LTC Properties, Inc. is a self-administered real estate investment trust (REIT) headquartered in Westlake Village, California, specializing in the healthcare and seniors housing sectors. The company's business model revolves around acquiring, developing, and financing properties that serve the aging population. Its diversified portfolio spans approximately 25 states and includes nearly 200 properties, broadly balanced between seniors housing communities (assisted living, independent living, and memory care) and skilled nursing centers. LTC generates revenue predominantly through rental income from long-term, triple-net leases, where operators are responsible for property-level expenses. Additionally, the company earns interest income from mortgage loans, mezzanine lending, and preferred equity investments. Recently, LTC has strategically pivoted toward a Seniors Housing Operating Portfolio (SHOP) model, partnering with independent operators through management agreements to capture higher growth potential. The company partners with over 25 regional and national operating companies, providing them with growth capital and real estate solutions. By focusing on needs-based healthcare real estate, LTC Properties positions itself to benefit from the long-term demographic trends of an aging population while maintaining a stable dividend-paying structure.
