LTC Properties Inc 2025年季度报告

Washington, D.C. 20549 FORM10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch31,2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 For the Transition period from ____ to ____ Commission file number1-11314 LTC PROPERTIES, INC. (Exact name of Registrant as specified in its charter) Maryland71-0720518(State or other jurisdiction of(I.R.S. Employerincorporation or organization)Identification No.)3011 Townsgate Road, Suite 220Westlake Village,California91361(Address of principal executive offices, including zip code)(805)981-8655(Registrant’s telephone number, including area code)Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that theregistrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data Filerequired to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding12 months (or for such shorter period that the registrant was required to submit such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “largeaccelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Large accelerated filerAccelerated filer ☑☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use theextended transition period for complying with any new or revised financial accounting standards providedpursuant to Section 13(a) of the Exchange Act. ¨☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of theExchange Act).Yes☐No☑ The number of shares of common stock outstanding on April 28, 2025 was45,930,567. LTC PROPERTIES, INC. FORM 10-Q March31,2025 INDEX PART I -- Financial Information Page Item 1.Financial StatementsConsolidated Balance Sheets3Consolidated Statements of Income4Consolidated Statements of Comprehensive Income5Consolidated Statements of Equity6Consolidated Statements of Cash Flows7Notes to Consolidated Financial Statements8Item 2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations30Item 3.Quantitative and Qualitative Disclosures about Market Risk49Item 4.Controls and Procedures49PART II -- Other Information Item 1.Legal Proceedings50Item 1A.Risk Factors50Item 2.Unregistered Sales of Equity Securities and Use of Proceeds51Item 5.Other Information51Item 6.Exhibits52 PART I - FINANCIAL INFORMATION LTC PROPERTIES, INC.CONSOLIDATED BALANCE SHEETS(amounts in thousands, except per share) LTC PROPERTIES, INC.CONSOLIDATED STATEMENTS OF INCOME(amounts in thousands, except per share, unaudited) LTC PROPERTIES, INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(amounts in thousands, unaudited) Three Months EndedMarch31,20252024Net income$22,221$24,689Unrealized (loss) gain on cash flow hedges before reclassification(138)1,414Gains reclassified from accumulated other comprehensive income to interest expense(772)(1,036)Comprehensive income21,31125,067Less: Comprehensive income allocated to non-controlling interests(1,541)(459)Comprehensive income attributable to LTC Properties,Inc.$19,770$24,608 LTC PROPERTIES, INC.CONSOLIDATED STATEMENTS OF EQUITY(amounts in thousands) LTC PROPERTIES,INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(amounts in thousands, unaudited) ThreeMonthsEndedMarch31,20252024OPERATING ACTIVITIES:Net income$22,221$24,689Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization9,1629,095Stock-based compensation expense2,2532,202Gain on sale of real estate, net(171)(3,251)Income from unconsolidated joint ventures(3,665)(376)Income distributions from unconsolidated joint ventures3,699112Straight-line rental adjustment578550Adjustment for collectability of straight-line rental income243—Adjustment for collectability of lease incentives249—Amortization of lease incentives199233Provision for credit losses3,05224Application of interest reserve—(52)Amortization of debt issue costs271267Other non-cash items, net2424Change in operating assets and liabilitiesLease incentives funded—(1,395)Increase in interest receivable(2,951)(2,220)(Decrease) increase in accrued interest payable(170)996Net change in other assets and liabilities(5,423)(9,832)Net cash provided by operating activities29,57121,066INV