LTC Properties : Supplemental Operating & Financial Data

SUPPLEMENTALRENEWAL OPERATING AND

AND TRANSITION

FINANCIAL DATA

THIRD QUARTER 2023

Founded in 1992, LTC Properties, Inc. (NYSE: LTC) is a self-administered real estate investment trust (REIT) investing in seniors housing and health care properties primarily through sale-leaseback transactions, mortgage financing and structured finance solutions including preferred equity and mezzanine lending. LTC's portfolio encompasses Skilled Nursing Facilities (SNF), Assisted Living Communities (ALF), Independent Living Communities (ILF), Memory Care Communities (MC) and combinations thereof. Our main objective is to build and grow a diversified portfolio that creates and sustains shareholder value while providing our stockholders current distribution income. To meet this objective, we seek properties operated by regional operators, ideally offering upside and portfolio diversification (geographic, operator, property type and investment vehicle). For more information, visit www.LTCreit.com.

FORWARD-LOOKING STATEMENTS

This supplemental information contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as ''believes,'' ''expects,'' ''may,'' ''will,'' ''should,'' ''seeks,'' ''approximately,'' ''intends,'' ''plans,'' ''estimates'' or ''anticipates,'' or the negative of those words or similar words. Forward- looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect our future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, the status of the economy, the status of capital markets (including prevailing interest rates), and our access to capital; the income and returns available from investments in health care related real estate, the ability of our borrowers and lessees to meet their obligations to us, our reliance on a few major operators; competition faced by our borrowers and lessees within the health care industry, regulation of the health care industry by federal, state and local governments, changes in Medicare and Medicaid reimbursement amounts (including due to federal and state budget constraints), compliance with and changes to regulations and payment policies within the health care industry, debt that we may incur and changes in financing terms, our ability to continue to qualify as a real estate investment trust, the relative illiquidity of our real estate investments, potential limitations on our remedies when mortgage loans default, and risks and liabilities in connection with properties owned through limited liability companies and partnerships. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under ''Risk Factors'' and other information contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and in our publicly available filings with the Securities and Exchange Commission. We do not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise.

NON-GAAP INFORMATION

This supplemental information contains certain non-GAAP information including EBITDAre, adjusted EBITDAre, FFO, FFO excluding non-recurring items, FAD, FAD excluding non-recurring items, adjusted interest coverage ratio, and adjusted fixed charges coverage ratio. A reconciliation of this non-GAAP information is provided on pages 20, 23 and 24 of this supplemental information, and additional information is available under the "Non-GAAP Financial Measures" subsection under the "Filings" section of our website at www.LTCreit.com.

3Q 2023 SUPPLEMENTAL REPORT

TABLE OF CONTENTS

COMPANY

Company Information & Leadership

3

INVESTMENTS

Real Estate Activities
Acquisitions and Financing Receivables	4
Mortgage and Mezzanine Loan Originations	5
Joint Ventures	6
Purchase Options and Renovations & Expansions	7

PORTFOLIO

Overview	8-9
Diversification
Operators	10-11
Maturity	12
Geography, MSA, Age of Portfolio	13-14
Real Estate Investments Metrics	15

FINANCIAL

Enterprise Value	16
Debt Metrics	17
Debt Maturity	18
Financial Data Summary	19-20
Consolidated Statements of Income	21
Consolidated Balance Sheets	22
Funds from Operations	23-24

ESG and GLOSSARY

ESG (Environmental, Social & Governance)	25-26
Glossary	27-28

2

LEADERSHIP

WENDY SIMPSON	PAM KESSLER	CLINT MALIN
Chairman and	Co-President,	Co-President and
Chief Executive Officer	CFO and Secretary	Chief Investment Officer

CECE CHIKHALE	DOUG KOREY	GIBSON SATTERWHITE	MANDI HOGAN
Executive Vice President,	Executive Vice President,	Senior Vice President,	Senior Vice President
Chief Accounting Officer	Managing Director of	Asset Management	of Marketing, Investor
and Treasurer	Business Development		Relations and ESG

BOARD OF DIRECTORS

WENDY SIMPSON	Chairman
CORNELIA CHENG	ESG Committee Chairman
DAVID GRUBER	Director
BOYD HENDRICKSON	Lead Independent Director and
	Nominating & Corporate Governance
	Committee Chairman
JAMES PIECZYNSKI	Investment Committee Chairman
DEVRA SHAPIRO	Audit Committee Chairman
TIMOTHY TRICHE, MD	Compensation Committee Chairman

ANALYSTS

STEVEN VALIQUETTE	Barclays
JUAN SANABRIA	BMO Capital Markets Corp.
JOE DICKSTEIN	Jefferies LLC
AARON HECHT	JMP Securities, LLC
AUSTIN WURSCHMIDT	KeyBanc Capital Markets, Inc.
MIKE CARROLL	RBC Capital Markets Corporation
STEVE MANAKER	Stifel, Nicolaus & Company, Inc.
RICHARD ANDERSON	Wedbush
CONNOR SIVERSKY	Wells Fargo Securities, LLC

Any opinions, estimates, or forecasts regarding LTC's performance made by the analysts listed above do not represent the opinions, estimates, and forecasts of LTC or its management.

PETER LYEW	MIKE BOWDEN	RACHEL SON	ERIC SMITH
Vice President,	Vice President,	Vice President	Vice President
Director of Tax	Investments	and Controller	of Facilities and
			Capital Projects

LTC PROPERTIES, INC.

2829 Townsgate Road Suite 350

Westlake Village, CA 91361 805-981-8655 www.LTCreit.com

TRANSFER AGENT

Broadridge Shareholder Services c/o Broadridge Corporate Issuer Solutions

1155 Long Island Avenue Edgewood, NY 11717-8309

ATTN: IWS

866-708-5586

3Q 2023 SUPPLEMENTAL REPORT

3

REAL ESTATE ACTIVITIES - INVESTMENTS - 2022-2023 YTD

(DOLLAR AMOUNTS IN THOUSANDS)

	2022 - $176,400 OF INVESTMENTS	2023 YTD - $257,851 OF INVESTMENTS
	Mezzanine Loans		Mezzanine Loans
	14.2%
		6.6%
		Mortgage Loans
Mortgage Loans
	30.4%	Acquisitions
20.3%	Acquisitions
	17.4%
	30.6%
	Financing Receivables		Financing Receivables
	34.9%		45.6%

ACQUISITIONS

CO NT RACTUAL

# OF

PROPERTY

# BEDS/

DATE OF

INITIAL

PURCHASE

DATE

PROPERTIES

TYPE

UNITS

LOCATION

OPERATOR

CONSTRUCTION

CASH YIELD

PRICE

2022

4/1

4

SNF

339 beds

Various cities in TX

Ignite Medical Resorts

2017-2018

8.00%

$

51,534

(1)

2023

6/1

1

ILF/ALF/MC

242 units

Centerville, OH

Encore Senior Living

2019-2022

8.25%

$

54,134

(2)

1. The lease term is 10 years, with two 5-year renewal options, and contains a purchase option beginning in the sixth lease year through the end of the seventh lease year. Rent will increase annually beginning on the third anniversary of the lease by 2.0% to 4.0% based on the change in the Medicare Market Basket Rate. Additionally, we provided a 10-year working capital loan at 8.00% for the first year increasing to 8.25% for the second year then increasing annually with the lease rate. During 2023, the working capital loan was fully repaid. Accordingly, the working capital commitment has been terminated.
2. We contributed $45,000 to a $54,134 joint venture ("JV") for the purchase of an independent living, assisted living and memory care campus in Ohio. The seller, LTC's JV partner, has the option to purchase the campus during the third and fourth lease years, with an exit IRR of 9.75%. The campus was leased to an affiliate of Encore Senior Living ("Encore") under a 10-year term at an initial yield of 8.25% on LTC's allocation of the JV investment. We committed to fund $2,100 of lease incentives under the new lease. See Consolidated Joint Ventures on page 6 for further discussion.

FINANCING RECEIVABLES(1)

CO NTRACTUAL

# OF

PROPERTY

# OF

DATE OF

INITIAL

PURCHASE

DATE

PROPERTIES

TYPE

BEDS/UNITS

LOCATION

OPERATOR

CONSTRUCTION

CASH YIELD

PRICE

2022

9/8

3

SNF

299 beds

Various cities in FL

PruittHealth

2018-2021

7.25%

$ 75,825

(2)

2023

1/5

11

ALF/MC

523 units

Various cities in NC

ALG Senior

1988-2018

7.25%

121,321

(3)

1. Financing receivables represent acquisitions through sale-leaseback transactions, subject to lease agreements that contain purchase options. In accordance with GAAP, the purchased assets are required to be presented as a financing receivable on our Consolidated Balance Sheets and the rental income received is required to be presented as interest income from financing receivables on our Consolidated Statements of Income.
2. We entered into a JV with an affiliate of PruittHealth, Inc. ("PruittHealth") and contributed $61,661 into the JV that purchased three skilled nursing centers. The JV leased the centers to PruittHealth under a 10-year master lease, with two five-year renewal options and provided PruittHealth with a purchase option, exercisable at the beginning of the fourth year through the end of the fifth year. See Consolidated Joint Ventures on page 6.
3. We entered into a JV with an affiliate of ALG Senior and contributed $117,490 into the JV that purchased 11 assisted living and memory care communities. The JV leased the communities to an affiliate of ALG Senior under a 10-year master lease, with two five-year renewal options. The initial annual rent is at a rate of 7.25%, increasing to 7.50% in year three, then escalating thereafter based on CPI, subject to a floor of 2% and ceiling of 4%. The master lease provides the operator with the option to buy up to 50% of the properties at the beginning of the third lease year, and the remaining properties at the beginning of the fourth lease year through the end of the sixth lease year, with an exit IRR of 9.00% on any portion of the properties being purchased. See Consolidated Joint Ventures on page 6.

3Q 2023 SUPPLEMENTAL REPORT		INVESTMENTS I	4

REAL ESTATE ACTIVITIES - INVESTMENTS - 2022-2023 YTD

(DOLLAR AMOUNTS IN THOUSANDS)

MORTGAGE LOANS

															CONTRACTUAL									INITIAL
			# OF		PROPERTY		# UNITS/						MATURITY		INITIAL							INITIAL		ADDITIONAL
DATE		PROPERTIES		TYPE		BEDS		LOCATION		OPERATOR		DATE		RATE			ORIGINATION		INVESTMENT		COMMITMENT
2022	5/5	4		ALF		217 units		Various cities in NC		ALG Senior		Jun-2026	7.25%	(1)	$	35,074		$	33,842	$	1,232	(1)
	5/5		- (2)		OTH		N/A		Mills River, NC		ALG Senior		Jun-2026	7.25%				826			826			-
		4				217 units										$	35,900		$	34,668	$	1,232
2023	1/5	1		MC		45 units		Canton, NC		ALG Senior		Jan-2025	7.25%	(3)	$	10,750		$	10,750	$	-
	2/16	1		ILF/ALF/MC		203 units		Atlanta, GA		Galerie Management		Oct-2024	7.50%	(4)			51,111			51,111			-
	6/2	1		SNF		150 beds		Hanover Park, IL		Ignite Medical Resorts		Jun-2028	8.75%				16,500			16,500			-
	7/27		1		ALF/MC		85 units		Lansing, MI		Encore Senior Living		Sep-2026	8.75%				19,500	(5)		-			19,500	(5)
		4				333 units/150 beds										$	97,861		$	78,361	$	19,500

1. The initial rate is 7.25% with an 8.00% IRR. The initial additional commitment is for working capital, which was undrawn and expired in May 2023.
2. Represents a mortgage loan on a parcel of land adjacent to one of the assisted living communities secured under the $35,074 ALG mortgage loan. The land is being held for the future development of a seniors housing community. The initial rate is 7.25% with an 8.00% IRR.
3. The initial rate is 7.25% with a 9.00% IRR.
4. Invested in an existing mortgage loan refinancing certain existing banks and our outstanding $7,461 mezzanine loan originated in 4Q18. The initial rate is 7.5% yield with a 7.75% IRR. We expect to record GAAP and cash interest income from this mortgage loan during 2023 of $3,441.
5. Committed to fund the construction of an assisted living and memory care community in Michigan. The borrower contributed $12,100 of equity which will initially fund the construction. Once all of the borrower's equity has been drawn, we will begin funding the commitment which is expected to be in early 2024. The loan term is approximately three years at a rate of 8.75%, and includes two, one-year extensions, each of which is contingent on certain coverage thresholds. Our investment will represent approximately 62% of the total investment.

MEZZANINE LOANS

CONTRACTUAL

COMMITMENT

# OF

PROPERTY

# OF

MATURITY

INITIAL

YEAR

PROPERTIES

TYPE

UNITS

LOCATION

OPERATOR

DATE

RATE

ORIGINATION

2022

5

ILF/ALF/MC

621 units

Various cities in OR & MT

The Springs Living

May-2027(1)

8.00%

(1)

$

25,000

2023

1

ILF/ALF/MC

130 units

Alpharetta, GA

Galerie Management

Jun-2028(2)

8.75%

$

17,000

1. The loan includes two 12-month extension options. The initial cash rate is 8.00% with a 11.00% IRR. Our investment represents approximately 12.00% of the total investment.
2. The initial cash rate is 8.75% with a 12.00% IRR. Our investment represents approximately 74% of the estimated project cost. The loan will also be utilized for the construction of 89 additional units.

3Q 2023 SUPPLEMENTAL REPORT		INVESTMENTS I	5

REAL ESTATE ACTIVITIES - JOINT VENTURES - CURRENT INVESTMENTS HELD

(DOLLAR AMOUNTS IN THOUSANDS)

UNCONSOLIDATED JOINT VENTURES

COMMITMENT

# OF

PROPERTY

# OF

INVESTMENT

INVESTMENT

YEAR

PROPERTIES

TYPE

UNITS

LOCATION

OPERATOR

TYPE

RETURN

COMMITMENT

2020

1

ALF/MC

95 units

Arlington, WA

Fields Senior Living

Preferred Equity

7.00%

(1)

$

6,340

2020

1

UDP-ILF/ALF

267 units

Vancouver, WA

Koelsch Communities

Preferred Equity

8.00%

(2)

13,000

2

362 units

$

19,340

1. The initial cash rate is 7.00% increasing to 9.00% in year-four until the IRR is 8.00%. After achieving an 8.00% IRR, the cash rate drops to 8.00% with an IRR ranging between of 12.00% and 14.00% depending upon timing of redemption. Our investment represents 15.50% of the total investment. We have the option to require the JV partner to purchase our preferred equity interest at any time between August 17, 2031 and December 31, 2036.
2. The initial cash rate is 8.00% with an IRR of 14.00%. Our investment represents 11.00% of the total estimated project cost. The JV provides the JV partner the option to buy out our investment at any time after August 31, 2023 at the IRR rate. Also, we have the option to require the JV partner to purchase our preferred equity interest at any time between August 31, 2027 and prior to the end of the first renewal term of the lease. The estimated project completion is 4Q23.

CONSOLIDATED JOINT VENTURES

														TOTAL		NON-CONTROLLING
INVESTMENT		PROPERTY		# OF								JOINT VENTURES		INTEREST			LTC			LTC
YEAR		TYPE		UNITS/BEDS			LOCATION		OPERATOR		INVESTMENT PURPOSE		COMMITMENT		CONTRIBUTION		COMMITMENT		CONTRIBUTION
2017		ILF/ALF/MC		110 units		Cedarburg, WI	Tealwood Senior Living		Owned Real Estate	$	22,244	$	2,305			-	$	19,939
2017		ALF		87 units			Spartanburg, SC	ALG Senior		Owned Real Estate			11,660			1,241			-			10,419
				197 units									33,904			3,546			-			30,358
2018		ALF/MC		78 units		Medford, OR	Fields Senior Living		Owned Real Estate(1)			18,978			1,090			-			17,888
2018		ILF		89 units			Medford, OR	Fields Senior Living		Owned Real Estate(1)			14,651			2,907			-			11,744
				167 units									33,629			3,997			-			29,632
2022		SNF		299 beds	Various cities in FL	PruittHealth		Owned Real Estate(2)			75,986			14,325			-			61,661
2023		ALF/MC		523 units	Various cities in NC	ALG Senior		Owned Real Estate(3)			121,321			3,831			-			117,490
2023		ILF/ALF/MC		242 units			Centerville, OH	Encore Senior Living		Owned Real Estate(4)			56,234			9,134			1,096			46,004
				765 units									177,555			12,965			1,096			163,494
			1,129 units/299 beds							$	321,074	$	34,833	$	1,096	$	285,145

1. Represents a single joint venture with ownership in two properties.
2. We entered into a JV with an affiliate of PruittHealth and the JV purchased three skilled nursing centers. In accordance with GAAP, the purchased assets are presented as a financing receivable on our Consolidated Balance Sheets. See Financing Receivables on page 4 for further discussion.
3. We entered into a JV with an affiliate of ALG Senior to purchase 11 assisted living/memory care communities. In accordance with GAAP, the purchased assets are presented as a financing receivable on our Consolidated Balance Sheets. See Financing Receivables on page 4 for further discussion.
4. See Acquisitions on page 4 for further discussion.

3Q 2023 SUPPLEMENTAL REPORT		INVESTMENTS I	6

REAL ESTATE ACTIVITIES - PURCHASE OPTIONS AND RENOVATIONS & EXPANSIONS

(DOLLAR AMOUNTS IN THOUSANDS)

PURCHASE OPTIONS

		# OF		PROPERTY			GROSS			ANNUALIZED		OPTION
STATE		PROPERTIES		TYPE		INVESTMENTS		GAAP REVENUE		WINDOW
California	2		ALF/MC	$	38,895	$	2,876	2023-2029
Florida	1		MC			7,680			664	2029
Florida	3		SNF			76,712			5,616	2025-2027	(1)
North Carolina	11		ALF/MC			121,321			9,706	2025-2028	(1)
Ohio	1		MC			16,161			230	2024-2025
Ohio	1		ILF/ALF/MC			54,714			3,900	2025-2027	(2)
South Carolina	1		ALF/MC			11,680			907	2029
Tennessee	2		SNF			5,275			986	2023-2024
Texas	4		SNF			52,426			4,409	2027-2029	(3)
Total	26			$	384,864	$	29,294

1. See Financing Receivables on page 4 for further discussion.
2. See Acquisitions on page 4 for further discussion.
3. The master lease allows the operator to elect either an earn-out payment or purchase option. If neither option is elected within the timeframe defined in the lease, both elections are terminated. See Acquisitions on page 4 for further discussion.

RENOVATIONS & EXPANSIONS: MORTGAGE LOANS

ESTIMATED														CO NTRACTUAL									TO TAL
INTEREST		COMMITMENT		# OF		PROPERTY		PROJECT						INITIAL		INVESTMENT			3Q23		FUNDED		REMAINING
INCEPTION DATE		YEAR		PROPERTIES		TYPE		TYPE		LOCATION		OPERATOR		CASH YIELD		COMMITMENT		FUNDING		TO DATE		COMMITMENT
-	(1)	2021	1		ALF/MC		Expansion		Ocala, FL		Pointe Group Care	7.75%	$	4,177	$	181	$	4,177	$	-
-	(2)	2021	13		ILF/ALF/MC		Renovation		Various cities in NC and SC		ALG Senior	7.25%			6,098			1,476			5,178			920
-	(3)	2023		1		ALF/MC		Construction		Lansing, MI		Encore Senior Living	8.75%			19,500			-			-			19,500
				15											$	29,775	$	1,657	$	9,355	$	20,420

1. This commitment is part of a $16,707 loan commitment for the construction of a memory care addition to the property. The expansion project was completed in September 2023.
2. This commitment is part of a $59,250 loan commitment secured by 13 properties, (12) North Carolina and (1) South Carolina. Interest payment increases upon each funding.
3. Committed to fund a mortgage loan for the construction of an assisted living and memory care community in Michigan. The borrower contributed $12,100 of equity which will initially fund the construction. Once all of the borrower's equity has been drawn, we will begin funding the commitment which is expected to be in early 2024. See Mortgage Loans on page 5 for further discussion.

3Q 2023 SUPPLEMENTAL REPORT		INVESTMENTS I	7

PORTFOLIO OVERVIEW

(AS OF SEPTEMBER 30, 2023, DOLLAR AMOUNTS IN THOUSANDS)

					TRAILING TWELVE MONTHS ENDED
					SEPTEMBER 30, 2023
		GROSS
	# OF	% OF		% OF
BY INVESTMENT TYPE	PROPERTIES	INVESTMENT	INVESTMENT	REVENUES(1 )	REVENUES	INCOME STATEMENT LINE

	Owned Portfolio	143	$ 1,405,848	65.0%		$	114,687
	Financing Receivables	14	198,033	9.1%				12,818
	Mortgage Loans	44	478,344	22.1%				45,905
	Notes Receivable	6	63,693	2.9%				3,945
	Unconsolidated Joint Ventures	1	19,340	0.9%				1,504
	Total	208	$ 2,165,258	100.0%		$	178,859
			# OF		GROSS		% OF
	BY PROPERTY TYPE	PROPERTIES		INVESTMENT		INVESTMENT
	Assisted Living	130	$ 1,149,589	53.1%
	Skilled Nursing	77	987,877	45.6%
	Other(2)	1	14,792	0.7%
	Under Development	-		13,000		0.6%
	Total	208	$ 2,165,258	100.0%

1. See Trailing Twelve Months Revenues definition in the Glossary.
2. Includes one behavioral health care hospital and three parcels for land held-for-use, a parcel of land securing a first mortgage held for future development of a post-acute skilled nursing center and a parcel of land securing a first mortgage held for future development of a seniors housing community.

64.1% Rental Income

7.1% Interest Income from Financing Receivables

25.7% Interest Income from Mortgage Loans

2.2% Interest and Other Income

0.9% Income from Unconsolidated Joint Ventures

100.0%

GROSS INVESTMENT BY INVESTMENT TYPE

Mortgage Loans*

22.1%

Financing Receivables

9.1%

Owned Portfolio

65.0%Notes Receivable

2.9%

Unconsolidated

Joint Ventures

0.9%

*Weighted average maturity @ 9/30/23 - 12.0 years

2927

Operators

States

208 Properties

3Q 2023 SUPPLEMENTAL REPORT

GROSS INVESTMENT BY PROPERTY TYPE

Skilled Nursing

45.6%

Assisted Living	Other
53.1%
0.7%
	Under
	Development
	0.6%
	PORTFOLIO I	8

PORTFOLIO OVERVIEW - DETAIL

(AS OF SEPTEMBER 30, 2023, DOLLAR AMOUNTS IN THOUSANDS)

			TRAILING TWELVE MONTHS ENDED
			SEPTEMBER 30, 2023
# OF	GROSS	% OF	% OF TOTAL

RENTAL INCOME

(AS % OF TOTAL REVENUES)

OWNED PORTFOLIO	PROPERTIES	INVESTMENT	GROSS INVESTMENT	RENTAL INCOME (1 )	REVENUES
Assisted Living	92	$	800,963	37.0%	$	54,802	30.6%
Skilled Nursing	50		592,880	27.4%		58,882	32.9%
Other	1		12,005	0.6%		1,003	0.6%

50.0%

25.0%

30.6% 32.9%

0.6%

Total	143	$	1,405,848	65.0%	$	114,687	64.1%
		# OF		GROSS	% OF			% OF TOTAL
FINANCING RECEIVABLES	PROPERTIES	INVESTMENT	GROSS INVESTMENT	FINANCING INCOME (1 )	REVENUES
Assisted Living	11	$	121,321	5.6%	$	7,198	4.0%
Skilled Nursing		3		76,712	3.5%		5,620	3.1%
Total	14	$	198,033	9.1%	$	12,818	7.1%
		# OF		GROSS	% OF	MORTGAGE LOANS	% OF TOTAL
MORTGAGE LOANS	PROPERTIES	INVESTMENT	GROSS INVESTMENT	INTEREST INCOME (1 )	REVENUES
Assisted Living	20	$	170,941	7.9%	$	11,434	6.4%
Skilled Nursing	24		304,616	14.1%		34,262	19.2%
Other		-		2,787	0.1%		209	0.1%
Total	44	$	478,344	22.1%	$	45,905	25.7%
REAL ESTATE INVESTMENTS	201	$	2,082,225	96.2%	$	173,410	96.9%
		# OF		GROSS	% OF	INTEREST AND	% OF TOTAL
NOTES RECEIVABLE	PROPERTIES	INVESTMENT	GROSS INVESTMENT	OTHER INCOME (1 )	REVENUES
Assisted Living	6	$	50,024	2.3%	$	3,387	1.9%
Skilled Nursing		-		13,669	0.6%		558	0.3%
Total	6	$	63,693	2.9%	$	3,945	2.2%
		# OF		GROSS	% OF	UNCONSOLIDATED	% OF TOTAL
UNCONSOLIDATED JOINT VENTURES	PROPERTIES	INVESTMENT	GROSS INVESTMENT	JV INCOME (1 )	REVENUES
Assisted Living	1	$	6,340	0.3%	$	450	0.3%
Under Development		-		13,000	0.6%		1,054	0.6%
Total		1	$	19,340	0.9%	$	1,504	0.9%
TOTAL INVESTMENTS	208	$	2,165,258	100.0%	$	178,859	100.0%

1. See Trailing Twelve Months Revenues definition in the Glossary.

3Q 2023 SUPPLEMENTAL REPORT

0.0%

ALF SNF OTH

FINANCING RECEIVABLES

(AS % OF TOTAL REVENUES) 30.0%

15.0%	4.0%	3.1%
0.0%
ALF		SNF

MORTGAGE LOANS INTEREST INCOME

(AS % OF TOTAL REVENUES) 30.0%

			19.2%
15.0%
6.4%
0.0%					0.1%
ALF	SNF OTH

INTEREST & OTHER INCOME

(AS % OF TOTAL REVENUES)

5.0%
2.5%		1.9%
0.0%			0.3%
ALF		SNF

UNCONSOLIDATED JV INCOME

	(AS % OF TOTAL REVENUES)
1.0%
	0.6%
0.5%	0.3%

0.0%

ALF SNF

PORTFOLIO I 9

PORTFOLIO DIVERSIFICATION - 29 OPERATORS

(AS OF SEPTEMBER 30, 2023, DOLLAR AMOUNTS IN THOUSANDS)

									ANNUALIZED
					ANNUALIZED				CONTRACTUAL			ANNUALIZED				GROSS
OPERATORS		# OF PROPS		ACTUAL CASH (1 )(2 )	%			CASH (1 )(2 )(3 )	%			GAAP (1 )(3 )	%		INVESTMENT	%
Prestige Healthcare (5)	24	$	24,329	13.8%	$	27,929	15.4%	$	32,751	17.5%	$	272,767	12.6%
ALG Senior	42			18,080	10.3%			18,080	10.0%			19,285	10.3%			310,789	14.4%
Brookdale Senior Living (5)	35			15,418	8.8%			15,418	8.5%			15,413	8.3%			106,921	4.9%
Anthem Memory Care (5)	12			11,040	6.3%			11,040	6.1%			11,030	5.9%			156,054	7.2%
Carespring Health Care Management	4			10,769	6.1%			10,769	5.9%			11,195	6.0%			102,940	4.8%
HMG Healthcare (4)	13			10,592	6.0%			10,592	5.8%			10,583	5.7%			176,644	8.2%
Ignite Medical Resorts	7			9,251	5.3%			9,251	5.1%			9,251	5.0%			105,393	4.9%
Ark Post Acute Network	7			9,110	5.2%			9,110	5.0%			8,257	4.4%			71,742	3.3%
Genesis Healthcare	6			9,027	5.1%			9,027	5.0%			9,027	4.8%			50,630	2.3%
Fundamental	5			7,840	4.5%			7,840	4.3%			6,944	3.7%			65,798	3.0%
All Others (5)		53			50,260	28.6%			52,474	28.9%			53,120	28.4%			745,580	34.4%
	208	$	175,716	100.0%	$	181,530	100.0%	$	186,856	100.0%	$	2,165,258	100.0%

1. See Glossary for definition of Annualized Actual Cash Income, Annualized Contractual Cash Income and Annualized GAAP Income.
2. The difference between Annualized Actual Cash and Annualized Contractual Cash at September 2023 is due to deferred rent and interest payments and abatements provided in September 2023.
3. The difference between Annualized Contractual Cash and Annualized GAAP at September 2023 is due to straight-line rent, lease incentives amortization and effective interest. See Non-Cash Revenue Components on page 19.
4. Includes annual cash rent of $8,000 and annual GAAP rent of $7,991 from the HMG 11 skilled nursing centers portfolio master lease in 2023.
5. See Operator Update on page 11 for further discussion.

PRESTIGE	Privately Held	SNF/ILF/ALF	79 Properties	5 States
Other Rehab
ALG	Privately Held	ILF/ALF/MC	149 Properties	7 States
BROOKDALE	NYSE: BKD	ILF/ALF/MC	672 Properties	41 States
Continuing Care
ANTHEM	Privately Held	Exclusively MC	20 Properties	8 States
CARESPRING	Privately Held	SNF/ILF/ALF	17 Properties	2 States
Transitional Care

HMG	Privately Held	SNF/ILF/ALF	37 Properties	2 States
IGNITE	Privately Held	SNF/ALF	19 Properties	6 States
ARK	Privately Held	SNF/ILF/ALF	14 Properties	4 States
GENESIS	OTC PINK: GENN	SNF/	More than 250	22 States
Senior Living	Properties
FUNDAMENTAL	Privately Held	SNF/MC	75 Properties	7 States
Hospitals & Other Rehab

3Q 2023 SUPPLEMENTAL REPORT		PORTFOLIO I 10