costs	501	271
Other non-cash items, net	2	24
Change in operating assets and liabilities
Increase in interest receivable	(1,921)	(2,951)
Decrease in accrued interest payable	(76)	(170)
Net change in other assets and liabilities	(6,643)	(5,423)
Net cash provided by operating activities	30,763	29,571
INVESTING ACTIVITIES:
Investment in real estate properties	(108,153)	—
Investment in real estate capital improvements	(2,665)	(1,326)
Proceeds from sale of real estate, net	(10)	1,512
Investment in financing receivables	(314)	—
Proceeds from the sale of properties accounted for as a financing receivable	62,220	—
Investment in real estate mortgage loans receivable	(8,005)	(1,919)
Principal payments received on mortgage loans receivable	125	124
Investments in unconsolidated joint ventures	(34)	—
Proceeds from liquidation of investments in unconsolidated joint ventures	—	13,000
Principal payments received on notes receivable	58	238
Net cash (used in) provided by investing activities	(56,778)	11,629
FINANCING ACTIVITIES:
Net borrowings under revolving line of credit	30,100	4,500
Repayment of debt	(5,000)	(7,000)
Proceeds from common stock issued	43,412	8,485
Payments of common share issuance costs	(118)	(74)
Distributions paid to stockholders	(29,171)	(27,259)
Acquisition of and distributions paid to non-controlling interests	—	(1,188)
Financing costs paid	(41)	—
Cash paid for taxes in lieu of shares upon vesting of restricted stock	(5,875)	(4,772)
Other	(12)	(11)
Net cash provided by (used in) financing activities	33,295	(27,319)
Increase in cash and cash equivalents	7,280	13,881
Cash and cash equivalents, beginning of period	14,387	9,414
Cash and cash equivalents, end of period	$21,667	$23,295
Supplemental disclosure of cash flow information:
Interest paid	$10,357	$7,812
Non-cash investing and financing transactions:
Write-off of notes receivable	$—	$(2,693)
Increase (decrease) in fair value of interest rate swap agreements	$1,074	$(910)
Distributions paid to non-controlling interests	$(1,363)	$(2,448)
Transfer of joint venture partner's non-controlling interest to LTC	$—	$2,883
Distributions to non-controlling interests related to sale of properties accounted for as a financing receivable	$(14,325)	$—

See accompanying* *notes.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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