8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20459

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report: May 7, 2012

(Date of earliest event reported)

LTC PROPERTIES, INC.

(Exact name of Registrant as specified in its charter)

Maryland	1-11314	71-0720518
(State or other jurisdiction of	(Commission file number)	(I.R.S. Employer
incorporation or organization)		Identification No)

2829 Townsgate Road, Suite 350

Westlake Village, CA  91361

(Address of principal executive offices)

(805) 981-8655

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. — Results of Operations and Financial Condition

On May 7, 2012, LTC Properties, Inc. announced the operating results for the three months ended March 31, 2012.  The press release referred to a supplemental information package that is available on LTC’s website at www.LTCProperties.com in the “Presentation” section of the “Investor Information” tab.  The text of the press release and the supplemental information package are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are specifically incorporated by reference herein.

The information in this Form 8-K and the related information in the exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any filing of LTC under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01. — Financial Statements and Exhibits

(a) Financial Statements of Business Acquired.

None.

(b) Pro Forma Financial Information

None.

(d) Exhibits.

99.1	Press Release issued May 7, 2012.
99.2	LTC Properties, Inc. Supplemental Information Package for the period ending March 31, 2012.

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

	LTC PROPERTIES, INC.
Dated: May 7, 2012	By:	/s/ WENDY L. SIMPSON
		Wendy L. Simpson
		CEO & President

2

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE For more information contact: Wendy L. Simpson Pam Kessler (805) 981-8655

LTC REPORTS FIRST QUARTER 2012 RESULTS

WESTLAKE VILLAGE, CALIFORNIA, May 7, 2012 — LTC Properties, Inc. (NYSE: LTC) (“LTC” or the “Company”) announced operating results for the quarter ended March 31, 2012.  The Company reported a 23.8% increase in normalized Funds from Operations (“FFO”) to $17.3 million for the quarter ended March 31, 2012, from $14.0 million from the comparable 2011 period.  Normalized FFO per diluted common share was $0.56 for the quarter ended March 31, 2012, an increase of 7.7% from $0.52 for the comparable 2011 period. The increase in normalized FFO and normalized FFO per diluted common share was due to higher revenues resulting primarily from acquisitions partially offset by an increase in interest expense and higher weighted average diluted shares outstanding.

Net income available to common stockholders for the quarter ended March 31, 2012 was $12.0 million or $0.40 per diluted share. For the same period in 2011, net income available to common stockholders was $5.4 million or $0.20 per diluted share which included a $3.6 million charge related to the Company’s redemption of all of its 8.0% Series F Cumulative Preferred Stock (“Series F preferred stock”) and $0.5 million of accrued and unpaid dividends through the redemption date on the Series F preferred stock. The preferred stock redemption charge is combined with preferred stock dividends in the income statement line item “income allocated to preferred stockholders.”  FFO for the quarter ended March 31, 2012 increased 73.1% to $17.2 million from $9.9 million in the comparable 2011 period. FFO per diluted common share for the first quarter of 2012 increased 47.4% to $0.56 from $0.38 in the comparable 2011 period. The increases in net income available to common stockholders, FFO and FFO per diluted common share were due primarily to higher revenues from acquisitions and the Series F preferred stock redemption charge in 2011.

Conference Call Information

The Company will conduct a conference call on Tuesday, May 8, 2012, at 10:00 a.m. Pacific time, in order to comment on the Company’s performance and operating results for the quarter ended March 31, 2012.  The conference call is accessible by dialing 877-317-6789.  The international number is 412-317-6789.  An audio replay of the conference call will be available from May 8, 2012 through May 23, 2012.  Callers can access the replay by dialing 877-344-7529 or 412-317-0088 and entering conference number 10013169.  The earnings release will be available on our website.  The Company’s supplemental information package for the current period will also be available on the Company’s website at www.LTCProperties.com in the “Presentations” section of the “Investor Information” tab.

About LTC

At March 31, 2012, LTC had investments in 89 skilled nursing properties, 102 assisted living properties, 14 other senior housing properties, two schools and a parcel of land under development.  These properties are located in 30 states.  Other senior housing properties consist of independent living properties and properties providing any combination of skilled nursing, assisted living and/or independent living services.  The Company is a self-administered real estate investment trust that primarily invests in senior housing and long-term care facilities through facility lease transactions, mortgage loans and other investments. For more information on LTC Properties, Inc., visit the Company’s website at www.LTCProperties.com.

1

Forward Looking Statements

This press release includes statements that are not purely historical and are “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, including statements regarding the Company’s expectations, beliefs, intentions or strategies regarding the future.  All statements other than historical facts contained in this press release are forward looking statements.  These forward looking statements involve a number of risks and uncertainties.  Please see our most recent Annual Report on Form 10-K, our subsequent Quarterly Reports on Form 10-Q, and in our other publicly available filings with the Securities and Exchange Commission for a discussion of these and other risks and uncertainties. All forward looking statements included in this press release are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such forward looking statements.  Although the Company’s management believes that the assumptions and expectations reflected in such forward looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct.  The actual results achieved by the Company may differ materially from any forward looking statements due to the risks and uncertainties of such statements.

2

LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in thousands, except per share amounts)

	Three Months Ended March 31,
	2012			2011
	(unaudited)
Revenues:
Rental income	$	20,872		$	18,182
Interest income from mortgage loans	1,532			1,656
Interest and other income	236			415
Total revenues	22,640			20,253
Expenses:
Interest expense	2,033			1,104
Depreciation and amortization	5,167			4,432
Acquisition costs	41			130
Operating and other expenses	2,452			2,314
Total expenses	9,693			7,980
Income from continuing operations	12,947			12,273
Discontinued operations:
Loss from discontinued operations	(31		)	(119		)
Gain on sale of assets, net	16			—
Net (loss) income from discontinued operations	(15		)	(119		)
Net income	12,932			12,154
Income allocated to non-controlling interests	(11		)	(48		)
Net income attributable to LTC Properties, Inc.	12,921			12,106
Income allocated to participating securities	(94		)	(89		)
Income allocated to preferred stockholders	(818		)	(6,624		)
Net income available to common stockholders	$	12,009		$	5,393
Basic earnings per common share:
Continuing operations	$	0.40		$	0.21
Discontinued operations	$	(0.00	)	$	(0.00	)
Net income available to common stockholders	$	0.40		$	0.20
Diluted earnings per common share:
Continuing operations	$	0.40		$	0.21
Discontinued operations	$	(0.00	)	$	(0.00	)
Net income available to common stockholders	$	0.40		$	0.20
Weighted average shares used to calculate earnings per common share:
Basic	30,189			26,310
Diluted	30,234			26,340

NOTE:  Computations of per share amounts from continuing operations, discontinued operations and net income are made independently.  Therefore, the sum of per share amounts from continuing operations and discontinued operations may not agree with the per share amounts from net income allocable to common stockholders.

3

Supplemental Reporting Measures

FFO, normalized FFO, normalized adjusted FFO (“AFFO”), and normalized Funds Available for Distribution (“FAD”) are supplemental measures of a real estate investment trust’s (“REIT”) financial performance that are not defined by U.S. generally accepted accounting principles (“GAAP”).  Investors, analysts and the Company use FFO, AFFO and FAD as supplemental measures of operating performance and we believe they are helpful in evaluating the operating performance of a REIT.  Real estate values historically rise and fall with market conditions, but cost accounting for real estate assets in accordance with U.S. GAAP assumes that the value of real estate assets diminishes predictably over time.  We believe that by excluding the effect of historical cost depreciation, which may be of limited relevance in evaluating current performance, FFO, AFFO and FAD facilitate comparisons of operating performance between periods.  Additionally the Company believes that normalized FFO, normalized AFFO and normalized FAD provide useful information because they allow investors, analysts and our management to compare the Company’s operating performance on a consistent basis without having to account for differences caused by unanticipated items.

FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), means net income available to common stockholders (computed in accordance with U.S. GAAP) excluding gains or losses on the sale of real estate and impairment write-downs of depreciable real estate plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.  Normalized FFO represents FFO adjusted for certain items detailed in the reconciliations. The Company’s computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that have a different interpretation of the current NAREIT definition from the Company; therefore, caution should be exercised when comparing our company’s FFO to that of other REITs.

We define AFFO as FFO excluding the effects of straight-line rent and amortization of lease inducement.  U.S. GAAP requires rental revenues related to non-contingent leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease.  This method results in rental income in the early years of a lease that is higher than actual cash received, creating a straight-line rent receivable asset included in our consolidated balance sheet.  At some point during the lease, depending on its terms, cash rent payments exceed the straight-line rent which results in the straight-line rent receivable asset decreasing to zero over the remainder of the lease term.  By excluding the non-cash portion of straight-line rental revenue and amortization of lease inducement, investors, analysts and our management can compare AFFO between periods.  Normalized AFFO represents FFO adjusted for certain items detailed in the reconciliations and excludes the non-cash portion of straight-line rent and amortization of lease inducement.

We define FAD as AFFO excluding the effects of non-cash compensation charges.  FAD is useful in analyzing the portion of cash flow that is available for distribution to stockholders.  Investors, analysts and the Company utilize FAD as an indicator of common dividend potential.  The FAD payout ratio, which represents annual distributions to common shareholders expressed as a percentage of FAD, facilitates the comparison of operating performance between REITs.  Normalized FAD represents FFO adjusted for certain items detailed in the reconciliations and excludes the non-cash portion of straight-line rent and amortization of lease inducement and non-cash compensation charges.

The Company uses FFO, normalized FFO, normalized AFFO and normalized FAD as supplemental performance measures of our cash flow generated by operations and cash available for distribution to stockholders.  FFO, normalized FFO, normalized AFFO and normalized FAD do not represent cash generated from operating activities in accordance with U.S. GAAP, and are not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income available to common stockholders.

4

Reconciliation of FFO, Normalized FFO, Normalized AFFO and Normalized FAD

The following table reconciles net income available to common stockholders to FFO available to common stockholders, normalized FFO available to common stockholders, normalized AFFO and normalized FAD (unaudited, amounts in thousands, except per share amounts):

	Three Months Ended March 31,
	2012			2011
Net income available to common stockholders	$	12,009		$	5,393
Add: Depreciation and amortization (continuing and discontinued operations)	5,167			4,521
Less: Gain on sale of real estate, net	(16		)	—
FFO available to common stockholders	17,160			9,914
Add: Preferred stock redemption charge	—			3,566		(1)
Add: Preferred stock redemption dividend	—			472		(2)
Add: Non-cash interest related to earn-out liabilities	110			—
Normalized FFO available to common stockholders	17,270			13,952
Less: Non-cash rental income	(482		)	(606		)
Normalized adjusted FFO (AFFO)	16,788			13,346
Add: Non-cash compensation charges	452			358
Normalized funds available for distribution (FAD)	$	17,240		$	13,704

(1)	Represents the original issue costs related to the redemption of the remaining Series F preferred stock.
(2)	Represents the dividends on the Series F preferred stock up to the redemption date.

Basic FFO available to common stockholders per share	$	0.57	$	0.38
Diluted FFO available to common stockholders per share	$	0.56	$	0.38
Diluted FFO available to common stockholders	$	18,083	$	9,914
Weighted average shares used to calculate diluted FFO per share available to common stockholders	32,470		26,340
Basic normalized FFO available to common stockholders per share	$	0.57	$	0.53
Diluted normalized FFO available to common stockholders per share	$	0.56	$	0.52
Diluted normalized FFO available to common stockholders	$	18,193	$	14,907
Weighted average shares used to calculate diluted normalized FFO per share available to common stockholders	32,470		28,665
Basic normalized AFFO per share	$	0.56	$	0.51
Diluted normalized AFFO per share	$	0.55	$	0.50
Diluted normalized AFFO	$	17,711	$	14,301
Weighted average shares used to calculate diluted normalized AFFO per share	32,470		28,665
Basic normalized FAD per share	$	0.57	$	0.52
Diluted normalized FAD per share	$	0.56	$	0.51
Diluted normalized FAD	$	18,163	$	14,659
Weighted average shares used to calculate diluted normalized FAD per share	32,470		28,665

5

LTC PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

	March 31, 2012			December 31, 2011
	(unaudited)			(audited)
ASSETS
Real estate investments:
Land	$	58,462		$	57,059
Buildings and improvements	676,851			659,453
Accumulated depreciation and amortization	(181,063		)	(175,933		)
Net operating real estate property	554,250			540,579
Properties held-for-sale, net of accumulated depreciation and amortization: 2012 — $613; 2011 — $2,263	5,025			6,256
Net real estate property	559,275			546,835
Mortgage loans receivable, net of allowance for doubtful accounts: 2012 — $914; 2011 — $921	52,368			53,081
Real estate investments, net	611,643			599,916
Other assets:
Cash and cash equivalents	3,297			4,408
Debt issue costs, net	2,146			2,301
Interest receivable	1,303			1,494
Straight-line rent receivable, net of allowance for doubtful accounts: 2012 — $688; 2011 — $680	24,411			23,772
Prepaid expenses and other assets	7,604			7,851
Other assets related to properties held-for-sale, net of allowance for doubtful accounts: 2012 — $839; 2011 — $839	52			53
Notes receivable	1,662			817
Marketable securities	6,486			6,485
Total assets	$	658,604		$	647,097
LIABILITIES
Bank borrowings	$	73,000		$	56,000
Senior unsecured notes	100,000			100,000
Bonds payable	2,635			3,200
Accrued interest	1,379			1,356
Earn-out liabilities	6,414			6,305
Accrued expenses and other liabilities	9,698			11,314
Accrued expenses and other liabilities related to properties held-for-sale	102			212
Total liabilities	193,228			178,387
EQUITY
Stockholders’ equity:
Preferred stock $0.01 par value; 15,000 shares authorized; shares issued and outstanding: 2012 — 2,000; 2011 — 2,000	38,500			38,500
Common stock: $0.01 par value; 45,000 shares authorized; shares issued and outstanding: 2012 — 30,412; 2011 — 30,346	304			303
Capital in excess of par value	506,700			507,343
Cumulative net income	685,664			672,743
Other	186			199
Cumulative distributions	(766,385		)	(752,340		)
Total LTC Properties, Inc. stockholders’ equity	464,969			466,748
Non-controlling interests	407			1,962
Total equity	465,376			468,710
Total liabilities and equity	$	658,604		$	647,097

6

EX-99.2

Exhibit 99.2

Supplemental Operating and Financial Data March 31, 2012 (Unaudited) Pasadena, TX 196 licensed beds

Table of Contents 2 CORPORATE Company Information 3 Additional Information 4 Forward-Looking Statements 5 Non-GAAP Information 5 Acquisitions 6 Real Estate Portfolio Summary 7-8 Real Estate Portfolio Diversification 9-11 Top Ten Operators - Owned Portfolio 12 Market Capitalization 13 Lease & Mortgage Loan Receivable Maturity 14 Debt Maturity 15 Financial Data Summary 16-17 Consolidated Statements of Income 18 Consolidated Balance Sheets 19 Funds from Operations 20 Glossary 21-23

3 Company Information CORPORATE Andre Dimitriadis Wendy Simpson Edmund King Executive Chairman Timothy Triche, MD Boyd Hendrickson Devra Shapiro Lead Director Andre Dimitriadis Wendy Simpson Pam Kessler Executive Chairman Chief Executive Officer and President Executive Vice President and Chief Financial Officer Clint Malin Andy Stokes Senior Vice President and Chief Investment Officer Senior Vice President, Marketing & Strategic Planning Corporate Office Investor Relations www.LTCProperties.com 2829 Townsgate Road, Suite 350 Investor.Relations@LTCProperties.com (805) 981-8655 phone Westlake Village, CA 91361 (805) 981-8655 (805) 981-8663 fax Board of Directors Management Contact Information Company Founded in 1992, LTC Properties, Inc. is a self-administered real estate investment trust that primarily invests in senior housing and long-term care properties through facility lease transactions, mortgage loans, and other investments. Our primary objectives are to sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in long-term care properties and other health care related properties managed by experienced operators. To meet these objectives, we attempt to invest in properties that provide opportunity for additional value and current returns to our stockholders and diversify our investment portfolio by geographic location, operator, and form of investment. For more information on LTC Properties, Inc., visit the Company’s website at www.LTCProperties.com .

4 CORPORATE Additional Information BMO Capital Markets Corp. J.J. B. Hilliard, W.L. Lyons, Inc. JMP Securities, LLC Richard Anderson John Roberts Peter Martin KeyBanc Capital Markets, Inc. RBC Capital Markets Corporation Sandler O'Neill + Partners, L.P. Karin Ford Frank Morgan James Milam Stifel, Nicolaus & Company, Inc. Wells Fargo Securities, LLC Dan Bernstein Todd Stender Analyst Coverage Any opinions, estimates, or forecasts regarding LTC's performance made by the analysts listed above do not represent the opinions, estimates, or forecasts of LTC or its management.

5 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, (including as a result of the Patient Protection and Affordable Care Act of 2010 and the Health Care and Education Reconciliation Act of 2010), 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, 2011 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 EBITDA, normalized EBITDA, FFO, normalized FFO, normalized interest coverage ratio, and normalized fixed charges coverage ratio. A reconciliation of this non-GAAP information is provided on pages 17 and 20 of this supplemental information, and additional information is available under the “Non-GAAP Financial Measures” subsection under the “Selected Financial Data” section of our website at www.LTCProperties.com. CORPORATE

6 Acquisitions: Year 2011 – 2012 REAL ESTATE PORTFOLIO (dollar amounts in thousands) Red Oak, TX 144 licensed beds Crowley, TX 120 licensed beds DATE # OF PROPERTIES ASSET CLASS # BEDS/UNITS LOCATION OPERATOR DATE OF CONSTRUCTION PURCHASE PRICE ANNUAL GAAP REVENUE GAAP Lease Yield 02/28/11 2 OTHER 118 beds/93 units SC Prestige Healthcare 1965-2001 11,450 $ 1,158 $ 10.1% 03/09/11 4 SNF 524 TX Meridian Senior Properties 2007-2008 45,000 (1) 4,722 10.5% (1) 08/01/11 1 SNF 140 TX Senior Care Centers 2008 10,000 1,058 10.5% 10/11/11 1 SNF 196 TX Fundamental 2005 15,500 1,881 11.0% (2) 10/11/11 1 (3) UDP (3) N/A (3) TX Fundamental 2012 (3) 844 - 11.0% (2) 11/01/11 1 SNF 156 CA Traditions Management 1990 17,500 1,814 10.3% Total 2011 10 1,134 beds/93 units $ 100,294 03/23/12 1 SNF 144 TX Senior Care Centers 2002 18,600 $ 2,018 $ 10.8% Total 11 1,278 beds/93 units $ 118,894 (1) GAAP yield assumes a total purchase price of $45,000 which includes $41,000 of cash paid at closing and $4,000 paid on August 31, 2011 (2) GAAP yield assumes $8,250 construction funding as noted in (3) below (3) Acquired a vacant parcel of land in Texas and entered into a commitment to fund the construction of a 120-bed skilled nursing property which will replace an existing 90-bed skilled nursing property

7 Real Estate Portfolio Summary REAL ESTATE PORTFOLIO “Same Property Portfolio” Quality Mix (dollar amounts in thousands) For the Three Months Ended March 31, 2012 Private Pay 62.8% Medicare 12.9% Medicaid 24.3% (1) Quality mix for our skilled nursing portfolio, for the period presented, is 22.8% Private Pay, 26.1% Medicare, and 51.1% Medicaid. Owned Properties Payor Source (1) Quality Mix Real Estate Portfolio Snapshot Three Months Ended March 31, 2012 No. of No. of No. of Gross % of Rental Interest % of No. of SNF ALF ILF Investment Type of Property Investments Investments Income Income Revenues Props Beds Units Units per Bed/Unit Skilled Nursing $ 404,721 51.0% $ 10,224 $ 803 49.2% 89 10,351 - - $39.10 Assisted Living 308,647 38.9% 8,273 641 39.8% 102 - 4,365 - $70.71 Other Senior Housing 67,742 8.5% 1,957 88 9.1% 14 913 330 423 $40.66 Schools 12,229 1.5% 418 - 1.9% 2 - - - Under Development (1) 894 0.1% - - - - - - - Total $ 794,233 100.0% $20,872 $1,532 100.0% 207 11,264 4,695 423 (1) During 2011, we acquired a vacant parcel of land in Texas for $844 and entered into a commitment to fund the construction of a 120-bed skilled nursing property which will replace an existing 90-bed skilled nursing property.

8 “Same Property Portfolio” Statistics (1) Real Estate Portfolio Summary Historical “Same Property Portfolio” SNF Coverage (1) REAL ESTATE PORTFOLIO EBITDAR Coverage EBITDARM Coverage 4Q11 2.06 2.76 3Q11 2.16 2.93 2Q11 2.15 2.91 1Q11 2.11 2.89 (1) Data from property level operator financial statements which are unaduited and have not been independently verified by us. “Same Property Portfolio” Statistics (1) Occupancy EBITDAR Coverage EBITDARM Coverage Owned Properties 4Q11 3Q11 4Q11 3Q11 4Q11 3Q11 Assisted Living (2) 78.7% 77.4% 1.38 1.36 1.60 1.58 Assisted Living (3) 88.5% 87.3% 1.43 1.40 1.68 1.65 Skilled Nursing 78.4% 78.3% 2.06 2.16 2.82 2.93 Other Senior Housing 86.5% 86.8% 1.43 1.48 1.85 1.90 (1) Trailing twelve months through December 31, 2011 and September 30, 2011 property level operator financial statements which are unaudited and have not been independently verified by us. (2) Includes properties leased to Assisted Living Concepts, Inc. (ALC) (3) Excludes properties leased to Assisted Living Concepts, Inc. (ALC)

9 Real Estate Portfolio Diversification REAL ESTATE PORTFOLIO Owned and Loan Portfolio – Property and Asset Type Diversification Gross Gross Property Type Investment % % Asset Type Investment % Skilled Nursing 89 404,721 $ 51.0% 11,027 $ 49.2% Real Property 740,951 $ 93.3% Assisted Living 102 308,647 38.9% 8,914 39.8% Loans Receivable 53,282 6.7% Other Senior Housing 14 67,742 8.5% 2,045 9.1% Total 794,233 $ 100.0% Schools 2 12,229 1.5% 418 1.9% Under Development (1) - 894 0.1% - - Total 207 794,233 $ 100.0% 22,404 $ 100.0% (1) During 2011, we acquired a vacant parcel of land in Texas for $844 and entered into a commitment to fund the construction of a 120-bed skilled nursing property which will replace an existing 90-bed skilled nursing property. Properties Revenue Three Months Ended March 31, 2012 # of

10 Real Estate Portfolio Diversification REAL ESTATE PORTFOLIO Owned and Loan Portfolio - State Diversification By Property Type Due to master leases with properties in multiple states, revenue by state is not available. Under Development Properties. See definition in the Glossary. (dollar amounts in thousands) State (1) Gross Investment % Texas 223,245 $ 28.1% Florida 70,150 8.8% Ohio 56,804 7.2% California 51,916 6.5% New Mexico 48,876 6.2% Arizona 41,212 5.2% Virginia 29,052 3.7% Washington 27,920 3.5% Colorado 27,816 3.5% Kansas 20,844 2.6% All Others 196,398 24.7% Total 794,233 $ 100.0% Gross Investment By State

11 Real Estate Portfolio Diversification REAL ESTATE PORTFOLIO Owned Portfolio – Operator Diversification Operator % % Extendicare REIT and Assisted Living Concepts, Inc 37 88,034 $ 11.9% 10,963 $ 12.9% Brookdale Senior Living Communities, Inc. 35 84,210 11.4% 10,734 12.6% Preferred Care 25 77,206 10.4% 10,588 12.4% Senior Care Centers, LLC 4 57,198 7.7% 6,029 7.1% Meridian Senior Properties Fund II, LP 4 50,841 6.9% 4,742 5.6% Traditions Management 4 48,500 6.5% 5,243 6.1% Skilled Healthcare Group, Inc. 5 40,270 5.4% 4,501 5.3% Sunrise Senior Living 6 37,659 5.1% 4,614 5.4% Ensign Group, Inc. 3 28,496 3.8% 1,596 1.9% Emeritus Corporation 2 28,071 3.8% 2,744 3.2% All Others 46 200,466 27.1% 23,561 27.5% Total 171 740,951 $ 100.0% 85,315 $ 100.0% Annualized GAAP Rent Gross Investment # of Props Gross Investment By Operator

12 Top Ten Operators – Owned Portfolio REAL ESTATE PORTFOLIO Extendicare REIT and Assisted Living Concepts, Inc (TSX: EXE.UN) operates 262 senior care facilities in Canada and in the United States with the ability to serve approximately 28,213 residents. EHSI offers a continuum of health care services, including nursing care, assisted living and related medical specialty services, such as sub-acute care and rehabilitative therapy on an inpatient and outpatient basis. ALC (NYSE: ALC) and its subsidiaries operate 211 residences which include licensed assisted living and independent living residences with capacity for 9,325 residents in 20 states. As of March 31, 2012 the LTC portfolio consisted of 37 assisted living properties in 10 states with a gross investment balance of $88.0 million. Brookdale Senior Living, Inc. (NYSE: BKD) operates 647 independent living, assisted living, and dementia-care communities and continuing care retirement centers, with the ability to serve approximately 67,000 residents. As of March 31, 2012, the LTC portfolio consisted of 35 assisted living properties in 8 states with a gross investment balance of $84.2 million. Preferred Care, Inc. (Privately held) operates 67 facilities comprised of skilled nursing, assisted living, and independent living facilities, as well as 5 specialty care facilities, in 10 states. As of March 31, 2012, the LTC portfolio consisted of 23 skilled nursing and 2 other senior housing properties in 6 states with a gross investment balance of $77.2 million. They also operate 1 skilled nursing facility under a sub-lease with another lessee we have which is not included in the Preferred Care rental revenue. Skilled Healthcare Group (NYSE: SKH) is a holding company with subsidiaries that operate skilled nursing facilities, assisted living facilities, a rehabilitation therapy business, and a hospice business. Skilled Healthcare operates in 8 states, including 74 skilled nursing facilities and 23 assisted living facilities. As of March 31, 2012, the LTC portfolio consisted of 5 skilled nursing properties in 1 state with a gross investment balance of $40.3 million. Meridian Senior Properties Fund II, LP (Privately held) acquires and develops independent living, assisted living and skilled nursing facilities and (owns or leases) 10 skilled nursing facilities and one assisted living facility, all located in Texas. They are currently developing two new skilled nursing facilities. As of March 31, 2012, the LTC portfolio consisted of 4 skilled nursing properties in 1 state with a gross investment balance of $50.8 million which includes $6.0 million of earn-out liabilities. Sunrise Senior Living (NYSE: SRZ) operates 311 communities in the United States, Canada and the United Kingdom, with a total capacity of approximately 31,000 units. Sunrise offers a full range of personalized senior living services, including independent living, assisted living, care for individuals with Alzheimer’s disease and other forms of memory loss, as well as Nursing and Rehabilitative services. As of March 31, 2012, the LTC portfolio consisted of 6 assisted living properties in 2 states with a gross investment balance of $37.7 million. Traditions Management (Privately held) operates 10 independent living, assisted living, and skilled nursing facilities in 4 states. As of March 31, 2012, the LTC portfolio consisted of 3 skilled nursing and 1 other senior housing properties in 3 states with a gross investment balance of $48.5 million. They also operate 2 skilled nursing properties under a sub-lease with Preferred Care, Inc. which is not included in the Traditions Management rental revenue. Senior Care Centers, LLC (Privately held) provides skilled nursing care, Alzheimer's care, assisted living, and independent living services in 37 facilities exclusively in Texas. As of March 31, 2012, the LTC portfolio consisted of 4 skilled nursing properties in 1 state with a gross investment balance of $57.2 million. They also operate 4 skilled nursing properties under a sub-lease with Meridian Senior Properties Fund II, LP which is not included in the Senior Care Centers, LLC rental revenue. The Ensign Group (NASDAQ: ENSG) provides skilled nursing and assisted living services, physical, occupational and speech therapies, home health and hospice services, and other rehabilitative and healthcare services for both long-term residents and short-stay rehabilitation patients at 106 facilities in 10 states. As of March 31, 2012, the LTC portfolio consisted of 3 skilled nursing properties in 1 state with a gross investment balance of $28.5 million. Emeritus Senior Living (NYSE:ESC) is a national public provider of independent living, assisted living, and Alzheimer's services. The company operates 485 communities representing capacity for approximately 35,703 residents in 38 states. As of March 31, 2012, the LTC portfolio consisted of 2 assisted living properties in 1 state with a gross investment balance of $28.1 million.

13 Market Capitalization Includes amortization of debt issue cost. Includes letter of credit fees. Non-traded shares. Two million shares outstanding with a face rate of 8.5% and a liquidation value of $19.25 per share, convertible into common stock on a one-for-one basis. Our Series C preferred stock are not redeemable by us. Traded on NYSE. Closing price of our common stock as reported by the NYSE on March 30, 2012, the last trading of first quarter 2012. FINANCIAL (In thousands, except per share amounts and number of shares) Capitalization Bank borrowings - LIBOR + 150 bps 73,000 $ Senior unsecured notes -weighted average rate 5.24% (1) 100,000 Bonds payable - weighted average rate 2.17% (2) 2,635 Total debt 175,635 14.8% No. of shares Preferred stock -Series C (3) 38,500 3.2% Common stock (4) 30,411,774 32.00 $ (5) 973,177 82.0% Non-controlling interest 407 0.0% Total equity 1,012,084 85.2% 1,187,719 $ 100.0% Debt to Market Cap Debt & Preferred to Market Cap At March 31, 2012 Debt 14.8% 18.0% Equity Closing Price Market Capitalization Capitalization Common Stock, 82.0% Total Debt, 14.8% Preferred Stock, 3.2% Non-controlling interest, 0.0%

14 Lease and Mortgage Loan Receivable Maturity LTC’s investment portfolio has a long-term weighted roll-over maturity schedule. Over 77% of the portfolio has lease expirations beyond 2017. Over 22% of outstanding mortgage loans mature after 2017. FINANCIAL Investment Portfolio Maturity Schedule (as a % of total gross owned investment and mortgage loans outstanding) (dollar amounts in thousands) Year % of Total % of Total % of Total 2012 $ 1,244 1.4% $ 382 7.7% $ 1,626 1.8% 2013 987 1.1% 1,912 38.2% 2,899 3.2% 2014 12,951 15.2% 849 17.0% 13,800 15.4% 2015 2,243 2.6% 269 5.4% 2,512 2.8% 2016 2,129 2.5% 26 0.5% 2,155 2.4% 2017 1,599 1.9% 627 12.6% 2,226 2.4% 2018 10,207 12.0% 803 16.1% 11,010 12.2% 2019 1,596 1.9% 123 2.5% 1,719 1.9% Thereafter 52,359 61.4% - - 52,359 57.9% Total $ 85,315 100.0% $ 4,991 100.0% $ 90,306 100.0% (1) Reflects annualized contract rate of interest for loans, net of collectibility reserves, if applicable. Rental Revenue and Interest Income Maturity Annualized GAAP Rental Income Interest Income (1) Total Rental and Interest Income

15 Debt Maturity (in thousands) FINANCIAL (in thousands) $ - $ - $ 600 $ 600 - 4,167 635 4,802 73,000 29,166 1,400 103,566 - 16,667 - 16,667 - 14,167 - 14,167 - 14,167 - 14,167 - 11,666 - 11,666 - 10,000 - 10,000 $ 73,000 $ 100,000 $ 2,635 $ 175,635 (1) Year 2018 2013 2014 Unsecured Line of Credit Senior Unsecured Notes (1) Bonds Payable (1) Total 2015 Total 2016 2017 Reflects scheduled principal payments for amortizing of debt. Thereafter 2019

16 Financial Data Summary FINANCIAL (dollar amounts in thousands) 12/31/09 12/31/10 12/31/11 12/31/11 3/31/12 Net Real Estate Assets $444,163 $515,983 $599,916 $599,916 $611,643 Total Assets 490,593 561,264 647,097 647,097 658,604 Total Debt 25,410 91,430 159,200 159,200 175,635 Total Liabilities 36,280 103,742 178,387 178,387 193,228 Preferred Stock 186,801 126,913 38,500 38,500 38,500 Total Equity 454,313 457,522 468,710 468,710 465,376 Debt to book capitalization ratio 5.3% 16.7% 25.3% 25.3% 27.4% Debt & Preferred Stock to book capitalization ratio 44.2% 39.8% 31.5% 31.5% 33.4% Debt to market capitalization ratio 3.0% 9.5% 14.0% 14.0% 14.8% Debt & Preferred Stock to market capitalization ratio 25.1% 23.0% 17.4% 17.4% 18.0% Debt to Normalized EBITDA 0.4x 1.4x 2.1x 8.0x 8.7x Normalized interest coverage ratio 25.4x 24.5x 11.8x 10.0x 9.9x Normalized fixed charge coverage ratio 3.5x 4.0x 6.4x 7.1x 7.1x For the Year Ended Balance Sheet and Coverage Ratios For the Quarter Ended

17 Financial Data Summary FINANCIAL (dollar amounts in thousands) Non-Cash Rental Revenue Components Net income $ 44,360 $ 46,053 $ 49,443 $ 12,604 $ 12,932 Less: Gain on sale - (310) - - (16) Add: Interest expense 2,418 2,653 6,434 1,993 2,033 Add: Depreciation and amortization (including discontinued operations) 14,822 16,109 19,623 5,141 5,167 EBITDA 61,600 64,505 75,500 19,738 20,116 (Deduct)/Add back: Non-cash interest related to earn-out liability - - 464 110 110 Non-recurring one-time charge (198) 467 - - - Normalized EBITDA $ 61,402 $ 64,972 $ 75,964 $ 19,848 $ 20,226 Interest expense $ 2,418 $ 2,653 $ 6,434 $ 1,993 $ 2,033 Preferred stock dividend 15,141 13,662 5,512 818 818 Fixed Charges $ 17,559 $ 16,315 $ 11,946 $ 2,811 $ 2,851 Reconcilation of Normalized EBITDA and Fixed Charges 12/31/09 12/31/10 12/31/11 12/31/11 For the Year Ended 3/31/12 For the Quarter Ended Non-Cash Rental Revenue Components 1Q12 (1) 2Q12 (1) 3Q12 (1) 4Q12 (1) 1Q13 Straight-line rent $ 647 $ 679 $ 673 $ 664 $ 459 Amort of lease inducement (165) (165) (165) (165) (165) Net $ 482 $ 514 $ 508 $ 499 $ 294 (1) Projections based on current in-place leases, assuming no modification or replacement of existing leases and no new leased investments are added to our portfolio.

Consolidated Statements of Income 18 FINANCIAL (dollar amounts in thousands, except per share amounts, unaudited) 2012 2011 Revenues Rental income 20,872 $ 18,182 $ Interest from mortgage loans 1,532 1,656 Interest and other income 236 415 Total revenues 22,640 20,253 Expenses Interest expense 2,033 1,104 Depreciation and amortization 5,167 4,432 Acquisition costs 41 130 Operating and other expenses 2,452 2,314 Total expenses 9,693 7,980 Income from continuing operations 12,947 12,273 Discontinued operations: Loss from discontinued operations (31) (119) Gain on sale of assets, net 16 - Net loss from discontinued operations (15) (119) Net income 12,932 12,154 Income allocated to non-controlling interests (11) (48) Net income attributable to LTC Properties, Inc. 12,921 12,106 Income allocated to participating securities (94) (89) Income allocated to preferred stockholders (818) (6,624) Net income available to common stockholders 12,009 $ 5,393 $ Basic earnings per common share: $0.40 $0.20 Diluted earnings per common share: $0.40 $0.20 Weighted average shares used to calculate earnings per common share Basic 30,189 26,310 Diluted 30,234 26,340 Three Months Ended March 31,

Consolidated Balance Sheets 19 FINANCIAL (amounts in thousands) March 31, 2012 December 31, 2011 March 31, 2012 December 31, 2011 (unaudited) (unaudited) ASSETS LIABILITIES Real estate investments: Bank borrowings 73,000 $ 56,000 $ Land 58,462 $ 57,059 $ Senior unsecured notes 100,000 100,000 Buildings and improvements 676,851 659,453 Bonds payable 2,635 3,200 Accumulated depreciation and amortization (181,063) (175,933) Accrued interest 1,379 1,356 Net operating real estate property 554,250 540,579 Earn-out liabilities 6,414 6,305 Accrued expenses and other liabilities 9,698 11,314 Properties held-for-sale, net of accumulated depreciation Accrued expenses and other liabilities related to and amortization: 2012 - $613; 2011 - $2,263 5,025 6,256 properties held-for-sale 102 212 Net real estate property 559,275 546,835 Total liabilities 193,228 178,387 Mortgage loans receivable, net of allowance for doubtful accounts: 2012 - $941; 2011 - $921 52,368 53,081 Real estate investments, net 611,643 599,916 EQUITY Preferred stock (1) 38,500 38,500 Other assets: Common stock (2) 304 303 Cash and cash equivalents 3,297 4,408 Capital in excess of par value 506,700 507,343 Debt issue costs, net 2,146 2,301 Cumulative net income 685,664 672,743 Interest receivable 1,303 1,494 Other 186 199 Straight-line rent receivable, net of allowance Cumulative distributions (766,385) (752,340) for doubtful accounts: 2012 - $688; 2011 - $680 24,411 23,772 Total LTC Properties, Inc. stockholders' equity 464,969 466,748 Prepaid expenses and other assets 7,604 7,851 Other assets related to properties held-for-sale, net of Non-controlling interests 407 1,962 allowance for doubtful accounts: 2012 - $839; 2011 - $839 52 53 Notes receivable 1,662 817 Total equity 465,376 468,710 Marketable securities 6,486 6,485 Total assets 658,604 $ 647,097 $ Total liabilities and equity 658,604 $ 647,097 $ (1) Preferred stock $0.01 par value; 15,000 shares authorized; shares issued and outstanding: 2012 - 2,000; 2011 - 2,000 (2) Common stock $0.01 par value; 45,000 shares authorized; shares issued and outstanding: 2012 - 30,412; 2011 - 30,346

Funds from Operations 20 FINANCIAL (dollar amounts in thousands, except per share amounts)) 2012 2011 Net income available to common stockholders $ 12,009 $ 5,393 Add: Depreciation and amortization (continuing and discontinued operations) 5,167 4,521 Less: Gain on sale of assets, net (16) - FFO available to common stockholders 17,160 9,914 Add: Preferred stock redemption charge - 3,566 (1) Add: Preferred stock redemption dividend - 472 (2) Add: Non-cash interest related to earn-out liabilities 110 - Normalized FFO available to common stockholders 17,270 13,952 Less: Non-cash rental income (482) (606) Normalized adjusted FFO (AFFO) 16,788 13,346 Add: Non-cash compensation charges 452 358 Normalized funds available for distribution (FAD) $ 17,240 $ 13,704 $0.56 $0.38 $0.56 $0.52 $0.55 $0.50 $0.56 $0.51 (1) (2) Represents the original issue costs related to the redemption of the remaining Series F preferred stock. Represents the dividends on the Series F preferred stock up to the redemption date. Diluted FFO available to common stockholders per share Diluted normalized FFO available to common stockholders per share Diluted normalized AFFO per share FFO Reconciliation March 31, Three Months Ended Diluted normalized FAD per share

21 GLOSSARY Glossary Adjusted Funds From Operations (“AFFO”): FFO excluding the effects of non - cash rental income. Assisted Living Properties (“ALF”) : Senior housing properties serving elderly persons who require assistance with activities of daily living, but do not require the constant supervision skilled nursing properties provide. Services are usually available 24 hours a day and include personal supervision and assistance with eating, bathing, gr ooming and administering medication. The facilities provide a combination of housing, supportive services, personalized assistance and health care designed to respond to individual needs . Contractual Lease Rent: Rental revenue as defined by the lease agreement between us and the operator for the lease year . EBITDA: Earnings before interest, taxes, depreciation and amortization . EBITDAR Coverage: From t he operator financial statement s, the trailing twelve month’s earnings before interest, taxes, depreciation, amortization, and rent divided by the operator’s contractual lease rent . Management fees are imputed at 5% of revenues. EBITDARM Coverage : From the operator financial statements, t he trailing twelve month’s earnings before interest, taxes, depreciation, amortization, rent and management fees divided by the operator’s contractual lease rent . Funds Available for Distribution (“FAD”): FFO excluding the effects of non - cas h rental income and non - cash compensation charges . Funds From Operations (“FFO”): A s defined by the National Association of Real Estate Investment Trusts (“NAREIT”), net income available to common stockholders (computed in accordance with U.S. GAAP) excl uding gains or losses on the sale of real estate and impairment write - downs of depreciable real estate plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. GAAP Lease Yield: GAAP rent divided by the p urchase p rice. GAAP Rent: Total rent we will receive as a fixed amount over the life of the lease and recognize d evenly over that life. GAAP rent recorded in the early years of a lease is higher than the cash rent received and during the later years of the lease, the cash rent received is higher than GAAP rent recognized . GAAP rent is commonly referred to as straight - line rental income. Gross Investment: Original price paid for an asset plus capital improvements funded by LTC Properties, Inc. (“LTC”), without any deprec i ation deductions. Gross Investment is commonly referred to as undepreciated book value. Independent Living Properties (“ILF”) : Senior housing properties offer ing nume rous levels of service, such as laundry, housekeeping, dining options/meal plans, exercise and wellness programs, transportation, social, cultural and recreational activities, on - site security and emergency response programs. Many offer on - site conveniences like beauty/barber shops, fitness facilities, game rooms, libraries and activity centers. ILFs are also known as retirement communities or senior apartments . Interest Income: Represents interest income from mortgage loans.

22 GLOSSARY Glossary Licensed Beds/Units: The number of beds and/or units that an operator is authorized to operate at a senior housing property. Licensed beds and/or units may differ from the number of beds and/or units in service at any given time. Net Real Estate Assets: Gross investment less accumulated depreciation. Net Real Estate Asset is commonly referred to as Net Book Value (“NBV”). Non-cash rental income: Straight-line rental income and amortization of lease inducement. Non-cash compensation charges: Vesting ex pense relating to stock option s and restricted stock. Normalized AFFO: FFO adjusted for non-recurring, infrequent or unusual items and excludes the non-cash rental income. Normalized FAD: FFO adjusted for non-recurring, infrequent or unusual items and excludes the non - cash rental income and non-cash compensation charges. Normalized FFO: FFO adjusted for non-recurring, infrequent or unusual items. Occupancy: The weighted average percentage of all beds and/or units that are occupied at a given time. The calculation uses the trailing twelve months and is based on licensed beds and/or units which may differ from the number of beds and/or units in service at any given time. Operator Financial Statements: Property level operator financial statements are unaudited and have not been independently verified by us. Other Senior Housing: Senior housing properties consisting of independent living properties and properties providing any combination of skilled nursing, assisted living and/or independent living services. Private Pay: Private pay includes private insurance, HMO, VA, and other payors. Purchase Price: Represents the fair value price of an asset that is exchanged in an orderly transaction between market participants at theme asurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date t o allow for marketing activities that are usual and customary for transactions involving such assets; it is not a forced transaction (for example, a forced liquidation or distress sale). Quality Mix: LTC revenue by operator underlying payor source for the quarter presented. LTC is not a Medicaid or a Medicare recipient. Statistics represent LTC's rental revenues times operators' underlying payor source revenue percentage. Underlying payor source revenue percentage is calculated from property level operator financial statements which are unaudited and have not been independently verified by us. Rental Income: Represents GAAP rent net of amortized lease inducement cost from continuing and discontinued operations.

23 GLOSSARY Glossary Same Property Portfolio ( “SPP”) : Same property statistics allow management to evaluate the performance of LTC’s leased property portfolio under a consistent population, which eliminates the changes in the composition of our portfolio of properties. We identif your same property portfolio as stabilized properties that are, and remained, in operations for the duration of the quarter - over quarter comparison periods presented. Accordingly, it takes a stabilized property a minimum of 12 months in operations to be included in our same property portfolio. Schools: An institution for educating students which include private and charter schools. Private schools are not administered by local, state or national governments; therefore, funded in whole or part by student tuition rather than government funded. Charter schools provide an alternative to the traditional public school. Charter schools are generally autonomous entities authorized by the state or locality to conduct operations independent from the surrounding public school district. Laws vary by state, but generally charters are granted by state boards of education either directly or in conjunction with local school districts or public universities. Operators are granted charters to establish and operate schools based on the goals and objectives set forth in the charter. Upon receipt of a charter, schools receive an annuity from the state for each student enrolled. Skilled Nursing Properties (“SNF”): Senior housing properties providing restorative, rehabilitative and nursing care for people not requiring the more extensive and sophisticated treatment available at acute care hospitals. Many SNF s provide ancillary services that include occupational, speech, physical, respiratory and IV therapies, as well as sub - acute care services which are paid either by the patient, the patient’s family, private health insurance, or through the federal Medicare or state Medicaid programs. Stabilized: Newly acquired operating assets are generally considered stabilized at the earlier of lease - up (typically when occupancy reaches 80% at a SNF or 90% at an ALF) or 12 months from the acquisition date. Newly completed developments, including redevelopments, major renovations, and property additions, are considered stabilized at the earlier of lease - up or 24 months from the date the property is placed in service. Under Development Properties (“UDP”): Development project s to construct senior living properties.