LTC Reports 2026 Third Quarter Results as SHOP Momentum Continues
Q3 Core FFO $0.71/sh vs $0.69 y/y; SHOP acquisitions near $950M; 2026 SHOP investment guidance raised to $1B from $900M.
What this release says
LTC reported third quarter 2026 results, with total revenues up to $115.2 million from $69.3 million and net income available to common stockholders of $346.4 million versus a loss a year earlier, driven partly by a gain on sale. For shareholders, the main story is the SHOP strategy: year-to-date SHOP acquisitions of nearly $950 million and a raised 2026 SHOP investment midpoint of $1 billion. Much of the income jump came from one-time items, and the company says future results may differ materially from its guidance.
Key figures
- Q3 total revenues
- $115,246 thousand
- Q3 net income to common stockholders
- $346,374 thousand
- Q3 Core FFO per diluted share
- $0.71
- Year-to-date SHOP acquisitions
- nearly $950 million
- Raised 2026 SHOP investment midpoint
- $1 billion
- Narrowed 2026 SHOP NOI guidance
- $73.5 million to $76.4 million
Positive for shareholders
- Year-to-date SHOP acquisitions have passed the previously disclosed mid-point target.
- SHOP now makes up 45% of annualized net operating income, according to the release.
- Revenue rose $46 million, helped by SHOP acquisitions and conversions, interest income and rent resets.
- Core FFO per diluted share rose from $0.69 to $0.71 year over year.
Negative for shareholders
- Net income was boosted by a gain on sale and a turnaround from a prior year write-off, which may not recur.
- Diluted FFO per share was $0.74 after a loss of $0.23 a year earlier, and FAD per share fell from $0.77 to $0.75.
- The third quarter included a 2026 impairment charge.
- Share count rose from 47,333 thousand to 54,820 thousand, which can dilute per-share results.
Written by Quantisnow AI from this release. Not financial advice.
Key terms
- SHOP:
- Senior Housing Operating Portfolio, a group of seniors housing properties where the REIT shares in the operating results rather than collecting a fixed lease payment.
- FFO:
- Funds from operations, a non-GAAP measure of REIT cash earnings that adds back depreciation and removes gains or losses on property sales.
- Core FFO:
- FFO adjusted to exclude non-core items the company identifies, giving a view of recurring operating results.
- NOI:
- Net operating income, a property-level profit measure that excludes financing, depreciation and certain other costs.
FAQ
How much did LTC spend on SHOP acquisitions this year?
The release says SHOP acquisitions reached nearly $950 million through October 2026, which surpassed the company's 2026 mid-point acquisition target.
Did LTC change its 2026 guidance?
Yes. The company raised its 2026 SHOP investment mid-point to $1 billion from $900 million and narrowed its SHOP NOI range to $73.5 million to $76.4 million, while reaffirming its total company guidance.
Why did LTC's net income rise so much in the third quarter?
The release attributes the increase mainly to a larger gain on sale, a turnaround from a prior year non-cash write-off, higher SHOP NOI, a lease termination fee and higher interest and rental income.
Historical context for LTC
Across the 27 sessions after earlier LTC headlines, the stock closed higher 16 times and lower 11 times, with a median move of 1.0% in either direction. This shows timing only: many things move a stock in a session, and these figures do not show that any headline caused a move.
| Session | Earlier headline | LTC | SPY |
|---|---|---|---|
| Nov 3, 2026 | LTC Tops 2026 Mid-Point SHOP Acquisition Guidance with $62 Million Transaction; Welcomes Grace Management to SHOP Platform | +1.5% | +0.3% |
| Nov 2, 2026 | LTC Appoints Real Estate Capital Markets Veteran Eric Clark as Senior Vice President, Corporate Finance and Investor Relations | +0.9% | -0.5% |
| Oct 21, 2026 | LTC Approaches 2026 SHOP Acquisition Target of $900 Million with Recent $52 Million Investment | -1.6% | +0.5% |
| Oct 14, 2026 | LTC Announces Date of Third Quarter 2026 Earnings Release, Conference Call and Webcast | +0.7% | -1.1% |
| Oct 13, 2026 | LTC’s SHOP Momentum Continues with $95 Million in New Acquisitions | -0.3% | -0.0% |
| Oct 1, 2026 | LTC Declares Its Monthly Common Stock Cash Dividend for the Fourth Quarter of 2026and 1 other headline that session | -0.5% | +0.2% |
- Market cap
- 30-day
- Sector
- Real Estate
- Industry
- Real Estate Investment Trusts
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