EX-99.2 3 a15-22094_1ex99d2.htm EX-99.2

Exhibit 99.2

Supplemental Operating and Financial Data September 30, 2015 (Unaudited) Island Shores Retirement Community Neenah, WI

Countryside Manor Sheboygan, WI Table of Contents Portfolio Overview . 4 Real Estate Activities 5-7 Portfolio Metrics . 8 Portfolio Diversification . 9-11 Top Ten Operators .. 12 Portfolio Maturity .. 13 Enterprise Value .. 14 Debt Maturity 15 Financial Data Summary ...... 16-17 Consolidated Statements of Income . 18 Consolidated Balance Sheets . 19 Funds from Operations .. 20-21 Glossary . 22-24 Forward-Looking Statements & Non-GAAP Information .. . 25

3 Wendy Simpson Chairman, Chief Executive Officer and President Pam Kessler Executive Vice President, CFO and Secretary Clint Malin Executive Vice President and Chief Investment Officer Brent Chappell Senior Vice President, Investment and Portfolio Management Cece Chikhale Senior Vice President, Controller and Treasurer Mark Hemingway Vice President of Marketing Peter Lyew Vice President and Director of Taxes Wendy Simpson Chairman Boyd Hendrickson Lead Independent Director James Pieczynski Nominating & Corporate Governance Committee Chairman Devra Shapiro Audit Committee Chairman Timothy Triche, MD Compensation Committee Chairman Board of Directors Leadership Analyst Coverage 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. BMO Capital Markets Corp . John Kim Canaccord Genuity .. Paul Morgan Crowell, Weedon, & Co. Doug Christopher J.J. B. Hilliard, W.L. Lyons, Inc. . John Roberts JMP Securities, LLC Peter Martin KeyBanc Capital Markets, Inc. .. Jordan Sadler Mizuho Securities USA Inc. . Rich Anderson RBC Capital Markets Corporation .. Mike Carroll Stifel, Nicolaus & Company, Inc. . Dan Bernstein Wells Fargo Securities, LLC .. Todd Stender

Includes rental income and interest income from mortgage loans and excludes rental income from properties sold and interest income from loans that paid off during the twelve months ended September 30, 2015. Includes six development projects consisting of four MC properties with a total of 254 units, a 108-unit independent living property and an 89-unit combination ALF and MC property. Includes one school property and three parcels of land held-for-use. 4 Portfolio Overview (dollar amounts in thousands) Gross Real Property $1.155B Loans Receivable $206M Coldspring Transitional Care Center Coldspring, KY 84.8% 15.2% Type of Property Gross Investments Skilled Nursing 97 $ 692,971 50.9% $ 56,063 $ 18,496 58.6% Assisted Living 104 587,424 43.1% 44,239 1,204 35.7% Range of Care 7 43,907 3.2% 6,010 - 4.7% Under Development (2) - 26,675 2.0% - - - Other (3) 1 10,213 0.8% 1,307 - 1.0% Total 209 $ 1,361,190 100.0% $ 107,619 $19,700 100.0% Trailing Twelve Months Ended September 30, 2015 # of Properties % of Investments Rental Income (1) Interest Income (1) % of Revenues

Commitments may include capital improvement or development allowances for approved projects, incentive payments and contingent payments. See page 7 for Development activities. Represents year-to-date mortgage GAAP interest income. We expect mortgage GAAP interest income, assuming no loan modifications, to be $1,061 for 2015. We funded additional loan proceeds of $40,000 under a mortgage loan secured by 15 SNF properties in Michigan. Represents year-to-date mortgage GAAP interest income. We expect mortgage GAAP interest income, assuming no loan modifications, to be $2,611 for 2015. Subsequent to September 30, 2015, we originated a $20,000, 30-year mortgage loan funding $9,500 at closing, with a commitment to fund $5,500 in 180 days. The $5,000 remaining commitment will be available for approved capital improvement projects. This loans bears interest at 9.41% for five years, escalating annually thereafter by 2.25. 5 (dollar amounts in thousands) Real Estate Activities Acquisitions Loan Originations Loan Date # of Properties Property Type # Beds/Units Location Operator Origination 1/30/15 1 SNF 157 beds Grand Blanc, MI Prestige Healthcare 11,000 - 9,500 773 (1) 9.4% 6/29/15 15 SNF 2,058 beds Various cities in MI Prestige Healthcare 40,000 (2) N/A 40,000 1,378 (3) 9.4% 10/30/15 2 SNF 273 beds Farmington & Howell, MI Prestige Healthcare 20,000 (4) N/A 9,500 - 9.4% 18 71,000 $ 59,000 $ 2,151 $ Stated Interest Rate 2015 YTD Revenue Development Funding Funded to Date 2,488 beds Acquisition Date # of Properties # Beds/Units Location Operator Date of Construction Initial Cash Yield Purchase Price 10/22/2014 1 UDP (2) 66 units Burr Ridge, IL Anthem Memory Care 2014-2016 9.30% 1,400 $ 10,848 $ 12/5/2014 1 MC 48 units Castle Rock, CO Senior Lifestyle 2012 6.50% 9,800 4,000 2 114 units 11,200 $ 14,848 $ 2/6/2015 1 UDP (2) 56 units Corpus Christi, TX Thrive Senior Living 2015 8.75% 7,195 $ 6,576 $ 2/19/2015 1 SNF 106 beds Slinger, WI Fundamental 2014 10.30% 13,946 1,054 2/20/2015 1 UDP (2) 89 units Murrells Inlet, SC Thrive Senior Living 2015-2016 8.75% 2,490 16,408 5/26/2015 1 UDP (2) 66 units Tinley Park, IL Anthem Memory Care 2015-2016 9.25% 702 11,185 5/29/2015 1 UDP (2) 108 units Wichita, KS Oxford Senior Living 2015-2016 7.43% 624 13,876 8/17/2015 10 ALF 891 units WI and IL Senior Lifestyle 1991-2009 6.50% 142,000 500 9/23/2015 1 UDP (2) 66 units Murrieta, CA Anthem Memory Care 2015-2016 9.00% 2,022 10,585 9/30/2015 1 MC 60 units Jacksonville, FL Clarity Pointe 2015 8.00% 14,250 2,300 10/19/2015 1 UDP (2) 66 units Glenview, IL Anthem Memory Care 2015-2017 9.00% 2,800 11,969 10/28/2015 1 OTH 118 beds Las Vegas, NV Fundamental 1990/1994 8.50% 9,250 3,000 19 1,402 units/224 beds 195,279 $ 77,453 $ Property Type Additional Commitment (1)

Lease-Up Coldspring Transitional Care Center Coldspring, KY We purchased and equipped the property securing the mortgage loan for a total of $13,946 by exercising our right under this loan. 6 Real Estate Activities (dollar amounts in thousands) Joint Venture We made a preferred equity investment in an unconsolidated joint venture. We have a fair-market value purchase option to acquire the properties owned by the joint venture beginning in 2018. Refer to the 10-Q under Note 3. Investment in Unconsolidated Joint Ventures for more information. Currently, 5% is paid in cash and 10% is deferred. During the 3rd quarter, we stopped accruing the deferred portion of the preferred return and will recognize the deferred portion upon receipt. Lease-Up Date Opened Occupancy at September 30, 2015 Commitment Year Project Type Location # of Projects Property Type Approximate Initial Cash Lease/ Loan Yield # Beds/Units Feb-14 61% 2012 Redevelopment Slinger, WI 1 SNF (1) 10.08% 106 beds 10,600 $ Aug-14 83% 2013 Development Littleton, CO 1 MC 9.25% 60 units 9,692 Nov-14 69% 2012 Development Cold Spring, KY 1 SNF 8.50% 143 beds 22,734 Dec-14 88% 2012 Development Frisco, TX 1 ALF/MC 9.25% 80 units 5,907 Dec-14 73% 2013 Development Aurora, CO 1 MC 9.25% 48 units 9,216 Feb-15 51% 2013 Development Westminster, CO 1 MC 9.25% 60 units 10,703 6 248 units/249 beds 68,852 $ Total Funded # of Projects Property Type # Beds/ Units 2015 Various cities in AZ 4 ALF/MC/ILF 15.00% (2) 585 units 25,650 $ 20,143 $ 5,507 $ Investment to Date Remaining Investment Commitment Commitment Year Location Preferred Return Investment Commitment (1)

Includes purchase of land and existing improvements, if applicable, and development commitment. Rent increases upon each funding. Commitments are part of the total loan commitment secured by 15 properties in Michigan operated by Prestige Healthcare. During 2015, we amended the loan to provide additional loan proceeds of $20,000 for the expansion projects at two of the properties securing the loan. Interest increases upon each funding. Subsequent to September 30, 2015, we originated a $20,000, 30-year mortgage loan funding $9,500 at closing, with a commitment to fund $5,500 in 180 days. The $5,000 remaining commitment will be available for approved capital improvement projects. This loans bears interest at 9.41% for five years, escalating annually thereafter by 2.25%. Subsequent to September 30, 2015, in conjunction with the acquisition, we committed to fund capital improvements of up to $3,000. Rent increases at each six month anniversary on amounts funded during that period. Subsequent to September 30, 2015, we purchased land and committed to develop a memory care property for a total commitment of $14,769. We funded $3,417, including land, leaving a remaining commitment of $11,352. 7 Real Estate Activities - Development (dollar amounts in thousands) Development Rendering Tinley Park, IL Project Type # of Projects Property Type # Beds/ Units - (2) 2015 Expansion Mesa, AZ 1 SNF 9.00% - 5,000 $ 7 $ 7 $ 4,993 $ - (3) 2013 Renovation Various cities in MI 15 SNF 9.41% - 12,000 (3) 580 7,035 4,965 - (3) 2015 Expansion Richmond, MI 1 SNF 9.41% - 10,000 (3) - - 10,000 - (3) 2015 Expansion Rochester Hills, MI 1 SNF 9.41% - 10,000 (3) - - 10,000 - (4) 2015 Renovation Farmington & Howell, MI 2 SNF 9.41% - 5,000 (4) - - 5,000 - (5) 2015 Renovation Las Vegas, NV 1 OTH 8.50% - 3,000 (5) - - 3,000 1Q16 2015 Development Corpus Christi, TX 1 MC 8.75% 56 units 12,182 1,220 8,666 3,516 1Q16 2014 Development Burr Ridge, IL 1 MC 9.30% 66 units 12,248 2,318 6,361 5,887 2Q16 2015 Development Murrells Inlet, SC 1 ALF/MC 8.75% 89 units 16,535 1,153 4,640 11,895 3Q16 2015 Development Tinley Park, IL 1 MC 9.25% 66 units 11,887 986 2,385 9,502 4Q16 2015 Development Wichita, KS 1 ILF 7.43% 108 units 14,500 664 1,437 13,063 4Q16 2015 Development Murrieta, CA 1 MC 9.00% 66 units 12,606 2,733 2,733 9,873 27 451 units 124,958 $ 9,661 $ 33,264 $ 91,694 $ 1Q17 2015 Development Glenview, IL 1 MC 9.00% 66 units 14,769 (6) - - (6) 14,769 Total 28 WA 8.93% 517 units 139,727 $ 9,661 $ 33,264 $ 106,463 $ Estimated Rent/Interest Inception Date Commitment Year Location Approximate Initial Cash Lease/Loan Yield Investment Commitment (1) 3Q15 Funding Total Funded to Date Remaining Commitment

Same Property Portfolio Statistics (1) 8 Portfolio Metrics Stabilized Owned Property Portfolio – TTM Ended June 30, 2015 Medicaid Medicare Private Pay 30.6% 17.7% 51.7% Total Portfolio Payor Source Medicaid Medicare Private Pay 47.0% 27.3% 25.7% SNF Portfolio Payor Source Owned Properties 2Q15 1Q15 2Q15 1Q15 2Q15 1Q15 Assisted Living 86.1% 86.0% 1.65 1.65 1.41 1.41 Skilled Nursing 79.5% 79.8% 2.35 2.35 1.72 1.72 Range of Care 86.5% 87.5% 1.74 1.80 1.27 1.32 (1) Information is for the trailing twelve months through June 30, 2015 and March 31, 2015 and is from property level operator financial statements which are unaudited and have not been independently verified by us. Occupancy Normalized EBITDAR Coverage Normalized EBITDARM Coverage

Skilled Nursing (97) Assisted Living (104) Schools (1) Range of Care (7) Under Development (6) Land Held-For-Use (3) 9 LTC owns or holds mortgages on 209 properties, six parcels of land under development, and three parcels of land held-for-use. Investments are in 29 states leased or mortgaged to 36 different operators. Portfolio Diversification - Geography High-Quality Portfolio Built for Long-Term Value CA WA ME 1 KY 5 NV WY MI IL AR LA WV ND NY 32 2 1 2 3 5 1 2 3 2 2 2 2 1 6 21 3 5 4 9 11 4 5 2 6 1 4 2 13 7 3 1 1 1 1 1 1 2 1 1 OR AZ NM TX UT ID MT SD NE KS OK MS MN WI FL AL GA SC TN MO IA IN OH PA NJ NC VA CO 16 3 1 2 1 1 1 1 9 1 (as of September 30,2015)

Due to master leases with properties in multiple states, revenue by state is not available. The MSA rank by population as of July 1, 2014, as estimated by the United States Census Bureau. 10 Approximately 64% of our properties are in the Top 100 MSAs Gross Portfolio by MSA (2) (as of September 30,2015, dollar amounts in thousands) Portfolio Diversification - Geography 45.6% 18.2% 21.1% 10.8% 4.3% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% MSAs 1-31 MSAs 32-100 MSAs > 100 Cities in Micro-SA Cities not in MSA or Micro-SA Population 20.1M – 2.1M MSAs 1 - 31 Population 2.0M – 0.5M MSAs 32 - 100 Population 0.5M – 55K MSAs >100 Population 218K – 13K Cities in a Micro-SA Population less than 100K Cities not in MSA State (1) # of Props SNF % ALF % ROC % UDP % OTH % % Texas 54 192,557 $ 27.8% 43,769 $ 7.5% 2,994 $ 6.8% 8,866 $ 33.2% - $ - 248,186 $ 18.2% Michigan 16 181,592 26.2% - - - - - - 943 9.2% 182,535 13.4% Wisconsin 10 13,946 2.0% 111,734 19.0% - - - - - - 125,680 9.2% Colorado 16 6,038 0.9% 106,879 18.2% 2,007 4.6% - - - - 114,924 8.5% Ohio 13 54,000 7.8% 44,647 7.6% - - - - - - 98,647 7.3% Florida 14 35,362 5.1% 50,363 8.6% - - - - - - 85,725 6.3% New Jersey 5 - - 61,397 10.5% - - - - 9,270 90.8% 70,667 5.2% California 4 22,130 3.2% 28,070 4.8% - - 2,736 10.3% - - 52,936 3.9% New Mexico 7 50,913 7.3% - - - - - - - - 50,913 3.7% Arizona 6 36,099 5.2% 3,211 0.5% - - - - - - 39,310 2.9% All Others 64 100,334 14.5% 137,354 23.3% 38,906 88.6% 15,073 56.5% - - 291,667 21.4% Total 209 692,971 $ 100.0% 587,424 $ 100.0% 43,907 $ 100.0% 26,675 $ 100.0% 10,213 $ 100.0% 1,361,190 $ 100.0% Gross Investment

Includes annualized GAAP rent for leased properties and interest income from mortgage loans excluding interest income from loans that paid off during the twelve months ended September 30, 2015. 11 Portfolio Diversification - Operators (as of September 30,2015, dollar amounts in thousands) Senior Lifestyle 14.0% Prestige Healthcare 13.0% Brookdale 11.2% Senior Care 8.9% Preferred Care 8.2% Carespring 5.5% Genesis 5.5% Traditions Sr Mgmt 5.1% Juniper 5.1% Fundamental 4.3% All Others 19.2% Annual Income By Operator Operators Annual Income (1) % Gross Investment % Senior Lifestyle Corporation 27 19,468 $ 14.0% 199,349 $ 14.6% Prestige Healthcare 18 17,988 13.0% 194,725 14.3% Brookdale Senior Living 37 15,574 11.2% 126,991 9.3% Senior Care Centers 9 12,336 8.9% 115,039 8.5% Preferred Care 30 11,323 8.2% 86,450 6.4% Carespring Health Care Management 3 7,635 5.5% 77,546 5.7% Genesis Healthcare 8 7,614 5.5% 54,864 4.0% Traditions Senior Management 5 7,056 5.1% 63,402 4.7% Juniper Communities 6 7,028 5.1% 86,767 6.4% Fundamental 5 5,924 4.3% 49,378 3.6% All Others 61 26,733 19.2% 306,679 22.5% 209 138,679 $ 100.0% 1,361,190 $ 100.0% # of Properties

12 Top Ten Operators Senior Lifestyle Corporation (privately held) manages 16 9 communities consisting of independent living, assisted living, memory care, skilled nursing and rehabilitative, affordable senior apartments, and short term stays in 27 states. As of September 30, 2015 , the LTC portfolio consisted of 27 assisted living p roperties in nine states, with a gross investment balance of $ 199 .3 million. Prestige Healthcare (privately held) provides skilled nursing, assisted living, and independent living services, and other rehabilitative and hea lthcare services at 68 facilities in seven states. As of September 30, 2015 , the LTC portfolio consisted of 1 6 skilled nursing properties and three parcels of land held - for - use in Michigan and two range of care properties in South Carolina with a gross investment balance of $ 194. 7 million . Brookdale Senior Living (NYSE: BKD) operates approximately 1,1 35 independent living, assisted living, and memory care communities and continuing care retirement centers, with the ability to serve approximately 11 0 ,000 residents. As of September 30, 2015 , the LTC portfolio consisted of 37 assisted living properties in nine states with a gross investment balance of $12 7.0 million. Senior Care Centers (privately held) provides skilled nursing care, memory care, assisted living, and i ndependent living servic es in 9 7 facilities exclusively in Texas. As of September 30, 2015 , the LTC portfolio consisted of nine skilled nursing properties in Texas with a gross investment balance of $ 115.0 million. Preferred Care (privately held) operates 108 facilities comprise d of skilled nursing, assisted living, and independent living facilities, as well as five specialty care facilities, in 12 st ates. As of September 30, 2015 , t he LTC portfolio consisted of 28 skilled nursing and two range of care properties in six states w ith a g ross investment balance of $8 6. 5 million. Carespring Health Care Management (privately held) provides skilled nursing, assisted living, and independent living services, and other rehabilitative and hea lthcare services at 11 facilities in two states. As of September 30, 2015 , the LTC portfolio consisted of three skilled nursing properties in two states with a gross investment balance of $7 7.5 million . Genesis Healthcare ( NYSE: GEN ) provides skilled nursing and assisted /senior living services at more than 500 facilities in 34 states . They also supply rehabilitation and respiratory therapy to more than 1,600 locations in 46 states and the District of Columbia . As of September 30, 2015 , the LTC portfolio consisted of seven skilled nursing properties and one range of care property in three states, with a gross investment balance of $ 54.9 million. Traditions Senior Management (privately held) operate s 2 6 facilities consisting of skilled nursing facilities , indep endent li ving and assisted living in six states. As of September 30, 2015 , the LTC portfolio consisted of four skilled nursing properties and one range of care property in three states with a gross investment balance of $6 3. 4 million. They also operate two skille d nursing properties under a sub - lease with Preferred Care, Inc. which is not included in the Traditions Senior Management annual income and gross investment . Juniper Communities (privately held) operates 18 facilities comprised of assisted living, memory care, independent living and skilled nursing facilities in four states. As of September 30, 2015 , the LTC portfolio consisted of six assisted living and memory care properties in three states with a gross i nvestment balance of $8 6.8 million. Fundamental (privately held ) provides skilled nursing facilities, assisted living facilities, long term acute care hospitals, hospices, outpatient clinics, behavio ral health services and other healthcare services at 7 6 locations in nine states. As of September 30, 2015 , the LTC portfolio consisted of five skilled nursing properties in three states, with a gross investment balance of $4 9.4 million.

Includes annualized GAAP rent for leased properties and interest income from mortgage loans excluding interest income from loans that paid off during the twelve months ended September 30, 2015. (As a % of Total Annual Income(1)) 13 Portfolio Maturity (as of September 30,2015, dollar amounts in thousands) 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 2015 2016 2017 2018 2019 2020 2021 2022 Thereafter 0.3% 0.9% 1.2% 6.8% 1.1% 9.8% 12.5% 0.6% 52.8% 0.0% 0.3% 0.6% 0.7% 0.3% 0.0% 0.0% 0.0% 12.1% Leases Loans % of Total % of Total Annual Income (1) % of Total 2015 388 $ 0.3% - $ - 388 $ 0.3% 2016 1,190 1.0% 407 2.1% 1,597 1.2% 2017 1,670 1.4% 840 4.4% 2,510 1.8% 2018 9,452 7.9% 933 4.8% 10,385 7.5% 2019 1,571 1.3% 370 1.9% 1,941 1.4% 2020 13,598 11.4% - - 13,598 9.8% 2021 17,392 14.6% - - 17,392 12.5% 2022 771 0.7% - - 771 0.6% 73,344 61.4% 16,753 86.8% 90,097 64.9% Total 119,376 $ 100.0% 19,303 $ 100.0% 138,679 $ 100.0% Year Rental Income (1) Interest Income (1) Thereafter

Subsequent to September 30, 2015, we exercised the $200,000 accordion feature of our $400,000 unsecured revolving line of credit increasing the commitments under the credit facility to $600,000. Additionally, we borrowed $22,000 under our unsecured revolving line of credit. Accordingly, we have $412,500 available for borrowing. Rate includes amortization of debt issue cost. Subsequent to September 30, 2015, we locked the rate under its shelf agreement with an insurance company on $100,000 senior unsecured notes with a coupon of 4.26% and anticipate selling the notes on or about November 20, 2015. Non-traded shares. Two million shares outstanding with a face rate of 8.5% and a liquidation value of $19.25 per share, convertible into common stock on a one-for-one basis. Our Series C preferred stock is not redeemable by us. Closing price of our common stock as reported by the NYSE on September 30, 2015. See page 17 for reconciliation of normalized EBITDA for the twelve months ended September 30, 2015. (amounts in thousands, except per share amounts and number of shares) 14 Enterprise Value Senior Care at Stephenville Stephenville, TX Common Stock 73% Total Debt 25% Preferred Stock 2% Capitalization Capitalization Bank borrowings - weighted average rate 1.5% (1) 165,500 $ Senior unsecured notes -weighted average rate 4.7% (2) 352,467 Total debt - weighted average rate 3.7% 517,967 25% 9/30/15 No. of shares Preferred stock - Series C (3) 38,500 2% Common stock (4) 35,570,495 42.67 $ (4) 1,517,793 73% Total equity 1,556,293 75% 2,074,260 $ 100% Less: Cash and cash equivalents (11,729) 2,062,531 $ Debt to Enterprise Value 25.1% Debt & Preferred to Enterprise Value 27.0% Debt to Normalized EBITDA (5) 4.4x Enterprise Value At September 30, 2015 Debt Equity Closing Price Total Market Value

Subsequent to September 30, 2015, we exercised the $200,000 accordion feature of our $400,000 unsecured revolving line of credit increasing the commitments under the credit facility to $600,000. Additionally, we borrowed $22,000 under our unsecured revolving line of credit. Accordingly, we have $412,500 available for borrowing. Reflects scheduled principal payments. Subsequent to September 30, 2015, we locked rate under our shelf agreement with an insurance company on $100,000 senior unsecured notes with a coupon of 4.26% and anticipate selling the notes on or about November 20, 2015. 15 Debt Maturity (as of September 30,2015, dollar amounts in thousands) Unsecured Line 32% Senior Unsecured Notes 68% Debt Structure $- $100,000 $200,000 $300,000 $400,000 2015 2016 2017 2018 2019 2020 2021 Thereafter $0 $0 $0 $165,500 $0 $0 $0 $0 $0 $26,667 $31,167 $30,167 $27,666 $32,160 $32,160 $172,480 Unsecured Line Senior Unsecured Notes $ - $ - $ - - 26,667 26,667 - 31,167 31,167 165,500 30,167 195,667 - 27,666 27,666 - 32,160 32,160 - 32,160 32,160 - 172,480 172,480 $ 165,500 $ 352,467 $ 517,967 2021 Thereafter Total 2020 Year Unsecured Line of Credit (1) Senior Unsecured Notes (2) Total 2015 2016 2017 2018 2019

(dollar amounts in thousands) Trailing twelve months for the periods presented. 16 Financial Data Summary Balance Sheet, Leverage Ratios and Coverage Ratios 9/30/15 12/31/14 12/31/13 12/31/12 Balance Sheet Gross real estate assets $1,361,190 $1,117,167 $1,104,732 $940,176 Net real estate assets 1,114,764 892,179 884,361 740,846 Gross asset value 1,463,341 1,190,807 1,151,781 988,922 Total debt 517,967 281,633 278,835 303,935 Total liabilities 555,709 305,698 298,972 326,484 Preferred stock 38,500 38,500 38,500 38,500 Total equity 661,206 660,121 632,438 463,108 Leverage Ratios Debt to gross asset value 35.4% 23.7% 24.2% 30.7% Debt & preferred stock to gross asset value 38.0% 26.9% 27.6% 34.6% Debt to total enterprise value 25.1% 15.4% 18.1% 21.6% Debt & preferred stock to total enterprise value 27.0% 17.5% 20.6% 24.3% Coverage Ratios (1) Debt to normalized EBITDA 4.4x 2.6x 2.9x 3.7x Normalized EBITDA / interest incurred 7.1x 7.3x 7.7x 8.3x Normalized EBITDA / fixed charges 5.9x 6.0x 6.1x 6.2x

(dollar amounts in thousands) For leases and loans in place at September 30, 2015, assuming no renewals, modification or replacement, and no new investments are added to our portfolio, except for announced acquisitions and loan originations, as previously discussed on page 5. Represents a 1% provision for loan loss reserve related to additional loan proceeds funded under an existing mortgage loan and acquisition cost of $537 related to the recent 10-property senior housing portfolio acquisition. Represents the one-time severance and accelerated restricted stock vesting charge of $707 related to the retirement of the Company’s former Senior Vice President, Marketing and Strategic Planning, a $1,244 provision for loan loss reserve on a $124,387 mortgage loan origination, and an $869 non-cash write-off of straight-line rent offset by revenue from the Sunwest bankruptcy settlement distribution of $133. Represents revenue from the Sunwest bankruptcy settlement distribution. 17 Financial Data Summary Reconciliation of Normalized EBITDA and Fixed Charges Non-Cash Revenue Components 9/30/15 Net income 76,127 $ 73,399 $ 57,815 $ 51,327 $ Less: Gain on sale of real estate, net (3,819) (4,959) (1,605) (16) Add: Interest expense 15,599 13,128 11,364 9,932 Add: Depreciation and amortization 27,715 25,529 24,706 22,153 Adjusted EBITDA 115,622 107,097 92,280 83,396 Add back/(deduct): Non-recurring one-time items 937 (1) - 2,687 (2) (347) (3) Normalized EBITDA 116,559 $ 107,097 $ 94,967 $ 83,049 $ Interest expense: 15,599 $ 13,128 $ 11,364 $ 9,932 $ Add: Capitalized interest 771 1,506 932 129 Interest incurred 16,370 14,634 12,296 10,061 Interest incurred 16,370 14,634 12,296 10,061 Preferred stock dividend 3,273 3,273 3,273 3,273 Fixed Charges 19,643 $ 17,907 $ 15,569 $ 13,334 $ 12/31/14 12/31/13 12/31/12 Trailing Twelve Months Ended 2,607 $ 3,003 $ 2,167 $ 1,712 $ 1,608 $ (428) (518) (518) (518) (489) 1,195 1,322 1,343 1,342 1,336 3,374 $ 3,807 $ 2,992 $ 2,536 $ 2,455 $ 3Q16 (1) Straight-line rent Amort of lease inducement Net Effective Interest 3Q15 4Q15 (1) 1Q16 (1) 2Q16 (1)

(amounts in thousands, except per share amounts) 18 Consolidated Statements of Income Hillside Heights Amarillo, TX 2015 2014 2015 2014 Revenues Rental income 28,531 $ 25,098 $ 82,325 $ 75,375 $ Interest income from mortgage loans 6,117 4,213 15,777 12,445 Interest and other income 295 230 708 386 Total revenues 34,943 29,541 98,810 88,206 Expenses Interest expense 4,296 3,170 11,916 9,445 Depreciation and amortization 7,365 6,335 21,121 18,935 Provision for doubtful accounts and notes 31 40 463 77 Acquisition costs 539 2 564 22 General and administrative expenses 3,739 2,872 11,162 8,468 Total expenses 15,970 12,419 45,226 36,947 Operating Income 18,973 17,122 53,584 51,259 Income from unconsolidated joint ventures 674 - 1,543 - Gain on sale of real estate, net - - - 1,140 Net Income 19,647 17,122 55,127 52,399 Income allocated to participating securities (121) (123) (370) (343) Income allocated to preferred stockholders (818) (818) (2,454) (2,454) Net income available to common stockholders 18,708 $ 16,181 $ 52,303 $ 49,602 $ Earnings per common share: Basic $0.53 $0.47 $1.48 $1.43 Diluted $0.52 $0.46 $1.47 $1.42 Weighted average shares used to calculate earnings per common share: Basic 35,341 34,605 35,306 34,596 Diluted 37,352 36,629 37,319 36,620 Dividends declared and paid per common share $0.51 $0.51 $1.53 $1.53 (unaudited) (unaudited) Three Months Ended Nine Months Ended September 30, September 30,

(amounts in thousands, except per share) 19 Consolidated Balance Sheets December 31, 2014 December 31, 2014 (unaudited) (audited) (unaudited) (audited) ASSETS Investments: LIABILITIES Land 98,486 $ 80,024 $ Buildings and improvements 1,056,163 869,814 Bank borrowings 165,500 $ - $ Accumulated depreciation and amortization (244,361) (223,315) Senior unsecured notes 352,467 281,633 Real property investments, net 910,288 726,523 Accrued interest 2,554 3,556 Mortgage loans receivable, net of loan loss Accrued incentives and earn-outs 13,323 3,258 reserves: 2015 - $2,065; 2014 - $1,673 204,476 165,656 Accrued expenses and other liabilities 21,865 17,251 Real estate investments, net 1,114,764 892,179 Total liabilities 555,709 305,698 Investment in unconsolidated joint venture 21,143 - Investments, net 1,135,907 892,179 EQUITY Other assets: Stockholders' equity: Cash and cash equivalents 11,729 25,237 Preferred stock (1) 38,500 38,500 Debt issue costs, net 3,289 3,782 Common stock (2) 356 355 Interest receivable 3,384 597 Capital in excess of par value 720,221 717,396 Straight-line rent receivable, net of allowance for Cumulative net income 910,374 855,247 doubtful accounts: 2015 - $802; 2014 - $731 39,641 32,651 Accumulated other comprehensive income 56 82 Prepaid expenses and other assets 20,775 9,931 Cumulative distributions (1,008,301) (951,459) Notes receivable 2,190 1,442 Total equity 661,206 660,121 Total assets 1,216,915 $ 965,819 $ Total liabilities and equity 1,216,915 $ 965,819 $ (1) Preferred stock $0.01 par value; 15,000 shares authorized; shares issued and outstanding: 2015 - 2,000; 2014 - 2,000 (2) Common stock $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2015 - 35,570; 2014 - 35,480 September 30, 2015 September 30, 2015

(unaudited, amounts in thousands, except per share amounts) 20 Funds from Operations Reconciliation of FFO, AFFO, and FAD Represents acquisition costs related to the recent 10-property senior housing portfolio acquisition. Represents a $400 provision for loan loss reserve related to additional loan proceeds funded under an existing mortgage loan and item (1) above. 2015 2014 2015 2014 GAAP Net income available to common stockholders 18,708 $ 16,181 $ 52,303 $ 49,602 $ Add: Depreciation and amortization 7,365 6,335 21,121 18,935 Less: Gain on sale of real estate, net - - - (1,140) NAREIT FFO available to common stockholders 26,073 22,516 73,424 67,397 Add: Non-recurring one-time items 537 (1) - 937 (2) - Normalized FFO available to common stockholders 26,610 22,516 74,361 67,397 Less: Non-cash rental income (2,179) (452) (5,897) (1,369) (Less) add: Effective interest income from mortgage loans (1,195) (2) (2,680) 38 Less: Deferred income from unconsolidated joint ventures (421) - (1,000) - Normalized adjusted FFO (AFFO) 22,815 22,062 64,784 66,066 Add: Non-cash compensation charges 1,012 877 3,093 2,326 Add: Non-cash interest related to earn-out liabilities 96 - 205 - Less: Capitalized interest (184) (474) (481) (1,216) Normalized funds available for distribution (FAD) 23,739 $ 22,465 $ 67,601 $ 67,176 $ $0.73 $0.64 $2.06 $1.91 $0.63 $0.62 $1.80 $1.87 $0.66 $0.63 $1.88 $1.90 Diluted normalized FFO available to common stockholders per share Diluted normalized AFFO per share Diluted normalized FAD per share Nine Months Ended September 30, September 30, Three Months Ended

(unaudited, amounts in thousands, except per share amounts) 21 Funds from Operations Medilodge of Milford Milford, MI Reconciliation of FFO Per Share For the nine months ended September 30, 2014 2014 2014 Normalized FFO/AFFO/FAD available to common stockholders 74,361 $ 67,397 $ 64,784 $ 66,066 $ 67,601 $ 67,176 $ Effect of dilutive securities: Participating securities 370 343 370 343 370 343 Series C cumulative preferred 2,454 2,454 2,454 2,454 2,454 2,454 Diluted normalized FFO/AFFO/FAD assuming conversion 77,185 $ 70,194 $ 67,608 $ 68,863 $ 70,425 $ 69,973 $ 35,306 34,596 35,306 34,596 35,306 34,596 Effect of dilutive securities: Stock options 13 24 13 24 13 24 Participating securities 239 221 239 221 239 221 Series C cumulative preferred 2,000 2,000 2,000 2,000 2,000 2,000 Shares for diluted normalized FFO/AFFO/FAD per share 37,558 36,841 37,558 36,841 37,558 36,841 2.06 $ 1.91 $ 1.80 $ 1.87 $ 1.88 $ 1.90 $ Diluted normalized FFO/AFFO/FAD per share 2015 FFO AFFO FAD 2015 2015 Shares for basic FFO/AFFO/FAD per share

22 Glossary Adjusted Funds From Operations (“AFFO”): FFO excluding the effects of straight - line rent , amortization of lease inducement , effective interest income and deferred income from unconsolidated joint ventures. Assisted Living Properties (“ALF”) : The ALF portfolio consists of assisted living, independent living, and/or memory care properties. (See Independent Living an d Memory Care) Assisted living properties are s enior hou sing properties serving elderly persons who require assistance with activities of daily living, but do not require the constant supervision skilled nursing properties provide. Services are usually available 24 hours a day and include personal supervision and assistance with eating , bathing, grooming and administering medication. The facilities provide a combination of housing, supportive services, personalized as sistance and health care designed to respond to individual needs . Contractual Lease Rent: Rental revenue as defined by the lease agreement between us and the operator for the lease year . EBITDA: Earnings before interest, taxes, depreciation and amortization . Funds Available for Distribution (“FAD”): A FFO excluding the effects of n on - cash compensation charges , capitalized interest and non - cash interest charges. Funds From Operations (“FFO”): A s defined by the National Association of Real Estate Investment Trusts (“NAREIT”), net income available to common stockholder s (computed in accordan ce with U.S. GAAP) excluding gains or losses on the sale of real estate and impairment write - downs of depreciable real estate plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. GAAP Lease Yield: GAAP rent divided by the sum of the p urchase p rice and transaction costs. GAAP Rent: Total rent we will receive as a fixed amount over the initial term of the lease and recognize d evenly over that term . GAAP rent recorded in the early years of a lease is higher than the cash rent received and during the later years of the lease , the cash rent received is higher than GAAP rent recognized . GAAP rent is commonly referred to as straight - line rental income. Gross Asset Value: The carrying amount of total assets after adding back accumulated depreciation and loan loss reserves , as reported in the company’s consolidated financial statements . Gross Investment: Original price paid for an asset plus capital improvements funded by LTC , without any deprec i ation deductions. Gross Investment is commonly referred to as undepreciated book value. Independent Living Properties (“ILF”) : Senior housing properties offer ing a sense of community and numerous levels of service, such as laundry, housekeeping, dining options/meal plans, exercise and wellness programs, transportation , social , cultural and recreational activities , on - site security and emergency response programs. Many offer on - site conveniences like beauty/barber shops, fit ness facilities, game rooms, libraries and activity centers. ILFs are also known as retirement communities or senior apartments . Interest Income: Represents interest income from mortgage loans.

23 Glossary Licensed Beds/Units: The number of beds and/or units tha t an operator is authorized to operate at senior housing and long - term care propert ies . Licensed b eds and/or u nits may differ from the number of beds and/or uni ts in service at any given time. Memory Care Properties (“MC”) : Senior housing properties offering specialized options for seniors with Alzheimer’s disease and other forms of dementia. The se facilities offer dedicated care and specialized programming for various conditions relating to memory loss in a secured envir o nment that is typically smaller in scale and more residential in nature than traditional assisted living facilities. These facilities have staff available 24 hours a day to respond to the unique needs of their residents. Metropolitan Statistical Areas ( “ MSA ” ) : Based on the U.S. Census Bureau, MSA is a geographic entity defined by the Office of Management and Budget (OMB) for use by Federal statistical agencies in collecting, tabulating, and publishing Federal statistics. A metro area contains a core urban area of 50,00 0 or more population. Micropolitan Statistical Areas ( “ Micro - SA ” ) : Based on the U.S. Census Bureau, Micro - SA is a geographic entity defined by the Office of Manageme nt and Budget (OMB) for use by Federal statistical agencies in collecting, tabulating, and publishing Federal statistics. A micro area contains an urban core of at least 10,000 (but less than 50,000) population. Net Real Estate Assets: G ross real esta te investment less accumulated depreciation. Net Real Estate Asset is commonly referred to as Net Book Value (“NBV”) . Non - cash Rental I ncome: Straight - line rental income and amortization of lease inducement. Non - cash C ompens ation C harges: Vesting expense relating to stock option s and restricted stock. Normalized AFFO: A FFO adjusted for non - recurring, infrequent or unusual items. Normalized EBITDAR Coverage: The trailing twelve month’s earnings from the operator financial statements ad justed for non - recurring, infrequent, or unusual items and before interest, taxes, depreciation, amortization, and rent divided by the operator’s contractual lease rent. Managemen t fees are imputed at 5% of revenues. Normalized EBITDARM Coverage: The tr ailing twelve month’s earnings from the operator financial statements adjusted for non - recurring, infrequent, or unusual items and before interest, taxes, depreciation, amortization, rent, and management fees divided by the operator’s contractual lease ren t. Normalized FAD: FAD adjusted for non - recurring, infrequent or unusual items . Normalized FFO: FFO adjusted for non - recurring, infrequent or unusual items. Occupancy: The weighted average percentage of all beds and/or units that are occupied at a given time. The calculation uses the trailing twelve months and is based on licensed beds and/or units which may differ from the number of beds and/or units in service at any given time. Operator Financial Statements: Property level operator financial s tatements which are unaudited and have not been independently verified by us.

24 Glossary Glossary Payor Source : LTC revenue by operator underlying payor source for the period presented. LTC is not a Medicaid or a Medicare recipient. Statistics represent LTC's rental revenues times operators' underlying payor source revenue percentage. Underlying payor source revenue percentage is c alculated from property level operator fina ncial statements which are unaudited and have not been independently verified by us. Private Pay: Private pay includes private insurance, HMO, VA, and other payors . Purchase Price: Represents the fair value price of an asset that is exchanged in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets; it is not a forced transaction (for example, a forced liquidation or distress sale). Range of Care ( “ ROC ” ): Range of care properties consist of properties providing skilled nursing and any combination of assisted living, independent living and/or memory care services. Rental Income: Represents GAAP rent net of amortized lease inducement cost . Same Property Portfolio (“SPP”) : S ame property statistics allow for the comparative evaluation of performance across a consistent population of LTC’s leased property portfolio . Our SPP is comprised of s tabilized properties owned and operated throughout the duration of the quarter - over - quarter comparison periods presented (excluding assets sold and assets held - for - sale) . Accordingly, a leased property must be owned and stabilized for a mi nimum of 1 5 months if it is an acquired property, or 27 months if it is a development project, to be included in our SSP. School : An institution for educatin g students which include s a charter school . Charter schools provide an alternative to the traditional public school and are generally autonomous entities authorized by the state or locality to conduct operations independent from the surrounding public school district. Laws vary by state, but generally charters are granted by state boards of education eith er directly or in conjunction with local school districts or public universities. Operators are granted charters to establish and operate schools based on the goals and objectives set forth in the charter. Upon receipt of a char ter, schools receive an an nuity from the state for each student enrolled. Skilled Nursing Properties (“SNF”) : Senior housing properties providing restorative, rehabilitative and nursing care for people not requiring the more extensive and sophisticated treatment available at acut e care hospitals. Many SNF s provide ancillary services that include occupational, speech, physical, respiratory and IV therapies, as well as sub - acute care services which are paid either by the patient, the patient’s family, private health insurance, or through the federal Medicare or state Medicaid programs. Stabilized: Properties are generally considered sta bilized upon the earlier of achieving certain occupancy thresholds ( e.g. 80% for SNF s and 90% for ALF s ) and, as applicable, 12 months from the dat e of acquisition or, in the event of a de novo development, redevelopment , major renovations or addition, 24 months from the date the property is first placed in or returned to service. Under Development Properties (“UDP”): Development project s to construct senior housing propert ies .

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, 2014 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 EBITDA, normalized EBITDA, FFO, normalized FFO, normalized AFFO, normalized FAD, normalized interest coverage ratio, and normalized fixed charges coverage ratio. A reconciliation of this non-GAAP information is provided on pages 17, 20, and 21 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. 25 Forward-Looking Statements Founded in 1992, LTC Properties, Inc. ("LTC") is a self-administered real estate investment trust that primarily invests in senior housing and long-term care properties through facility lease transactions, mortgage loans, and other investments. Our primary objectives are to create, sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in senior housing and long-term health care properties managed by experienced operators. Our primary senior housing and long-term health care property types include skilled nursing properties (or SNF), assisted living properties (or ALF), independent living properties (or ILF), memory care properties (or MC), and combinations thereof. To meet these objectives, we attempt to invest in properties that provide opportunity for additional value and current returns to our stockholders and diversify our investment portfolio by geographic location, operator, property type and form of investment. For more information on LTC, visit the Company’s website at www.LTCreit.com.

Corporate Office 2829 Townsgate Road, Suite 350 Westlake Village, CA 91361 www.LTCreit.com Investor Relations Investor.Relations@LTCreit.com 805-981-8655