LTCLTC PROPERTIES INC

Real Estate Investment Trusts

Revenue: $263M; 25% YoY
Operating margin: 77.9%; 18% YoY
EBITDA: $243M; 2.9% YoY
Market cap: $2.4B
Employees: —
Net debt / EBITDA: 3.0×; $737M net debt
AI in 10-K: 1.5; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
110% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
92% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 46th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$155M	$175M	$197M	$210M	$263M	25%
Operating income	$55M	$99M	$185M	$199M	$205M	2.7%
Net income	$56M	$101M	$91M	$95M	$124M	31%
Operating cash flow	$91M	$106M	$104M	$126M	$136M	8.0%
Stock-based comp	$8M	$8M	$8M	$9M	$9M	3.1%
Dividends	$90M	$92M	$95M	$101M	$107M	6.8%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 11
Open-market sells, 12 mo: $124K · 1
Net: $1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	122	138
FY2024	—	—	115	134
FY2023	—	—	100	123
FY2022	—	—	103	108
FY2021	—	—	93	143