LTC Properties
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LTC is a self-administered real estate investment trust that primarily invests in seniors housing and health care properties primarily through sale-leaseback transactions, mortgage financing and structured finance solutions including mezzanine lending. The last earnings update was 105 days ago. More info.
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LTC Share Price and Events
7 Day Returns
1 Year Returns
LTC Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| LTC Properties (LTC) | -0.7% | 6.9% | 6.2% | 24.2% | 10% | 27.1% |
| US REITs | 0.3% | 7.6% | 4.8% | 13.4% | 20% | 27% |
| US Market | 1.2% | 6.6% | 1.2% | 0.9% | 44.3% | 41.3% |
1 Year Return vs Industry and Market
- LTC outperformed the REITs industry which returned 13.4% over the past year.
- LTC outperformed the Market in United States of America which returned 0.9% over the past year.
LTC Value
Is LTC Properties undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
LTC Properties
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for LTC Properties.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations | |
| Levered Adjusted Funds From Operations | Average of 4 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 8.5% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 7.3% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.55 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.551 (1 + (1- 21%) (35.68%)) |
0.707 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.8 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 7.27%) |
8.55% |
Discounted Cash Flow Calculation for NYSE:LTC using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for LTC Properties is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.
LTC Properties is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Adjusted Funds From Operations (AFFO) (USD, Millions) | 120.15 | 125.62 | 140.07 | 156.18 | 174.13 |
| Source | Analyst x6 | Analyst x4 | Est @ 11.5% | Est @ 11.5% | Est @ 11.5% |
|
Present Value Discounted (@ 8.55%) |
110.69 | 106.62 | 109.52 | 112.50 | 115.56 |
| Present value of next 5 years cash flows | $554.90 |
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2023
× (1 + g) ÷ (Discount Rate – g)
= $174.13 × (1 + 2.73%) ÷ (8.55% – 2.73%) |
$3,075.79 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)5
= $3,075.79 ÷ (1 + 8.55%)5 |
$2,041.21 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 5 years cash flows +
Terminal Value
= $554.90 + $2,041.21 |
$2,596.11 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $2,596.11 / 39.66 |
$65.46 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $65.46 |
| Current discount | Discount to share price of
$47.42
= -1 x ($47.42 - $65.46) / $65.46 |
27.6% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- LTC Properties's share price is below the future cash flow value, and at a moderate discount (> 20%).
- LTC Properties's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for LTC Properties's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
LTC Properties's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-09-30) in USD | $3.64 |
| NYSE:LTC Share Price ** | NYSE (2019-02-15) in USD | $47.42 |
| United States of America REITs Industry PE Ratio | Median Figure of 154 Publicly-Listed REITs Companies | 33.11x |
| United States of America Market PE Ratio | Median Figure of 3,045 Publicly-Listed Companies | 16.97x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of LTC Properties.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:LTC Share Price ÷ EPS (both in USD) = 47.42 ÷ 3.64 |
13.04x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- LTC Properties is good value based on earnings compared to the US REITs industry average.
- LTC Properties is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does
LTC Properties's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 13.04x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts |
-25.6%per year |
| United States of America REITs Industry PEG Ratio | Median Figure of 139 Publicly-Listed REITs Companies | 0.88x |
| United States of America Market PEG Ratio | Median Figure of 2,115 Publicly-Listed Companies | 1.36x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 13.04x ÷ -25.6% |
-0.51x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- LTC Properties earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on
LTC Properties's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-09-30) in USD | $20.57 |
| NYSE:LTC Share Price * | NYSE (2019-02-15) in USD | $47.42 |
| United States of America REITs Industry PB Ratio | Median Figure of 192 Publicly-Listed REITs Companies | 1.74x |
| United States of America Market PB Ratio | Median Figure of 5,122 Publicly-Listed Companies | 1.82x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:LTC Share Price ÷ Book Value per Share (both in USD) = 47.42 ÷ 20.57 |
2.31x |
* Primary Listing of LTC Properties.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- LTC Properties is overvalued based on assets compared to the US REITs industry average.
Value checks
We assess LTC Properties's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) LTC Properties has a total score of 3/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
LTC Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- LTC Properties's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
- LTC Properties's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
- LTC Properties's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:LTC Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts | -25.6% |
| NYSE:LTC Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts | 2.6% |
| United States of America REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 1% |
| United States of America REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 3.8% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.3% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.1% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (4 months ago) | See Below |
| Future Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2020-12-31 | 175 | 135 | 89 | 2 |
| 2019-12-31 | 169 | 130 | 85 | 2 |
| 2018-12-31 | 164 | 118 | 148 | 1 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-09-30 | 167 | 113 | 143 |
| 2018-06-30 | 166 | 113 | 129 |
| 2018-03-31 | 166 | 106 | 86 |
| 2017-12-31 | 167 | 105 | 87 |
| 2017-09-30 | 167 | 102 | 88 |
| 2017-06-30 | 168 | 102 | 90 |
| 2017-03-31 | 165 | 107 | 86 |
| 2016-12-31 | 162 | 106 | 85 |
| 2016-09-30 | 157 | 111 | 82 |
| 2016-06-30 | 152 | 109 | 78 |
| 2016-03-31 | 144 | 104 | 73 |
| 2015-12-31 | 137 | 102 | 70 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (4 months ago) | See Below |
| Future Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
All data from LTC Properties Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2020-12-31 | 2.11 | 2.11 | 2.11 | 1.00 |
| 2019-12-31 | 2.16 | 2.17 | 2.15 | 2.00 |
| 2018-12-31 | 3.75 | 3.75 | 3.75 | 2.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2018-09-30 | 3.64 |
| 2018-06-30 | 3.28 |
| 2018-03-31 | 2.18 |
| 2017-12-31 | 2.21 |
| 2017-09-30 | 2.23 |
| 2017-06-30 | 2.28 |
| 2017-03-31 | 2.22 |
| 2016-12-31 | 2.21 |
| 2016-09-30 | 2.17 |
| 2016-06-30 | 2.13 |
| 2016-03-31 | 2.03 |
| 2015-12-31 | 1.97 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess LTC Properties's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
LTC Properties has a total score of 0/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
LTC Past Performance
How has LTC Properties performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- LTC Properties's year on year earnings growth rate has been positive over the past 5 years.
- LTC Properties's 1-year earnings growth exceeds its 5-year average (63.4% vs 16.1%)
- LTC Properties's earnings growth has exceeded the US REITs industry average in the past year (63.4% vs 17.3%).
Earnings and Revenue History
All data from LTC Properties Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-09-30 | 167.13 | 143.46 | 18.64 | |
| 2018-06-30 | 165.61 | 129.22 | 17.71 | |
| 2018-03-31 | 166.41 | 85.83 | 19.29 | |
| 2017-12-31 | 166.69 | 86.98 | 19.19 | |
| 2017-09-30 | 167.31 | 87.80 | 19.77 | |
| 2017-06-30 | 167.79 | 89.59 | 20.23 | |
| 2017-03-31 | 165.48 | 86.39 | 18.20 | |
| 2016-12-31 | 161.99 | 84.73 | 17.87 | |
| 2016-09-30 | 157.26 | 81.99 | 17.16 | |
| 2016-06-30 | 151.59 | 78.38 | 16.39 | |
| 2016-03-31 | 144.35 | 73.29 | 16.47 | |
| 2015-12-31 | 137.02 | 70.14 | 15.61 | |
| 2015-09-30 | 130.23 | 72.35 | 14.72 | |
| 2015-06-30 | 124.22 | 69.82 | 13.88 | |
| 2015-03-31 | 120.46 | 70.17 | 12.26 | |
| 2014-12-31 | 118.40 | 69.65 | 11.67 | |
| 2014-09-30 | 116.18 | 63.33 | 13.40 | |
| 2014-06-30 | 111.85 | 60.15 | 13.18 | |
| 2014-03-31 | 108.24 | 55.77 | 13.35 | |
| 2013-12-31 | 104.46 | 51.75 | 13.72 | |
| 2013-09-30 | 100.08 | 49.61 | 12.10 | |
| 2013-06-30 | 97.70 | 47.49 | 11.79 | |
| 2013-03-31 | 94.68 | 46.69 | 11.53 | |
| 2012-12-31 | 91.52 | 46.62 | 10.63 | |
| 2012-09-30 | 89.84 | 46.70 | 16.77 | |
| 2012-06-30 | 88.67 | 47.15 | 9.76 | |
| 2012-03-31 | 87.32 | 46.41 | 11.80 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- LTC Properties has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- LTC Properties used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
- LTC Properties has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess LTC Properties's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
LTC Properties has a total score of 5/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
LTC Health
How is LTC Properties's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up LTC Properties's finances.
The net worth of a company is the difference between its assets and liabilities.
- LTC Properties's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- LTC Properties's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from LTC Properties Company Filings, last reported 4 months ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-09-30 | 823.29 | 670.99 | 20.41 |
| 2018-06-30 | 805.70 | 652.44 | 4.26 |
| 2018-03-31 | 756.86 | 687.39 | 3.78 |
| 2017-12-31 | 758.65 | 667.50 | 5.21 |
| 2017-09-30 | 756.64 | 637.95 | 3.84 |
| 2017-06-30 | 757.17 | 642.90 | 9.30 |
| 2017-03-31 | 753.14 | 597.87 | 8.73 |
| 2016-12-31 | 740.05 | 609.39 | 7.99 |
| 2016-09-30 | 740.63 | 589.26 | 3.61 |
| 2016-06-30 | 730.74 | 606.73 | 17.76 |
| 2016-03-31 | 672.69 | 608.26 | 24.28 |
| 2015-12-31 | 659.20 | 571.87 | 12.94 |
| 2015-09-30 | 661.21 | 517.97 | 11.73 |
| 2015-06-30 | 659.52 | 357.97 | 8.05 |
| 2015-03-31 | 659.38 | 313.97 | 3.42 |
| 2014-12-31 | 660.12 | 280.58 | 25.24 |
| 2014-09-30 | 631.68 | 302.53 | 7.59 |
| 2014-06-30 | 632.28 | 295.03 | 8.06 |
| 2014-03-31 | 631.77 | 294.03 | 7.54 |
| 2013-12-31 | 632.44 | 278.84 | 6.78 |
| 2013-09-30 | 636.02 | 187.84 | 60.34 |
| 2013-06-30 | 635.23 | 187.84 | 63.32 |
| 2013-03-31 | 466.81 | 305.34 | 9.62 |
| 2012-12-31 | 463.11 | 303.94 | 7.19 |
| 2012-09-30 | 464.89 | 223.94 | 8.27 |
| 2012-06-30 | 465.46 | 170.64 | 10.31 |
| 2012-03-31 | 465.38 | 175.64 | 3.30 |
- LTC Properties's level of debt (81.5%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (29.7% vs 81.5% today).
- Debt is not well covered by operating cash flow (16.8%, less than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 3.8x coverage).
Financial health checks
We assess LTC Properties's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) LTC Properties has a total score of 1/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
LTC Dividends
What is LTC Properties's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
LTC Properties
shares you are expected to receive
$96
in your first year as a dividend.
Dividend Amount
- LTC Properties's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.43%).
- LTC Properties's dividend is above the markets top 25% of dividend payers in United States of America (3.59%).
Upcoming dividend payment
Purchase LTC Properties on or before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
| United States of America REITs Industry Average Dividend Yield | Market Cap Weighted Average of 185 Stocks | 4% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 1998 Stocks | 2.5% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.4% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.6% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2020-12-31 | 2.37 | 2.00 |
| 2019-12-31 | 2.33 | 3.00 |
| 2018-12-31 | 2.28 | 4.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-01-02 | 2.280 | 5.093 |
| 2018-10-01 | 2.280 | 5.215 |
| 2018-07-02 | 2.280 | 5.214 |
| 2018-04-02 | 2.280 | 5.832 |
| 2018-01-02 | 2.280 | 5.813 |
| 2017-10-02 | 2.280 | 4.932 |
| 2017-07-03 | 2.280 | 4.642 |
| 2017-04-03 | 2.280 | 4.663 |
| 2017-01-03 | 2.280 | 4.873 |
| 2016-10-03 | 2.280 | 4.830 |
| 2016-07-01 | 2.160 | 4.135 |
| 2016-04-01 | 2.160 | 4.535 |
| 2016-01-04 | 2.160 | 4.896 |
| 2015-10-01 | 2.160 | 5.068 |
| 2015-07-01 | 2.040 | 4.815 |
| 2015-04-01 | 2.040 | 4.750 |
| 2015-01-02 | 2.040 | 4.514 |
| 2014-10-01 | 2.040 | 4.992 |
| 2014-07-01 | 2.040 | 5.192 |
| 2014-04-01 | 2.040 | 5.233 |
| 2014-01-02 | 2.040 | 5.504 |
| 2013-10-01 | 2.040 | 5.398 |
| 2013-07-01 | 1.860 | 4.911 |
| 2013-04-01 | 1.860 | 4.315 |
| 2013-01-02 | 1.860 | 4.888 |
| 2012-10-01 | 1.860 | 5.660 |
| 2012-08-06 | 1.860 | 5.573 |
| 2012-07-02 | 1.740 | 4.832 |
| 2012-04-02 | 1.740 | 5.304 |
| 2012-01-03 | 1.740 | 5.541 |
| 2011-10-03 | 1.680 | 5.990 |
| 2011-07-05 | 1.680 | 6.457 |
| 2011-04-04 | 1.680 | 5.901 |
| 2011-01-03 | 1.680 | 5.991 |
| 2010-10-04 | 1.680 | 6.151 |
| 2010-07-06 | 1.560 | 6.261 |
| 2010-04-05 | 1.560 | 5.952 |
| 2010-01-04 | 1.560 | 5.873 |
| 2009-07-06 | 1.560 | 6.322 |
| 2009-04-06 | 1.560 | 7.947 |
| 2009-02-19 | 1.560 | 8.797 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been stable in the past 10 years.
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
LTC Properties's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.3x coverage).
- Dividends after 3 years are expected to be thoroughly covered by earnings (53.1x coverage).
Income/ dividend checks
We assess LTC Properties's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can LTC Properties afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) LTC Properties has a total score of 6/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
LTC Management
CEO
| COMPENSATION | $3,446,213 |
| AGE | 69 |
| TENURE AS CEO | 11.9 years |
CEO Bio
Ms. Wendy L. Simpson has been the Chief Executive Officer and President of LTC Properties Inc. since October 2005 and March 2007 respectively. Ms. Simpson served as the Chief Financial Officer of LTC Properties from July 2000 to March 2007, Treasurer from January 2005 to March 2007, Chief Operating Officer from October 2005 to March 2007 and Vice Chairman of the Board from April 2000 to October 2005. She served as Financial Advisor to Coram Healthcare Corp., from November 1999 to March 31, 2000. She served as Chief Operating Officer at Community Psychiatric Centers since August 1996 and its Executive Vice President and Chief Financial Officer since December 1994. Ms. Simpson joined Coram as an Executive Vice President and Chief Financial Officer in March 1998 and served there until November 1999. Prior to joining Coram, she served as Executive Vice President and Chief Operating Officer of Transitional Hospitals Corp. from December 1994 to August 1997 and Senior Vice President from July 1994 to December 1994. She served as Chief Financial Officer of Transitional Hospitals Corp. from July 1994 to August 1997. She served as a Senior Vice President and Chief Financial Officer at Weisman Taylor Simpson & Sabatino from 1992 to 1994 and Senior Vice President and Chief Financial Officer of American Medical International from 1990 to 1991. She has been the Chairman at LTC Properties Inc. since August 2013 and also has been its Director since 1995. Ms. Simpson serves as a Director at CLC Healthcare Inc. since 2001. She served as a Director of Transitional Hospitals from December 1994 to August 1997 and Community Psychiatric Centers, since 1996.
CEO Compensation
- Wendy's compensation has been consistent with company performance over the past year.
- Wendy's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the LTC Properties management team in years:
- The average tenure for the LTC Properties management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Wendy Simpson
Chairman
$3M
69
11.9 yrs
Pam Shelley-Kessler
Executive VP
$2M
52
11.9 yrs
Clint Malin
Executive VP & Chief Investment Officer
$2M
45
14.8 yrs
Doug Korey
Senior VP & MD of Business Development
Mandi Hogan
Vice President of Marketing
3 yrs
Leanne Davis
Human Resource Manager
Cece Chikhale
Senior VP
$1M
41
3.7 yrs
Gibson Satterwhite
Vice President of Asset Management
1.5 yrs
Peter Lyew
Vice President & Director of Tax
$269K
60
18.7 yrs
Board of Directors Tenure
Average tenure and age of the LTC Properties board of directors in years:
- The tenure for the LTC Properties board of directors is about average.
Board of Directors
Wendy Simpson
Chairman
$3M
69
5.5 yrs
Timothy Triche
Director
$180K
73
18.8 yrs
Jim Pieczynski
Director
$175K
55
4.9 yrs
Devra Shapiro
Director
$180K
71
9.6 yrs
Boyd Hendrickson
Lead Independent Director
$190K
73
9.1 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess LTC Properties's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) LTC Properties has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
LTC News
Simply Wall St News
Is LTC Properties, Inc. (NYSE:LTC) A High Quality Stock To Own?
With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Our data shows LTC Properties has a return on equity of 17% for the last year. … That means that for every $1 worth of shareholders' equity, it generated $0.17 in profit.
Simply Wall St - – Full articleWhat Did LTC Properties, Inc.'s (NYSE:LTC) CEO Take Home Last Year?
This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … Take the survey and be part of one of the most advanced studies of stock market investors to date … How Does Wendy Simpson's Compensation Compare With Similar Sized Companies?
Simply Wall St - – Full articleWhat Kind Of Shareholder Owns Most LTC Properties, Inc. (NYSE:LTC) Stock?
Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … Companies that have been privatized tend to have low insider ownership. … We can zoom in on the different ownership groups, to learn more about LTC
Simply Wall St - – Full articleWhat You Need To Know Before Investing In LTC Properties Inc (NYSE:LTC)
real estate investment trust (REIT) based in Westlake Village, United States. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much LTC actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation
Simply Wall St - – Full articleLTC Properties Inc (NYSE:LTC) Delivered A Better ROE Than Its Industry
With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Another way to think of that is that for every $1 worth of equity in the company, it was able to earn $0.17. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleHow Much Did LTC Properties Inc's (NYSE:LTC) CEO Pocket Last Year?
This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Wendy Simpson's Compensation Compare With Similar Sized Companies. … According to our data, LTC Properties Inc has a market capitalization of US$1.7b, and pays its CEO total annual compensation worth US$3m.
Simply Wall St - – Full articleWhy You Shouldn't Look At LTC Properties Inc's (NYSE:LTC) Bottom Line
real estate investment trust (REIT) based in Westlake Village, United States. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.
Simply Wall St - – Full articleDid LTC Properties Inc (NYSE:LTC) Create Value For Shareholders?
and want a simplistic look at the return on LTC Properties Inc (NYSE:LTC) stock. … With an ROE of 11.39%, LTC Properties Inc (NYSE:LTC) outpaced its own industry which delivered a less exciting 7.62% over the past year. … Sustainability can be gauged by a company’s financial leverage – the more debt it has, the higher ROE is pumped up in the short term, at the expense of long term interest payment burden
Simply Wall St - – Full articleOnly 9 Days Left Before LTC Properties Inc (NYSE:LTC) Will Start Trading Ex-Dividend, Should Investors Buy?
Important news for shareholders and potential investors in LTC Properties Inc (NYSE:LTC): The dividend payment of $0.19 per share will be distributed into shareholder on 29 June 2018, and the stock will begin trading ex-dividend at an earlier date, 20 June 2018. … Investors looking for higher income-generating stocks to add to their portfolio should keep reading, as I examine LTC Properties's latest financial data to analyse its dividend characteristics. … Whenever I am looking at a potential dividend stock investment, I always check these five metrics:
Simply Wall St - – Full articleWhat You Need To Know Before Investing In LTC Properties Inc (NYSE:LTC)
View our latest analysis for LTC Properties Funds from Operations (FFO) is a higher quality measure of LTC's earnings compared to net income. … The higher the coverage, the less risky LTC is, broadly speaking, to have debt on its books. … Next Steps: In this article, I've taken a look at Funds from Operations using various metrics, but it is certainly not sufficient to derive an investment decision based on this value alone.
Simply Wall St - – Full articleLTC Company Info
Map
Description
LTC is a self-administered real estate investment trust that primarily invests in seniors housing and health care properties primarily through sale-leaseback transactions, mortgage financing and structured finance solutions including mezzanine lending. At September 30, 2018, LTC had 199 investments located in 28 states, comprising 103 assisted living communities, 95 skilled nursing centers and 1 behavioral health care hospital. Assisted living communities, independent living communities, memory care communities and combinations thereof are included in the assisted living property type.
Details
| Name: | LTC Properties, Inc. |
| LTC | |
| Exchange: | NYSE |
| Founded: | 1992 |
| $1,880,522,468 | |
| 39,656,737 | |
| Website: | http://www.LTCreit.com |
| Address: |
LTC Properties, Inc. 2829 Townsgate Road, Suite 350, Westlake Village, California, 91361, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | LTC | Common Stock | New York Stock Exchange | US | USD | 18. Aug 1992 | |
| DB | LTP | Common Stock | Deutsche Boerse AG | DE | EUR | 18. Aug 1992 | |
| LSE | 0JSP | Common Stock | London Stock Exchange | GB | USD | 18. Aug 1992 |
Number of employees
Current staff
Industry
| Health Care REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/02/18 01:28 |
| End of day share price update: | 2019/02/15 00:00 |
| Last estimates confirmation: | 2019/02/06 |
| Last earnings filing: | 2018/11/05 |
| Last earnings reported: | 2018/09/30 |
| Last annual earnings reported: | 2017/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
