LTC PROPERTIES INC
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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Item 2. Properties
Here and throughout this Annual Report on Form 10-K wherever we provide details of our properties’ bed/unit count, the number of beds/units applies to skilled nursing, assisted living, independent living, memory care and behavioral health care properties only. This number is based upon unit/bed counts shown on operating licenses provided to us by lessees/borrowers or units/beds as stipulated by lease/mortgage documents. These numbers often differ, usually not materially by property, from units/beds in operation at any point in time. The differences are caused by such things as operators converting a patient/resident room for alternative uses, such as offices or storage, or converting a multi-patient room/unit into a single patient room/unit. We monitor our properties on a routine basis through site visits and reviews of current licenses. In an instance where such change would cause a de-licensing of beds or in our opinion impact the value of the property, we may take action against the lessee/borrower to preserve the value of the property/collateral.
Owned Properties. The following table sets forth certain information regarding our owned properties as of December 31, 2024 (dollars amounts in thousands):
| | | | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · · · · · · Remaining · · · | ||||||||||||||||||
| · · No. of · · No. of · · No. of · · No. of · · · · · Lease · · Gross · | ||||||||||||||||||
| Location · · ALFs · · SNFs · · Others · · Beds/Units · · Encumbrances · · Term (1) · · Investments · | ||||||||||||||||||
| Alabama | — | 1 | | — | | 174 | | $— | | 16 | | $10,419 | | | ||||
| Arizona | — | 3 | | — | | 613 | | — | | 56 | | 28,496 | | | ||||
| California | 3 | 1 | | — | | 402 | | — | | 33 | | 69,717 | | | ||||
| Colorado | 12 | — | | — | | 657 | | — | | 62 | | 102,381 | | | ||||
| Florida | — | 4 | | — | | 456 | | — | | 22 | | 32,865 | | | ||||
| Georgia | 1 | — | | — | | 70 | | — | | 12 | | 15,098 | | | ||||
| Illinois | 5 | — | | — | | 418 | | — | | 52 | | 89,662 | | | ||||
| Kansas | 8 | — | | — | | 431 | | — | | 57 | | 60,279 | | | ||||
| Kentucky | — | 2 | | — | | 286 | | — | | 108 | | 48,716 | | | ||||
| Michigan | 2 | — | | — | (2) | 156 | | — | | 5 | | 22,671 | | | ||||
| Missouri | | 1 | | 2 | | — | | 253 | | | — | | 66 | | | 52,952 | | |
| Nevada | | — | | — | | 1 | | 118 | | | — | | 62 | | | 11,062 | | |
| New Jersey | 3 | — | | — | | 166 | | — | | 36 | | 59,059 | | | ||||
| New Mexico | — | 5 | | — | | 608 | | — | | 16 | | 42,920 | | | ||||
| N. Carolina | 5 | — | | — | | 210 | | — | | 61 | | 14,980 | | | ||||
| Ohio | 8 | 2 | | — | | 822 | | — | | 81 | | 144,353 | | | ||||
| Oklahoma | 5 | — | | — | | 184 | | — | | 22 | | 11,068 | | | ||||
| Oregon | 2 | 1 | | — | | 285 | | — | | 53 | | 38,279 | | | ||||
| S. Carolina | 2 | 2 | | — | | 387 | | — | | 16 | | 41,902 | | | ||||
| Tennessee | — | 2 | | — | | 141 | | — | | 12 | | 5,275 | | | ||||
| Texas | 9 | 20 | | — | | 2,910 | | — | | 54 | | 306,871 | | | ||||
| Virginia | — | 4 | | — | | 500 | | — | | 13 | | 30,209 | | | ||||
| Wisconsin | 6 | 1 | | — | | 580 | | — | | 73 | | 93,844 | | | ||||
| TOTAL | 72 | 50 | | 1 | | 10,827 | | $— | | 53 | | $1,333,078 | | | ||||
| (1) | Weighted average remaining months in lease term as of December 31, 2024. |
| (2) | Includes three parcels of land held-for-use. |
The following chart represents the 10 states with the highest percentage of gross investment for our owned properties as of December 31, 2024:
The following table sets forth certain information regarding our lease expirations for our owned properties as of December 31, 2024*(dollars amounts in thousands):*
| · · · · · · · · · · · · · · · · | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · · · · · Annualized · % of Annualized | |||||||||||||||
| · · No. of · · No. of · · No. of · · No. of · · No. of · · Rental · · Rental Income | |||||||||||||||
| Year · · ALFs · · SNFs · · Others · · Beds/Units · · Operators · · Income (1) · · Expiring | |||||||||||||||
| 2025 | | 13 | | 2 | | — | | 948 | | 5 | | $4,406 | | 3.9% | |
| 2026 | 7 | 15 | — | 2,216 | 6 | | | 18,694 | 16.4% | ||||||
| 2027 | 10 | — | — | 704 | 3 | | | 11,271 | 9.9% | ||||||
| 2028 | 1 | 14 | — | 1,848 | 4 | | | 13,125 | 11.5% | ||||||
| 2029 | 17 | 5 | — | 1,657 | 3 | | | 14,392 | 12.6% | ||||||
| 2030 | 6 | 5 | 1 | 1,063 | 4 | | | 15,427 | 13.5% | ||||||
| 2031 | 17 | — | — | 1,146 | 3 | | | 15,588 | 13.7% | ||||||
| 2032 | — | 5 | — | 429 | 1 | | | 6,168 | 5.5% | ||||||
| 2033 | 1 | 4 | — | 816 | 2 | | | 14,862 | 13.0% | ||||||
| TOTAL | 72 | | 50 | | 1 | 10,827 | | | | $113,933 | | 100.0% | |||
| (1) | Represents annualized contractual GAAP rent for leased properties, excluding variable rental income from lessee reimbursement of our real estate taxes, for the month of December 2024 for investments as of December 31, 2024. |
Financing Receivables.The following table sets forth certain information regarding our financing receivables as of December 31, 2024(dollar amounts in thousands):
| · · · · · · · · · · · · · · · · · · · · · | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · · Type · · Number · · Number · · Initial · · · Average · · · · · · · · · Annualized Interest | ||||||||||||||||||||
| · · · of · · of · · of · · Contractual · · · Months · · · Gross · · · LTC · · · Income from | ||||||||||||||||||||
| State · · · Properties · · Properties · · Beds/Units · · Cash Yield · · · to Maturity · · · Investments · · · Contributions · · · Financing Rec | ||||||||||||||||||||
| FL | | | SNF | | 3 | | 299 | | 7.25% | | 93 | | $76,603 | | $62,278 | | $5,608 | |||
| NC | | | ALF/MC | | 11 | | 523 | | 7.25% | | 97 | | | 121,419 | | | 117,588 | | | 9,714 |
| NC/SC | | | ILF/ALF/MC | | 13 | | 523 | | 7.25% | | 114 | | | 122,460 | | | 64,450 | | | 9,502 |
| NC | | | ALF | | 4 | | 217 | | 7.25% | | 114 | | | 41,000 | | | 37,985 | | | 3,181 |
| | | | | | 31 | | 1,562 | | | | | | | $361,482 | | $282,301 | | $28,005 | ||
Mortgage Loans. The following table sets forth certain information regarding our mortgage loans as of December 31, 2024 (dollars amounts in thousands):
| | | | | | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · · · · Average · Original · · · Current | ||||||||||||||||||||
| · · No. of · · No. of · · No. of · · Interest · · Months to · · Face Amount · · Gross · · Annual Debt | ||||||||||||||||||||
| Location · · SNFs (1) · · ALFs (1) · · Beds/ Units · · Rate · · Maturity · · of Mortgage Loans · · Investments · · Service (2) | ||||||||||||||||||||
| Florida | | — | | 3 | | 204 | | 7.8%-8.8% | | 9 | | $20,706 | | $20,706 | | $1,667 | | |||
| Illinois | | 1 | | — | | 150 | | 8.8% | | 41 | | | 16,500 | | | 16,500 | | | 1,464 | |
| Michigan | 21 | 1 | 2,661 | 8.8%-11.1% | | 222 | | | 278,197 | | | 267,778 | | | 28,955 | | ||||
| North Carolina | | — | | 1 | | 45 | | 7.25% | | — | | | 10,750 | | | 10,750 | | | 790 | |
| TOTAL | 22 | 5 | 3,060 | | | | 191 | | $326,153 | | $315,734 | | $32,876 | | ||||||
| (1) | Consists of nine mortgage loans in four states with six borrowers. Additionally, during 2024, we committed to fund a $26,120 mortgage loan for the construction of a 116-unit independent living, assisted living and memory care community in Illinois. The borrower contributed $12,300 of equity which will initially fund the construction. Once all of the borrower’s equity has been drawn, we will begin funding the commitment. The loan term is approximately six years at a current rate of 9.0% and an IRR of 9.5%. |
| (2) | Includes principal and interest payments. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.