LTC Properties (LTC)
Market Price (9/13/2026): $42.285 | Market Cap: $2.2 BilSector: Real Estate | Industry: Health Care REITs
LTC Properties (LTC)
Market Price (9/13/2026): $42.285Market Cap: $2.2 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 11%, Dividend Yield is 5.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.2%, FCF Yield is 6.5% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 60% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 41% Low stock price volatilityVol 12M is 20% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Geriatric Care. | Trading close to highsDist 52W High is -0.7%, Dist 3Y High is -0.7% Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -11% | 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 11%, Dividend Yield is 5.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.2%, FCF Yield is 6.5% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 60% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 41% |
| Low stock price volatilityVol 12M is 20% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Geriatric Care. |
| Trading close to highsDist 52W High is -0.7%, Dist 3Y High is -0.7% |
| Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -11% |
| 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 gained about 15% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat: LTC Properties reported significantly better-than-expected results for its fiscal second quarter ended June 30, 2026, announced on August 5, 2026. The company posted an earnings per share (EPS) of $0.56, surpassing the consensus estimate of $0.48 by $0.08. Additionally, quarterly revenue surged by 63.6% year-over-year to $98.08 million, exceeding analyst expectations of $79.01 million.
2. Accelerated Strategic Shift to SHOP and Increased Investment Guidance: The company demonstrated significant progress and commitment to its Seniors Housing Operating Portfolio (SHOP) strategy. Management increased its full-year 2026 SHOP investment guidance by 50% to a midpoint of $900 million. Through fiscal Q2 2026, LTC completed $171 million in SHOP acquisitions, with an additional $208 million closed in July and $321 million projected for August and September 2026. This accelerated transformation is expected to increase SHOP's contribution to proforma annualized Net Operating Income (NOI) to 40% by the end of fiscal Q3 2026 and nearly 50% by year-end, indicating a strong growth trajectory.
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LTC Properties (LTC) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat: LTC Properties reported significantly better-than-expected results for its fiscal second quarter ended June 30, 2026, announced on August 5, 2026. The company posted an earnings per share (EPS) of $0.56, surpassing the consensus estimate of $0.48 by $0.08. Additionally, quarterly revenue surged by 63.6% year-over-year to $98.08 million, exceeding analyst expectations of $79.01 million.
2. Accelerated Strategic Shift to SHOP and Increased Investment Guidance: The company demonstrated significant progress and commitment to its Seniors Housing Operating Portfolio (SHOP) strategy. Management increased its full-year 2026 SHOP investment guidance by 50% to a midpoint of $900 million. Through fiscal Q2 2026, LTC completed $171 million in SHOP acquisitions, with an additional $208 million closed in July and $321 million projected for August and September 2026. This accelerated transformation is expected to increase SHOP's contribution to proforma annualized Net Operating Income (NOI) to 40% by the end of fiscal Q3 2026 and nearly 50% by year-end, indicating a strong growth trajectory.
3. Robust Capital Recycling and Enhanced Liquidity: To support its SHOP expansion, LTC Properties announced plans for significant capital recycling, projecting $730 million from dispositions and loan payoffs in 2026, an increase of $465 million from previous guidance, which is expected to generate $53 million in annualized income. Furthermore, the company strengthened its financial position by expanding its credit facility commitments to $1.1 billion, providing ample liquidity for its strategic investments.
4. Positive Analyst Upgrades and Outlook: Analyst sentiment shifted positively following the fiscal Q2 2026 results and the update on the SHOP strategy. RBC Capital upgraded LTC's stock to "Outperform" with a $45 price target on August 14, 2026, and Deutsche Bank also upgraded it to "Buy" with a $55 price target on August 27, 2026. The consensus analyst rating moved to a "Moderate Buy" with an average 12-month price target ranging from $41.40 to $44.71, suggesting potential upside from current levels.
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Stock Movement Drivers
Fundamental Drivers
The 14.6% change in LTC stock from 5/31/2026 to 9/12/2026 was primarily driven by a 12.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9122026 | Change |
|---|---|---|---|
| Stock Price ($) | 36.87 | 42.27 | 14.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 309 | 348 | 12.5% |
| Net Income Margin (%) | 39.1% | 38.9% | -0.4% |
| P/E Multiple | 14.8 | 16.2 | 9.3% |
| Shares Outstanding (Mil) | 49 | 52 | -6.4% |
| Cumulative Contribution | 14.6% |
Market Drivers
5/31/2026 to 9/12/2026| Return | Correlation | |
|---|---|---|
| LTC | 14.6% | |
| Market (SPY) | 1.0% | -34.5% |
| Sector (XLRE) | -1.3% | 44.4% |
Fundamental Drivers
The 9.7% change in LTC stock from 2/28/2026 to 9/12/2026 was primarily driven by a 32.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9122026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.53 | 42.27 | 9.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 263 | 348 | 32.3% |
| Net Income Margin (%) | 44.9% | 38.9% | -13.3% |
| P/E Multiple | 15.6 | 16.2 | 3.8% |
| Shares Outstanding (Mil) | 48 | 52 | -8.0% |
| Cumulative Contribution | 9.7% |
Market Drivers
2/28/2026 to 9/12/2026| Return | Correlation | |
|---|---|---|
| LTC | 9.7% | |
| Market (SPY) | 11.7% | -15.1% |
| Sector (XLRE) | -0.3% | 46.3% |
Fundamental Drivers
The 23.1% change in LTC stock from 8/31/2025 to 9/12/2026 was primarily driven by a 59.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9122026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.34 | 42.27 | 23.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 218 | 348 | 59.8% |
| Net Income Margin (%) | 38.2% | 38.9% | 1.8% |
| P/E Multiple | 18.9 | 16.2 | -14.2% |
| Shares Outstanding (Mil) | 46 | 52 | -11.9% |
| Cumulative Contribution | 23.1% |
Market Drivers
8/31/2025 to 9/12/2026| Return | Correlation | |
|---|---|---|
| LTC | 23.1% | |
| Market (SPY) | 19.5% | -14.8% |
| Sector (XLRE) | 5.2% | 44.3% |
Fundamental Drivers
The 56.2% change in LTC stock from 8/31/2023 to 9/12/2026 was primarily driven by a 84.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9122026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.07 | 42.27 | 56.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 189 | 348 | 84.0% |
| Net Income Margin (%) | 37.3% | 38.9% | 4.4% |
| P/E Multiple | 15.8 | 16.2 | 2.5% |
| Shares Outstanding (Mil) | 41 | 52 | -20.7% |
| Cumulative Contribution | 56.2% |
Market Drivers
8/31/2023 to 9/12/2026| Return | Correlation | |
|---|---|---|
| LTC | 56.2% | |
| Market (SPY) | 75.7% | 14.9% |
| Sector (XLRE) | 28.8% | 53.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LTC Return | -7% | 11% | -3% | 15% | 6% | 29% | 56% |
| Peers Return | 10% | -14% | 15% | 19% | 24% | 17% | 89% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| LTC Win Rate | 50% | 58% | 33% | 83% | 58% | 78% | |
| Peers Win Rate | 53% | 42% | 57% | 67% | 60% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| LTC Max Drawdown | -26% | -21% | -18% | -12% | -9% | -12% | |
| Peers Max Drawdown | -20% | -34% | -25% | -18% | -13% | -13% | |
| 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, WELL.
[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 9/11/2026 (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.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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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)
LTC Properties is a real estate investment trust (REIT) focused on investing in the seniors housing and healthcare property sectors. As a REIT, it primarily acquires and finances real estate, generating income from rent and interest payments, which are then distributed to shareholders.
The company's main "products" are capital solutions offered to operators of seniors housing and skilled nursing facilities. LTC employs various investment strategies, including sale-leasebacks where they buy a property and lease it back to the operator, providing direct mortgage financing, forming joint ventures, and offering structured finance solutions like preferred equity and mezzanine lending. These methods enable LTC to build and manage its diversified real estate portfolio.
LTC's primary customers are the 29 operating partners who manage its 181 properties across 27 U.S. states. These operators utilize LTC's capital to run facilities serving the elderly population. The company's balanced portfolio is strategically comprised of approximately 50% seniors housing properties, which include independent living, assisted living, and memory care facilities, and 50% skilled nursing properties, which provide post-acute and long-term medical care.
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Here 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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Key Risks to LTC Properties
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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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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.
Peer Outperformance in Health Care REITs
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| LTC | LTC Properties | 24.8% | 16.2x | 24.0% | 60.4% | 72.0% | — |
| WELL | Welltower | 27.6% | 107.8x | 41.4% | 202.5% | 201.1% | +129pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs ← | 14 | 17.5% | 62.4% | 65.7% | WELL 201% · DHC 133% · CTRE 125% |
| Retail REITs | 22 | 9.6% | 36.3% | 35.9% | IVT 1559% · SKT 159% · SPG 104% |
| Other Specialized REITs | 11 | 5.0% | 19.9% | 17.0% | IRM 197% · LAMR 72% · EPR 71% |
| Real Estate Development | 6 | -15.3% | 17.9% | 15.7% | JOE 57% · AXR 46% · FOR 32% |
| Hotel & Resort REITs | 16 | 26.0% | 30.0% | 5.1% | RHP 76% · HST 69% · DRH 52% |
| Industrial REITs | 11 | 13.9% | 18.2% | 4.4% | EGP 32% · FR 30% · PLD 18% |
| Diversified REITs | 12 | 7.7% | 26.9% | -6.1% | CTO 72% · WPC 23% · LXP 15% |
| Multi-Family Residential REITs | 13 | -5.1% | 5.7% | -18.5% | AIV 15% · ESS 1% · VMRK -3% |
| Single-Family Residential REITs | 4 | -4.8% | -1.7% | -18.8% | AMH -12% · ELS -17% · INVH -20% |
| Real Estate Services | 24 | -21.4% | -5.0% | -27.8% | REAX 956% · CHCI 301% · MLP 51% |
| Office REITs | 18 | -13.3% | 19.0% | -28.8% | PSTL 68% · CDP 61% · SLG 8% |
| Telecom Tower REITs | 3 | -5.3% | -7.0% | -42.8% | AMT -29% · SBAC -43% · CCI -49% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 41.34 |
| Mkt Cap | 5.8 |
| Rev LTM | 988 |
| Op Inc LTM | 149 |
| FCF LTM | 257 |
| FCF 3Y Avg | 260 |
| CFO LTM | 406 |
| CFO 3Y Avg | 401 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 19.4% |
| Rev Chg 3Y Avg | 12.9% |
| Rev Chg Q | 23.2% |
| QoQ Delta Rev Chg LTM | 5.4% |
| Op Inc Chg LTM | 3.4% |
| Op Inc Chg 3Y Avg | 6.2% |
| Op Mgn LTM | 16.3% |
| Op Mgn 3Y Avg | 21.5% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 40.1% |
| CFO/Rev 3Y Avg | 41.6% |
| FCF/Rev LTM | 32.9% |
| FCF/Rev 3Y Avg | 35.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Real estate investments portfolio | 189 | 204 | 197 | ||
| Seniors housing operating portfolio (SHOP) | 72 | 0 | 0 | ||
| Non-segment/corporate | 2 | 5 | 1 | ||
| Single Segment | 175 | ||||
| Interest and other income | 1 | ||||
| Interest income from financing receivables | 0 | ||||
| Interest income from mortgage loans | 33 | ||||
| Rental income | 121 | ||||
| Total | 263 | 210 | 197 | 175 | 155 |
Price Behavior
| Market Price | $42.27 | |
| Market Cap ($ Bil) | 2.2 | |
| First Trading Date | 08/25/1992 | |
| Distance from 52W High | -0.7% | |
| 50 Days | 200 Days | |
| DMA Price | $40.34 | $37.31 |
| DMA Trend | up | up |
| Distance from DMA | 4.8% | 13.3% |
| 3M | 1YR | |
| Volatility | 22.8% | 20.2% |
| Downside Capture | -91.98 | -47.84 |
| Upside Capture | -2.81 | -13.41 |
| Correlation (SPY) | -24.3% | -14.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.62 | -0.63 | -0.63 | -0.23 | -0.22 | 0.19 |
| Up Beta | -1.61 | -1.62 | -0.87 | -0.42 | -0.16 | 0.23 |
| Down Beta | 0.40 | 0.14 | -0.42 | -0.01 | -0.11 | 0.16 |
| Up Capture | -8% | -18% | -34% | -10% | -8% | 6% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 23 | 36 | 69 | 130 | 408 |
| Down Capture | -32% | -78% | -105% | -39% | -66% | 26% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 19 | 28 | 58 | 119 | 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 | 23.0% | 20.2% | 0.91 | - |
| Sector ETF (XLRE) | 6.4% | 14.0% | 0.20 | 44.2% |
| Equity (SPY) | 18.3% | 12.8% | 1.03 | -14.8% |
| Gold (GLD) | 19.0% | 29.2% | 0.59 | -5.9% |
| Commodities (DBC) | 48.3% | 20.6% | 1.80 | -3.7% |
| Real Estate (VNQ) | 7.6% | 13.6% | 0.29 | 47.5% |
| Bitcoin (BTCUSD) | -32.4% | 43.8% | -0.77 | -13.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LTC | |
|---|---|---|---|---|
| LTC | 10.8% | 21.0% | 0.42 | - |
| Sector ETF (XLRE) | 0.9% | 19.2% | -0.06 | 54.9% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 25.0% |
| Gold (GLD) | 18.7% | 18.8% | 0.81 | 8.8% |
| Commodities (DBC) | 11.4% | 19.5% | 0.46 | 8.0% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 57.4% |
| Bitcoin (BTCUSD) | 9.4% | 52.6% | 0.36 | 6.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LTC | |
|---|---|---|---|---|
| LTC | 3.9% | 27.2% | 0.17 | - |
| Sector ETF (XLRE) | 6.1% | 20.4% | 0.25 | 68.8% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 46.6% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 8.8% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 19.0% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 73.5% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 13.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 1.9% | -0.1% | 8.7% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 13 |
| # Negative | 12 | 9 | 11 |
| Median Positive | 1.6% | 2.2% | 5.1% |
| Median Negative | -1.9% | -3.7% | -5.8% |
| Max Positive | 6.0% | 5.0% | 15.2% |
| Max Negative | -6.1% | -6.7% | -11.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 1.9% | -0.1% | 8.7% |
| 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% |
| 4/29/2024 | 1.9% | 2.4% | 3.9% |
| 2/15/2024 | 0.1% | 1.8% | 3.1% |
| 10/26/2023 | -1.5% | 3.6% | 5.1% |
| 7/27/2023 | -2.3% | -4.3% | -8.2% |
| 4/27/2023 | -2.5% | -3.0% | -8.5% |
| 2/16/2023 | 2.7% | 0.9% | -9.5% |
| 10/27/2022 | -0.4% | -3.1% | -2.8% |
| 7/28/2022 | 2.2% | 1.9% | 9.7% |
| 4/28/2022 | -2.3% | 3.9% | 15.2% |
| 2/17/2022 | -0.4% | -0.3% | 8.3% |
| 10/28/2021 | -6.0% | -4.2% | -5.3% |
| 7/29/2021 | -2.3% | -6.7% | -11.4% |
| 4/29/2021 | 0.7% | -3.7% | -6.8% |
| 2/18/2021 | -0.3% | 1.5% | 4.9% |
| 10/29/2020 | -1.1% | 2.2% | 11.5% |
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 13 |
| # Negative | 12 | 9 | 11 |
| Median Positive | 1.6% | 2.2% | 5.1% |
| Median Negative | -1.9% | -3.7% | -5.8% |
| 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 |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 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 |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/17/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/18/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/04/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Diluted earnings per common share | Reported | 8.08 | 8.09 | 8.1 | 344.5% | Raised | Guidance: 1.82 for 2026 | |
| 2026 Diluted Core FFO per share | Reported | 2.76 | 2.77 | 2.78 | 0 | Affirmed | Guidance: 2.77 for 2026 | |
| 2026 Diluted Core FAD per share | Reported | 2.83 | 2.84 | 2.85 | 0 | Affirmed | Guidance: 2.84 for 2026 | |
| 2026 Gross investments | Reported | 700.00 Mil | 900.00 Mil | 1.10 Bil | 50.0% | Raised | Guidance: 600.00 Mil for 2026 | |
| 2026 SHOP NOI | Reported | 71.20 Mil | 75.55 Mil | 79.90 Mil | 6.2% | Raised | Guidance: 71.15 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Diluted earnings per common share | Reported | 1.8 | 1.82 | 1.84 | 0 | Affirmed | Guidance: 1.82 for 2026 | |
| 2026 Diluted Core FFO per share | Reported | 2.75 | 2.77 | 2.79 | 0 | Affirmed | Guidance: 2.77 for 2026 | |
| 2026 Diluted Core FAD per share | Reported | 2.82 | 2.84 | 2.86 | 0 | Affirmed | Guidance: 2.84 for 2026 | |
| 2026 Gross investments | Reported | 400.00 Mil | 600.00 Mil | 800.00 Mil | 0 | Affirmed | Guidance: 600.00 Mil for 2026 | |
| 2026 SHOP NOI | Reported | 65.10 Mil | 71.15 Mil | 77.20 Mil | 0 | Affirmed | Guidance: 71.15 Mil for 2026 | |
| 2026 General and administrative costs | Reported | 31.70 Mil | 32.80 Mil | 33.90 Mil | ||||
Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Diluted earnings per common share | Reported | 0.6 | 0.61 | 0.62 | -70.2% | Lower New | Actual: 2.05 for Q4 2025 | |
| Q1 2026 Diluted Core FFO per share | Reported | 0.66 | 0.67 | 0.68 | -1.5% | Lower New | Actual: 0.68 for Q4 2025 | |
| Q1 2026 Diluted Core FAD per share | Reported | 0.68 | 0.69 | 0.7 | -1.4% | Lower New | Actual: 0.7 for Q4 2025 | |
| Q1 2026 SHOP NOI | Reported | 12.10 Mil | 12.55 Mil | 13.00 Mil | ||||
| 2026 Diluted earnings per common share | Reported | 1.8 | 1.82 | 1.84 | -26.0% | Lower New | Actual: 2.46 for 2025 | |
| 2026 Diluted Core FFO per share | Reported | 2.75 | 2.77 | 2.79 | 2.6% | Higher New | Actual: 2.7 for 2025 | |
| 2026 Diluted Core FAD per share | Reported | 2.82 | 2.84 | 2.86 | 0.4% | Higher New | Actual: 2.83 for 2025 | |
| 2026 Gross investments | Reported | 400.00 Mil | 600.00 Mil | 800.00 Mil | ||||
| 2026 SHOP NOI | Reported | 65.10 Mil | 71.15 Mil | 77.20 Mil | 326.0% | Higher New | Actual: 16.70 Mil for 2025 | |
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Diluted earnings per common share | Reported | 2.04 | 2.05 | 2.06 | ||||
| Q4 2025 Diluted Core FFO per share | Reported | 0.67 | 0.68 | 0.69 | ||||
| Q4 2025 Diluted Core FAD per share | Reported | 0.69 | 0.7 | 0.71 | ||||
| 2025 Diluted earnings per common share | Reported | 2.45 | 2.46 | 2.47 | ||||
| 2025 Diluted Core FFO per share | Reported | 2.69 | 2.7 | 2.71 | 0.4% | Raised | Guidance: 2.69 for 2025 | |
| 2025 Diluted Core FAD per share | Reported | 2.82 | 2.83 | 2.84 | 0.5% | Raised | Guidance: 2.81 for 2025 | |
| 2025 SHOP NOI | Reported | 16.20 Mil | 16.70 Mil | 17.20 Mil | 28.0% | Raised | Guidance: 13.00 Mil for 2025 | |
| 2025 General and administrative expenses | Reported | 29.80 Mil | 30.05 Mil | 30.30 Mil | 2.0% | Raised | Guidance: 29.40 Mil for 2025 | |
| 2025 SHOP FAD capital expenditures | Reported | 960 | 965 | 970 | Raised | Guidance: 0.79 Mil for 2025 | ||
Insider Activity
Updated 8/13/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gruber, David L | Direct | Buy | 8122026 | 38.30 | 500 | 19,150 | 1,841,081 | Form | |
| 2 | Gruber, David L | Direct | Buy | 8122026 | 38.30 | 3,500 | 134,050 | 1,820,973 | Form | |
| 3 | Triche, Timothy | Direct | Sell | 7142026 | 39.54 | 3,125 | 123,562 | 1,494,058 | Form | |
| 4 | Boitano, David M | EVP & CIO | Direct | Buy | 6042026 | 34.77 | 10,000 | 347,700 | 1,604,983 | Form |
| 5 | Gruber, David L | Direct | Buy | 5212026 | 38.41 | 4,000 | 153,640 | 1,691,768 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gruber, David L | Direct | Buy | 8122026 | 38.30 | 500 | 19,150 | 1,841,081 | Form | |
| 2 | Gruber, David L | Direct | Buy | 8122026 | 38.30 | 3,500 | 134,050 | 1,820,973 | Form | |
| 3 | Triche, Timothy | Direct | Sell | 7142026 | 39.54 | 3,125 | 123,562 | 1,494,058 | Form | |
| 4 | Boitano, David M | EVP & CIO | Direct | Buy | 6042026 | 34.77 | 10,000 | 347,700 | 1,604,983 | Form |
| 5 | Gruber, David L | Direct | Buy | 5212026 | 38.41 | 4,000 | 153,640 | 1,691,768 | Form | |
| 6 | Gruber, David L | Direct | Buy | 3052026 | 38.00 | 7,000 | 266,000 | 1,403,378 | Form | |
| 7 | Boitano, David M | EVP & CIO | Direct | Buy | 1022026 | 34.44 | 10,000 | 344,400 | 882,559 | Form |
| 8 | Gruber, David L | Direct | Buy | 11072025 | 35.94 | 1,000 | 35,940 | 1,072,234 | Form | |
| 9 | Gruber, David L | Direct | Buy | 11072025 | 35.41 | 4,000 | 141,620 | 1,017,469 | 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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