SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2019

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

LTC PROPERTIES, INC.

SCHEDULE IV

MORTGAGE LOANS RECEIVABLE ON REAL ESTATE

(in thousands)


														Principal
														Amount of
												Carrying		Loans
								Current				Amount of		Subject to
	(Unaudited)							Monthly		Face		Mortgages		Delinquent
	Number of				Final	Balloon		Debt		Amount of		December 31,		Principal or
State	Properties		Units/Beds ⁽³⁾	Interest Rate ⁽¹⁾	Maturity Date	Amount ⁽²⁾		Service		Mortgages		2018		Interest
MI	15		2,029	9.92%	2043	$	161,966	$	1,535	$	188,966	$	184,265	$	—
MI	4		501	9.24%	2045		32,286		278		36,116		35,715		—
MI	1		157	9.41%	2045		14,325		117		15,000		14,801		—
MI	2		205	9.41%	2045		19,513		154		19,513		19,318		—
	22	⁽⁴⁾	2,892			$	228,090	$	2,084	$	259,595	$	254,099	$	—

(1)

Represents current stated interest rate. Generally, the loans have a 30-year amortization with principal and interest payable at varying amounts over the life to maturity with annual interest adjustments through specified fixed rate increases effective either on the first anniversary or calendar year of the loan.

(2)	Balloon payment is due upon maturity.

(3)

This number is based upon unit/bed counts shown on operating licenses provided to us by borrowers or units/beds as stipulated by mortgage documents. We have found during the years that these numbers often differ, usually not materially, from units/beds in operation at any point in time. The differences are caused by such things as operators converting a patient/resident room for alternative uses, such as offices or storage, or converting a multi-patient room/unit into a single patient room/unit. We monitor our properties on a routine basis through site visits and reviews of current licenses. In an instance where such change would cause a de-licensing of beds or in our opinion impact the value of the property, we would take action against the borrower to preserve the value of the property/collateral.

(4)	Includes 4 first-lien mortgage loans as follows:


Number of Loans	Original loan amounts
0		$ 500 - $2,000
0		$2,001 - $3,000
0		$3,001 - $4,000
0		$4,001 - $5,000
0		$5,001 - $6,000
0		$6,001 - $7,000
4		$7,001 +

Mortgage loans receivable activity for the years ended December 31, 2019, 2018 and 2017 is as follows:



Balance— December 31, 2016	$	229,801
New mortgage loans		—
Other additions		11,913
Land conveyance		—
Amortization of mortgage premium		(4)
Collections of principal		(17,863)
Foreclosures		—
Loan loss reserve		60
Other deductions		—
Balance— December 31, 2017		223,907
New mortgage loans		14,525
Other additions		6,839
Land conveyance		—
Amortization of mortgage premium		(4)
Collections of principal		(2,136)
Foreclosures		—
Loan loss reserve		(192)
Other deductions		—
Balance— December 31, 2018		242,939
New mortgage loans		7,500
Other additions		4,842
Land conveyance		—
Amortization of mortgage premium		(4)
Collections of principal		(1,065)
Foreclosures		—
Loan loss reserve		(113)
Other deductions		—
Balance— December 31, 2019	$	254,099