Financial Performance - Total revenues for Q4 2024 increased to $52.582 million, up 4.8% from $50.195 million in Q4 2023[2] - Net income available to common stockholders decreased to $17.912 million, down 36.1% from $28.057 million in Q4 2023[2] - Diluted earnings per share (EPS) for Q4 2024 was $0.39, a decline of 42.1% compared to $0.67 in Q4 2023[2] - NAREIT funds from operations (FFO) attributable to common stockholders rose to $32.962 million, an increase of 37.8% from $23.902 million in Q4 2023[2] - Net income for the twelve months ended December 31, 2024, was $94,879 thousand, compared to $91,462 thousand in 2023, representing an increase of about 3.4%[19] - Net cash provided by operating activities increased to $125,169 thousand in 2024 from $104,403 thousand in 2023, a rise of approximately 19.9%[19] - Funds available for distribution (FAD) for the twelve months ended December 31, 2024, was $125,772 thousand, up from $115,338 thousand in 2023, reflecting an increase of about 9.5%[24] - NAREIT Basic FFO attributable to common stockholders per share increased to $0.73 for Q4 2024, up from $0.57 in Q4 2023, representing a 28.1% increase[28] - Total NAREIT Diluted FFO attributable to common stockholders was $33,133,000 for Q4 2024, compared to $23,902,000 in Q4 2023, reflecting a 38.7% growth[28] Liquidity and Capital Structure - Total liquidity as of December 31, 2024, was $680.4 million, including $9.4 million in cash and $280.7 million available under the unsecured revolving line of credit[7] - The company repaid $95.8 million under its revolving line of credit during the quarter[8] - Total assets decreased from $1,855,098 thousand in 2023 to $1,786,142 thousand in 2024, a decline of approximately 3.7%[17] - Total liabilities decreased from $938,831 thousand in 2023 to $733,137 thousand in 2024, a reduction of approximately 21.9%[17] - Common stock issued increased from 43,022 shares in 2023 to 45,511 shares in 2024, an increase of about 5.8%[17] - The company’s capital in excess of par value increased from $991,656 thousand in 2023 to $1,082,764 thousand in 2024, an increase of about 9.2%[17] - The total equity increased from $916,267 thousand in 2023 to $1,053,005 thousand in 2024, reflecting a growth of approximately 14.9%[17] Operational Highlights - LTC Properties sold a closed property in Colorado for $5.3 million, recording a gain on sale of $1.1 million[8] - The company reported a gain on sale of real estate, net of $7,979 thousand in 2024, compared to a loss of $37,296 thousand in 2023[19] - LTC's investment portfolio consists of 189 properties across 25 states, with a balanced allocation of approximately 50% in seniors housing and 50% in skilled nursing properties[10] - Dividends declared and paid per common share remained stable at $0.57 for both Q4 2024 and Q4 2023[14] Credit Losses and Adjustments - The company recorded a provision for credit losses reserve of $1,635,000 related to a $163,460,000 acquisition of properties in 2024[27] - The company reported a recovery for credit losses related to loan payoffs of $511,000 for a $51,111,000 mortgage loan paid off during Q4 2024[27] - The company experienced a provision for credit losses recovery of $1,738,000 related to five mortgage loan payoffs totaling $182,892,000 during 2024[27] - The total non-recurring adjustments to NAREIT FFO amounted to $(3,379,000) for Q4 2024, compared to $(8,907,000) for the full year 2023[28] Future Outlook - The company plans to initiate initial transactions under its RIDEA strategy in Q2 2025, which is expected to drive future growth[4]

Group 1: Company Overview - LTC Properties focuses on healthcare properties for older adults, with 45% in assisted living and 55% in skilled nursing [2] - Realty Income is a net-lease REIT primarily focused on retail assets (75%), with additional investments in industrial and unique properties [4] Group 2: Dividend Performance - LTC Properties has maintained a monthly dividend of $0.19 per share since it increased to that level over five years ago, demonstrating resilience during the pandemic [3] - Realty Income has increased its dividend for 30 consecutive years, with 108 quarterly dividend increases, and pays dividends monthly [5] Group 3: Yield Comparison - LTC Properties offers a higher yield of 6.7%, which is approximately 15% more income compared to Realty Income's yield of around 5.8% [6] - Realty Income's dividend has grown nearly 40% over the past decade, while LTC Properties' dividend has remained stagnant since 2017 [7] Group 4: Investment Recommendation - For investors prioritizing dividend growth, Realty Income is recommended despite its lower starting yield, as it is expected to close the income gap over time [8] - Realty Income is suggested as the better choice for most investors seeking high yield, monthly pay dividends, unless specifically looking for a healthcare REIT [9]

Group 1 - LTC Properties, Inc. has significantly outperformed the Vanguard Real Estate Index Fund ETF Shares in 2024, delivering a ~17% gain compared to the ~3% total return for the broad US REIT ETF [1] - The investment strategy includes a focus on REITs, preferred stocks, and high-yield bonds, indicating a long-term fundamental approach to investing [1] - The company has been combining long stock positions with covered calls and cash secured puts, showcasing a strategic investment methodology [1]

Company Overview - LTC Properties has been a trusted investor in needs-based seniors housing and care for over 30 years, developing expertise to navigate various real estate cycles and adapt to market conditions [1] - The company has a diverse portfolio with investments in 191 properties across 25 states [2] Performance and Strategy - Improved performance in the third quarter was driven by efforts to streamline the portfolio, which is part of a broader strategy to strengthen the business for the long term [2] - LTC Properties originated a $26.1 million mortgage loan for the construction of a seniors housing community in Illinois during the third quarter [2] Dividend and Financial Stability - LTC Properties maintained monthly dividend payments throughout the pandemic, achieving a record of 235 consecutive monthly payments, which sets the company apart from many healthcare REITs that cut dividends [2] - The current dividend yield is nearly 6%, providing a strong return for investors, particularly retirees on fixed incomes [2] Industry Trends - The seniors housing industry has experienced a resurgence in recent years, with occupancy rates improving consistently, marking the third quarter of 2024 as the 13th consecutive quarter of increases [2]

Core Insights - Manulife Financial Corporation has entered into a $5.4 billion reinsurance agreement with Reinsurance Group of America, which includes $2.4 billion of long-term care reserves, marking a significant milestone in optimizing its portfolio [1][2][4] - The transaction is expected to release $0.8 billion of capital, which will be returned to shareholders through share buybacks [2][9][10] - The cumulative reduction of LTC reserves will be 18% and morbidity sensitivity by 17% upon closing, demonstrating the company's ability to manage its LTC portfolio effectively [2][3][8] Transaction Details - The reinsurance agreement involves a full risk transfer of $2.4 billion of LTC reserves and includes a legacy block of U.S. structured settlements with $3.0 billion of reserves [2][4] - The transaction is priced at close to 1.0 times book value, with a modest negative ceding commission of 4% on the LTC block [4][10] - The deal is expected to be accretive to core return on equity (ROE) and have a neutral impact on core earnings per share (EPS) [2][10] Shareholder Value - The capital release of $0.8 billion will allow the company to repurchase up to 90 million common shares under its current normal course issuer bid (NCIB) program [9][10] - The transaction is anticipated to result in an annual reduction to core earnings and net income attributed to shareholders of $70 million and $50 million, respectively [10] - Manulife aims to dispose of $1.5 billion of alternative long-duration assets as part of this transaction [5][9] Management Commentary - The President and CEO of Manulife emphasized that this transaction unlocks significant shareholder value and accelerates the company's transformation towards higher returns and lower risk [2][3] - The Global Head of Strategy and Inforce Management noted the importance of this transaction in improving the return profile of the in-force business [3][4]

Financial Data and Key Metrics Changes - Net income available to common shareholders increased by $7.1 million, primarily due to one-time income from former operators related to portfolio transitions in prior years, a decline in interest expense from deleveraging activities, and increases in rent and income from unconsolidated joint ventures [8] - Fully diluted FFO per share was $0.78 compared to $0.65 last year, while excluding non-recurring items, FFO per share was $0.68 versus $0.65 [9] - Total liquidity was approximately $286 million, up 51% from the prior quarter, with $5.4 million in cash on hand and $279 million available on the line of credit [13][14] Business Line Data and Key Metrics Changes - The company recorded a $3.6 million gain on the sale of an assisted living community in Texas and received $441,000 in contractual rent through the remainder of the lease term [10] - The lease-up portfolio, which includes 17 properties across seven operators, is expected to generate approximately $3.6 million in revenue for 2024 [23] Market Data and Key Metrics Changes - The pro forma debt to annualized adjusted EBITDA for real estate decreased to 4.2 times from 5.3 times in the second quarter, while the pro forma annualized adjusted fixed charge coverage ratio increased to 4.8 from 3.7 times [14] Company Strategy and Development Direction - The company is actively evaluating RIDEA structures and analyzing the infrastructure needed for successful execution, with an initial gross investment range of $150 million to $200 million expected to be converted by the second quarter of next year [5][24] - The management believes that the RIDEA structure will act as a catalyst for growth in 2025, indicating a shift towards more cooperative investment strategies [24] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the year and 2025, highlighting the positive financial results and the ability to capitalize on new investment opportunities due to a deleveraged balance sheet [4][26] - The management acknowledged the challenges posed by recent hurricanes but noted that there was no material damage to their buildings, emphasizing the resilience of their operators [18] Other Important Information - The company received $4.1 million in previously unrecorded revenue from former operators related to portfolio transitions in prior years and net proceeds of nearly $63 million from equity sales under the ATM program [4][11] - The fourth quarter guidance for FFO, excluding known non-recurring items, is between $0.65 and $0.66 per share, reflecting a decrease due to mortgage loan payoffs [15][16] Q&A Session Summary Question: Can you share additional detail around the upfront platform investments necessary for RIDEA? - The company is analyzing the resources needed for effective management and will provide more information in the next quarterly call [28][30] Question: What conversations have you had regarding external growth opportunities around RIDEA? - The company is seeing opportunities and believes there is significant potential for growth in this space [32] Question: Can you elaborate on why tenants are interested in conversions to RIDEA today? - Tenants without long-term triple net leases are particularly interested in these conversions [37] Question: What is the outlook around external growth given your improved leverage and liquidity? - The company is actively looking at opportunities and hopes to provide more details in the next call [64]

SUPPLEMENTAL OPERATING AND FINANCIAL DATA RENEWAL AND TRANSITION THIRD QUARTER 2024 PORTFOLIO Overview 9 Diversification Operators Founded in 1992, LTC Properties, Inc. (NYSE: LTC) is a self-administered real estate investment trust (REIT) investing in seniors housing and health care properties primarily through sale-leaseback transactions, mortgage financing and structured finance solutions including preferred equity and mezzanine lending. LTC's portfolio encompasses Skilled Nursing Facilities (SNF), Assis ...

分组1 - LTC Properties reported quarterly funds from operations (FFO) of $0.78 per share, exceeding the Zacks Consensus Estimate of $0.71 per share, and up from $0.65 per share a year ago, representing an FFO surprise of 9.86% [1] - The company posted revenues of $32.26 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 7.78%, compared to year-ago revenues of $31.59 million [2] - LTC shares have increased approximately 10.5% since the beginning of the year, while the S&P 500 has gained 21.8% [3] 分组2 - The current consensus FFO estimate for the coming quarter is $0.66 on revenues of $32.9 million, and for the current fiscal year, it is $2.74 on revenues of $132.28 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the top 25% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Financial Performance - Net income for the quarter ended September 30, 2024, was $75,289,000, an increase from $22,627,000 in the same quarter of the previous year[153]. - The company reported an adjusted EBITDA of $122,023,000 for the quarter ended September 30, 2024, compared to $39,930,000 for the same quarter last year[153]. - GAAP net income available to common stockholders for Q3 2024 was $29,165,000, compared to $22,050,000 in Q3 2023, representing a 32.3% increase[171]. - Net income attributable to LTC Properties, Inc. for the three months ended September 30, 2024, was $29,366, an increase of $7,169 compared to $22,197 for the same period in 2023, reflecting a growth of approximately 32.3%[162]. - Total revenues for the three months ended September 30, 2024, reached $55,783, up $6,480 from $49,303 in the same period of 2023, indicating a growth of approximately 13.1%[162]. - Funds from Operations (FFO) available to common stockholders for the nine months ended September 30, 2024, was $72,446, an increase of $11,381 compared to $61,065 for the same period in 2023, representing a growth of approximately 18.6%[165]. - Interest income from financing receivables for the nine months ended September 30, 2024, was $14,661, an increase of $3,248 compared to $11,413 for the same period in 2023, indicating a growth of approximately 28.4%[164]. - The company experienced an impairment loss of $12,510 during the nine months ended September 30, 2024, which was a significant factor affecting overall financial performance[164]. Revenue Sources - Rental income, income from financing receivables, and interest income from mortgage loans accounted for 62.0%, 9.3%, and 22.8% of total revenues for the nine months ended September 30, 2024, respectively[113]. - As of September 30, 2024, the company’s total rental revenue was $135.2 million, which represents 100% of total revenues for the period[111]. - Interest income from financing receivables for the nine months ended September 30, 2024, was $14.7 million, with $11.7 million received in cash[119]. - Interest income from mortgage loans for the same period was $35.8 million, including $32.7 million received in cash[120]. Investment Portfolio - As of September 30, 2024, the company had a net carrying value of investments totaling $1.7 billion, with $942.3 million (54.2%) in owned and leased properties, $357.9 million (20.6%) in financing receivables, and $360.8 million (20.7%) in mortgage loans[112]. - The company’s gross investments in owned properties amounted to $1.34 billion, representing 62.6% of the total investment portfolio, with assisted living properties contributing $732.1 million (34.1%) and skilled nursing properties contributing $598.1 million (27.9%) to the total[111]. - The company operates 124 owned properties, including 73 assisted living facilities and 50 skilled nursing centers, with a total of 9,360 beds and 7,419 units across its portfolio[111]. - Financing receivables totaled $361.5 million, representing 16.8% of the company's total investments, with assisted living contributing $284.9 million (13.3%) and skilled nursing contributing $76.6 million (3.5%) to this category[111]. - The company’s investment strategy focuses on diversifying its portfolio by geographic location, operator, property classification, and form of investment[104]. Debt and Liquidity - The debt to gross asset value ratio improved to 34.5% as of September 30, 2024, down from 42.1% a year earlier[152]. - The interest coverage ratio was reported at 3.8x for the quarter ended September 30, 2024, compared to 3.2x for the same quarter last year[153]. - Total liquidity as of September 30, 2024, was $229,448,000, including cash and cash equivalents of $35,040,000[172]. - The outstanding balance of the revolving line of credit was $240,150,000 as of September 30, 2024, with $184,850,000 available for borrowing[187]. - The company repaid $93,800,000 under its unsecured revolving line of credit after September 30, 2024, reducing the outstanding balance to $146,350,000[187]. Regulatory Environment - Future regulatory changes in Medicare and Medicaid could adversely affect the financial condition of the company's borrowers and lessees[145]. - CMS estimated a net increase of 4.2%, or approximately $1.4 billion, in Medicare Part A payments to SNFs for fiscal year 2025[141]. - The final rule from CMS includes a total nurse staffing standard of 3.48 hours per resident day, which must include at least 0.55 hours of direct registered nurse care[142]. Shareholder Returns - The company declared and paid $74.7 million in cash dividends during the nine months ended September 30, 2024[189]. - Subsequent to September 30, 2024, the company declared a monthly cash dividend of $0.19 per share for October, November, and December 2024[190]. - The company sold 1,886,900 shares of common stock for $65.6 million in net proceeds during the nine months ended September 30, 2024, with $9.6 million available under the Equity Distribution Agreements as of that date[191]. - Subsequent to September 30, 2024, the company sold an additional 226,370 shares for $7.9 million in net proceeds, leaving $1.5 million available under the Equity Distribution Agreements[191]. Strategic Initiatives - The company plans to make additional investments in healthcare-related properties, funded through cash on hand, asset sales, and internally generated cash flows[108]. - The company continues to monitor economic factors and develop strategic plans to improve performance and maximize competitive position in the market[160]. - The company has structured its investments to mitigate payment risk, utilizing credit enhancements such as guarantees and letters of credit[107]. Joint Ventures and Acquisitions - A joint venture with ALG Senior Living was formed, exchanging a $64.5 million mortgage loan receivable for a 53% controlling interest[122]. - The company entered into a newly formed $122,460 joint venture with ALG, exchanging a $64,450 mortgage loan receivable for a 53% controlling interest[134]. - Brookdale acquired a parcel of land in Kansas for $0.3 million, resulting in an 8.0% rent increase on the total investment[131]. Market Conditions - The operator mix indicates that the top five operators accounted for a significant portion of the company's investments, with ALG Senior at $307,308,000 as of September 30, 2024[149]. - The geographic mix shows Texas as the leading state with investments totaling $323,737,000 as of September 30, 2024[149]. - There were no material changes in the company's market risk during the nine months ended September 30, 2024[197].

Exhibit 99.1 FOR IMMEDIATE RELEASE For more information contact: Mandi Hogan (805) 981-8655 LTC REPORTS 2024 THIRD QUARTER RESULTS -- Company Significantly Improves Liquidity through Balance Sheet De-levering -- WESTLAKE VILLAGE, CALIFORNIA, October 28, 2024 -- LTC Properties, Inc. (NYSE: LTC) ("LTC" or the "Company"), a real estate investment trust that primarily invests in seniors housing and health care properties, today announced operating results for the third quarter ended September 30, 2024. | --- | ...