David Boitano
About David Boitano
David Boitano is Executive Vice President and Chief Investment Officer (CIO) of LTC Properties, appointed April 21, 2025, following Clint Malin’s promotion to Co-CEO . He brings ~30 years of seniors housing and healthcare real estate experience, including a long tenure at Ventas, where he directly underwrote over $5 billion of transactions, and most recently served as Managing Director in seniors/healthcare finance at Lument; he holds business credentials from Pacific Lutheran University . Under his early tenure, LTC accelerated its external growth via the SHOP platform, adding newer stabilized seniors housing assets and raising 2025 guidance; he publicly articulated target returns (year-one SHOP yields ~7%, unlevered IRR >10%) and helped close acquisitions and convert assets into SHOP, supporting NOI and Core FFO/FAD growth . Company-wide performance context: 2024 revenue increased 6.4% and leverage improved; executive incentives were linked to Adjusted FAD per share, with 2024 bonuses paying ~109% of target on results .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lument | Managing Director – Seniors/Healthcare Finance | Nov 2020–Apr 2025 | Led seniors housing/healthcare finance, leveraging deep operator relationships; prior Ventas experience highlighted for sourcing and underwriting . |
| Ventas, Inc. (S&P 500 REIT) | Senior Vice President – Acquisitions | 2002–2020 | Pivotal role in sourcing investments (including RIDEA); direct underwriting responsibility for >$5B in transactions . |
| Alternative Living Services / Alterra Healthcare; Crossings Corp. | Senior finance/CFO roles | 1990s | Corporate finance and restructuring leading to IPO; senior financial leadership at national senior housing provider . |
| Ernst & Young | Audit (early career) | Early career | Foundation in accounting/audit, informs disciplined underwriting and governance . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed | — | — | No public company directorships disclosed; current role is executive management at LTC . |
Fixed Compensation
| Item | 2025 | Notes |
|---|---|---|
| Base Salary | Not disclosed | Boitano’s specific base salary has not been disclosed in public filings to date; 2025 proxy lists NEO salaries but does not include CIO hired in April 2025 . |
| Target Bonus % | Not disclosed | NEO program design (2024) used ranges by role; CIO-specific targets for 2025 not disclosed . |
| Actual Bonus Paid | Not disclosed | 2025 bonus outcomes for CIO are not yet disclosed; 2024 bonuses pertain to then-NEOs . |
Performance Compensation
Company executive incentive framework (applies to executive officers) with 3-year equity vesting and annual cash bonus tied to Adjusted FAD; 2024 details (for NEOs) illustrate design and calibration. Mr. Boitano joined in April 2025; his 2025 plan specifics are not disclosed.
| Metric | Weighting | Target | Actual | Payout | Vesting/Notes |
|---|---|---|---|---|---|
| Adjusted FAD per share (2024) | 50% | $2.82 | $2.83 | 109% of target | 2024 bonus funded 109% on formula achievement; qualitative 50% also scored at 109% . |
| Subjective/Qualitative (2024) | 50% | Committee determination | Above target | 109% of target | Aligned with portfolio actions and succession completion . |
| RSAs (time-based equity) | — | — | — | — | RSAs vest ratably over 3 years; executives receive dividends during vesting . |
| PSUs – Absolute TSR (aTSR) | — | 22.5% 3-year TSR for target | — | 0–200% | Earned over 3 years; payout schedule from 50% at threshold (9.3% TSR) to 200% at max (40.5%) . |
| PSUs – Relative TSR (rTSR) | — | 55th percentile for target | — | 0–150% (capped at 100% if absolute TSR negative) | Relative to broad REIT peer set; 3-year measure; dividends accrue only if earned . |
Equity Ownership & Alignment
| Policy/Metric | Status/Detail |
|---|---|
| Stock ownership guidelines (Executive officers) | 6x base salary for Executive Chairman/CEO/Co-Presidents; 3x CFO; 2x EVP; 5x annual retainer for directors; 5-year compliance period. Guidelines apply broadly to executive officers; the NCGC receives quarterly ownership reports . |
| Anti-pledging/hedging | Strict prohibitions for executive officers; no pre-clearance exceptions; full compliance in 2024 . |
| Clawback policy | Board-adopted Compensation Recovery Policy (NYSE-compliant) requiring recovery of erroneously awarded incentive-based compensation from executive officers after restatements; additional clawbacks in legacy NEO contracts . |
| Beneficial ownership (group) | Current directors and executive officers as a group held 948,692 shares (2.1% of outstanding) as of March 31, 2025; individual CIO holdings are not separately enumerated in the proxy . |
| Insider transactions | Attempted Form 4 retrieval for “Boitano” (LTC) 2024–2025 returned unauthorized error; monitor SEC Forms 3/4/5 for future activity (selling pressure, tax-withholding, grants). |
Employment Terms
| Topic | Company Practice | CIO-Specific Disclosure |
|---|---|---|
| Employment agreement term | NEOs have evergreen terms (2–3 years) with base salary floors; Board discretion on increases . | Not disclosed for CIO. |
| Severance (no change in control) | Lump sum: 4x base (Executive Chairman), 3x base (Co-CEOs), 2x base (CFO); health benefits up to 18 months; RSAs accelerate; PSUs prorated at period end; pro-rated bonus eligibility . | Not disclosed for CIO; company disclosures do not enumerate CIO multiples. |
| Change-in-control (double trigger) | Executive agreements use double trigger; cash severance based on % of 5-year average comp (e.g., 300%–250% for named executives); health benefits; equity vests upon termination within 24 months post-CIC as deemed-earned; bonus pro-rated at CIC . | Not disclosed for CIO; structure likely consistent with executive framework, but no CIO-specific terms are published. |
| Tax gross-ups | None for CIC; agreements include “cut-back” provisions to avoid excise tax . |
Company Performance Context
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues (USD) | $128.244 million | $127.350 million | $132.278 million |
| EBITDA (USD) | $130.562 million* | $147.445 million* | $160.495 million* |
*Values retrieved from S&P Global.
- 2024 highlights: revenue +6.4% YoY, improved liquidity and coverage ratios; portfolio recycling and RIDEA SHOP launch; sustained monthly dividend .
- 2025 guidance raised: 4Q and full-year EPS, Core FFO/FAD; SHOP NOI midpoint up 28% vs prior guidance with SHOP ~20% of portfolio by Nov 2025 .
- SHOP strategy under CIO: acquisitions at ~7% initial yields, unlevered IRR north of 10%, broadening operator base; press releases and 10-Q detail conversions and acquisitions (CA, GA; Discovery, Arbor) .
Investment Implications
- Compensation alignment: Executive incentives emphasize Adjusted FAD and multi-year TSR via PSUs; strict anti-hedging/pledging and NYSE-compliant clawbacks improve pay-for-performance integrity and downside recourse .
- Retention and risk: CIO terms (salary/bonus/severance) not yet disclosed; while company framework is robust (double-trigger CIC, no gross-ups), lack of CIO-specific disclosure is a near-term gap—monitor 2026 proxy and Forms 3/4 for grants/transactions and ownership build .
- Trading signals: Watch Form 4s for any tax-withholding or discretionary sales around vesting or acquisition cycles; monitor 8-Ks and earnings for SHOP pipeline execution vs funding costs, as Boitano’s stated yields/IRR are favorable but equity cost is a constraint .
- Execution track record: Early tenure shows acceleration of SHOP growth, operator diversification, and raised guidance; this supports value creation via NOI and portfolio quality upgrades—positive signal if sustained into 2026 .
Note: Insider-trades tool query for “Boitano” at LTC (2024–2025) failed due to API authorization; we attempted to source Form 4 transactions to analyze selling pressure and current beneficial ownership, and recommend continued monitoring.