SUPPLEMENTALRENEWAL OPERATING AND
AND TRANSITION
FINANCIAL DATA
FOURTH QUARTER 2021
FORWARD-LOOKING STATEMENTS
This supplemental information contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as ''believes,'' ''expects,'' ''may,'' ''will,'' ''should,'' ''seeks,'' ''approximately,'' ''intends,'' ''plans,'' ''estimates'' or ''anticipates,'' or the negative of those words or similar words. Forward- looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect our future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward- looking statements, including, but not limited to, the status of the economy, the status of capital markets (including prevailing interest rates), and our access to capital; the income and returns available from investments in health care related real estate, the ability of our borrowers and lessees to meet their obligations to us, our reliance on a few major operators; competition faced by our borrowers and lessees within the health care industry, regulation of the health care industry by federal, state and local governments, changes in Medicare and Medicaid reimbursement amounts (including due to federal and state budget constraints), compliance with and changes to regulations and payment policies within the health care industry, debt that we may incur and changes in financing terms, our ability to continue to qualify as a real estate investment trust, the relative illiquidity of our real estate investments, potential limitations on our remedies when mortgage loans default, and risks and liabilities in connection with properties owned through limited liability companies and partnerships. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under ''Risk Factors'' and other information contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and in our publicly available filings with the Securities and Exchange Commission. We do not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise.
NON-GAAP INFORMATION
This supplemental information contains certain non-GAAP information including EBITDAre, adjusted EBITDAre, FFO, FFO excluding non-recurring items, FAD, FAD excluding non-recurring items, adjusted interest coverage ratio, and adjusted fixed charges coverage ratio. A reconciliation of this non-GAAP information is provided on pages 22, 25 and 26 of this supplemental information, and additional information is available under the "Non-GAAP Financial Measures" subsection under the "Selected Financial Data" section of our website at www.LTCreit.com.
4Q 2021 SUPPLEMENTAL REPORT
TABLE OF CONTENTS
COMPANY
Company Information & Leadership | 3 |
INVESTMENTS
Real Estate Activities | |
Investments and Capital Recycling | 4 |
Acquisitions, Mortgage & Mezzanine Loan Originations | 5 |
Joint Ventures | 6 |
Lease-Up and Renovations & Expansions | 7 |
5-YearLease-Up History | 8 |
PORTFOLIO
Overview | 9-10 |
Maturity | 11 |
Diversification | |
Operators | 12-13 |
Geography, MSA, Age of Portfolio | 14-15 |
Real Estate Investments Metrics | 16 |
Update | 17 |
FINANCIAL
Enterprise Value | 18 |
Debt Metrics | 19 |
Debt Maturity | 20 |
Financial Data Summary | 21-22 |
Income Statement Data | 23 |
Consolidated Balance Sheets | 24 |
Funds from Operations | 25-26 |
ESG and GLOSSARY
ESG (Environmental, Social & Governance) | 27 |
Glossary | 28-29 |
2
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), Assisted Living Communities (ALF), Independent Living Communities (ILF), Memory Care Communities (MC) and combinations thereof. Our main objective is to build and grow a diversified portfolio that creates and sustains shareholder value while providing our stockholders current distribution income. To meet this objective, we seek properties operated by regional operators, ideally offering upside and portfolio diversification (geographic, operator, property type and investment vehicle). For more information, visit www.LTCreit.com.
LEADERSHIP
WENDY SIMPSON | PAM KESSLER | CLINT MALIN | CECE CHIKHALE | DOUG KOREY |
Chairman and | Co-President, | Co-President and | Executive Vice President, | Executive Vice President, |
Chief Executive Officer | CFO and Secretary | Chief Investment Officer | Chief Accounting Officer | Managing Director of |
and Treasurer | Business Development | |||
GIBSON SATTERWHITE | PETER LYEW | MANDI HOGAN | MIKE BOWDEN | RACHEL SON |
Senior Vice President, | Vice President, | Vice President | Vice President, | Vice President |
Asset Management | Director of Taxes | of Marketing, | Investments | and Controller |
Investor Relations
and ESG
4Q 2021 SUPPLEMENTAL REPORT
BOARD OF DIRECTORS
WENDY SIMPSON | Chairman |
CORNELIA CHENG | ESG Committee Chairman |
BOYD HENDRICKSON | Lead Independent Director |
JAMES PIECZYNSKI | Nominating & Corporate Governance |
Committee Chairman | |
DEVRA SHAPIRO | Audit Committee Chairman |
TIMOTHY TRICHE, MD | Compensation Committee Chairman |
ANALYSTS
CONNOR SIVERSKY | Berenberg Capital Markets |
JUAN SANABRIA | BMO Capital Markets Corp. |
DANIEL BERNSTEIN | CapitalOne |
TAYO OKUSANYA | Credit Suisse Securities (USA) LLC |
AARON HECHT | JMP Securities, LLC |
JORDAN SADLER | KeyBanc Capital Markets, Inc. |
MIKE CARROLL | RBC Capital Markets Corporation |
RICHARD ANDERSON | SMBC Nikko Securities |
STEVE MANAKER | Stifel, Nicolaus & Company, Inc. |
Any opinions, estimates, or forecasts regarding LTC's performance made by the analysts listed above do not represent the opinions, estimates, and forecasts of LTC or its management.
LTC PROPERTIES, INC. | TRANSFER AGENT | |
2829 Townsgate Road | Broadridge Shareholder Services | |
Suite 350 | c/o Broadridge Corporate Issuer | |
Westlake Village, CA 91361 | Solutions | |
805-981-8655 | 1155 Long Island Avenue | |
www.LTCreit.com | Edgewood, NY 11717-8309 | |
ATTN: IWS | ||
866-708-5586 | ||
3
REAL ESTATE ACTIVITIES - INVESTMENTS AND CAPITAL RECYCLING SINCE 2010
(FROM JANUARY 1, 2010 THROUGH DECEMBER 31, 2021)
Total Investments (1)Total Sales (2)Total Gains$ 1.6 | $ 318.8 | $ 139.2 |
Billion | Million | Million |
MILLION
$450 | |
$400 | |
$350 | |
$300 | |
$250 | |
$200 | |
$150 | |
$100 | |
$50 | |
$0 | |
2010 | 2011 |
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
Investments | Sales |
- Represents total investments.
- Reflects total sales price.
4Q 2021 SUPPLEMENTAL REPORT | INVESTMENTS I | 4 | |
REAL ESTATE ACTIVITIES - ACQUISITIONS, MORTGAGE & MEZZANINE LOAN ORIGINATIONS
(DOLLAR AMOUNTS IN THOUSANDS)
ACQUISITIONS
CO NT RACT UAL | ||||||||||||||||
# O F | PROPERTY | # BEDS/ | DATE OF | INITIAL | PURCHASE | |||||||||||
DATE | PRO PERTIES | TYPE | UNITS | LOCATIO N | O PERATOR | CONSTRUCTION | CASH YIELD | PRICE | ||||||||
2020 1/10 | 1 | SNF | 140 beds | Longview, TX | HMG Healthcare | 2014 | 8.50% | $ 13,500 |
MORTGAGE LOANS
STAT E D | ||||||||||||||||||||||||||||
# OF | PROPERTY | # BEDS/ | LOAN | MATURITY | INITIAL | REMAINING | INTEREST | |||||||||||||||||||||
DATE | PROPERTIES | TYPE | UNITS | LOCATION | TYPE | DATE | OPERATOR | ORIGINATION | INVESTMENT | COMMITMENT | RATE | |||||||||||||||||
2020 | 6/2 | 4 | SNF | 501 beds | Various in MI (1) | Mortgage | Oct-2045 | Prestige Healthcare | $ | 2,000 | $ | 2,000 | $ | - | 8.89% | |||||||||||||
2021 | 9/30 | 1 | OTH | N/A | St Peters, MO (2) | Mortgage | Oct-2022 | N/A(2) | $ | 1,780 | $ | 1,780 | $ | - | 7.50% | |||||||||||||
10/1 | 1 | SNF | 189 beds | Lafayette, LA (3) | Mortgage | Oct-2024 | Crossroads Area Management | 27,347 | 27,047 | 300 | 7.50% | |||||||||||||||||
10/5 | 1 | ALF/MC | 68 units | Ocala, FL (4) | Mortgage | Sep-2025 | Pointe Group Care | 16,707 | 12,530 | 4,177 | 7.75% | |||||||||||||||||
12/1 | 13 | ALF/MC/ILF | 523 units | NC and SC (5) | Mortgage | Dec-2025 | ALG Senior Living | 59,250 | 52,503 | 6,747 | 7.25% | |||||||||||||||||
16 | 189 beds/591 units | $ | 105,084 | $ | 93,860 | $ | 11,224 |
- We funded additional loan proceeds of $2,000 under an existing mortgage loan. The incremental funding bears interest at 8.89%, escalating annually by 2.25% thereafter.
- We entered into a one-year loan agreement secured by a parcel of land for a future development of a post-acute skilled nursing center to be operated by Ignite Medical Resorts.
- The loan includes a 12-month extension option and the remaining commitment is for capital improvement.
- The remaining commitment of $4,177 is for the construction of a memory care addition to the property to be funded at a later date, subject to satisfaction of various conditions.
- The initial interest rate is 7.25% with an 8.00% IRR. The remaining commitment is comprised of a $6,098 capital improvement commitment and a $650 working capital commitment.
MEZZANINE LOANS
COMMITMENT | PROPERTY | INVESTMENT | MATURITY | # BEDS/ | INVESTMENT | ||||||||||||||||
YEAR | LOCATION | PROPERTIES | OPERATOR | TYPE | TYPE | DATE | RETURN | UNITS | BALANCE | ||||||||||||
2018 | Atlanta, GA | 1 | Galerie Management | ALF/MC/ILF | Mezzanine | Dec-2023 | 8.00% | (1) | 204 units | $ | 7,460 | ||||||||||
2021 | Bend, OR | 1 | BPM Senior Living | ILF | Mezzanine | Oct-2024 | 8.00% | (2) | 136 units | 4,355 | |||||||||||
2 | 340 units | $ | 11,815 | ||||||||||||||||||
- The initial cash rate is 8.00% with a 12.00% IRR. Our investment represents 5.00% of the total investment.
- The loan includes two 12-month extension options. The initial cash rate is 8.00% for the first 18 months then increasing to 10.50% thereafter with a 10.50% IRR. Our investment represents approximately 8.00% of the total investment.
4Q 2021 SUPPLEMENTAL REPORT | INVESTMENTS I | 5 | |
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LTC Properties Inc. published this content on 18 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 February 2022 11:31:09 UTC.