| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 98.86 | 3.6% | 64.1% |
| Total Income | 98.86 | 3.6% | 64.1% |
| Expenditure | 75.54 | 7.0% | 69.6% |
| PBT | 23.32 | 5.9% | 48.5% |
| Net Profit | 29.64 | 25.6% | 96.4% |
| OPM | 55.28% | 3.86pp | 25.17pp |
| NPM | 29.98% | 5.25pp | 4.93pp |
| EPS | 0.57 | 18.8% | 72.7% |
LTC Properties Reports Q2 2026 Results and Increases Full-Year Investment Guidance
06 Aug 2026 · 6 Aug, 2:01 am
Summary
LTC Properties announced its operating results for the second quarter ended June 30, 2026, highlighting significant progress in its SHOP strategy. The company increased its full-year 2026 SHOP investment guidance to a mid-point of $900 million, a 50% increase, and anticipates $700 million in year-to-date SHOP acquisitions by the end of the third quarter. Total revenues for the quarter rose to $98.9 million from $60.2 million in the prior year, with net income available to common stockholders increasing to $29.5 million from $14.9 million. Diluted earnings per common share grew to $0.56 from $0.32 year-over-year, though Core FFO and FAD per share remained relatively stable.
Key Highlights
- 1
LTC Properties increased its full-year 2026 mid-point investment guidance to $900 million, a 50% increase from the previous mid-point.
- 2
The company expects $700 million in Year-To-Date SHOP acquisitions by the end of the third quarter.
- 3
SHOP is projected to represent 40% of proforma annualized NOI by the end of the third quarter, ahead of estimates.
- 4
Total revenues for the three months ended June 30, 2026, were $98,859 thousand, an increase from $60,240 thousand in the same period of 2025.
- 5
Net income available to common stockholders for the second quarter of 2026 was $29,479 thousand, up from $14,938 thousand in the prior year's second quarter.
- 6
Diluted earnings per common share for the second quarter of 2026 were $0.56, compared to $0.32 for the second quarter of 2025.
- 7
Diluted Core FFO per share remained stable at $0.68 for the second quarter of 2026 and 2025, while Diluted Core FAD per share slightly decreased to $0.70 from $0.71.
Management Comments
Pam Kessler
The excitement and momentum of our SHOP strategy continues, and our transformation is well ahead of previous projections. We increased the mid-point of our 2026 SHOP investment guidance to $900 million, and with an expansion of our credit facility to $1 billion, and an increase in anticipated proceeds from asset sales and the Prestige loan payoff to $730 million, we have enhanced LTC’s long-term ability to organically grow core FFO and FAD per share above historical rates. By the end of September, we are projecting that SHOP will represent 40% of LTC’s proforma annualized NOI, ahead of estimates, and account for nearly 50% by year-end. At our current pace, we see a pathway to generating 75% of our annualized NOI from SHOP by the end of 2028.
Gibson Satterwhite
Our SHOP strategy continues to deliver excellent results, driving double-digit gains. As our operators continue to drive occupancy and rate growth, we are well positioned to achieve our full-year SHOP NOI guidance. We continue to see meaningful opportunities to enhance value across the portfolio, and are enthusiastic about the significant long-term growth opportunities ahead.
Clint Malin
SHOP gross investments are expected to reach $1.3 billion by the end of September, with an average community age of nine years. We have substantially accelerated our external growth profile through a careful and deliberate strategy, with 80% of our growth being generated externally, as a result of our ability to successfully cultivate strong operator relationships. We have built a SHOP portfolio designed to compete effectively today, and in the future, as we continue to drive higher intrinsic growth and provide better risk adjusted returns to our shareholders.
Informational and educational content only. Not investment advice.