LTC Properties : SUPPLEMENTAL OPERATING AND FINANCIAL DATA Q1 2024

SUPPLEMENTAL

RENEWAL

OPERATING AND

AND TRANSITION

FINANCIAL DATA

FIRST QUARTER 2024

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.

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, 2023 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 20, 23 and 24 of this supplemental information, and additional information is available under the "Non-GAAP Financial Measures" subsection under the "Filings" section of our website at www.LTCreit.com.

1Q 2024 SUPPLEMENTAL REPORT

TABLE OF CONTENTS

COMPANY

Company Information & Leadership

3

INVESTMENTS

Real Estate Activities
Acquisitions	4
Mortgage and Mezzanine Loans	5
Joint Ventures	6
Purchase Options and Renovation & Construction Loans	7

PORTFOLIO

Overview	8-9
Diversification
Operators	10-11
Maturity	12
Geography, MSA, Age of Portfolio	13-14
Real Estate Investments Metrics	15

FINANCIAL

Enterprise Value	16
Debt Metrics	17
Debt Maturity	18
Financial Data Summary	19-20
Consolidated Statements of Income	21
Consolidated Balance Sheets	22
Funds from Operations	23-24
GLOSSARY	25-26

2

LEADERSHIP

WENDY SIMPSON	PAM KESSLER	CLINT MALIN
Chairman and	Co-President,	Co-President and
Chief Executive Officer	CFO and Secretary	Chief Investment Officer

CECE CHIKHALE	DOUG KOREY	GIBSON SATTERWHITE	MANDI HOGAN
Executive Vice President,	Executive Vice President,	Senior Vice President,	Senior Vice President
Chief Accounting Officer	Managing Director of	Asset Management	of Marketing, Investor
and Treasurer	Business Development		Relations and ESG

BOARD OF DIRECTORS

WENDY SIMPSON	Chairman
CORNELIA CHENG	ESG Committee Chairman
DAVID GRUBER	Director
BOYD HENDRICKSON	Lead Independent Director and
	Nominating & Corporate Governance
	Committee Chairman
JAMES PIECZYNSKI	Investment Committee Chairman
DEVRA SHAPIRO	Audit Committee Chairman
TIMOTHY TRICHE, MD	Compensation Committee Chairman

ANALYSTS

JUAN SANABRIA	BMO Capital Markets Corp.
OMOTAYO OKUSANYA	Deutsche Bank Securities Inc.
JOE DICKSTEIN	Jefferies LLC
AARON HECHT	JMP Securities, LLC
AUSTIN WURSCHMIDT	KeyBanc Capital Markets, Inc.
MICHAEL CARROLL	RBC Capital Markets Corp.
RICHARD ANDERSON	Wedbush
CONNOR SIVERSKY	Wells Fargo Securities, LLC

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.

3011 Townsgate Road Suite 220

Westlake Village, CA 91361 805-981-8655 www.LTCreit.com

TRANSFER AGENT

Broadridge Shareholder Services c/o Broadridge Corporate Issuer Solutions

1155 Long Island Avenue Edgewood, NY 11717-8309

ATTN: IWS

866-708-5586

1Q 2024 SUPPLEMENTAL REPORT

3

REAL ESTATE ACTIVITIES - INVESTMENTS - 2023-2024 YTD

(DOLLAR AMOUNTS IN THOUSANDS)

• 32,515

YTD 2024

		INVESTMENTS
$300,000				$261,851
$250,000
$200,000			$176,400
$150,000		$109,440
$81,315
$100,000
$50,000	$34,840
$0
2019	2020	2021	2022	2023

ACQUISITIONS

CO N TRAC TUAL

# O F

PROPERTY

# BE DS/

DATE OF

INITIAL

PURCHASE

DATE

PRO PERTIES

TYPE

UNITS

LOCATION

O PERATOR

CO NSTRUCTION

CASH YIELD

PRICE

Jun-2023

1

ILF/ALF/MC

242 units

Centerville, OH

Encore Senior Living

2019-2022

8.25%

$

54,134

(1)

Feb-2024

- (2)

- (2)

-

Great Bend, KS

Brookdale Senior Living

-

8.00%

$

315

1. We contributed $45,000 to a $54,134 joint venture ("JV") for the purchase of an independent living, assisted living and memory care campus in Ohio. The seller, LTC's JV partner, has the option to purchase the campus during the third and fourth lease years, with an exit IRR of 9.75%. The campus was leased to an affiliate of Encore Senior Living ("Encore") under a 10-year term at an initial yield of 8.25% on LTC's allocation of the JV investment. We committed to fund $2,100 of lease incentives under the new lease. See Consolidated Joint Ventures on page 6 for further discussion.
2. We purchased a land parcel adjacent to an existing assisted living community.

ACQUISITIONS ACCOUNTED FOR AS FINANCING RECEIVABLES(1)

CO N TRACT UAL

# OF

PROPERTY

# O F

DATE O F

INITIAL

PURCHASE

DATE

PROPERTIES

TYPE

BEDS/UNITS

LOCATION

OPERATOR

CO NSTRUCTION

CASH YIELD

PRICE

Jan-2023

11

ALF/MC

523 units

Various cities in NC

ALG Senior

1988-2018

7.25%

121,321 (2)

1. Financing receivables represent acquisitions through sale-leaseback transactions, subject to lease agreements that contain purchase options. In accordance with GAAP, the purchased assets are required to be presented as a financing receivable on our Consolidated Balance Sheets and the rental income received is required to be presented as interest income from financing receivables on our Consolidated Statements of Income.
2. We entered into a JV with an affiliate of ALG Senior and contributed $117,490 into the JV that purchased 11 assisted living and memory care communities. The JV leased the communities to an affiliate of ALG Senior under a 10-year master lease, with two five-year renewal options. The initial annual rent is at a rate of 7.25%, increasing to 7.50% in year three, then escalating thereafter based on CPI, subject to a floor of 2% and ceiling of 4%. The master lease provides the operator with the option to buy up to 50% of the properties at the beginning of the third lease year, and the remaining properties at the beginning of the fourth lease year through the end of the sixth lease year, with an exit IRR of 9.00% on any portion of the properties being purchased. See Consolidated Joint Ventures on page 6.

1Q 2024 SUPPLEMENTAL REPORT

INVESTMENTS I

4

REAL ESTATE ACTIVITIES - INVESTMENTS - 2023-2024 YTD

(DOLLAR AMOUNTS IN THOUSANDS)

MORTGAGE LOANS

CONTRACTUAL

# OF

PROPERTY

# UNITS/

MATURITY

INITIAL

DATE

PRO PERTIES

TYPE

BEDS

LO CATION

OPERATO R

DATE

RATE

O RIGINATIO N

Jan-2023

1

MC

45 units

Canton, NC

ALG Senior

Jan-2025

7.25%

(1)

$

10,750

Feb-2023

1

ILF/ALF/MC

203 units

Atlanta, GA

Galerie Management

Oct-2024

7.50%

(2)

51,111

Jun-2023

1

SNF

150 beds

Hanover Park, IL

Ignite Medical Resorts

Jun-2028

8.75%

16,500

Dec-2023

2

ALF

92 units

Various cities in FL

Opal Senior Living

Dec-2025

8.75%

4,000

5

340 units/150 beds

$

82,361

Jan-2024

1

UDP - ALF/MC

85 units

Lansing, MI

Encore Senior Living

Sep-2026

8.75%

$

19,500

					INITIAL
		INITIAL		ADDITIONAL
	INVESTME NT		CO MMITMENT
	$	10,750	$	-
		51,111			-
		16,500			-
(3)		4,000			-
	$	82,361	$	-
(4)	$	2,940	$	16,560 (4)

1. The initial rate is 7.25% with a 9.00% IRR.
2. Invested in an existing mortgage loan refinancing certain existing banks and our outstanding $7,461 mezzanine loan originated in 4Q18. The initial rate is 7.5% yield with a 7.75% IRR.
3. The mortgage loan provides a one-year extension.
4. Began funding in 1Q24 under this construction loan commitment which was originated in July 2023. The borrower contributed $12,100 of equity at commencement, which was used to initially fund the construction. The interest only loan term is approximately three years, and includes two, one-year extensions, each of which is contingent to certain coverage thresholds.

MEZZANINE LOANS

CONTRACTUAL

COMMITMENT

# OF

PROPERTY

# OF

MATURITY

INITIAL

YEAR

PROPERTIES

TYPE

UNITS

LOCATIO N

OPERATOR

DATE

RATE

ORIGINATIO N

2023

1

ILF/ALF/MC

130 units

Alpharetta, GA

Galerie Management

Jun-2028(1)

8.75%

$

17,000

1. The initial cash rate is 8.75% with a 12.00% IRR. Our investment represents approximately 12% of the estimated project cost. The loan will also be utilized for the construction of 89 additional units.

1Q 2024 SUPPLEMENTAL REPORT

INVESTMENTS I

5

REAL ESTATE ACTIVITIES - JOINT VENTURES - CURRENT INVESTMENTS HELD

(DOLLAR AMOUNTS IN THOUSANDS)

UNCONSOLIDATED JOINT VENTURES

COMMITME NT

# OF

PROPERTY

# OF

INVESTME NT

INVESTMENT

YEAR

PROPERTIES

TYPE

UNITS

LOCATION

OPE RATOR

TYPE

RETURN

COMMITMENT

2020

1

ALF/MC

95 units

Arlington, WA

Fields Senior Living

Preferred Equity

7.00%

(1)

$

6,340

2020

1

ILF/ALF

267 units

Vancouver, WA

Koelsch Communities

Preferred Equity

8.00%

(2)

13,000

2024

1

SNF/ALF

104 beds/78 units

Katy, TX

Ignite Medical Resorts

Senior Loan

9.15%

(3)

12,700

3

104 beds/440 units

$

32,040

1. The initial cash rate is 7.00% increasing to 9.00% in year-four until the IRR is 8.00%. After achieving an 8.00% IRR, the cash rate drops to 8.00% with an IRR ranging between of 12.00% and 14.00% depending upon timing of redemption. Our investment represents 15.50% of the total investment. We have the option to require the JV partner to purchase our preferred equity interest at any time between August 17, 2031 and December 31, 2036.
2. The initial cash rate is 8.00% with an IRR of 14.00%. Our investment represents 11.00% of the total project cost. The JV provides the JV partner the option to buy out our investment at any time after August 31, 2023 at the IRR rate. Also, we have the option to require the JV partner to purchase our preferred equity interest at any time between August 31, 2027 and prior to the end of the first renewal term of the lease. The project was completed in 4Q23.
3. Represents a mortgage loan accounted for as an unconsolidated JV in accordance with GAAP. The five-year mortgage loan is interest only. The investment is expected to generate approximately $884 of revenue in 2024.

CONSOLIDATED JOINT VENTURES

														TOTAL		NON-CONTRO LLING
INVE STMENT		PRO PERTY		# OF								JOINT VENTURES		INTERE ST			LTC			LTC
YEAR		TYPE		UNITS/BEDS			LOCATION		OPERATO R		INVE STMENT PURPOSE		COMMITMENT		CONTRIBUTIO N		COMMITMENT		CONTRIBUTIO N
2017		ALF		87 units		Spartanburg, SC	ALG Senior		Owned Real Estate	$	11,660	$	1,241	$	-	$	10,419
2018		ALF/MC		78 units		Medford, OR	Fields Senior Living		Owned Real Estate(1)			19,029			1,141			-			17,888
2018		ILF		89 units			Medford, OR	Fields Senior Living		Owned Real Estate(1)			14,651			2,907			-			11,744
				167 units									33,680			4,048			-			29,632
2022		SNF		299 beds	Various cities in FL	PruittHealth		Owned Real Estate(2)			75,986			14,325			-			61,661
2023		ALF/MC		523 units	Various cities in NC	ALG Senior		Owned Real Estate(3)			121,321			3,831			-			117,490
2023		ILF/ALF/MC		242 units			Centerville, OH	Encore Senior Living		Owned Real Estate(4)			56,234			9,134			454			46,646
				765 units									177,555			12,965			454			164,136
			1,019 units/299 beds							$	298,881	$	32,579	$	454	$	265,848

1. Represents a single joint venture with ownership in two properties.
2. We entered into a JV with an affiliate of PruittHealth and the JV purchased three skilled nursing centers. In accordance with GAAP, the purchased assets are presented as a financing receivable on our Consolidated Balance Sheets.
3. We entered into a JV with an affiliate of ALG Senior to purchase 11 assisted living/memory care communities. In accordance with GAAP, the purchased assets are presented as a financing receivable on our Consolidated Balance Sheets. See Financing Receivables on page 4 for further discussion.
4. See Acquisitions on page 4 for further discussion.

1Q 2024 SUPPLEMENTAL REPORT

INVESTMENTS I

6

REAL ESTATE ACTIVITIES - PURCHASE OPTIONS AND RENOVATION & CONSTRUCTION LOANS

(DOLLAR AMOUNTS IN THOUSANDS)

PURCHASE OPTIONS

		# OF		PROPERTY			GROSS			ANNUALIZE D			OPTIO N
STATE		PROPERTIES		TYPE		INVESTMENTS		GAAP REVENUE			WINDOW
California	2		ALF/MC	$	38,895	$	297		2023-2029		(1)	These properties were acquired through a sale-leaseback transaction, subject to
Florida	3		SNF			76,669			5,613		2025-2027	(1)		a lease agreement that contains a purchase option. In accordance with GAAP, the
														(1)		purchased properties are required to be presented as a financing receivable on
North Carolina	11		ALF/MC			121,321			9,706		2025-2028		our Consolidated Balance Sheets.
North Carolina	5		ALF			14,404			3,219		2029		(2)	See Acquisitions on page 4 for further discussion.
Ohio	1		MC			16,161			230		2024-2025		(3)	The master lease allows the operator to elect either an earn-out payment or
								purchase option. If neither option is elected within the timeframe defined in the
														(2)
Ohio	1		ILF/ALF/MC			54,758			3,679		2025-2027		lease, both elections are terminated.
Oklahoma	5		ALF/MC			11,221			910		2027-2029		(4)	Subsequent to March 31, 2024, this property was transitioned to a new operator.
								The initial rent for the first six months is zero, after which rent will be based on
Tennessee	2		SNF			5,275			986		2023-2024
								mutually agreed upon fair market rent.
Texas	4		SNF			52,726			4,310		2027-2029	(3)	(5)	Properties are in Colorado, Kansas, Ohio and Texas.
							(6)	In 1Q24, two properties in Georgia and South Carolina were transitioned to a new
Texas	1		MC			12,743			-	(4)	2026-2028
							operator. The initial rent for the first six months is zero, after which rent will be
Various states(5)
17		ALF/MC			58,723			9,248		2029			based on mutually agreed upon fair market rent.
Various states(6)		2		ALF/MC			31,433			-	(6)	2027
Total	54			$	494,329	$	38,198

RENOVATION & CONSTRUCTION LOANS

ESTIMATED														CO NT RACT UAL									TO TAL
INTE REST		COMMITMENT		# OF		PRO PERTY		PROJECT						INITIAL		INVE STME NT			1Q 24		FUNDE D		REMAINING
INCEPTION DATE		YEAR		PROPERTIE S		TYPE		TYPE		LOCATIO N		O PERATOR		CASH YIELD		CO MMITMENT		FUNDING		TO DATE		COMMITME NT
-	(1)	2021	13		ILF/ALF/MC		Renovation		Various cities in NC and SC		ALG Senior	7.25%	$	6,098	$	188	$	5,366	$	732
-	(2)	2023		1		UDP-ALF/MC		Construction		Lansing, MI		Encore Senior Living	8.75%			19,500			2,940			2,940			16,560
				14											$	25,598	$	3,128	$	8,306	$	17,292

1. This commitment is part of a $59,250 loan commitment secured by 13 properties, (12) North Carolina and (1) South Carolina. Interest payment increases upon each funding.
2. The interest only loan term is approximately three years at a rate of 8.75%, and includes two, one-year extensions, each of which is contingent to certain coverage thresholds. See Mortgage Loans on page 5 for further discussion.

1Q 2024 SUPPLEMENTAL REPORT

INVESTMENTS I

7

PORTFOLIO OVERVIEW

(AS OF MARCH 31, 2024, DOLLAR AMOUNTS IN THOUSANDS)

											TRAILING TWELVE MONTHS ENDED
											MARCH 31, 2024
				GROSS
		# O F			% OF					% OF
BY INVESTMENT TYPE		PROPERTIES		INVESTMENT		INVESTMENT		REVENUES(1 )	REVENUES		INCOME STATEMENT LINE
Owned Portfolio(2)	127	$ 1,342,921	63.8%	$	109,144		60.7%		Rental Income
Financing Receivables	14	197,990	9.4%			15,320		8.5%		Interest Income from Financing Receivables
Mortgage Loans	46	485,095	23.0%			48,929		27.2%		Interest Income from Mortgage Loans
Notes Receivable	6	60,551	2.9%			4,962		2.8%		Interest and Other Income
Unconsolidated Joint Ventures(3)	2		19,340		0.9%			1,504		0.8%		Income from Unconsolidated Joint Ventures
Total	195	$ 2,105,897	100.0%	$	179,859		100.0%

				# O F		GROSS		% OF	GROSS INVESTMENT BY INVESTMENT TYPE
	BY PROPERTY TYPE		PROPERTIES	INVESTMENT		INVESTMENT		Mortgage Loans*
	Assisted Living	(2)	117			$	1,096,573	52.1%			23.0%
	Skilled Nursing(3)	77				991,540	47.1%			Financing Receivables
	Other(4)		1				14,844	0.7%			9.4%
	Under Development		-		2,940	0.1%		Owned Portfolio	Notes Receivable
				63.8%
	Total	195			$	2,105,897	100.0%		2.9%
													Unconsolidated
(1) See Trailing Twelve Months Revenues definition in the Glossary.
						Joint Ventures
(2) Subsequent to March 31, 2024, we sold two assisted living communities in Texas for $500. We received		0.9%
	proceeds of approximately $400, net of transaction costs, and anticipate recording a minimal gain on sale in

2Q24. See page 11 for further discussion.	*Weighted average maturity @ 3/31/24 - 11.3 years
(3) Subsequent to March 31, 2024, we originated a mortgage loan to Ignite Medical Resorts ("Ignite"), secured by a
skilled nursing and assisted living campus. In accordance with GAAP, the mortgage loan is accounted as an
unconsolidated joint venture. See Unconsolidated Joint Ventures on page 6 for further discussion.

1. Includes one behavioral health care hospital and three parcels for land held-for-use, a parcel of land securing a first mortgage held for future development of a post-acute skilled nursing center and a parcel of land securing a

first mortgage held for future development of a seniors housing community.

GROSS INVESTMENT BY PROPERTY TYPE

3126

Operators

States

195 Properties

Skilled Nursing
47.1%	Other
	0.7%
Assisted Living	UPD
52.1%	0.1%

1Q 2024 SUPPLEMENTAL REPORT

PORTFOLIO I

8

PORTFOLIO OVERVIEW - DETAIL

(AS OF MARCH 31, 2024, DOLLAR AMOUNTS IN THOUSANDS)

			TRAILING TWELVE MO NTHS ENDED
			MARCH 31, 2024
# O F	GROSS	% OF	% OF TOTAL

RENTAL INCOME

(AS % OF TOTAL REVENUES)

O WNED PORTFOLIO	PRO PE RTIES	INVE STME NT	GROSS INVESTMENT	RENTAL INCOME (1 )	REVENUES
Assisted Living(2)	76	$	733,901	34.9%	$	48,596	27.0%
Skilled Nursing	50		597,015	28.3%		59,553	33.1%
Other	1		12,005	0.6%		995	0.6%
Total		127	$	1,342,921	63.8%	$	109,144	60.7%

50.0%

25.0%

0.0%

27.0% 33.1%

0.6%

ALF SNF OTH

		# O F		GROSS	% OF			% OF TOTAL
FINANCING RECEIVABLES	PRO PE RTIES	INVE STME NT	GROSS INVESTMENT	FINANCING INCO ME (1 )	REVENUE S
Assisted Living	11	$	121,321	5.8%	$	9,704	5.4%
Skilled Nursing		3		76,669	3.6%		5,616	3.1%
Total	14	$	197,990	9.4%	$	15,320	8.5%
		# O F		GROSS	% OF	MORTGAGE LO ANS	% OF TOTAL
MORTGAGE LOANS	PRO PE RTIES	INVE STME NT	GROSS INVESTMENT	INTE REST INCO ME (1 )	REVENUE S
Assisted Living	22	$	175,129	8.3%	$	13,527	7.6%
Skilled Nursing	24		304,187	14.5%		35,112	19.5%
Under Development		-		2,940	0.1%		75	0.0%
Other		-		2,839	0.1%		215	0.1%
Total	46	$	485,095	23.0%	$	48,929	27.2%
REAL E STATE INVESTMENTS	187	$	2,026,006	96.2%	$	173,393	96.4%

FINANCING RECEIVABLES

(AS % OF TOTAL REVENUES) 30.0%

15.0%	5.4%	3.1%
0.0%
	ALF	SNF

MORTGAGE LOANS INTEREST INCOME

(AS % OF TOTAL REVENUES) 30.0%

		19.5%
15.0%	7.6%
	0.1%

0.0%

0.0%

		# O F		GROSS	% OF	INTE REST AND	% OF TOTAL
NOTES RE CEIVABLE	PRO PE RTIES	INVE STME NT	GROSS INVESTMENT	O THER INCO ME (1 )	REVENUE S
Assisted Living	6	$	46,882	2.2%	$	4,404	2.5%
Skilled Nursing		-		13,669	0.7%		558	0.3%
Total	6	$	60,551	2.9%	$	4,962	2.8%
		# O F		GROSS	% OF	UNCONSO LIDATED	% OF TOTAL
UNCONSO LIDATED JOINT VENTURE S( 3 )	PRO PERTIES	INVE STME NT	GROSS INVESTMENT	JV INCO ME (1 )	REVENUE S
Assisted Living		2	$	19,340	0.9%	$	1,504	0.8%
TOTAL INVESTME NTS	195	$	2,105,897	100.0%	$	179,859	100.0%

ALF SNF UDP OTH

INTEREST & OTHER INCOME

(AS % OF TOTAL REVENUES)

5.0%

2.5%

2.5%

0.3%

0.0%

ALF SNF

UNCONSOLIDATED JV INCOME

(AS % OF TOTAL REVENUES)

1. See Trailing Twelve Months Revenues definition in the Glossary.
2. Subsequent to March 31, 2024, we sold two assisted living communities in Texas for $500. We received proceeds of approximately $400, net of transaction costs, and anticipate recording a minimal gain on sale in 2Q24. See page 11 for further discussion.
3. Subsequent to March 31, 2024, we originated a mortgage loan to Ignite, secured by a skilled nursing and assisted living campus. In accordance with GAAP, the mortgage loan is accounted as an unconsolidated joint venture. See Unconsolidated Joint Ventures on page 6 for further discussion.

1Q 2024 SUPPLEMENTAL REPORT

1.0%

0.5%

0.0%

0.8%

ALF

PORTFOLIO I 9

PORTFOLIO DIVERSIFICATION - 31 OPERATORS

(AS OF MARCH 31, 2024, DOLLAR AMOUNTS IN THOUSANDS)

									ANNUALIZED
					ANNUALIZE D				CO NTRACTUAL			ANNUALIZE D				GROSS
O PERATORS		# OF PROPS		ACTUAL CASH (1 )	%			CASH (1 )(2 )	%			GAAP (1 )(2 )	%		INVESTMENT	%
Prestige Healthcare	24	$	28,441	15.9%	$	28,441	15.9%	$	32,830	18.0%	$	272,338	12.9%
ALG Senior(3)	31			17,455	9.8%			17,455	9.8%			18,938	10.4%			249,882	11.9%
Anthem Memory Care	12			11,040	6.2%			11,040	6.2%			11,030	6.0%			156,407	7.4%
Carespring Health Care Management	4			10,769	6.0%			10,769	6.0%			11,195	6.1%			102,940	4.9%
HMG Healthcare(4)	13			10,633	6.0%			10,633	6.0%			10,633	5.8%			178,422	8.5%
Brookdale Senior Living	17			9,350	5.2%			9,350	5.2%			9,248	5.1%			58,723	2.8%
Encore Senior Living	14			9,334	5.2%			9,334	5.2%			9,165	5.0%			183,345	8.7%
Ark Post Acute Network	7			9,311	5.2%			9,311	5.2%			8,257	4.5%			71,742	3.4%
Ignite Medical Resorts	7			9,220	5.2%			9,220	5.2%			9,220	5.0%			105,693	5.0%
Genesis Healthcare	6			9,192	5.1%			9,192	5.1%			9,192	5.0%			52,688	2.5%
All Others(3)	60			54,069	30.2%			54,069	30.2%			53,091	29.1%			673,717	32.0%
		195	$	178,814	100.0%	$	178,814	100.0%	$	182,799	100.0%	$	2,105,897	100.0%

1. See Glossary for definition of Annualized Actual Cash Income, Annualized Contractual Cash Income and Annualized GAAP Income.
2. The difference between Annualized Contractual Cash and Annualized GAAP at March 2024 is due to straight-line rent, lease incentives amortization and effective interest. See Non-Cash Revenue Components on page 19.
3. See Operator Update on page 11 for further discussion.
4. Subsequent to March 31, 2024, a term sheet was executed with HMG, whereby an agreement has been reached, in principle, to amend the master lease covering 11 skilled nursing centers in Texas to extend the term through December 2028. Annual rent will increase by $1,000 to $9,000 for 2024. Rent will increase to $9,500 in 2025, to $10,000 in 2026 and then escalating 3.3% annually thereafter through 2028. The amended master lease provides HMG with two five-year renewal options, with rent in the initial year of the first renewal term adjusting to fair market rent subject to a collar between 2.5% and 12.5%. As a condition of the amendment, HMG will repay $11,900 on its $13,500 working capital note during 2Q24. Upon the repayment, the remaining balance of the working capital note will be interest-free, and will be repaid in installments through 2028.

PRESTIGE	Privately Held	SNF/ILF/ALF	79 Properties	5 States
Other Rehab
ALG	Privately Held	ILF/ALF/MC	130 Properties	6 States
ANTHEM	Privately Held	Exclusively MC	19 Properties	9 States
CARESPRING	Privately Held	SNF/ILF/ALF	17 Properties	2 States
Transitional Care
HMG	Privately Held	SNF/ILF/ALF	37 Properties	2 States

BROOKDALE	NYSE: BKD	ILF/ALF/MC	652 Properties	41 States
Continuing Care
ENCORE	Privately Held	ALF	42 Properties	5 States
ARK	Privately Held	SNF/ILF/ALF	14 Properties	4 States
IGNITE	Privately Held	SNF/ALF	21 Properties	7 States
Transitional Care
GENESIS	OTC PINK: GENN	SNF/	More than 250	22 States
Senior Living	Properties

1Q 2024 SUPPLEMENTAL REPORT

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