At a glance
LTC Properties Inc is worth $2.30B, about 17 times its fiscal 2025 earnings. Revenue grew 25.3% to $262.9M in fiscal 2025, with 44.9% kept as profit; over 5 years it has grown 10.5% a year. It pays a 5.34% dividend yield, and returned $484.7M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +28.8% over the past year with dividends reinvested and +11.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 19.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 25 months after the low.
The business in plain English
LTC Properties is a real estate investment trust (REIT), a company that owns or finances property and must pay out most of its taxable income as dividends. It was incorporated in Maryland in 1992. It invests in seniors housing and health care properties: independent living, assisted living and memory care communities, plus skilled nursing centers. Outside operators run the buildings.
Most of its revenue is rent and interest. Under triple-net leases, the operator pays the taxes, insurance and repairs, and most leases include yearly rent increases. LTC also earns interest on mortgage loans and on certain sale-leasebacks, where it buys a property and leases it back to the seller. In the second quarter of 2025, it added a seniors housing operating portfolio (SHOP). Hired operators run these communities for a fee, while LTC collects the resident fees and pays the operating costs.
As of December 31, 2025, LTC held $2.0 billion of net investments: 35.0% in triple-net properties, 25.7% in SHOP, 19.3% in mortgage loans and 18.1% in those sale-leasebacks. Its 98 triple-net properties were spread across 22 states and leased to 18 operators. Of $262.9 million in 2025 revenue, the Real Estate Investments segment produced 71.8% and SHOP 27.4%. LTC favors single properties or small portfolios from regional operators, because larger, widely marketed deals tend to be priced too richly.
Price history
The interactive chart needs JavaScript.
LTC +28.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Real Estate Investments Portfolio Segment | $188.8M | 71.8% |
| Seniors Housing Operating Portfolio Segment | $72.1M | 27.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $98.9M, up 64.1% from a year earlier, and net income was $29.6M (+96.4%).
- For fiscal 2025, revenue was $262.9M (+25.3% year over year; +10.5% a year from FY2020 to FY2025) with a 44.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.5% good |
|---|---|
| Operating margin | 77.9% good |
| Free cash flow margin | 49% good |
| Return on equity (FY2025) | 11% watch |
| Return on assets (FY2025) | 5.7% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $159.3M | $95.3M | $109.2M |
| FY2021 | $155.3M | $55.9M | $84.9M |
| FY2022 | $175.2M | $100.0M | $96.6M |
| FY2023 | $197.2M | $89.7M | $94.8M |
| FY2024 | $209.8M | $91.0M | $112.2M |
| FY2025 | $262.9M | $118.0M | $128.7M |
Valuation snapshot
| Market value | $2.30B |
|---|---|
| P/E ratio | 17 |
| Dividend yield | 5.34% |
Rank among 1514 US companies
Market value at each year end
LTC Properties’s market value went from $1.53B at the end of 2020 to $2.30B on Oct 28, 2026, up 51%; since the end of 2025 it is up 41%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.30B | +40.7% |
| 2025 | $1.64B | +4.7% |
| 2024 | $1.56B | +17.6% |
| 2023 | $1.33B | -7.6% |
| 2022 | $1.44B | +7.1% |
| 2021 | $1.34B | -12.0% |
| 2020 | $1.53B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LTC price data to Oct 28, 2026 | +30.5% | +28.8% | +19.1% | +11.6% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +30.5% |
| 2025 | +6.2% |
| 2024 | +14.9% |
| 2023 | -3.2% |
| 2022 | +10.5% |
| 2021 | -6.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 9.4% over that stretch · deepest drop along the way 19.3%, back to its old high 25.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 6 open-market purchases ($921K) and 1 sales ($124K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 5, 2026 | David L Gruber Director | buy | $266K |
| Jun 4, 2026 | David M Boitano EVP & CIO | buy | $174K |
| Jun 4, 2026 | David M Boitano EVP & CIO | buy | $173K |
| May 21, 2026 | David L Gruber Director | buy | $154K |
| Aug 11, 2026 | David L Gruber Director | buy | $134K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 17% | Jun 30, 2025 |
| Vanguard Portfolio Management | 10.01% | Jan 30, 2026 |
| STATE STREET CORPORATION | 6.8% | Mar 31, 2025 |
| Vanguard Capital Management | 5.15% | Mar 31, 2026 |
ETFs with the most weight in LTC
| SRET Global X SuperDividend REIT ETF | 3.39% |
| XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF | 2.71% |
| DIV Global X SuperDividend U.S. ETF | 2.16% |
| REAI Intelligent Real Estate ETF | 1.83% |
| WDIV SPDR S&P Global Dividend ETF | 1.28% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 1.18% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.11% |
| CVAR Cultivar ETF | 0.54% |
What could go wrong
- New SHOP segment adds operating risk. Since 2025, LTC carries the financial results of 25 communities run by hired managers. Swings in occupancy and resident fees, and rising food, energy, labor and insurance costs, flow straight into its income.
- Depends on a few major operators. Nearly all revenue comes from operators and borrowers paying rent, interest or fees. If a large operator struggles, goes bankrupt or declines to renew, LTC's rent could be delayed or lost.
- Medicare and Medicaid payment cuts. Skilled nursing centers are paid partly through Medicare and Medicaid. Government cost-control measures or lower reimbursement rates could squeeze operators' finances and their ability to pay LTC.
- Heavy concentration in seniors housing. LTC invests mainly in seniors housing and health care, so one problem can hit all its properties at once. During Covid-19, its operators saw occupancy fall and operating costs rise.
- Share issuance dilutes existing owners. LTC can issue new shares to raise money, which shrinks each holder's stake. Shares outstanding rose 36.9% between October 2021 and July 2026.
- Higher interest rates raise costs. LTC had about $777 million of debt as of June 30, 2026. Rising rates can lift its borrowing costs and make its dividend less appealing next to bonds, which can weigh on the share price.
Recent events
- Executive or board change
- Major agreement signed; Major agreement ended
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
For income and retirement investors
LTC does not have a run of yearly dividend increases. The dividend was $2.28 per share in both 2020 and 2021, and the yield was 5.34% as of October 28, 2026. In 2025, dividends used 91% of earnings and 83.4% of free cash flow (cash left after capital spending). That is high, but normal for a REIT, which must pay out most of its taxable income. Total dividends paid grew from $90.3 million in 2020 to $107.4 million in 2025, alongside a rising share count. Buybacks were $18.0 million in 2020 and zero from 2021 through 2025.
In the 2022 bear market, LTC shares gained 9.4% while the broad market slid from January to October. They still dropped 19.3% between August 30 and October 7, 2022, and took about 25 months to recover. The available price history doesn't cover the 2008 crisis or the 2020 Covid crash. As a single stock, LTC carries more risk than a diversified fund.
Questions investors ask
How does LTC Properties make money?
LTC earns most of its money from rent and interest paid by the operators of seniors housing and skilled nursing properties. It owns buildings under triple-net leases, where operators pay the taxes, insurance and upkeep, and it makes mortgage loans secured by such properties. Since 2025, it also collects resident fees from communities that hired managers run for it. In 2025, revenue was $262.9 million: 71.8% came from its Real Estate Investments segment and 27.4% from its seniors housing operating portfolio.
Does LTC Properties raise its dividend every year?
No. LTC does not have a streak of yearly dividend increases. It paid $2.28 per share in both 2020 and 2021, and its yield was 5.34% as of October 28, 2026. In 2025, dividends used 91% of earnings and 83.4% of free cash flow. Payouts that high are common for REITs, which must pay out most of their taxable income, but they leave a thin cushion if earnings fall. LTC itself warns that failing to maintain or raise the dividend could hurt its share price.
What is LTC's SHOP segment?
SHOP stands for seniors housing operating portfolio. In the second quarter of 2025, LTC began owning some communities under a structure known as RIDEA. Independent operators run the properties for a management fee, and LTC keeps the operating results. LTC gains when occupancy and resident fees rise, but it also bears higher food, labor and energy costs. As of December 31, 2025, SHOP held 25 properties and 25.7% of LTC's net investments. It produced 8.8% of 2025 net operating income, which is property income before overhead, interest and depreciation.
How did LTC stock hold up in the 2022 bear market?
Better than the broad market, though it still had losses. Over the market's slide from January 3 to October 12, 2022, LTC shares returned 9.4%. Even so, they fell 19.3% from August 30 to October 7, 2022, and did not climb back to that peak until November 8, 2024, about 25 months later. The available price history doesn't cover the 2008 financial crisis or the 2020 Covid crash.
Who owns the most LTC Properties stock?
Large asset managers hold the biggest stakes. BlackRock reported owning 17% as of June 30, 2025, Vanguard Portfolio Management 10.01% as of January 30, 2026, and State Street 6.8% as of March 31, 2025. Insider filings reviewed for October 29, 2025 to October 29, 2026 show six purchases worth about $920,540 and one sale of about $123,563. The largest single purchase was about $266,000, by director David L. Gruber on March 5, 2026.