REIT boardRanked among REITs, not on the main board. A REIT's earnings are dominated by depreciation on assets that typically appreciate, so net margin and return on assets understate it against an operating company.
AI-extracted from the 10-Q filed 2026-08-05 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
LTC Properties reported Q2 net income of $29.6M (up 96% YoY) driven by $56.1M in resident fees from 34 SHOP communities and $26.0M from rental income, while expanding SHOP segment with five new acquisitions and management conversions.
Biggest Revenue Drivers
Resident fees and services$56.1M+370% YoY
Revenue from 34 seniors housing communities within SHOP segment managed by 11 independent operators.
Rental income$26.0M-14% YoY
Decreased due to conversion of communities from Triple-Net Portfolio to SHOP segment and property sales, partially offset by rent escalations.
Biggest Revenue Drivers
Total revenue: $98.9M+64% YoY
Resident fees and services$56.1M+370% YoY
Revenue from 34 seniors housing communities within SHOP segment managed by 11 independent operators.
Rental income$26.0M-14% YoY
Decreased due to conversion of communities from Triple-Net Portfolio to SHOP segment and property sales, partially offset by rent escalations.
Interest income from mortgage loans$10.3M+7% YoY
Increased due to additional mortgage loan receivables funding, partially offset by payoffs and effective interest income decline from Prestige loan modification.
Interest income from financing receivables$5.6M-20% YoY
Decreased primarily due to sale of three skilled nursing centers in Florida accounted for as financing receivable in Q1 2026.
Largest Expense Items
Interest expense$9.5M+18% YoY
Increased due to new term loans totaling $200M in Q4 2025, partially offset by senior notes scheduled principal paydowns.
Depreciation and amortization$12.4M+41% YoY
Increased due to SHOP segment acquisitions and conversions expanding depreciable asset base.
Margins: Operating margins improved significantly with NOI rising 13% YoY to $54.7M, driven by $44.2M increase in resident fees from SHOP growth outpacing $32.8M increase in operating expenses. SHOP segment generated $13.9M NOI on $56.1M revenues, demonstrating operational traction despite integration costs.
Watch Items from the Filing
Genesis Healthcare operates six skilled nursing centers (782 beds) under master lease; filed Chapter 11 bankruptcy in Q3 2025 but has paid contractual rent through August 2026 after asset sale approval; represents material operator concentration risk.
Prestige Healthcare represents 7.8% of revenues and 11.9% of assets; provided notice in Q1 2026 of intent to repay $179.9M mortgage loan by Q4 2026 under penalty-free prepayment option effective July 2025; potential refinancing or departure risk.
SHOP segment growing rapidly (32.1% of gross portfolio) with five new acquisitions during H1 2026 for $171.5M plus five additional post-quarter-end acquisitions for $207.9M, creating execution and operator integration risk.
Leverage ratios improved: debt-to-gross-asset-value declined to 29.7% from 34.0% at year-end 2025; interest coverage ratio 4.9x; company in compliance with all financial covenants (max 0.60 debt-to-assets, min 1.50x EBITDA-to-fixed-charges).
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Hawken Jeffrey CReporting ownerGrant or award · May 20, 2026
Preber Bradley JReporting ownerGrant or award · May 20, 2026
Cheng CorneliaReporting ownerGrant or award · May 20, 2026
Shelley-Kessler PamelaCO-PRESIDENT AND CO-CEOShares withheld for tax or exercise price · Mar 9, 2026
Satterwhite John GibsonEVP, ASSET MANAGEMENTShares withheld for tax or exercise price · Mar 9, 2026
Chikhale CarolineEVP, CFO & TREASURERShares withheld for tax or exercise price · Mar 9, 2026
Simpson WendyEXECUTIVE CHAIRMANShares withheld for tax or exercise price · Mar 9, 2026
About LTC PROPERTIES INC (LTC): stock profile, AI score and financials
LTC PROPERTIES INC (LTC) stock profile, AI quality score, and SEC EDGAR financial data, a Real Estate sector company. 13F Pro's AI-powered ranking engine scores LTC at 69.4/100 on a composite quality score built from its SEC filings, placing it at rank #13 of 148 stocks — the top 10% of the AI-ranked universe. Based on the latest XBRL financial filings (Q2 2026), LTC PROPERTIES INC reports quarterly revenue of $98.9M, net income of $29.6M, an operating margin of 55.3%. Top institutional holders of LTC by reported 13-F value include BlackRock, VANGUARD PORTFOLIO MANAGEMENT, STATE STREET, based on the most recent SEC filings. LTC trades on the NYSE exchange and files with the SEC under CIK 887905. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate LTC daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for LTC PROPERTIES INC directly from SEC EDGAR.