EX-99.2 3 ltc-20250505xex99d2.htm EX-99.2
Exhibit 99.2

| RENEWAL AND TRANSITION SUPPLEMENTAL OPERATING AND FINANCIAL DATA FIRST QUARTER 2025

| 1Q 2025 SUPPLEMENTAL REPORT INVESTMENTS 3 Acquisitions and Acquisitions Accounted for as Financing Receivables Mortgage Loans Joint Ventures Purchase Options PORTFOLIO 7 Overview Diversification - Operators Diversification - Maturity Diversification - Geography Real Estate Investments Metrics FINANCIAL 15 Enterprise Value Debt Metrics Debt Maturity Financial Data Summary Consolidated Statements of Income Consolidated Balance Sheets Funds from Operations GLOSSARY 26 FORWARD-LOOKING STATEMENTS 28 AND NON-GAAP INFORMATION 2 LEADERSHIP 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. BOARD OF DIRECTORS ANALYSTS 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 WENDY SIMPSON Executive Chairman CORNELIA CHENG ESG Committee Chairman DAVID GRUBER Investment Committee Chairman BOYD HENDRICKSON Lead Independent Director and Nominating & Corporate Governance Committee Chairman BRADLEY PREBER Audit Committee Chairman TIMOTHY TRICHE, MD Compensation Committee Chairman JUAN SANABRIA BMO Capital Markets Corp. AARON HECHT Citizens JMP Securities, LLC OMOTAYO OKUSANYA Deutsche Bank Securities Inc. JOE DICKSTEIN Jefferies LLC AUSTIN WURSCHMIDT KeyBanc Capital Markets, Inc. MICHAEL CARROLL RBC Capital Markets Corp. RICHARD ANDERSON Wedbush JOHN KILICHOWSKI Wells Fargo Securities, LLC WENDY SIMPSON Executive Chairman PAM KESSLER Co-President and Co-CEO CLINT MALIN Co-President and Co-CEO CECE CHIKHALE EVP, Chief Financial Officer, Treasurer and Secretary DAVID BOITANO EVP, Chief Investment Officer GIBSON SATTERWHITE EVP, Asset Management MIKE BOWDEN SVP, Investments MANDI HOGAN SVP, Marketing TABLE OF CONTENTS CONTACT INFORMATION

| 1Q 2025 SUPPLEMENTAL REPORT CONTRACTUAL # O F PROPERTY DATE OF INITIAL PRO PERTIES TYPE # O F UNITS LO CATIO N OPERATOR CONSTRUCTIO N CASH YIELD — (1) — (1) Feb-2024 — Great Bend, KS Brookdale Senior Living — 8.00% 315 $ DATE PURCHASE PRICE ACQUISITIONS INVESTMENTS I 3 REAL ESTATE ACTIVITIES – INVESTMENTS (DOLLAR AMOUNTS IN THOUSANDS) (1) We purchased a land parcel adjacent to an existing assisted living community. ACQUISITIONS ACCOUNTED FOR AS FINANCING RECEIVABLES(1) CONTRACTUAL # OF PROPERTY DATE OF INITIAL PROPERTIES TYPE # OF UNITS LO CATION OPERATOR CONSTRUCTION CASH YIELD 13 ILF/ALF/MC 523 units Various cities in NC & SC ALG Senior 1992-2015 7.25% 5,546 $ (2) 4 ALF/MC 217 units Various cities in NC ALG Senior 2018-2022 7.25% 2,766 (3) 17 740 units 8,312 $ DATE ADDITIONAL INVE STMENT Jun-2024 Jun-2024 (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 funded $5,546 under our mortgage loan and exchanged the $64,450 mortgage loan receivable for a 53% controlling interest in a newly formed $122,460 joint venture with an affiliate of ALG Senior. The JV purchased 13 independent living, assisted living and memory care communities and leased the communities to an affiliate of ALG Senior under a 10-year master lease, which contains an option to purchase the properties through June 2028. See Consolidated Joint Ventures on page 5. (3) We funded $2,766 under our mortgage loan and exchanged the $37,985 mortgage loans receivable for a 93% controlling interest in a newly formed $41,000 joint venture with an affiliate of ALG Senior. The JV purchased four assisted living and memory care communities and a parcel of land and leased the communities to an affiliate of ALG Senior under a 10-year master lease, which contains an option to purchase the properties through June 2028. See Consolidated Joint Ventures on page 5.

| 1Q 2025 SUPPLEMENTAL REPORT TOTAL INVESTMENT 1Q25 FUNDED REMAINING LOCATION TO DATE COMMITMENT 1Q24 (1) Lansing, MI 19,500 $ 1,919 $ 14,672 $ 4,828 $ 3Q25 (2) Loves Park, IL 26,120 — — 26,120 $ 1,919 45,620 $ 14,672 $ 30,948 $ INCEPTION DATE COMMITMENT FUNDING INTEREST ESTIMATED MORTGAGE LOANS INVESTMENTS I 4 # OF PROPERTY # UNITS/ MATURITY INITIAL PRO PERTIES TYPE BEDS LO CATION OPERATO R DATE O RIGINATIO N INVESTME NT 1 UDP - ALF/MC 85 units Lansing, MI Encore Senior Living Sep-2026 8.75% 19,500 $ 2,940 $ 16,560 $ 1 UDP - ILF/ALF/MC 116 units Loves Park, IL Encore Senior Living Jul-2030 9.00% 26,120 — 26,120 2 201 units 45,620 $ (1) $ 42,680 2,940 $ (1) CONTRACTUAL INITIAL Jan-2024 Jul-2024 COMMITMENT INITIAL ADDITIONAL DATE RATE (1) Represents mortgage loans commitment to construct senior living communities. The borrowers contributed equity, which will initially fund the constructions. Once all of the borrower’s equity has been drawn, we will fund the additional commitment. REAL ESTATE ACTIVITIES – INVESTMENTS (DOLLAR AMOUNTS IN THOUSANDS) (1) 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. (2) The borrower contributed $12,300 of equity, which will initially fund the construction. Once all of the borrower’s equity has been drawn, expected in 3Q25, we will begin funding the commitment. The loan term is approximately six years at a current rate of 9.0% and IRR of 9.5%. MORTGAGE LOANS FUNDING

| 1Q 2025 SUPPLEMENTAL REPORT (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) Represents a mortgage loan accounted for as an unconsolidated JV in accordance with GAAP. The five-year mortgage loan is interest only. CONSOLIDATED JOINT VENTURES UNCONSOLIDATED JOINT VENTURES INVESTMENTS I 5 REAL ESTATE ACTIVITIES – JOINT VENTURES - CURRENT INVESTMENTS HELD (DOLLAR AMOUNTS IN THOUSANDS) TOTAL # OF PROPE RTY # OF INVE STMENT FUNDE D PRO PERTIES TYPE UNITS/BEDS LOCATIO N OPERATO R TYPE TO DATE 2020 1 ALF/MC 109 units Arlington, WA Fields Senior Living Preferred Equity 9.00% (1) $ 6,340 6,340 $ — $ 2024 1 SNF/ALF 104 beds Katy, TX Ignite Medical Resorts Senior Loan 9.15% (3) 11,262 12,700 1,438 2 109 units/104 beds 19,040 $ 17,602 $ 1,438 $ COMMITMENT INVE STMENT COMMITMENT REMAINING YEAR COMMITMENT RETURN (1) We entered into these JVs to purchase senior housing and health care properties. In accordance with GAAP, the purchased assets are presented as a financing receivable on our Consolidated Balance Sheets. (2) We entered into two JVs with an affiliate of ALG Senior to purchase 17 independent living, assisted living and memory care communities and a parcel of land, which we previously held three mortgage loans receivable due from affiliates of ALG Senior. In accordance with GAAP, the purchased assets are presented as a financing receivable on our Consolidated Balance Sheets. See Acquisitions accounted for as Financing Receivables on page 3. INVESTMENT PROPERTY # OF # OF LTC YEAR TYPE PROPERTIES UNITS/BEDS LOCATION OPERATOR GAAP ACCOUNTING % 2022 SNF 3 299 beds Various cities in FL PruittHealth Financing Receivable(1) $ 14,325 76,801 $ 62,476 $ 81% 2023 ALF/MC 11 523 units Various cities in NC ALG Senior Financing Receivable(1) 2,916 121,419 118,503 98% 2023 ILF/ALF/MC 1 242 units Centerville, OH Encore Senior Living Owned Real Estate 56,332 9,134 47,198 84% 2024 ILF/ALF/MC 13 523 units Various cities in NC & SC ALG Senior Financing Receivable(2) 58,010 122,460 64,450 53% 2024 ALF/MC 4 217 units Various cities in NC ALG Senior Financing Receivable(2) 3,015 41,000 37,985 93% 32 1,505 units/299 beds 418,012 $ 87,400 $ 330,612 $ TOTAL NON-CONTROLLING JOINT VENTURES INTEREST LTC COMMITMENT CONTRIBUTION CONTRIBUTION

| 1Q 2025 SUPPLEMENTAL REPORT INVESTMENTS I 6 REAL ESTATE ACTIVITIES – PURCHASE OPTIONS (DOLLAR AMOUNTS IN THOUSANDS) PURCHASE OPTIONS CONSOLIDATED NON-OPTION # OF PRO PERTY AVERAGE AGE GROSS CONTROLLING GROSS WINDOW OPERATOR STATE PROPERTIES TYPE IN YEARS INVESTMENTS INTEREST INVESTMENTS 2024-2028 (1) ALG Senior North Carolina 4 ALF 5.4 41,000 $ 3,015 $ 37,985 $ 2,973 $ 2024-2028 (1) ALG Senior North Carolina, South Carolina 13 ILF/ALF/MC 24.3 122,460 58,010 64,450 8,878 2025 (2) Community Living Centers Tennessee 2 SNF 11.3 5,275 — 5,275 1,030 2025-2027 (3) PruittHealth Florida 3 SNF 5.9 76,581 14,325 62,256 5,951 2025-2027 Encore Senior Living Ohio 1 ILF/ALF/MC 6.3 54,812 9,134 45,678 3,886 2025-2029 (4) ALG Senior North Carolina 11 ALF/MC 20.0 121,419 2,916 118,503 9,106 2026 Mainstay Senior Living South Carolina 1 ALF 26.3 11,680 — 11,680 — (5) 2027 Legacy Senior Living Georgia, South Carolina 2 ALF/MC 9.3 32,266 — 32,266 420 (5) 2027-2029 Oxford Senior Living Oklahoma 4 ALF/MC 28.5 9,052 — 9,052 984 2027-2029 (6) Ignite Medical Resorts Texas 4 SNF 7.7 52,726 — 52,726 4,488 2029 Brookdale Senior Living Colorado, Kansas, Ohio, Texas 17 ALF/MC 20.4 65,134 — 65,134 10,058 2029 Navion Senior Solutions North Carolina 5 ALF 27.3 15,161 — 15,161 3,485 Total 67 607,566 $ 87,400 $ 520,166 $ 51,259 $ ANNUALIZED CONTRACTUAL CASH LTC PORTION OF LTC PORTION OF (1) We entered into two JVs with an affiliate of ALG Senior to purchase 17 independent living, assisted living and memory care communities and a parcel of land, which we previously held three mortgage loans receivable due from affiliates of ALG Senior. In accordance with GAAP, the purchased assets are presented as a financing receivable on our Consolidated Balance Sheets. (2) In 1Q25, a master lease covering two skilled nursing centers in Tennessee that was scheduled to mature in December 2025, was amended extending the maturity to December 31, 2026. Additionally, the master lease purchase option window which expired on December 31, 2024, was extended for another year to December 31, 2025. (3) These properties were acquired through a sale-leaseback transaction, subject to a lease agreement that contains a purchase option. In accordance with GAAP, the purchased properties are presented as a financing receivable on our Consolidated Balance Sheets. (4) The operator has the option to buy the properties in multiple tranches and in serial closings approved by us, with an exit IRR of 9.0% on any portion of the properties being purchased. In accordance with GAAP, these properties are presented as a financing receivable on our Consolidated Balance Sheets. (5) The rent for these leases are based on mutually agreed upon fair market rent. (6) 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 lease, both elections are terminated.

| 1Q 2025 SUPPLEMENTAL REPORT # OF % OF % OF BY INVESTME NT TYPE PROPERTIE S INVESTME NT REVENUES(1 ) REVENUE S INCO ME STATE MENT LINE Owned Portfolio 121 1,329,856 $ 64.2% 117,699 $ 63.3% Rental Income Owned Properties accounted for as Financing Receivables(2) 361,460 31 17.5% 24,834 13.3% Interest Income from Financing Receivables Mortgage Loans 27 317,527 (3) 15.3% (3) 19.7% Interest Income from Mortgage Loans 36,716 Notes Receivable 6 44,786 2.2% 5,110 2.8% Interest and Other Income Unconsolidated Joint Ventures 2 17,602 0.8% 1,714 0.9% Income from Unconsolidated Joint Ventures Total 187 2,071,231 $ 100.0% 186,073 $ 100.0% # OF % OF BY PROPERTY TYPE PROPERTIE S INVESTME NT Assisted Living 110 1,100,232 $ 53.1% Skilled Nursing 76 958,994 46.3% Other(4) 12,005 1 0.6% Total 187 2,071,231 $ 100.0% INVESTMENT GROSS INVESTMENT TRAILING TWE LVE MONTHS ENDED MARCH 31, 2025 GROSS PORTFOLIO I PORTFOLIO OVERVIEW (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) 28 Operators 25 States 187 Properties (1) See Trailing Twelve Months Revenues definition in the Glossary. (2) Financing receivables represent acquisitions through sale-leaseback transactions, subject to lease agreements that contain purchase options. In accordance with GAAP, the purchased assets are 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. (3) Mortgage loans include short-term loans of $62,628 or 3.0% of gross investment and long-term loans (Prestige) of $254,899 or 12.3% of gross investment. The weighted average maturity for our mortgage loans portfolio and long-term mortgage loans (Prestige) at March 31, 2025 is 15.6 years and 19.1 years, respectively. (4) Includes one behavioral health care hospital and three parcels for land held-for-use. 7 LONG-TERM INVESTMENTS include our Owned Portfolio, Owned Properties accounted for as Financing Receivables and Long-Term Mortgage Loans (Prestige) which represent 94% of our Gross Investments. SHORT-TERM INVESTMENTS represent investment durations shorter than 10 years and include our Notes Receivable, Unconsolidated Joint Ventures and Short-Term Mortgage Loans which represent 6% of our Gross Investments. Long-Term Investments 94% Short-Term Investments, 6%

| 1Q 2025 SUPPLEMENTAL REPORT PORTFOLIO I 8 PORTFOLIO OVERVIEW – DETAIL (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) # OF OWNED PORTFOLIO PROPERTIES RENTAL INCOME(1) Assisted Living 70 719,428 $ 34.7% 52,467 $ 28.2% Skilled Nursing 50 598,423 28.9% 64,059 34.5% Other 1 12,005 0.6% 1,173 0.6% Total 121 1,329,856 $ 64.2% 117,699 $ 63.3% OWNED PROPERTIES ACCOUNTED FOR AS # OF FINANCING RECEIVABLES(2) PROPERTIES FINANCING INCOME(1) Assisted Living 28 284,879 $ 13.8% 19,224 $ 10.3% Skilled Nursing 3 76,581 3.7% 5,610 3.0% Total 31 361,460 $ 17.5% 24,834 $ 13.3% # OF MORTGAGE LOANS MORTGAGE LOANS PROPERTIES INTEREST INCOME(1 ) Assisted Living 5 46,128 $ 2.2% 3,801 $ 2.0% Skilled Nursing(3) 271,399 22 13.1% 32,915 17.7% Total 27 317,527 $ 15.3% 36,716 $ 19.7% REAL ESTATE INVESTMENTS 2,008,843 179 $ 97.0% 179,249 $ 96.3% # OF INTEREST AND NOTES RECEIVABLE PROPERTIES OTHER INCOME(1) Assisted Living 6 43,457 $ 2.1% 4,901 $ 2.7% Skilled Nursing — 1,329 0.1% 209 0.1% Total 6 44,786 $ 2.2% 5,110 $ 2.8% # OF UNCONSOLIDATED UNCONSOLIDATED JOINT VENTURES PROPERTIES JV INCOME(1) Assisted Living 1 6,340 $ 0.3% 536 $ 0.3% Skilled Nursing 1 11,262 0.5% 1,178 0.6% Total 2 17,602 $ 0.8% 1,714 $ 0.9% TOTAL INVESTMENTS 2,071,231 187 $ 100.0% 186,073 $ 100.0% GROSS % OF % OF TOTAL INVESTMENT GROSS INVESTMENT REVENUES INVESTMENT GROSS GROSS INVESTMENT GROSS INVESTMENT % OF GROSS INVESTMENT % OF INVESTMENT TRAILING TWELVE MONTHS ENDED MARCH 31, 2025 GROSS % OF GROSS INVESTMENT REVENUES % OF TOTAL GROSS INVESTMENT % OF GROSS INVESTMENT REVENUES % OF TOTAL REVENUES % OF TOTAL REVENUES % OF TOTAL 28.2% 34.5% 0.6% 0.0% 25.0% 50.0% ALF SNF OTH RENTAL INCOME (AS % OF TOTAL REVENUES) MORTGAGE LOANS INTEREST INCOME (AS % OF TOTAL REVENUES) INTEREST & OTHER INCOME (AS % OF TOTAL REVENUES) UNCONSOLIDATED JV INCOME (AS % OF TOTAL REVENUES) 2.0% 17.7% 0.0% 15.0% 30.0% ALF SNF 2.7% 0.1% 0.0% 2.5% 5.0% ALF SNF 0.3% 0.6% 0.0% 1.0% 2.0% ALF SNF 10.3% 3.0% 0.0% 15.0% 30.0% ALF SNF FINANCING RECEIVABLES (AS % OF TOTAL REVENUES) (1) See Trailing Twelve Months Revenues definition in the Glossary. (2) 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. (3) Skilled nursing mortgage loans include short-term loans of $16,500 or 0.8% of gross investment and long-term loans (Prestige) of $254,899 or 12.3% of gross investment. The weighted average maturity of Prestige loans is 19.1 years.

| 1Q 2025 SUPPLEMENTAL REPORT OPERATORS PROPERTY TYPE # OF PROPERTIES % % % GRO SS INVESTMENT NON-CONTROLLING INTEREST LTC PORTION OF GROSS INVESTMENT Prestige Healthcare(3) SNF/OTH 23 28,701 $ 15.5% 28,701 $ 15.5% 32,399 $ 17.2% 268,896 $ — $ 268,896 $ ALG Senior ALF 29 21,747 11.7% 21,747 (4) 11.7% 23,187 (4) 12.3% 295,629 63,941 231,688 Anthem Memory Care MC 12 12,480 6.7% 12,480 6.7% 12,480 6.6% 153,714 — 153,714 Encore Senior Living(3) ALF/UDP 14 12,003 6.5% 12,003 (4) 6.5% 11,765 (4) 6.3% 195,355 9,134 186,221 HMG Healthcare SNF 13 11,666 6.3% 11,666 6.3% 11,666 6.2% 166,976 — 166,976 Carespring Health Care Management SNF 4 11,038 6.0% 11,038 6.0% 11,195 5.9% 102,940 — 102,940 Ignite Medical Resorts SNF 8 10,635 5.8% 10,635 5.8% 10,635 5.6% 116,816 — 116,816 Brookdale Senior Living ALF 17 10,058 5.4% 10,058 5.4% 10,271 5.5% 65,134 — 65,134 Ark Post Acute Network SNF 7 9,516 5.1% 9,516 5.1% 8,257 4.4% 71,742 — 71,742 Genesis Healthcare SNF 6 9,499 5.1% 9,499 5.1% 8,400 4.5% 53,339 — 53,339 All Others(3) 47,911 54 25.9% 47,911 (4) 25.9% 47,900 (4) 25.5% 580,690 14,325 566,365 187 185,254 $ 100.0% 185,254 $ 100.0% 188,155 $ 100.0% 2,071,231 $ 87,400 $ 1,983,831 $ ANNUALIZED GAAP(1 )(2 ) ANNUALIZED ACTUAL CASH(1 ) ANNUALIZED CONTRACTUAL CASH(1 )(2 ) PORTFOLIO I 9 PORTFOLIO DIVERSIFICATION – 28 OPERATORS (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) 18 Properties 2 States SNF/ILF/ALF Transitional Care CARESPRING Privately Held 25 Properties 6 States SNF/ALF Transitional Care IGNITE Privately Held 647 Properties 41 States ILF/ALF/MC Continuing Care BROOKDALE NYSE: BKD ARK Privately Held SNF/ILF/ALF 14 Properties 4 States 17 States Nearly 200 Properties SNF/ Senior Living GENESIS OTC PINK: GENN 78 Properties 5 States SNF/ILF/ALF Other Rehab PRESTIGE Privately Held ALG Privately Held ILF/ALF/MC 118 Properties 6 States ANTHEM Privately Held Exclusively MC 20 Properties 9 States ENCORE Privately Held ALF 34 Properties 5 States HMG Privately Held SNF/ILF/ALF 37 Properties 2 States (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 2025 is due to straight-line rent, lease incentives amortization and effective interest. See Non-Cash Revenue Components on page 18. (3) See Operator Update on page 10 for further discussion. (4) Includes the consolidated income from our joint ventures. The non-controlling member’s portion of the annualized contractual cash and annualized GAAP income are as follows: OPERATORS LTC PORTION JV PARTNER PORTION TOTAL OPERATORS LTC PORTION JV PARTNER PORTION TOTAL ALG Senior 17,035 $ 4,712 $ 21,747 $ ALG Senior 18,475 $ 4,712 $ 23,187 $ Encore Senior Living 12,003 — 12,003 Encore Senior Living 11,765 — 11,765 All Others 46,801 1,110 47,911 All Others 46,790 1,110 47,900 ANNUALIZED CONTRACTUAL CASH ANNUALIZED GAAP

| 1Q 2025 SUPPLEMENTAL REPORT PORTFOLIO I 10 PORTFOLIO DIVERSIFICATION – OPERATOR UPDATE (DOLLAR AMOUNTS IN THOUSANDS)  During 1Q25, we received full contractual cash interest of $4,991 from Prestige Healthcare (“Prestige”), through $3,826 of cash receipts and application of $1,165 of Prestige’s security, related to a mortgage loan secured by 14 skilled nursing centers. Subsequent to March 31, 2025, we received $2,289 in retroactive Medicaid payments from Prestige, which was added to the security we hold. Starting this year, 50% of Prestige’s excess cash flow will be added to our security, and used to pay contractual interest beyond the current pay amount. Our projections continue to indicate we will receive all contractual interest due in 2025. The following table summarizes the 1Q25 activity for Prestige’s security:  We are continuing the sale process for seven skilled nursing centers in California (1), Florida (2), and Virgina (4), which are covered under a master lease, as a result of the operator electing not to exercise the renewal option available under the master lease. The master lease matures in January 2026 and the full 2025 contractual GAAP rent is $8,257. The operator is obligated to pay rent on the portfolio through maturity and is current on rent obligations through May 2025. One of the properties is under contract, and we expect to complete all of the sales in 4Q 2025.  A master lease covering two skilled nursing centers in Tennessee that was scheduled to mature in December 2025, was amended extending the maturity to December 31, 2026. Additionally, the master lease purchase option window, which expired on December 31, 2024, was extended for another year to December 31, 2025.  We had a joint venture (“JV”) that owned two assisted living communities with a total of 186 units in Oregon. The properties were leased under two separate leases with the same operator, who is the non-controlling member of the JV. During 1Q25, we acquired our JV member’s $4,048 non-controlling interest for $1,150 and terminated the two separate leases. Concurrently, we entered into a new combined master lease with the same operator. The master lease has a five-year term, with one 1-year extension and four 5-year extensions. Annual cash rent under the master lease is $2,546 (compared to our portion of annual cash rent under the previous two separate lease of $2,479), increasing annually by 2%. The terms and economics of the new master lease is similar to those of the two leases that were terminated. Additionally, the master lease provides the operator an earn-out up to $4,000, contingent on achieving certain performance thresholds. In conjunction with the lease terminations, we wrote-off $492 of straight-line rent receivable and lease incentive.  For our 14 property portfolio subject to market-based rent resets, we expect to collect $5,145 of revenue during 2025 compared to $3,448 in 2024.  Subsequent to March 31, 2025, we amended the Encore master lease covering seven assisted living communities in Ohio (4), Michigan (2) and Illinois (1) with a total of 461 units to extend the term for one year to May 2026. Under the amendment, cash rent is $260 per month for June through August 2025, with quarterly market-based rent resets thereafter. Encore’s rent is included in the expected $5,145 of revenue from the 14 property portfolio, subject to market-based rent resets as discussed above.  Subsequent to March 31, 2025, we transitioned 12 properties under Anthem’s triple-net leases into the new seniors housing operating portfolio (“SHOP”). An additional property leased to New Perspective is expected to transition later in 2Q25. The combined existing gross book value of these two transitions total $176,099. BALANCE AT DEPOSITS INTEREST BALANCE AT 12/31/2024 RECEIVED APPLICATIONS 3/31/2025 $ 4,953 $ (1,165) - $ $ 3,788

| 1Q 2025 SUPPLEMENTAL REPORT PORTFOLIO MATURITY (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) % O F % OF % OF % OF % O F ANNUALIZED % O F YEAR TO TAL TOTAL TOTAL TO TAL TOTAL TO TAL 2025 5,170 $ (3) 4.5% — $ — 2,472 $ 6.7% — $ — — $ — 7,642 $ 4.1% 2026 19,719 (4) 17.0% — — 1,483 4.0% — — — — 21,202 (4) 11.3% 2027 11,271 9.7% — — — — 3,174 57.5% — — 14,445 7.7% 2028 12,575 10.8% — — 1,464 4.0% 2,239 40.5% — — 16,278 8.6% 2029 14,433 12.4% — — — — — — 1,178 67.0% 15,611 8.3% 2030 16,362 14.1% — — — — 110 2.0% — — 16,472 8.7% 2031 15,588 13.4% — — — — — — — — 15,588 8.3% 2032 6,168 5.3% 5,607 20.0% — — — — — — 11,775 6.2% Thereafter 14,861 12.8% 22,397 80.0% 31,305 85.3% — — 579 (2) 33.0% 69,142 36.8% Total 116,147 $ 100.0% 28,004 $ 100.0% 36,724 $ 100.0% 5,523 $ 100.0% 1,757 $ 100.0% 188,155 $ 100.0% RENTAL UNCONSO LIDATED INCOME FINANCING O THER NOTES INCOME INCOME MO RTGAGE INTEREST INCO ME JV INCOME GAAP INCOME(1 ) PORTFOLIO I 11 (1) See Annualized GAAP income definition in the Glossary. (2) Represents income from a preferred equity investment accounted for as an unconsolidated joint venture. The preferred equity investment does not have a scheduled maturity but provides the entity an option to redeem our investment at a future date. (3) Subsequent to March 31, 2025, we terminated the Anthem lease covering a memory care center in Ohio due to transitioning the property into our new SHOP portfolio. Additionally, we amended the Encore master lease covering seven assisted living communities in Ohio (4), Michigan (2) and Illinois (1) with a total of 461 units to extend the term for one year to May 2026. Under the amendment, cash rent is $260 per month for June through August 2025, with quarterly market-based rent resets thereafter. These leases represent 93% of annualized GAAP rental income and 63% of annualized GAAP income maturing in 2025. (4) One of the six lease maturities is an operator which represents 42% of the annualized GAAP rental income and 39% of the annualized GAAP income maturing in 2026. The operator elected not to exercise its renewal option on its master lease covering seven skilled nursing centers in California (1), Florida (2), and Virgina (4). We have engaged a broker to sell all of the properties in the portfolio. See page 10 for additional information on these operators. MORTGAGE LOANS WA GAAP % OF NO TE S WA GAAP % O F % OF YEAR RECEIVABLE RATE TOTAL RECEIVABLE RATE TO TAL TOTAL 2025 31,456 $ 7.9% 9.9% — $ — — 31,456 $ 8.7% 2026 14,672 10.1% 4.7% — — — 14,672 4.0% 2027 — — — 25,000 12.7% 55.8% 25,000 6.9% 2028 16,500 8.9% 5.2% 18,329 12.2% 40.9% 34,829 9.6% 2029 — — — — — — — — 2030 — — — 1,457 7.6% 3.3% 1,457 0.4% 2031 — — — — — — — — 2032 — — — — — — — — Thereafter 254,899 12.3% 80.2% — — — 254,899 70.4% Total 317,527 $ 11.6% 100.0% 44,786 $ 12.3% 100.0% 362,313 $ 100.0% RECE IVABLE TOTAL LOANS LOANS RECEIVABLE PRINCIPAL MATURITIES Near Term Lease and Loan Maturities:  Three leases and three loans in 2025 with an annualized GAAP income totaling $7.6 million(3)  Six leases and one loan in 2026 with an annualized GAAP income totaling $21.2 million(4)  Three leases and one loan in 2027 with an annualized GAAP income totaling $14.4 million  As of March 31, 2025, approximately 94% of owned properties are covered under master leases and approximately 94% of rental revenues come from master leases or cross-default leases.

| 1Q 2025 SUPPLEMENTAL REPORT PORTFOLIO I 12 PORTFOLIO DIVERSIFICATION – GEOGRAPHY (AS OF MARCH 31, 2025) * Behavioral health care hospital SNF (76) ALF (110) OTH* (1) LAND (3) UDP (1) 25 STATES 187 PROPERTIES 28 OPERATORS CA WA ME NV WY IL AR WV ND NY 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 KY 7 21 1 1 3 1 2 4 2 1 3 4 9 33 3 7 8 12 5 3 21 2 5 6 1 1 2 5 LA 2 2 3 MI 2 1 1 1 3

| 1Q 2025 SUPPLEMENTAL REPORT 46.0% 18.5% 25.8% 7.0% 2.7% 0.0% 50.0% 100.0% MSAs 1-31 MSAs 32-100 MSAs > 100 Cities in Micro-SA Cities not in MSA or Micro-SA 22 years 16 years 0 10 20 30 40 Skilled Nursing Assisted Living Years (1) The MSA rank by population as of July 1, 2024, as estimated by the United States Census Bureau. Approximately 65% of our properties are in the top 100 MSAs. Includes only our real estate investments. (1) As calculated from construction date or major renovation/expansion date. Includes only our real estate investments. GROSS PORTFOLIO BY MSA (1) AVERAGE PORTFOLIO AGE (1) PORTFOLIO I 13 PORTFOLIO DIVERSIFICATION – GEOGRAPHY (25 STATES) (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) # OF STATE( 1) PROPERTIES % ALF % SNF % % Texas 30 318,584 $ 15.4% 48,159 $ 4.4% 270,425 $ 28.3% — $ — North Carolina 33 301,650 14.6% 301,650 27.4% — — — — Michigan 24 292,396 14.1% 36,554 3.3% 254,899 26.6% 943 7.9% Ohio 9 142,089 6.9% 87,866 8.0% 54,223 5.7% — — Florida 10 130,152 6.3% 20,705 1.9% 109,447 11.4% — — Illinois 6 106,429 5.2% 89,929 8.2% 16,500 1.7% — — Colorado 12 102,381 4.9% 102,381 9.3% — — — — Wisconsin 7 93,849 4.5% 79,903 7.3% 13,946 1.5% — — California 4 69,717 3.4% 52,085 4.7% 17,632 1.8% — — Kansas 8 60,279 2.9% 60,279 5.5% — — — — All Others 44 450,919 21.8% 219,264 20.0% 220,593 23.0% 11,062 92.1% Total 187 2,068,445 $ 100.0% 1,098,775 $ 100.0% 957,665 $ 100.0% 12,005 $ 100.0% OTH(2) INVESTMENT GROSS GROSS INVESTMENT (1) Due to master leases with properties in various states, revenue by state is not available. Also, working capital notes are provided to certain operators under their master leases covering properties in various states. Therefore, the working capital notes outstanding balance totaling $2,786 is also not available by state. (2) Includes one behavioral health care hospital and three parcels for land held-for-use.

| 1Q 2025 SUPPLEMENTAL REPORT (1) Information is from property level operator financial statements which are unaudited and have not been independently verified by LTC. The same store portfolio excludes properties transitioned on or after October 1, 2023 and properties sold. ASSISTED LIVING SKILLED NURSING 1.43 1.52 1.95 2.04 77.6% 78.5% 60.0% 70.0% 80.0% 90.0% 100.0% 0.00x 1.00x 2.00x 3.00x 3Q24 4Q24 Occupancy % Normalized EBITDAR Normalized EBITDARM Occupancy 1.11 1.13 1.38 1.40 83.7% 83.3% 70.0% 80.0% 90.0% 100.0% 0.00x 1.00x 2.00x 3Q24 4Q24 Occupancy % Normalized EBITDAR Normalized EBITDARM Occupancy SNF metrics exclude CSF, as allocated/reported by operators. Occupancy represents the average TTM occupancy. ALF metrics exclude Coronavirus Stimulus Funds (“CSF”) as allocated/reported by operators. See definition of Coronavirus Stimulus Funds in the Glossary. Occupancy represents the average TTM occupancy. PORTFOLIO I 14 REAL ESTATE INVESTMENTS METRICS (TRAILING TWELVE MONTHS THROUGH DECEMBER 31, 2024 AND SEPTEMBER 30, 2024) SAME PROPERTY PORTFOLIO (“SPP”) COVERAGE STATISTICS(1) (1) For the twelve months ending 12/31/24. (2) The % Medicaid Census (SNF same store) is 60.6%. TOTAL PORTFOLIO REVENUE PAYOR SOURCE SNF PORTFOLIO REVENUE PAYOR SOURCE 55.0% 11.8% 33.2% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 4Q24 Private Pay Medicare Medicaid STABILIZED PROPERTY PORTFOLIO(1) 36.1% 17.0% 46.9% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 4Q24 Private Pay Medicare Medicaid (2)

| 1Q 2025 SUPPLEMENTAL REPORT MARCH 31, 2025 Revolving line of credit - WA rate 5.5% (1) $ 148,850 Term loans, net of debt issue costs - WA rate 2.6% (2) 99,846 Senior unsecured notes, net of debt issue costs - WA rate 4.2% (3) 433,483 Total debt - WA rate 4.2% 682,179 29.5% No. of shares Closing Price Common stock 45,887,855 35.45 $ (4) 70.5% 1,626,724 Total Market Value 1,626,724 2,308,903 100.0% Add: Non-controlling interest 87,400 Less: Cash and cash equivalents (23,295) $ 2,373,008 Debt to Enterprise Value 28.7% Debt to Annualized Adjusted EBITDAre (5) 4.3x 3/31/25 CAPITALIZATION DEBT EQUITY TOTAL VALUE ENTE RPRISE VALUE FINANCIAL I 15 ENTERPRISE VALUE (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) (1) Subsequent to March 31, 2025, we repaid $18,900 under our unsecured revolving line of credit. Accordingly, we have $129,950 outstanding with $295,050 available for borrowing. (2) Represents outstanding balance of $100,000, net of debt issue costs of $154. (3) Represents outstanding balance of $434,500, net of debt issue costs of $1,017. (4) Closing price of our common stock as reported by the NYSE on March 31, 2025, the last trading day of 1Q25. (5) See page 19 for Reconciliation of Annualized Adjusted EBITDAre.

| 1Q 2025 SUPPLEMENTAL REPORT LEVERAGE RATIOS COVERAGE RATIOS LINE OF CREDIT LIQUIDITY FINANCIAL I 16 DEBT METRICS (DOLLAR AMOUNTS IN THOUSANDS) $130,000 $302,250 $144,350 $148,850 $270,000 $97,750 $280,650 $276,150 $- $85,000 $170,000 $255,000 $340,000 $425,000 2022 2023 2024 1Q25 Balance Available (1) Subsequent to March 31, 2025, we repaid $18,900 under our unsecured revolving line of credit. Accordingly, we have $129,950 outstanding with $295,050 available for borrowing. (1) 37.4% 39.5% 31.1% 31.1% 34.2% 39.0% 29.3% 28.7% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 2022 2023 2024 1Q25 Debt to Gross Asset Value Debt to Total Enterprise Value 5.6x 5.6x 4.3x 4.2x 4.3x 3.4x 4.0x 5.0x 0.0x 2.0x 4.0x 6.0x 8.0x 2022 2023 2024 1Q25 Debt to Annualized Adjusted EBITDAre Annualized Adjusted EBITDAre/ Fixed Charges

| 1Q 2025 SUPPLEMENTAL REPORT Senior Unsecured Notes 63.6% Term Loans 14.6% Revolving Line of Credit 21.8% $148,850 $50,000 $50,000 $42,500 $51,500 $54,500 $55,000 $63,000 $67,000 $56,000 $35,000 $10,000 $- $100,000 $200,000 $300,000 $400,000 2025 2026 2027 2028 2029 2030 2031 2032 Thereafter Revolving Line of Credit Term Loans Senior Unsecured Notes DEBT STRUCTURE (2) FINANCIAL I 17 DEBT MATURITY (AS OF MARCH 31, 2025, DOLLAR AMOUNTS IN THOUSANDS) REVOLVING SENIOR LINE OF TERM UNSECURED % OF YEAR CREDIT LO ANS(2 ) NOTES(2 ) TOTAL TOTAL 2025 — $ 50,000 $ 42,500 $ 92,500 $ 13.5% 2026 148,850 (1) 51,500 50,000 250,350 36.6% 2027 — 54,500 54,500 8.0% 2028 — — 55,000 55,000 8.1% 2029 — — 63,000 63,000 9.2% 2030 — — 67,000 67,000 9.8% 2031 — — 56,000 56,000 8.2% 2032 — — 35,000 35,000 5.1% Thereafter — — 10,000 10,000 1.5% Total 148,850 $ 100,000 $ (3) $ 434,500 (3) $ 100.0% 683,350 (1) Subsequent to March 31, 2025, we repaid $18,900 under our unsecured revolving line of credit. Accordingly, we have $129,950 outstanding with $295,050 available for borrowing. (2) Reflects scheduled principal payments. (3) Excludes debt issue costs which are netted against the principal outstanding in the term loans and senior unsecured notes balance on our Consolidated Balance Sheets shown on page 21.

| 1Q 2025 SUPPLEMENTAL REPORT (1) For leases and loans in place at March 31, 2025 assuming the sale of seven skilled nursing centers and no other renewals or modifications. (2) In connection with the termination of two existing leases and combining them into a single master lease, we wrote off $492 of straight-line rent receivable ($243) and lease incentive ($249). (1) Decrease due to one-time revenue received in 2024 related to the repayment of $2,377 of rent credits and lower rent from properties sold, partially offset by rent increases from fair-market rent resets, escalations and amendments. (2) In connection with the termination of two existing leases and combining them into a single master lease, we wrote off a straight-line rent receivable of $243 and a lease incentive balance of $249. COMPONENTS OF RENTAL INCOME FINANCIAL I 18 FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT NUMBER OF SHARES) 12/31/22 12/31/23 12/31/24 3/31/25 Gross investments $ 1,959,442 $ 2,139,865 $ 2,088,613 $ 2,071,231 Net investments $ 1,562,668 $ 1,741,093 $ 1,674,140 $ 1,650,862 Gross asset value $ 2,052,687 $ 2,253,870 $ 2,200,615 $ 2,195,878 Total debt (1) $ 767,854 $ 891,317 $ 684,600 $ 682,179 Total liabilities (1) $ 805,796 $ 938,831 $ 733,137 $ 726,207 Non-controlling interest $ 21,940 $ 34,988 $ 92,378 $ 87,400 Total equity $ 850,307 $ 916,267 $ 1,053,005 $ 1,049,302 Cash rent 29,623 $ 30,951 $ (1,328) $ (1) Operator reimbursed real estate tax revenue 3,089 3,381 (292) Straight-line rent adjustment (578) (550) (28) Straight-line rent write-off (243) — (243) (2) Amortization of lease incentives (447) (233) (214) (2) Total rental income 31,444 $ 33,549 $ (2,105) $ THREE MO NTHS ENDED MARCH 31, 2025 2024 Varianc e (1) Includes outstanding gross revolving line of credit, term loans, net of debt issue costs, and senior unsecured notes, net of debt issue costs. NON-CASH REVENUE COMPONENTS 1Q25 2Q25(1) 3Q25(1) 4Q25(1) 1Q26(1) $ (657) (578) $ (731) $ (956) $ (719) $ Straight-line rent reserve (243) (2) - - - - Amortization of lease incentives (447) (2) (184) (184) (199) (139) 357 299 364 379 379 Effective interest - Mortgage loans receivable 943 1,013 963 878 782 159 159 159 159 159 $ 688 133 $ 571 $ 261 $ 462 $ Straight-line rent adjustment Effective interest - Financing receivables Effective interest - Notes receivable Total non-cash revenue components

| 1Q 2025 SUPPLEMENTAL REPORT RECONCILIATION OF ANNUALIZED ADJUSTED EBITDAre AND FIXED CHARGES FINANCIAL I 19 FINANCIAL DATA SUMMARY (DOLLAR AMOUNTS IN THOUSANDS) 12/31/24 Net income 100,584 $ 91,462 $ 94,879 $ 22,221 $ Less: Gain on sale of real estate, net (37,830) (37,296) (7,979) (171) Add: Impairment loss 3,422 15,775 6,953 — Add: Interest expense 31,437 47,014 40,336 7,913 Add: Depreciation and amortization 37,496 37,416 36,367 9,162 EBITDAre 154,371 135,109 170,556 39,125 Add/less: Non-recurring items 824 (1) 3,823 (2) (8,907) (3) 405 (4) Adjusted EBITDAre $ 158,194 135,933 $ 161,649 $ 39,530 $ Interest expense 31,437 $ 47,014 $ 40,336 $ 7,913 $ Fixed charges 31,437 $ 47,014 $ 40,336 $ 7,913 $ Annualized Adjusted EBITDAre $ 158,120 Annualized Fixed Charges 31,652 $ Debt (net of debt issue costs) 767,854 $ 891,317 $ 684,600 $ 682,179 $ Debt (net of debt issue costs) to Annualized Adjusted EBITDAre 5.6x 5.6x 4.2x 4.3x Annualized Adjusted EBITDAre to Annualized Fixed Charges(4) 4.3x 3.4x 4.0x 5.0x FO R THE YEAR ENDED THREE MONTHS ENDED 12/31/22 12/31/23 3/31/25 (1) Represents a lease incentive balance write-off of $173 related to a closed property, a $1,332 provision for credit losses reserve related to the acquisition of three skilled nursing centers accounted for as a financing receivable, and the origination of two mortgage loans and a mezzanine loan, and a lease termination fee of $500 paid to a former operator of 12 assisted living communities, offset by lease termination fee income of $1,181 received in connection with the sale of an assisted living community. (2) Includes the $3,561 note receivable write-off related to the sale and transition of 10 assisted living communities and $1,832 of provision for credit losses related to the acquisition of 11 assisted living communities accounted for as a financing receivable and two mortgage loan originations, offset by the $1,570 exit IRR and prepayment fee received in 2023 in connection to the payoff of two mezzanine loans. (3) Represents $4,052 of one-time income received from former operators, $3,158 of one-time additional straight-line income related to restoring accrual basis accounting for two master leases, $2,818 of rental income received in connection with the sale of two properties, and $1,738 recovery of provision for credit losses related to the payoffs of five mortgage loan receivables, offset by $1,635 of provision for credit losses related to acquisitions totaling $163,460 accounted for as financing receivables, $613 of effective interest receivable write-off related to the partial paydown of a mortgage loan receivable, and the write-off of straight-line rent receivable ($321), and notes receivable ($290). (4) See the reconciliation of non-recurring items on page 23 for further detail. (5) Given we do not have preferred stock, our fixed charge coverage ratio and interest coverage ratio are the same.

| 1Q 2025 SUPPLEMENTAL REPORT FINANCIAL I 20 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2025 2024 Revenues: Rental income 31,444 $ 33,549 $ Interest income from financing receivables(1) 7,002 3,830 Interest income from mortgage loans 9,179 12,448 Interest and other income 1,406 1,539 Total revenues 49,031 51,366 Expenses: Interest expense 7,913 11,045 Depreciation and amortization 9,162 9,095 Provision for credit losses 3,052 24 Transaction costs 441 266 Property tax expense 3,107 3,383 General and administrative expenses 6,971 6,491 Total expenses 30,646 30,304 Other Operating Income: Gain on sale of real estate, net 171 3,251 Operating Income 18,556 24,313 Income from unconsolidated joint ventures 3,665 (2) 376 Net Income 22,221 24,689 Income allocated to non-controlling interests (1,541) (459) Net income attributable to LTC Properties, Inc. 20,680 24,230 Income allocated to participating securities (163) (165) Net income available to common stockholders 20,517 $ 24,065 $ Earn ings per common share: Basic $0.45 $0.56 Diluted $0.45 $0.56 Weighted average shares u sed to c alc u late earnin gs per common share: Basic 45,333 42,891 Diluted 45,683 43,032 Dividends declared and paid per common share $0.57 $0.57 THREE MO NTHS ENDED MARCH 31, (1) Represents rental income from acquisitions through sale-leaseback transactions, subject to leases which contain purchase options. In accordance with GAAP, the properties are required to be presented as Financing receivables on our Consolidated Balance Sheets and the rental income to be presented as Interest income from financing receivables on our Consolidated Statements of Income. (2) Increase primarily due to the 13% exit IRR received in connection with the redemption of our preferred equity investment in a joint venture.

| 1Q 2025 SUPPLEMENTAL REPORT FINANCIAL I 21 CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) ASSETS Investments: Land $ 111,223 $ 118,209 Buildings and improvements 1,146,891 1,212,853 Accumulated depreciation and amortization (383,853) (405,884) Operating real estate property, net 874,261 925,178 Properties held-for-sale, net of accumulated depreciation: 2025—$29,284; 2024—$1,346 42,458 670 Real property investments, net 916,719 925,848 Financing receivables,(1) net of credit loss reserve: 2025—$3,615; 2024—$3,615 357,845 357,867 Mortgage loans receivable, net of credit loss reserve: 2025—$3,169; 2024—$3,151 314,358 312,583 Real estate investments, net 1,588,922 1,596,298 Notes receivable, net of credit loss reserve: 2025—$448; 2024—$477 44,338 47,240 Investments in unconsolidated joint ventures 17,602 30,602 Investments, net 1,650,862 1,674,140 Other assets: Cash and cash equivalents 23,295 9,414 Debt issue costs related to revolving line of credit 1,218 1,410 Interest receivable 61,754 60,258 Straight-line rent receivable 20,685 21,505 Lease incentives 3,074 3,522 Prepaid expenses and other assets 14,621 15,893 Total assets $ 1,775,509 $ 1,786,142 LIABILITIES Revolving line of credit $ 148,850 $ 144,350 Term loans, net of debt issue costs: 2025—$154; 2024—$192 99,846 99,808 Senior unsecured notes, net of debt issue costs: 2025—$1,017; 2024—$1,058 433,483 440,442 Accrued interest 2,924 3,094 Accrued expenses and other liabilities 41,104 45,443 Total liabilities 726,207 733,137 EQ UITY Stockholders’ equity: Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2025—45,888; 2024—45,511 459 455 Capital in excess of par value 1,091,524 1,082,764 Cumulative net income 1,746,115 1,725,435 Accumulated other comprehensive income 2,905 3,815 Cumulative distributions (1,879,101) (1,851,842) Total LTC Properties, Inc. stockholders’ equity 961,902 960,627 Non-controlling interests 87,400 92,378 Total equity 1,049,302 1,053,005 Total liabilities and equity $ 1,775,509 $ 1,786,142 (unaudited) (audited) MARCH 31, 2025 DECEMBER 31, 2024 (1) Represents acquisitions through sale-leaseback transactions, subject to leases which contain purchase options. In accordance with GAAP, the properties are required to be presented as Financing receivables on our Consolidated Balance Sheets.

| 1Q 2025 SUPPLEMENTAL REPORT FINANCIAL I 22 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2025 2024 GAAP net income available to common stockholders 20,517 $ 24,065 $ Add: Depreciation and amortization 9,162 9,095 Less: Gain on sale of real estate, net (171) (3,251) NAREIT FFO attributable to common stockholders 29,508 29,909 Add (Less): Non-recurring items(1) (2,377) 405 $ 27,532 29,913 $ NAREIT FFO attributable to common stockholders 29,508 $ 29,909 $ Non-cash income: Add: Straight-line rent adjustment 578 550 Add: Amortization of lease incentives 447 233 Add: Other non-cash contra-revenue 243 — Less: Effective interest income (1,401) (1,644) Net non-cash income (133) (861) Non-cash expense: Add: Non-cash compensation charges 2,253 2,202 Add: Provision for credit losses 3,052 24 Net non-cash expense 5,305 2,226 Funds available for distribution ("FAD") 34,680 31,274 Less: Non-recurring income(1) (2,377) (2,659) FAD, excluding non-recurring items ("Core FAD") 32,021 $ 28,897 $ $0.65 $0.69 $0.65 $0.64 $0.76 $0.73 $0.70 $0.67 Diluted NAREIT FFO attributable to common stockholders per share Diluted Core FFO per share Diluted FAD per share Diluted Core FAD per share FFO attributable to common stockholders, excluding non-recurring item ("Core FFO") THREE MONTHS ENDED MARCH 31, (1) See the reconciliation of non-recurring items on page 23 for further detail.

| 1Q 2025 SUPPLEMENTAL REPORT 2025 2024 Reconciliation of non-recurring adjustments to NAREIT FFO: Add: Working capital note and interest receivable write-off 3,064 $ (1) $ — Add: One-time transaction costs associated with the startup of new RIDEA platform 303 — Deduct: Income from unconsolidated joint venture related to the 13% exit IRR received (2,962) (2) — Deduct: One-time rental income related to sold properties — (2,377) (3) Total non -rec urring adjus tmen ts to NAREIT FFO 405 $ ( 2,377) $ Reconciliation of non-recurring adjustments to FAD: Deduct: Income from unconsolidated joint venture related to the 13% exit IRR received (2,962) $ (2) $ — Add: One-time transaction costs associated with the startup of new RIDEA platform 303 — Deduct: One-time rental income related to sold properties — (2,377) (3) Total non -rec urring adjus tmen ts to FAD (2,659) $ ( 2,377) $ THREE MONTHS ENDED MARCH 31, FINANCIAL I 23 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD (NON-RECURRING ITEMS) (UNAUDITED, AMOUNTS IN THOUSANDS) (1) Represents the write-off of a working capital note and related interest receivable balance in connection with the transition to RIDEA. (2) Represents the 13% exit IRR received in connection with the redemption of our preferred equity investment in a joint venture. (3) Represents one-time rent credit received in connection with the sale of a 110-unit assisted living community in Wisconsin. The rent credit was provided to the operator during the new construction lease-up.

| 1Q 2025 SUPPLEMENTAL REPORT FOR THE THREE MO NTHS ENDED MARCH 31, FFO/FAD attributable to common stockholders 29,508 $ 29,909 $ 34,680 $ 31,274 $ Non-recurring one-time items(1) (2,377) 405 (2,659) (2,377) FFO/FAD attributable to common stockholders excluding non-recurring items ("Core FFO/FAD") 29,913 27,532 32,021 28,897 Effect of dilutive securities: Participating securities 163 165 163 165 Diluted Core FFO/FAD 30,076 $ 27,697 $ 32,184 $ 29,062 $ 42,891 45,333 45,333 42,891 Effect of dilutive securities: Performance-based stock units 350 141 350 141 Participating securities 278 277 278 277 Shares for diluted FFO/FAD per share 45,961 43,309 45,961 43,309 Shares for basic FFO/FAD per share FFO FAD 2025 2024 2025 2024 FINANCIAL I 24 FUNDS FROM OPERATIONS – RECONCILIATION OF FFO PER SHARE (UNAUDITED, AMOUNTS IN THOUSANDS) (1) See the reconciliation of non-recurring items on page 23 for further detail.

| 1Q 2025 SUPPLEMENTAL REPORT FINANCIAL I 25 Guidance We are providing guidance for the 2025 full year. The following guidance ranges reflect management's view of current and future market conditions. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth below. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing guidance ranges as a result of new information or new or future developments. The 2025 full year guidance is as follows: FUNDS FROM OPERATIONS – RECONCILIATION OF FFO AND FAD (GUIDANCE) (UNAUDITED, AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Low High GAAP net income attributable to LTC Properties, Inc. 3.38 $ 3.42 $ Less: Gain on sale, net of impairment loss (1.74) (1.74) Add: Depreciation and amortization 0.80 0.80 Add: Effect of dilutive securities 0.02 0.02 Diluted NAREIT FFO attributable to common stockholders 2.46 2.50 Add: Non-recurring one-time items(2) 0.19 0.19 Diluted Core FFO 2.65 $ 2.69 $ NAREIT FFO attributable to common stockholders 2.44 $ 2.48 $ Less: Non-cash income (0.04) (0.04) Add: Non-cash expense 0.27 0.27 Less: Recurring capital expenditures (0.02) (0.02) Add: Effect of dilutive securities 0.02 0.02 Diluted FAD 2.67 2.71 Add: Non-recurring one-time items(2) 0.11 0.11 Diluted Core FAD 2.78 $ 2.82 $ Full Year 2025 Guidance(1) (1) The guidance assumptions include the following: a) The conversion of Anthem’s triple-net portfolio of 12 properties and the pending conversion of a property under New Perspective’s triple-net lease into our new seniors housing operating portfolio (SHOP); b) SHOP net operating income for the remaining eight months of 2025 in the range of $9,400 to $10,300; c) SHOP FAD capital expenditures for the remaining eight months of 2025 in the range of $600 to $800 or approximately $0.7 to $1.0 per unit (or $1.1 to $1.4 annualized per unit); and d) General and administrative expenses for the full year of 2025 between $28,600 and $29,500. e) The guidance excludes additional investments, potential asset sales, financing, or equity issuances, as well as one-time, non-recurring items as follows: i. A $6,500 lease termination fee payment related to the pending New Perspective conversion; ii. Incremental ramp-up and execution costs related to the new structure provided for under the Real Estate Investment Trust (REIT) Investment Diversification and Empowerment Act of 2007 (RIDEA) of approximately $1,100 to $1,500, of which $303 were expensed during 1Q25; and iii. Approximately $1,100 associated with an employee’s retirement. (2) Represents items included in the reconciliation of non-recurring items above, the $6,500 lease termination fee payment, approximately $1,100 to $1,500 of incremental RIDEA ramp-up costs, and the $1,100 of costs associated with an employee’s retirement.

| 1Q 2025 SUPPLEMENTAL REPORT Annualized Actual Cash Income: Represents annualized cash rental income includes cash rent (excluding real estate tax reimbursement), interest income from financing receivables, mortgage loans, mezzanine loans and working capital notes, and income from unconsolidated joint ventures received for the month of March 2024 for investments as of March 31, 2025. Annualized Contractual Cash Income: Represents annualized contractual cash rental income prior to abatements & deferred rent repayment (excluding real estate tax reimbursement), interest income from financing receivables, mortgage loans, mezzanine loans and working capital notes, and income from unconsolidated joint ventures for the month of March 2024 for investments as of March 31, 2025. Annualized GAAP Income: Represents annualized GAAP rent which includes contractual cash rent, straight-line rent and amortization of lease incentives (excluding real estate tax reimbursement), GAAP interest income from financing receivables, mortgage loans, mezzanine loans and working capital notes, and income from unconsolidated joint ventures for the month of March 2024 for investments as of March 31, 2025. Assisted Living Communities (“ALF”): The ALF portfolio consists of assisted living, independent living, and/or memory care properties. (See Independent Living and Memory Care) Assisted living properties are seniors housing 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 assistance 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. Coronavirus Stimulus Funds (“CSF”): CSF includes funding from various state and federal programs to support healthcare providers in dealing with the challenges of the coronavirus pandemic. Included in CSF are state-specific payments identified by operators as well as federal payments connected to the Paycheck Protection Program and the Provider Relief Fund. CSF is self-reported by operators in unaudited financial statements provided to LTC. Specifically excluded from CSF are the suspension of the Medicare sequestration cut, and increases to the Federal Medical Assistance Percentages (FMAP), both of which are reflected in reported coverage both including and excluding CSF. Earnings Before Interest, Tax, Depreciation and Amortization for Real Estate (“EBITDAre”): As defined by the National Association of Real Estate Investment Trusts (“NAREIT”), EBITDAre is calculated as net income (computed in accordance with GAAP) excluding (i) interest expense, (ii) income tax expense, (iii) real estate depreciation and amortization, (iv) impairment write-downs of depreciable real estate, (v) gains or losses on the sale of depreciable real estate, and (vi) adjustments for unconsolidated partnerships and joint ventures. Financing Receivables: Properties acquired through a sale-leaseback transaction with an operating entity being the same before and after the sale-leaseback, subject to a lease contract that contains a purchase option. In accordance with GAAP, the purchased assets are required to be presented as Financing Receivables on our Consolidated Balance Sheets and the rental income to be presented as Interest income from financing receivables on our Consolidated Statements of Income. Funds Available for Distribution (“FAD”): FFO excluding the effects of straight-line rent, amortization of lease costs, effective interest income, provision for credit losses, non-cash compensation charges and non-cash interest charges. Funds From Operations (“FFO”): As defined by NAREIT, net income available to common stockholders (computed in accordance 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 purchase price and transaction costs. GAAP Rent: Total rent we will receive as a fixed amount over the initial term of the lease and recognized 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 deductions for depreciation or provision for credit losses. Gross Investment is commonly referred to as undepreciated book value. Independent Living Communities (“ILF”): Seniors housing properties offering 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, fitness facilities, game rooms, libraries and activity centers. ILFs are also known as retirement communities or seniors apartments. Interest Income: Represents interest income from mortgage loans and other notes. Licensed Beds/Units: The number of beds and/or units that an operator is authorized to operate at seniors housing and long-term care properties. Licensed beds and/or units may differ from the number of beds and/or units in service at any given time. Memory Care Communities (“MC”): Seniors housing properties offering specialized options for seniors with Alzheimer’s disease and other forms of dementia. These facilities offer dedicated care and specialized programming for various conditions relating to memory loss in a secured environment 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 50,000 or more population. MSAs 1 to 31 have a population of 19.8M – 2.2M. MSAs 32 to 100 have a population of 2.2M – 0.6M. MSAs greater than 100 have a population of 0.6M – 59K. Cities in a Micro-SA have a population of 223K – 12K. Cities not in a MSA has population of less than 100K. GLOSSARY I 26 GLOSSARY

| 1Q 2025 SUPPLEMENTAL REPORT Mezzanine: In certain circumstances, the Company strategically allocates a portion of its capital deployment toward mezzanine loans to grow relationships with operating companies that have not typically utilized sale-leaseback financing as a component of their capital structure. Mezzanine financing sits between senior debt and common equity in the capital structure, and typically is used to finance development projects, value-add opportunities on existing operational properties, partnership buy-outs and recapitalization of equity. We seek market-based, risk-adjusted rates of return typically between 9% to 14% with the loan term typically between three to 10 years. Security for mezzanine loans can include all or a portion of the following credit enhancements; secured second mortgage, pledge of equity interests and personal/corporate guarantees. Mezzanine loans can be recorded for GAAP purposes as either a loan or joint venture depending upon specifics of the loan terms and related credit enhancements. Micropolitan Statistical Areas (“Micro-SA”): Based on the U.S. Census Bureau, Micro-SA 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 micro area contains an urban core of at least 10,000 population. Mortgage Loan: Mortgage financing is provided on properties based on our established investment underwriting criteria and secured by a first mortgage. Subject to underwriting, additional credit enhancements may be required including, but not limited to, personal/corporate guarantees and debt service reserves. When possible, LTC attempts to negotiate a purchase option to acquire the property at a future time and lease the property back to the borrower. Net Real Estate Assets: Gross real estate investment less accumulated depreciation. Net Real Estate Asset is commonly referred to as Net Book Value (“NBV”). Non-cash Revenue: Straight-line rental income, amortization of lease inducement and effective interest. Non-cash Compensation Charges: Vesting expense relating to stock options and restricted stock. Normalized EBITDAR Coverage: The trailing twelve month’s earnings from the operator financial statements adjusted for non-recurring, infrequent, or unusual items and before interest, taxes, depreciation, amortization, and rent divided by the operator’s contractual lease rent. Management fees are imputed at 5% of revenues. Normalized EBITDARM Coverage: The trailing 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 rent. 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 statements which are unaudited and have not been independently verified by us. 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 calculated from property level operator financial 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). Real Estate Investments: Represents our investments in real property, financing receivables and mortgage loans receivable. Rental Income: Represents GAAP rent net of amortized lease inducement cost. Same Property Portfolio (“SPP”): Same property statistics allow for the comparative evaluation of performance across a consistent population of LTC’s leased property portfolio and the Prestige Healthcare mortgage loan portfolio. Our SPP is comprised of stabilized properties occupied and operated throughout the duration of the quarter-over-quarter comparison periods presented (excluding assets sold and assets held-for-sale). Accordingly, a property must be occupied and stabilized for a minimum of 15 months to be included in our SPP. Each property transitioned to a new operator has been excluded from SPP and will be added back to SPP for the SPP reporting period ending 15 months after the date of the transition. Skilled Nursing Properties (“SNF”): Seniors housing properties providing restorative, rehabilitative and nursing care for people not requiring the more extensive and sophisticated treatment available at acute care hospitals. Many SNFs 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 stabilized upon the earlier of achieving certain occupancy thresholds (e.g. 80% for SNFs and 90% for ALFs) and, as applicable, 12 months from the date of acquisition/lease transition 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, or properties acquired in lease-up. Trailing Twelve Months Revenues: For the owned portfolio, rental income includes cash rent, straight-line rent and amortization of lease incentives and excludes real estate tax reimbursement, straight-line rent write-off and rental income from properties sold during the trailing twelve months. Financing receivables revenue includes cash interest income and effective interest from financing receivables during the trailing twelve months. Mortgage loans revenue includes cash interest income and effective interest from mortgage loans and construction loans and excludes loan payoffs during the trailing twelve months. Notes receivables revenue includes cash interest income and effective interest from mezzanine loans and working capital notes and excludes loan payoffs during the trailing twelve months. Unconsolidated JV revenue includes income from our investments in joint ventures during the trailing twelve months. Under Development Properties (“UDP”): Development projects to construct seniors housing properties. GLOSSARY I 27 GLOSSARY

| 1Q 2025 SUPPLEMENTAL REPORT 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, 2024 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. 28 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 AND NON-GAAP INFORMATION 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 19, 22, 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.