| 3Q 2023 SUPPLEMENTAL REPORT FINANCIAL I 22
CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
ASSETS
Investments:
Land $ 123,919 $ 124,665
Buildings and improvements 1,260,891 1,273,025
Accumulated depreciation and amortization (386,483) (389,182)
Operating real estate property, net 1,008,508 998,327
Properties held-for-sale, net of accumulated depreciation: 2023—$11,590; 2022—$2,305 9,448 10,710
Real property investments, net 1,007,775 1,019,218
Financing receivables,(1) net of credit loss reserve: 2023—$1,981; 2022—$768 196,053 75,999
Mortgage loans receivable, net of credit loss reserve: 2023—$4,777; 2022—$3,930 473,567 389,728
Real estate investments, net 1,677,395 1,484,945
Notes receivable, net of credit loss reserve: 2023—$637; 2022—$589 63,056 58,383
Investments in unconsolidated joint ventures 19,340 19,340
Investments, net 1,759,791 1,562,668
Other assets:
Cash and cash equivalents 11,302 10,379
Debt issue costs related to revolving line of credit 1,719 2,321
Interest receivable 54,605 46,000
Straight-line rent receivable 20,068 21,847
Lease incentives 1,789 2,193
Prepaid expenses and other assets 18,185 11,099
Total assets $ 1,867,863 $ 1,656,103
LIABILITIES
Revolving line of credit $ 362,250 $ 130,000
Term loans, net of debt issue costs: 2023—$380; 2022—$489 99,511 99,620
Senior unsecured notes, net of debt issue costs: 2023—$1,307; 2022—$1,477 494,353 538,343
Accrued interest 3,893 5,234
Accrued expenses and other liabilities 47,364 32,708
Total liabilities 1,007,480 805,796
EQUITY
Stockholders’ equity:
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2023—41,412; 2022—41,262 413 412
Capital in excess of par value 937,550 931,124
Cumulative net income 1,606,165 1,544,660
Accumulated other comprehensive income 8,719 8,596
Cumulative distributions (1,727,315) (1,656,548)
Total LTC Properties, Inc. stockholders’ equity 825,409 828,367
Non-controlling interests 34,974 21,940
Total equity 860,383 850,307
Total liabilities and equity $ 1,867,863 $ 1,656,103
(unaudited) (audited)
SEPTEMBER 30, 2023 DECEMBER 31, 2022
(1) Represents acquisitions through sale-leaseback transactions, subject to leases which contain purchase options. In accordance with GAAP, the properties are required to be
presented as financing receivables on our Consolidated Balance Sheets. |