The SHOP transformation is delivering accelerating NOI growth and portfolio mix shift away from skilled nursing. Monitor Q4 for completion of the remaining ~$180M in asset sales and loan payoffs, and the pace of SHOP acquisitions against the raised $1.0B mid-point target. The narrowed SHOP NOI guidance range suggests management sees a tighter band of outcomes.
How the stock moved after the report
BULLISH VIEWSTOCK BELOW ENTRY AT T+1- T+0 · Nov 3 $46.33entry
- T+1 · yesterday −1.47%α +2.94% · $45.65
- T+2 · todayOpen
- T+5 · in 4d Pending
- T+20 · in 26d Pending
- T+60 · in 3mo Pending
Price Chart
REPLAYWatch the reaction play outHow similar events traded
Executive Summary
LTC Properties reported Q3 2026 total revenues of $115.2M (up 66% YoY) and diluted Core FFO per share of $0.71, slightly above the $0.70 consensus. The company raised its 2026 SHOP investment mid-point guidance to $1.0B and narrowed SHOP NOI guidance, while reaffirming full-year Core FFO guidance of $2.76-$2.78. The quarter included $324M in gains on asset sales and a $2.3M impairment charge, with SHOP NOI surging to $19.7M from $4.8M a year ago as the portfolio transformation accelerates.
Key Financial Metrics
Key Facts
- Q3 2026 total revenues $115.2M vs $69.3M YoY (+66%)
- Diluted Core FFO per share $0.71 vs $0.69 YoY (+2.9%)
- Core FFO $38.7M vs $32.0M YoY (+20.8%)
- SHOP NOI $19.7M vs $4.8M YoY (+307%)
- Net income available to common stockholders $346.4M vs ($20.1M) YoY, driven by $324M gain on asset sales
- 2026 SHOP investment mid-point guidance raised to $1.0B from $900M
- SHOP NOI guidance narrowed to $73.5M-$76.4M from $71.2M-$79.9M
- Full-year diluted Core FFO guidance reaffirmed at $2.76-$2.78
- Year-to-date SHOP acquisitions nearly $950M through October
- SHOP now represents 45% of annualized NOI
- Proforma liquidity of $903M including $490M revolver availability
- Q3 2026 impairment charge of $2.3M on a property planned for sale
Financial Impact
Core FFO per share of $0.71 slightly above $0.70 consensus; total revenues of $115.2M above $112.2M consensus; SHOP NOI grew 307% YoY to $19.7M
Segment Breakdown
| Segment |
|---|
| Real estate investment portfolio |
| SHOP |
Risk Factors
- SHOP operating margins remain thin at 28.0% and could compress if expense growth outpaces RevPOR
- Impairment charges of $2.3M in Q3 and expected ~$10M in Q4 on planned property sales
- Debt to enterprise value of 30.5% and revolver draw of $430M leaves limited near-term balance sheet flexibility
- Dependence on a few large SHOP operators (Lifespark 31% of SHOP investment) creates concentration risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-122029 |
| Document: ltc-ex99d2.htm | 0001104659-26-122029 |
| Document: ltc-20261103x8k.htm | 0001104659-26-122029 |
| Document: 0001104659-26-122029-index-headers.html | 0001104659-26-122029 |
| Document: 0001104659-26-122029-index.html | 0001104659-26-122029 |
| Document: 0001104659-26-122029.txt | 0001104659-26-122029 |
| 8-K Data (Synthetic) | 0001104659-26-122029 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 5, 2026 today | 8-K/A | $46.67 | awaiting T+1 | awaiting T+1 | $45.65 (−2.19%) |
Nov 3, 2026 2d ago | 8-K | $46.33 $45.65 | ▼ −1.47% | ▲ +2.94% | $45.65 (−1.47%) |
Sep 25, 2026 5w ago | 8-K | $42.94 $43.09 | ▲ +0.35% | ▲ +1.09% | $45.65 (+6.31%) |
Jun 30, 2026 18w ago | 8-K | $38.85 $39.28 | ▲ +1.11% | ▲ +1.24% | $45.65 (+17.50%) |
Apr 8, 2026 30w ago | DEFA14A | $39.36 $39.74 | ▲ +0.99% | ▲ +1.05% | $45.65 (+15.99%) |
Feb 24, 2026 36w ago | 8-K | $39.20 $39.95 | ▲ +1.92% | ▲ +2.46% | $45.65 (+16.45%) |
US Market Status
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