| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 40 | 15.0x | 17.8x | Around median | |
Growth | 76 | 59.8% | 7.1% | Top tier | |
Quality | 86 | 11.7% | 4.5% | Top tier | |
Safety | 64 | 2.8x | 2.6x | Around median | |
Capital Return | 62 | 4.95% | 2.12% | Around median | |
Momentum | 81 | 8.0% | 2.9% | Top tier | |
Sentiment | 90 | 3 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
LTC Properties, Inc. is a real estate investment trust focused on senior care properties, generating income through operating housing communities under the SHOP platform, alongside triple-net leases and real estate financing. The company is transforming its portfolio from a leasing and lending model to the higher-growth SHOP model, while selling skilled nursing facilities and lower-growth investments and redeploying the proceeds into modern independent living, assisted living, and memory care communities.
In fiscal 2026 Q2, revenue reached $98.9 million, compared with $95.4 million in fiscal 2026 Q1, representing sequential growth of approximately 3.7%. Net income increased to $29.6 million from $23.6 million, equivalent to a calculated net income margin of approximately 29.9%, and earnings per share reached $0.56 versus $0.48 in the previous quarter. Core FFO per share was $0.68, unchanged year over year, while Core FAD per share declined to $0.70 from $0.71 due to the increased share count, lower income from skilled nursing facility sales and loan repayments, and higher interest expense.
NOI for the core SHOP portfolio reached $13.3 million in fiscal 2026 Q2, compared with $12.7 million on a pro forma basis in the previous quarter. Management expects SHOP to represent approximately 40% of annualized pro forma NOI by the end of September 2026, then 50% by the end of fiscal 2026, with a targeted path to reach 75% by the end of 2028. Conversely, the contribution from skilled nursing facilities is expected to decline to the low-20% range of NOI by the end of fiscal 2026, after exceeding 50% in fiscal 2025 Q2.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $50, within a range of $45 to $55, while the recommendation consensus is "Neutral." The entire target range is above the 52-week high of $43, compared with a low of $33.64, implying a rerating tied to the success of LTC's transition to SHOP; however, unchanged Core FFO per share, equity dilution, and acquisition execution risks explain the cautious consensus despite the higher targets, and no displayed P/E ratio is available to confirm the valuation's attractiveness from an earnings perspective.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
The main driver is the shift from triple-net leases and lending to the SHOP platform for operating senior housing communities. Management raised fiscal 2026 SHOP acquisition guidance to $900 million and expects to complete $700 million of it by the end of September 2026. It also targets increasing SHOP's contribution from 40% of annualized pro forma NOI at the end of September 2026 to 50% by the end of fiscal 2026, then to 75% by the end of 2028.
Revenue reached $98.9 million and net income reached $29.6 million, compared with revenue of $95.4 million and net income of $23.6 million in fiscal 2026 Q1. Earnings per share reached $0.56, while Core FFO per share was $0.68. Core FAD per share declined to $0.70 from $0.71 in fiscal 2025 Q2 due to the increased share count, lower income from certain sales and loan repayments, and higher interest expense.
The $700 million of acquisitions planned for completion through the end of September 2026 have an average age of approximately 9 years. Of these, 76% are located in primary markets according to the NIC classification, and the average community size is approximately 110 units. Approximately 60% of these communities also offer a continuum of care that includes independent living, assisted living, and memory care, and management says it is focusing on properties with stable occupancy rather than value-add projects.
Management kept the midpoint of earnings-per-share guidance unchanged because acquisition closings occurred later than the original assumption, which distributed deals evenly throughout fiscal 2026. Nevertheless, it narrowed the Core FFO per share range to $2.76–$2.78 and the Core FAD per share range to $2.83–$2.85. The guidance includes $900 million of SHOP acquisitions at the midpoint and SHOP NOI of between $71 million and $80 million.
LTC expects $730 million of proceeds from asset sales and loan repayments in fiscal 2026, including $180 million from the repayment of the Prestige loan. It also sold 4.1 million shares in fiscal 2026 Q2 for net proceeds of $155 million, and pro forma liquidity reached $648 million after expanding the unsecured revolving credit line to $900 million. The ratio of debt to annualized adjusted real estate EBITDA was 4.2 times, within management's target range of 4 to 5 times.
Core portfolio occupancy reached 89.7% in the first half of fiscal 2026, but it was approximately 90 basis points below management's internal expectations. Standalone memory care units account for approximately 30%–32% of this portfolio, which could increase quarter-to-quarter occupancy volatility. Nevertheless, core NOI for the SHOP platform reached approximately $13.3 million in fiscal 2026 Q2, and management targets pro forma growth of approximately 14% at the guidance midpoint compared with fiscal 2025.
