LTC Properties (LTC) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and LTC Properties published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. LTC Properties reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Diluted Core FFO per share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• LTC is a REIT. Revenue on this page is the line LTC calls total revenues, which includes SHOP resident fees, rent and interest income on its loans. The adjusted figure is Core FFO per diluted share, LTC's own non-GAAP measure.
• Q3 2026 GAAP EPS includes $323.9 million of net gains on the sale of 17 skilled nursing centers and 17 seniors housing communities. The year-ago loss included a $41.5 million non-cash write-off of effective interest receivable.

Source: LTC Properties Q3 2026 results, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How LTC Properties splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• LTC Properties's Resident fees and services (SHOP) revenue was $70.5 million in Q3 2026, up 218% from $22.2 million in Q3 2025, 61% of total revenue.
• LTC Properties's Rental income revenue was $27.5 million in Q3 2026, down 1% from $27.8 million in Q3 2025, 24% of total revenue.
• LTC Properties's Interest income from financing receivables revenue was $5.6 million in Q3 2026, down 20% from $7.1 million in Q3 2025, 5% of total revenue.
• LTC Properties's Interest income from mortgage loans revenue was $10.4 million in Q3 2026, up 5% from $9.9 million in Q3 2025, 9% of total revenue.
• LTC Properties's Interest and other income revenue was $1.2 million in Q3 2026, down 49% from $2.3 million in Q3 2025, 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The last two lines are from the table of full-year 2026 guidance that LTC reaffirmed in the release.

In its Q3 2026 release, LTC Properties said:

“LTC is increasing its 2026 SHOP investment mid-point guidance to $1 billion from $900 million.”

“Additionally, LTC is narrowing its 2026 SHOP NOI guidance to a range of $73.5 million to $76.4 million, from $71.2 million to $79.9 million.”

“Diluted earnings per common share $8.08 to $8.10”

“Diluted Core FFO per share $2.76 to $2.78”

Source: LTC Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the LTC forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and diluted GAAP EPS, each as first reported in that quarter's release. GAAP EPS swings with gains on property sales; Diluted Core FFO per share was $0.71, $0.68, $0.69, $0.70 and $0.69 across the same five quarters.

We do not hold a confirmed date for LTC Properties's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

LTC Properties' total revenues were $115.2 million in Q3 2026, against $69.3 million. The largest line is now resident fees and services from its seniors housing operating portfolio (SHOP), $70.5 million against $22.2 million, where LTC owns communities run by operators and keeps their operating income. Triple-net rental income was $27.5 million, and interest on financing receivables and mortgage loans added $5.6 million and $10.4 million. (LTC Q3 2026 release, Nov 3, 2026)

LTC said revenues rose $46 million mainly because of SHOP acquisitions and conversions of triple-net properties to SHOP, a lease termination fee received on the sale of leased properties, the absence of the prior year's non-cash write-off of straight-line effective interest, more loan interest, and rent resets and escalations, partly offset by asset sales and loan payoffs. The 10-Q puts the lease termination fee at $2,581,000. (LTC Q3 2026 release, Nov 3, 2026; LTC Form 10-Q, Q3 2026, Nov 3, 2026)

In the quarter LTC bought $566 million of SHOP communities, 12 across seven states at an average year-one cap rate of about 6.9%, and sold $464 million of assets: 17 skilled nursing centers for $304 million and 17 seniors housing communities for $160 million. SHOP now has 50 communities managed by 14 operators and represents 45% of annualized net operating income. (LTC Q3 2026 release, Nov 3, 2026)

In SHOP, Q3 2026 NOI was $19.7 million on $70.5 million of revenue, and average unit occupancy was 88.6%, against 86.5% a year earlier. Prestige Healthcare, which operates 21 skilled nursing centers in Michigan under LTC mortgage loans plus two in South Carolina, is LTC's largest operator by revenue at 7.4% of total revenues. (LTC Q3 2026 supplemental operating and financial data, Nov 3, 2026; LTC Form 10-Q, Q3 2026, Nov 3, 2026)

LTC Properties' diluted GAAP EPS was $6.39 in Q3 2026, against a loss of $0.44 a year earlier, because net income included a $323.9 million net gain on the sale of real estate. LTC put the gains at $195 million on the skilled nursing sale and $129 million on the seniors housing sale. (LTC Q3 2026 release, Nov 3, 2026)

LTC also reports Nareit funds from operations (FFO), which adds back depreciation and removes gains on property sales. Nareit FFO was $0.74 per diluted share and Core FFO, which also excludes non-core items such as the lease termination fee, was $0.71, against $0.69. LTC put the $0.02 Core FFO increase down to SHOP acquisitions and loan interest, partly offset by lost revenue from asset sales and loan payoffs and higher interest expense. (LTC Q3 2026 release, Nov 3, 2026; LTC Q3 2026 supplemental operating and financial data, Nov 3, 2026)

The year-ago GAAP loss included a $41.5 million write-off of effective interest receivable. Diluted weighted average shares rose to 54,208 thousand from 46,123 thousand, and LTC replaced its $400 million equity distribution agreement with a $500 million one in the quarter. LTC paid dividends of $0.57 per share in both periods. (LTC Q3 2026 release, Nov 3, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

LTC Properties gives full-year guidance in its release. With Q3 results it reaffirmed 2026 diluted EPS of $8.08 to $8.10, Diluted Core FFO per share of $2.76 to $2.78 and Diluted Core FAD per share of $2.83 to $2.85, raised its 2026 SHOP investment mid-point to $1 billion from $900 million, and narrowed SHOP NOI guidance to $73.5 million to $76.4 million. (LTC Q3 2026 release, Nov 3, 2026)

SHOP acquisitions reached nearly $950 million through October, including $208 million of four communities in the fourth quarter at an average year-one cap rate of about 6.6%. LTC listed $903 million of proforma liquidity, including $490 million available on its revolving line of credit and $402 million under its ATM. (LTC Q3 2026 release, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover LTC Properties, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones LTC Properties's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning LTC is on is LTC a buy or a sell?, what analysts expect next is on the LTC forecast, and what the company does is on the LTC Properties (LTC) stock page.

Every number on this page can be traced to a document LTC Properties published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.