LTC Properties (LTC)
Market Price (6/15/2026): $36.83 | Market Cap: $1.8 BilSector: Real Estate | Industry: Health Care REITs
LTC Properties (LTC)
Market Price (6/15/2026): $36.83Market Cap: $1.8 BilSector: Real EstateIndustry: Health Care REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 6.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.6%, FCF Yield is 7.7% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44% Low stock price volatilityVol 12M is 18% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Geriatric Care. | Weak multi-year price returns2Y Excs Rtn is -16%, 3Y Excs Rtn is -42% | Key risksLTC key risks include [1] a dependence on a concentrated group of operators whose opaque financial health shows signs of stress, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 6.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.6%, FCF Yield is 7.7% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44% |
| Low stock price volatilityVol 12M is 18% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Geriatric Care. |
| Weak multi-year price returns2Y Excs Rtn is -16%, 3Y Excs Rtn is -42% |
| Key risksLTC key risks include [1] a dependence on a concentrated group of operators whose opaque financial health shows signs of stress, Show more. |
Qualitative Assessment
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LTC Properties (LTC) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Persistent Elevated Interest Rates and Inflationary Environment. The Federal Reserve's benchmark interest rate remained in the 3.5-3.75% range as of May 2026, with projections indicating only modest rate cuts in the near future due to stubborn inflation. Mortgage rates have hovered in the mid-6% range (around 6.5% as of late May 2026). This "higher-for-longer" interest rate environment increases borrowing costs for real estate investment trusts (REITs) like LTC Properties and can make alternative fixed-income investments more appealing, exerting downward pressure on stock valuations. Inflation, with both overall and core inflation still above the Fed's 2% target, further contributes to this challenging macroeconomic backdrop.
2. Slightly Conservative Full-Year 2026 Earnings Per Share Guidance. Although LTC Properties reported strong first-quarter 2026 results on May 6, 2026, with revenue of $94.41 million significantly beating analysts' expectations of $72.98 million, and reported EPS of $0.69 surpassing a consensus estimate of $0.53, the company's full-year 2026 earnings per share (EPS) guidance was set at $2.75-$2.79. This guidance was slightly below the analyst consensus estimate of $2.80, which may have tempered investor enthusiasm and contributed to a negative stock reaction despite the strong top-line performance.
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Stock Movement Drivers
Fundamental Drivers
The -5.8% change in LTC stock from 2/28/2026 to 6/14/2026 was primarily driven by a -12.9% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 6142026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.09 | 36.83 | -5.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 263 | 309 | 17.6% |
| Net Income Margin (%) | 44.9% | 39.1% | -12.9% |
| P/E Multiple | 15.8 | 14.8 | -6.5% |
| Shares Outstanding (Mil) | 48 | 49 | -1.7% |
| Cumulative Contribution | -5.8% |
Market Drivers
2/28/2026 to 6/14/2026| Return | Correlation | |
|---|---|---|
| LTC | -5.8% | |
| Market (SPY) | 8.4% | -7.3% |
| Sector (XLRE) | 4.2% | 48.4% |
Fundamental Drivers
The 4.1% change in LTC stock from 11/30/2025 to 6/14/2026 was primarily driven by a 166.9% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6142026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.39 | 36.83 | 4.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 231 | 309 | 33.8% |
| Net Income Margin (%) | 14.6% | 39.1% | 166.9% |
| P/E Multiple | 48.2 | 14.8 | -69.3% |
| Shares Outstanding (Mil) | 46 | 49 | -5.0% |
| Cumulative Contribution | 4.1% |
Market Drivers
11/30/2025 to 6/14/2026| Return | Correlation | |
|---|---|---|
| LTC | 4.1% | |
| Market (SPY) | 9.2% | -14.8% |
| Sector (XLRE) | 10.8% | 41.5% |
Fundamental Drivers
The 10.8% change in LTC stock from 5/31/2025 to 6/14/2026 was primarily driven by a 49.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6142026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.24 | 36.83 | 10.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 208 | 309 | 49.0% |
| Net Income Margin (%) | 42.2% | 39.1% | -7.3% |
| P/E Multiple | 17.2 | 14.8 | -14.1% |
| Shares Outstanding (Mil) | 45 | 49 | -6.6% |
| Cumulative Contribution | 10.8% |
Market Drivers
5/31/2025 to 6/14/2026| Return | Correlation | |
|---|---|---|
| LTC | 10.8% | |
| Market (SPY) | 27.3% | -7.0% |
| Sector (XLRE) | 12.5% | 45.5% |
Fundamental Drivers
The 39.6% change in LTC stock from 5/31/2023 to 6/14/2026 was primarily driven by a 68.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312023 | 6142026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.38 | 36.83 | 39.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 184 | 309 | 68.2% |
| Net Income Margin (%) | 64.6% | 39.1% | -39.5% |
| P/E Multiple | 9.1 | 14.8 | 62.1% |
| Shares Outstanding (Mil) | 41 | 49 | -15.4% |
| Cumulative Contribution | 39.6% |
Market Drivers
5/31/2023 to 6/14/2026| Return | Correlation | |
|---|---|---|
| LTC | 39.6% | |
| Market (SPY) | 84.5% | 19.4% |
| Sector (XLRE) | 39.5% | 55.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LTC Return | -7% | 11% | -3% | 15% | 6% | 10% | 34% |
| Peers Return | 4% | -13% | 8% | 13% | 18% | 12% | 46% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| LTC Win Rate | 50% | 58% | 33% | 83% | 58% | 50% | |
| Peers Win Rate | 50% | 44% | 54% | 62% | 58% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| LTC Max Drawdown | -26% | -21% | -18% | -12% | -9% | -12% | |
| Peers Max Drawdown | -22% | -32% | -28% | -20% | -13% | -12% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VTR, HR, SBRA, UHT, NHP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/12/2026 (YTD)
How Low Can It Go
| Event | LTC | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.3% | -9.5% |
| % Gain to Breakeven | 14.0% | 10.5% |
| Time to Breakeven | 218 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -15.2% | -6.7% |
| % Gain to Breakeven | 18.0% | 7.1% |
| Time to Breakeven | 355 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.8% | -33.7% |
| % Gain to Breakeven | 91.7% | 50.9% |
| Time to Breakeven | 863 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -15.7% | -3.7% |
| % Gain to Breakeven | 18.6% | 3.9% |
| Time to Breakeven | 224 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.2% | -12.2% |
| % Gain to Breakeven | 12.6% | 13.9% |
| Time to Breakeven | 25 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -23.8% | -0.2% |
| % Gain to Breakeven | 31.2% | 0.2% |
| Time to Breakeven | 441 days | 1 days |
In The Past
LTC Properties's stock fell -4.8% during the 2025 US Tariff Shock. Such a loss loss requires a 5.1% gain to breakeven.
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| Event | LTC | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -47.8% | -33.7% |
| % Gain to Breakeven | 91.7% | 50.9% |
| Time to Breakeven | 863 days | 140 days |
| 2013 Taper Tantrum | ||
| % Loss | -23.8% | -0.2% |
| % Gain to Breakeven | 31.2% | 0.2% |
| Time to Breakeven | 441 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -22.8% | -17.9% |
| % Gain to Breakeven | 29.6% | 21.8% |
| Time to Breakeven | 80 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -40.9% | -53.4% |
| % Gain to Breakeven | 69.3% | 114.4% |
| Time to Breakeven | 244 days | 1085 days |
In The Past
LTC Properties's stock fell -4.8% during the 2025 US Tariff Shock. Such a loss loss requires a 5.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About LTC Properties (LTC)
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```htmlHere are 1-3 brief analogies for LTC Properties:
- Prologis for seniors housing and skilled nursing facilities.
- Equity Residential for healthcare properties.
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- Sale-leaseback Transactions: Acquiring seniors housing and healthcare properties and leasing them back to operators to provide capital and generate rental income.
- Mortgage Financing: Providing loans secured by seniors housing and healthcare real estate assets to operators and developers.
- Joint Ventures: Partnering with operators and developers to co-invest in and manage seniors housing and healthcare properties.
- Preferred Equity Investments: Providing capital in exchange for an equity interest in properties, often with priority rights for returns.
- Mezzanine Lending: Offering a hybrid form of financing (debt with equity features) to operators of seniors housing and healthcare properties.
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LTC Properties sells primarily to other companies.
Its major customers are the 29 operating partners with whom it holds investments. These partners are the companies that lease or operate the seniors housing and health care properties that LTC invests in through sale-leasebacks, mortgage financing, joint-ventures, and structured finance solutions.
The provided background information does not list the specific names of these 29 operating partners.
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Wendy Simpson Executive Chairman
Wendy Simpson transitioned to Executive Chairman in 2024, after serving as LTC's CEO and President since 2007. She was appointed Chairman of the Board in 2013. Simpson joined LTC in 2000 as Vice Chairman and has also held roles as Treasurer, Chief Financial Officer, and Chief Operating Officer. Prior to LTC, she held executive positions in public companies owning acute care hospitals, long-term acute care hospitals (LTACHs), psychiatric hospitals, and home health services. Simpson began her career in public accounting and has more than 25 years of experience in healthcare-related businesses. She was involved in the sale of an LTAC division to what is now Kindred.
Pam Kessler Co-Chief Executive Officer, Co-President
Pam Kessler was appointed Co-Chief Executive Officer in December 2024 and Co-President in May 2020. She joined LTC in 2000 as Vice President, Controller and Secretary, and previously served as the company's Executive Vice President, Chief Financial Officer, and Secretary from 2010 to 2024. Before joining LTC, Kessler was the Corporate Controller for a privately held commercial and multifamily real estate developer (The Ezralow Company). She also served as the Director of Financial Reporting for Irvine Apartment Communities, a publicly traded apartment REIT at the time, and as Assistant Controller for the Inland Empire division of KB Home, a publicly traded homebuilder. Kessler began her career as a certified public accountant at Ernst & Young.
Clint Malin Co-Chief Executive Officer, Co-President
Clint Malin was appointed Co-Chief Executive Officer in December 2024 and Co-President in May 2020. He joined LTC in 2004 as Vice President and Chief Investment Officer. Prior to LTC, Malin was the Vice President of Corporate Real Estate for Sun Healthcare Group, Inc. (now Genesis HealthCare), where he was responsible for acquisitions and portfolio management. He began his career in public accounting with KPMG and Arthur Andersen.
Cece Chikhale Executive Vice President, Chief Financial Officer, Treasurer, and Secretary
Cece Chikhale was promoted to Executive Vice President, Chief Financial Officer, Treasurer, and Secretary in 2024, effective December 31, 2024. She joined LTC in 2002 as an Accounting Manager and has served in various capacities, including Senior Vice President, Controller and Treasurer, and Chief Accounting Officer since 2020. Before her tenure at LTC, Chikhale was a Senior Auditor at Ernst & Young.
David Boitano Executive Vice President and Chief Investment Officer
David Boitano was appointed Executive Vice President and Chief Investment Officer in April 2025. Prior to joining LTC, Boitano held executive positions within the seniors housing and healthcare finance industry, specifically at Ventas, where he had direct underwriting responsibility for over $5 billion in transactions.
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```htmlKey Risks to LTC Properties
-
Regulatory Changes and Reimbursement Pressures
LTC Properties faces significant risk from potential shifts in government regulations, particularly concerning Medicare and Medicaid reimbursement rates. These changes can directly affect the financial stability of LTC's operating partners, especially those in the skilled nursing sector, which in turn impacts LTC's revenue streams and profitability. The skilled nursing sector continues to face structural headwinds, including labor cost inflation, regulatory burdens, and reimbursement pressures from government payers.
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Operator Concentration and Performance Risk
A notable concern for LTC is its elevated concentration with specific tenants. The company's success is highly dependent on the operational and financial health of these key partners. Instances of operators filing for bankruptcy or exhibiting financial stress highlight the inherent operational risks within LTC's tenant base. Furthermore, the challenge of identifying and retaining high-quality operating partners is crucial, as suboptimal operator performance can lead to reduced occupancy rates and lower returns on investment. This risk is further amplified by LTC's ongoing strategic transition to a RIDEA-based Seniors Housing Operating Portfolio (SHOP) model, which increases the REIT's direct exposure to the revenue and expenses of its properties and thus to operator-level volatility.
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Transition to SHOP Model and Associated Operational Volatility
LTC Properties is undertaking a significant strategic shift by expanding its Seniors Housing Operating Portfolio (SHOP) segment. While this transition is aimed at driving growth, it inherently increases LTC's exposure to operational volatility, including fluctuations in occupancy and operating expenses. Unlike traditional triple-net leases that offload many property-specific risks to tenants, the SHOP model means LTC participates more directly in the operational performance of these properties, thus bearing a greater share of property-level risks.
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The clear emerging threat for LTC Properties is the accelerating trend of "aging in place." Advancements in home healthcare technology, remote monitoring, telehealth services, and an increased availability of in-home support services are enabling a growing number of seniors to remain in their homes longer, often with a higher level of care than previously possible. This shift in care delivery models and consumer preference could reduce the demand for traditional institutional seniors housing and skilled nursing facilities, potentially leading to lower occupancy rates, pressure on rental income, and diminished asset valuations for properties owned by LTC.
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The addressable markets for LTC Properties' main products and services, which include seniors housing and skilled nursing properties, are substantial within the U.S. region.For **seniors housing** in the U.S., the market was valued at $923.20 billion in 2023 and is projected to grow to approximately $1.22 trillion by 2030. Another estimate placed the U.S. senior living market size at USD 943.90 billion in 2025, with a projection to reach USD 1.33 trillion by 2033.
For **skilled nursing properties** in the U.S., the market size was approximately $194.2 billion in 2024. It was valued at USD 180.95 billion in 2023 and is projected to reach around USD 253.77 billion by 2033. Another report indicated the market size for Nursing Care Facilities in the U.S. was $167.5 billion in 2025 and $173.4 billion in 2026. The U.S. market for skilled nursing facilities is estimated to be worth USD 202.4 billion in 2025 and is anticipated to reach USD 279.9 billion by 2035.
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LTC Properties (LTC) is strategically positioning itself for future revenue growth over the next two to three years by focusing on several key initiatives:
- Expansion of Seniors Housing Operating Portfolio (SHOP) Investments: LTC Properties is aggressively transitioning its portfolio to the Seniors Housing Operating Partnership (SHOP) model, aiming for SHOP investments to constitute 45% of its total investment portfolio and generate 40% of its Net Operating Income (NOI) by the end of 2026, significantly up from 25% at year-end 2025. The company projects approximately $600 million in SHOP acquisitions for 2026. This strategic shift is expected to drive substantial growth, with the original 13 SHOP-converted properties demonstrating a 22% increase in NOI over 2024 pro forma levels, and a projected 14% NOI growth for a subset of 27 SHOP properties in 2026.
- Occupancy and Revenue Per Available Room (RevPAR) Growth: Within its growing SHOP portfolio, LTC Properties anticipates increased occupancy rates and higher RevPAR, directly contributing to revenue growth. The company projects an increase in occupancy of about 150 basis points for its 27 SHOP properties in 2026, alongside an approximate 5% growth in RevPAR. Overall occupancy is expected to trend towards 85%.
- Strategic Capital Recycling and Reinvestment: LTC Properties plans to divest $50 million to $75 million in non-core assets to fund acquisitions of higher-acuity facilities and new mortgage deployments. This capital recycling strategy involves reducing the company's exposure to skilled nursing investments to less than 30% of its portfolio by year-end 2026. By reinvesting in higher-yielding opportunities, LTC aims to enhance its overall revenue generation.
- Rental Escalators and Yield on New Mortgage Deployments: For its existing and future lease and mortgage portfolios, LTC Properties expects revenue growth from contractual rental escalators embedded in its long-term triple-net leases. Additionally, the deployment of new mortgage financing at higher yields will also contribute to increased interest income.
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Share Repurchases
- LTC Properties authorized a share repurchase program for up to 5,000,000 shares in March 2020.
- The program was terminated in March 2020, with approximately 615,827 shares repurchased for a total investment of about $18 million.
Share Issuance
- Acquisitions in December 2025 were partly funded through proceeds from At-The-Market (ATM) sales, indicating share issuance.
Inbound Investments
- Jupiter Asset Management Ltd. acquired 184,391 shares of LTC Properties, valued at approximately $6.8 million, during the third quarter (presumably of 2025).
Outbound Investments
- In January 2023, LTC invested $117.5 million in a joint venture for the purchase of 11 assisted living/memory care communities in North Carolina and originated a $10.8 million mortgage loan, totaling $128.2 million.
- LTC completed $360 million in Senior Housing Operating Portfolio (SHOP) acquisitions in 2025, including two properties for $63 million in Tennessee and Wisconsin.
- For 2026, LTC has established investment guidance of $400 million to $800 million in additional SHOP acquisitions and conversions, with a midpoint target of $600 million in acquisitions. The company anticipates SHOP assets will grow to $1.4 billion by year-end 2026.
Capital Expenditures
- LTC's 2026 guidance includes approximately $5 million for FAD (Funds Available for Distribution) Capital Expenditures.
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| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 28.77 |
| Mkt Cap | 4.7 |
| Rev LTM | 577 |
| Op Inc LTM | 121 |
| FCF LTM | 139 |
| FCF 3Y Avg | 168 |
| CFO LTM | 252 |
| CFO 3Y Avg | 228 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.8% |
| Rev Chg 3Y Avg | 6.0% |
| Rev Chg Q | 10.4% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 13.3% |
| Op Inc Chg 3Y Avg | 16.9% |
| Op Mgn LTM | 23.4% |
| Op Mgn 3Y Avg | 23.7% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 42.6% |
| CFO/Rev 3Y Avg | 42.3% |
| FCF/Rev LTM | 30.7% |
| FCF/Rev 3Y Avg | 31.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.7 |
| P/S | 5.8 |
| P/Op Inc | 17.8 |
| P/EBIT | 14.5 |
| P/E | 30.2 |
| P/CFO | 13.0 |
| Total Yield | 9.5% |
| Dividend Yield | 6.1% |
| FCF Yield 3Y Avg | 7.9% |
| D/E | 0.6 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -2.8% |
| 3M Rtn | -2.8% |
| 6M Rtn | 9.7% |
| 12M Rtn | 14.9% |
| 3Y Rtn | 31.4% |
| 1M Excs Rtn | -1.8% |
| 3M Excs Rtn | -14.9% |
| 6M Excs Rtn | 1.7% |
| 12M Excs Rtn | -9.1% |
| 3Y Excs Rtn | -44.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Real estate investments portfolio | 189 | 204 | |||
| Seniors housing operating portfolio (SHOP) | 72 | 0 | |||
| Non-segment/corporate | 2 | 5 | |||
| Single Segment | 197 | ||||
| Interest and other income | 5 | 1 | |||
| Interest income from financing receivables | 2 | ||||
| Interest income from mortgage loans | 41 | 33 | |||
| Rental income | 128 | 121 | |||
| Total | 263 | 210 | 197 | 175 | 155 |
Price Behavior
| Market Price | $36.83 | |
| Market Cap ($ Bil) | 1.8 | |
| First Trading Date | 08/25/1992 | |
| Distance from 52W High | -7.4% | |
| 50 Days | 200 Days | |
| DMA Price | $37.95 | $35.99 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -2.9% | 2.3% |
| 3M | 1YR | |
| Volatility | 22.3% | 18.4% |
| Downside Capture | -3.05 | -28.43 |
| Upside Capture | -17.34 | -7.55 |
| Correlation (SPY) | -7.4% | -7.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.40 | 0.10 | 0.16 | -0.07 | -0.01 | 0.26 |
| Up Beta | 1.51 | -0.12 | -0.13 | -0.09 | 0.21 | 0.28 |
| Down Beta | 0.89 | 0.72 | 0.49 | 0.21 | -0.04 | 0.20 |
| Up Capture | -17% | 13% | 5% | -6% | 1% | 10% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 23 | 33 | 64 | 133 | 407 |
| Down Capture | 9% | 24% | 38% | -33% | -25% | 46% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 18 | 30 | 60 | 114 | 334 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LTC | |
|---|---|---|---|---|
| LTC | 10.4% | 18.3% | 0.40 | - |
| Sector ETF (XLRE) | 11.8% | 13.8% | 0.57 | 45.7% |
| Equity (SPY) | 24.9% | 12.3% | 1.52 | -7.2% |
| Gold (GLD) | 25.5% | 27.4% | 0.81 | -1.5% |
| Commodities (DBC) | 30.1% | 19.0% | 1.25 | -11.5% |
| Real Estate (VNQ) | 13.5% | 13.5% | 0.69 | 48.7% |
| Bitcoin (BTCUSD) | -41.7% | 42.2% | -1.16 | -11.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LTC | |
|---|---|---|---|---|
| LTC | 5.3% | 20.9% | 0.18 | - |
| Sector ETF (XLRE) | 3.5% | 19.1% | 0.09 | 55.3% |
| Equity (SPY) | 13.5% | 17.1% | 0.61 | 27.6% |
| Gold (GLD) | 16.8% | 18.2% | 0.75 | 10.7% |
| Commodities (DBC) | 8.4% | 19.4% | 0.33 | 8.6% |
| Real Estate (VNQ) | 2.8% | 18.8% | 0.05 | 57.9% |
| Bitcoin (BTCUSD) | 13.6% | 54.4% | 0.44 | 6.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LTC | |
|---|---|---|---|---|
| LTC | 3.4% | 27.1% | 0.16 | - |
| Sector ETF (XLRE) | 7.1% | 20.4% | 0.30 | 69.2% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 47.4% |
| Gold (GLD) | 12.5% | 16.1% | 0.64 | 9.5% |
| Commodities (DBC) | 6.7% | 18.0% | 0.29 | 18.8% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 73.9% |
| Bitcoin (BTCUSD) | 60.3% | 66.8% | 1.00 | 13.5% |
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Returns Analyses
Earnings Returns History
Updated 6/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 0.4% | 0.4% | -5.8% |
| 2/24/2026 | 1.4% | 1.1% | -4.1% |
| 11/4/2025 | 0.0% | 1.7% | -0.6% |
| 8/4/2025 | 1.2% | 3.1% | 4.8% |
| 5/5/2025 | 3.5% | 2.7% | 1.4% |
| 2/24/2025 | -0.8% | 2.6% | 0.4% |
| 10/28/2024 | 6.0% | 5.0% | 8.8% |
| 7/29/2024 | -6.1% | -6.4% | -2.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 15 | 12 |
| # Negative | 13 | 9 | 12 |
| Median Positive | 1.4% | 2.2% | 5.0% |
| Median Negative | -2.3% | -3.7% | -5.6% |
| Max Positive | 6.0% | 5.0% | 15.2% |
| Max Negative | -6.1% | -6.7% | -11.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 10/28/2024 | 10-Q |
| 06/30/2024 | 07/29/2024 | 10-Q |
| 03/31/2024 | 04/29/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Diluted earnings per common share | 1.8 | 1.82 | 1.84 | 0.0% | Affirmed | Guidance: 1.82 for 2026 | |
| 2026 Diluted Core FFO per share | 2.75 | 2.77 | 2.79 | 0.0% | Affirmed | Guidance: 2.77 for 2026 | |
| 2026 Diluted Core FAD per share | 2.82 | 2.84 | 2.86 | 0.0% | Affirmed | Guidance: 2.84 for 2026 | |
| 2026 Gross investments | 400.00 Mil | 600.00 Mil | 800.00 Mil | 0.0% | Affirmed | Guidance: 600.00 Mil for 2026 | |
| 2026 SHOP NOI | 65.10 Mil | 71.15 Mil | 77.20 Mil | 0.0% | Affirmed | Guidance: 71.15 Mil for 2026 | |
| 2026 General and administrative costs | 31.70 Mil | 32.80 Mil | 33.90 Mil | ||||
Prior: Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Diluted earnings per common share | 0.6 | 0.61 | 0.62 | -70.2% | Lowered | Guidance: 2.05 for Q4 2025 | |
| Q1 2026 Diluted Core FFO per share | 0.66 | 0.67 | 0.68 | -1.5% | Lowered | Guidance: 0.68 for Q4 2025 | |
| Q1 2026 Diluted Core FAD per share | 0.68 | 0.69 | 0.7 | -1.4% | Lowered | Guidance: 0.7 for Q4 2025 | |
| Q1 2026 SHOP NOI | 12.10 Mil | 12.55 Mil | 13.00 Mil | ||||
| 2026 Diluted earnings per common share | 1.8 | 1.82 | 1.84 | -26.0% | Lowered | Guidance: 2.46 for 2025 | |
| 2026 Diluted Core FFO per share | 2.75 | 2.77 | 2.79 | 2.6% | Raised | Guidance: 2.7 for 2025 | |
| 2026 Diluted Core FAD per share | 2.82 | 2.84 | 2.86 | 0.4% | Raised | Guidance: 2.83 for 2025 | |
| 2026 Gross investments | 400.00 Mil | 600.00 Mil | 800.00 Mil | ||||
| 2026 SHOP NOI | 65.10 Mil | 71.15 Mil | 77.20 Mil | 326.0% | Raised | Guidance: 16.70 Mil for 2025 | |
Insider Activity
Updated 6/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Boitano, David M | EVP & CIO | Direct | Buy | 6042026 | 34.77 | 10,000 | 347,700 | 1,604,983 | Form |
| 2 | Gruber, David L | Direct | Buy | 5212026 | 38.41 | 4,000 | 153,640 | 1,691,768 | Form | |
| 3 | Gruber, David L | Direct | Buy | 3052026 | 38.00 | 7,000 | 266,000 | 1,403,378 | Form | |
| 4 | Boitano, David M | EVP & CIO | Direct | Buy | 1022026 | 34.44 | 10,000 | 344,400 | 882,559 | Form |
| 5 | Gruber, David L | Direct | Buy | 11072025 | 35.94 | 1,000 | 35,940 | 1,072,234 | Form |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Health Care REITs Resources |
| Healthcare Real Estate Insights |
| Seniors Housing Business |
| RevistaMed |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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