LTC

LTC Properties

Real estate · fiscal year ending 2025-12-31

Through the investors’ lenses

2 of 4 cleared6 of 8 criteria

Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.

Warren Buffett 3/4

Measure	LTC	Checked against
Owner earnings	$148.58m	positive	✓
Return on equity	11.0%	US median 2.8%	✓
Debt to equity	0.78x	US median 0.57x	✗
Operating margin	77.9%	US median 3.1%	✓

Passes 3 of 4. These are the measures Warren Buffett published, applied to LTC Properties’s own figures — their criteria, not their view of this company. What he looks at, and why →

Benjamin Graham 1/1

Measure	LTC	Checked against
Current ratio	—	2.00x published	—
Long-term debt to working capital	—	1.00x published	—
Positive earnings, ten years running	10 yrs	10 published	✓

Passes 1 of 1. These are the measures Benjamin Graham published, applied to LTC Properties’s own figures — their criteria, not their view of this company. What he looks at, and why →

Joel Greenblatt 1/1

Measure	LTC	Checked against
Return on capital employed	10.7%	US median 5.1%	✓

Passes 1 of 1. These are the measures Joel Greenblatt published, applied to LTC Properties’s own figures — their criteria, not their view of this company. What he looks at, and why →

Peter Lynch 1/2

Measure	LTC	Checked against
Debt to equity	0.78x	US median 0.57x	✗
Net margin	44.9%	US median 2.0%	✓

Passes 1 of 2. These are the measures Peter Lynch published, applied to LTC Properties’s own figures — their criteria, not their view of this company. What he looks at, and why →

Funds from operations is not shown for this company. It cannot be computed from what this company files — the inputs are absent from its XBRL, not zero. The figure marked in the table is free cash flow instead.

Basis	Payout	Why
GAAP earnings	90.5%	why Depressed by depreciation on buildings that are not losing value.
Operating cash flow	79.0%	why Before capital spending.
Free cash flow	83.4%	why Counts property acquisitions as though they were maintenance.

Spread between highest and lowest: 11.5 percentage points. Same filings, different denominators.

Coverage rating 100 / 100 — Comfortable. ? Peer standing · not ranked Direction 30/30Stability 20/20

Free cash flow payout, last 6 years

Fiscal year	Payout
2025-12-31	83.4%
2024-12-31	89.6%
2023-12-31	100.0%
2022-12-31	94.7%
2021-12-31	106.6%
2020-12-31	90.8%

The arithmetic

GAAP earnings — dividends declared per share $2.28 ÷ diluted EPS $2.52
Operating cash flow — dividends paid $107m ÷ operating cash flow $136m
Free cash flow — dividends paid $107m ÷ (operating cash flow $136m − capex $7.27m)

Where the figures came from

10-K filed 2026-02-24 · accession 0001104659-26-019178

Every one is public at sec.gov and free to check. That is the point — you should not have to take our word for any of it.

Caveats on this company

DPS: declared $0.19 and paid $2.28 disagree; dividends paid imply $2.31, so paid is used
FFO not derivable (derived FFO $1.68/sh is below EPS $2.52/sh — gains on sale ($77.8m) exceed the depreciation add-back ($37.9m); not NAREIT-comparable, needs manual review) — REIT page not publishable

Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell us — that is more useful to us than agreement.

What the free cash flow payout ratio measures, and where every company here sits on it.

Also on: rated comfortable · when it files.

Who else looks like this

Every figure above is computed from LTC Properties’s own filing, and every company here is measured the same way. Screen all of them on any of these twelve measures, or on the rules four investors published — free, and nothing you screen leaves your browser.

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