LTC Properties is a healthcare REIT focused on seniors housing and skilled nursing facilities. LTC owns and finances independent living, assisted living, memory care, and skilled nursing properties across the U.S., generating income through two structures. The first and larger is a traditional Real Estate Investments segment, where LTC owns properties leased to operators under long-term triple-net leases — meaning operators bear all operating costs — and also provides mortgage loans and structured financing to operators. The second is a Seniors Housing Operating Portfolio (SHOP), launched in mid-2025, where LTC owns seniors housing communities managed by third-party operators under management agreements, directly bearing operating costs and collecting resident fees. LTC does not operate properties directly; it provides capital to operators who run day-to-day operations. LTC's defining strategic shift in 2025 was building out its SHOP platform alongside its traditional triple-net business. Triple-net leases offer predictable income with limited upside, capped by annual rent escalators, while SHOP gives LTC direct exposure to occupancy gains, rate increases, and margin improvement. LTC is growing SHOP by acquiring stabilized, newer-vintage seniors housing communities and recycling capital out of older skilled nursing assets. LTC focuses on smaller, off-market deals with regional operators, a niche that larger healthcare REITs tend to overlook. As a REIT, LTC distributes at least 90% of taxable income to shareholders.