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REITs · Real Estate · Fiscal year ends Dec 31
LTC Properties reported revenue of $263M in the fiscal year ended Dec 2025, up 25.3% from the year before. Operating income was $205M, an operating margin of 77.9%, and net income was $118M. Operating cash flow of $136M less capital expenditure of $7M left free cash flow of $129M. Net debt was $828M.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 155 | 175 | 197 | 210 | 263 |
| Operating incomederived: revenue − total costs | 54.8 | 99.1 | 185 | 199 | 205 |
| Interest expense | 27.4 | 31.4 | 47.0 | 40.3 | 35.3 |
| Pre-tax income | – | – | 52.7 | 84.5 | 39.5 |
| Income tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 |
| Net income | 55.9 | 100 | 89.7 | 91.0 | 118 |
| Diluted EPS | 1.41 | 2.48 | 2.16 | 2.04 | 2.52 |
| Diluted shares | 39.2 | 40.1 | 41.4 | 44.2 | 46.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 5.2 | 10.4 | 20.3 | 9.4 | 14.4 |
| Total assets | 1,505 | 1,656 | 1,855 | 1,786 | 2,062 |
| Deferred revenue | – | – | – | – | 2.1 |
| Long-term debt | 723 | 768 | 891 | 685 | 842 |
| Total liabilities | 760 | 806 | 939 | 733 | 900 |
| Shareholders' equity | 737 | 828 | 881 | 961 | 1,075 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 91.2 | 106 | 104 | 126 | 136 |
| Capital expenditure | 6.3 | 9.0 | 9.7 | 13.7 | 7.3 |
| Free cash flow | 84.9 | 96.6 | 94.8 | 112 | 129 |
| Depreciation & amortisation | 38.3 | 37.5 | 37.4 | 36.4 | 37.9 |
| Stock-based compensation | 7.8 | 8.0 | 8.5 | 9.1 | 9.3 |
| Dividends paid | 90.5 | 91.5 | 94.8 | 101 | 107 |
| Dividend per share | 2.28 | 0.19 | 0.19 | 0.19 | 0.19 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.8% | 12.6% | 6.4% | 25.3% |
| Operating income growth (YoY) | – | 80.8% | 87.2% | 7.5% | 2.7% |
| EPS growth (YoY) | – | 75.9% | −12.9% | −5.6% | 23.5% |
| Operating margin | 35.3% | 56.6% | 94.0% | 95.0% | 77.9% |
| Net margin | 36.0% | 57.1% | 45.5% | 43.4% | 44.9% |
| Return on equityBlank when equity is negative | 7.6% | 12.1% | 10.2% | 9.5% | 11.0% |
| Free cash flow margin | 54.7% | 55.1% | 48.1% | 53.5% | 49.0% |
| Cash conversion (CFO ÷ net income) | 1.63x | 1.06x | 1.16x | 1.38x | 1.15x |
| Interest cover | 2.00x | 3.15x | 3.95x | 4.94x | 5.80x |
| Debt ÷ equity | 0.98x | 0.93x | 1.01x | 0.71x | 0.78x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 718 | 757 | 871 | 675 | 828 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.