LTC Properties (LTC) FY2025 results: revenue $263 million, up 25.3% on the year
LTC Properties Inc. (LTC) reported revenue of $263 million for fiscal 2025, the year ended 31 December 2025, up 25.3% on the year before. Net income was $118 million, up 29.6%, and diluted earnings per share $2.52. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.
Revenue
$263 million
+25.3% on the year
FY2018FY2025
Operating margin
77.9%
95.0% a year earlier
FY2018FY2025
Net income
$118 million
+29.6% on the year
FY2018FY2025
Diluted EPS
$2.52
+23.5% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 10 new.
Core FFO per share up 13%: Diluted Core FFO per share was $0.70 against $0.65 a year earlier. Nareit diluted FFO per share was $0.72 in both periods. The headline cites 60% revenue growth and 13% Core FFO growth.
Net income lifted by property gain: Net income available to common stockholders was $101,618 thousand against $17,912 thousand, and diluted EPS was $2.11 against $0.39. The quarter included a $78,057 thousand gain on sale of real estate.
2026 guidance introduced with ranges: Management introduced 2026 guidance with full-year and first-quarter ranges. The ranges reflect management's view of current and future market conditions.
SHOP NOI up 22%: SHOP NOI grew 22% over 2024 proforma NOI for the original 13 property SHOP conversions. Average age of SHOP properties is 9 years.
Skilled nursing share falls to 36%: SHOP was 24% of gross investments. Skilled nursing fell to 36% of gross investments from 46% at year-end 2024.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
136
126
104
+8.0%
Capital expenditure
7.3
13.7
9.7
-46.8%
Free cash flow
129
112
94.7
+14.7%
Free cash flow margin
49.0%
53.5%
48.0%
Cash from investing
-270
90.7
-175
Cash from financing
139
-227
80.4
Depreciation and amortisation
37.9
36.4
37.4
+4.1%
Share-based compensation
9.3
9.1
8.5
+3.1%
Dividends paid
107
101
94.8
+6.8%
Dividend per share
$2.28
$2.28
$2.28
0.0%
Diluted shares, weighted
47m
44m
41m
+5.2%
Shares outstanding at period end
48m
46m
43m
+6.5%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,075
961
881
+11.9%
Non-controlling interest
87.4
92.4
35.0
-5.4%
Debt
842
685
891
+23.0%
Other liabilities
57.5
48.5
47.5
+18.5%
Total liabilities and equity
2,062
1,786
1,855
+15.4%
Intangible assets
6.5
7.2
13.1
-9.6%
Loans
25.6
47.2
60.5
-45.8%
Cash and equivalents
14.4
9.4
20.3
+52.8%
Other assets
2,016
1,722
1,761
+17.0%
Total assets
2,062
1,786
1,855
+15.4%
10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.