Overview

• US seniors housing REIT's Q1 revenue more than doubled, beating analyst expectations

• Diluted EPS for Q1 rose to $0.48 from $0.45 yr/yr

• Company increased SHOP segment investments and reaffirmed 2026 full-year guidance

Outlook

• LTC Properties sees 2026 full-year diluted EPS of $1.80 to $1.84

• Company expects 2026 diluted Core FFO per share of $2.75 to $2.79

• LTC Properties projects SHOP to grow to 45% of gross investments by year-end

Result Drivers

• PORTFOLIO SHIFT - Co said results were driven by a strategic move toward increasing investments in its SHOP segment and reducing skilled nursing exposure

• SHOP ACQUISITIONS - Co completed $108 mln in SHOP acquisitions in Q1 and $9 mln in April, with more expected in Q2

• SHOP NOI PERFORMANCE - SHOP segment NOI was $12.7 mln in Q1, in line with co's guidance

Company press release: ID:nBwWfXRja

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the specialized reits peer group is "buy."

• Wall Street's median 12-month price target for LTC Properties Inc is $41.00, about 7.3% above its May 5 closing price of $38.20

• The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 18 three months ago

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