LTC Properties, Inc. (NYSE: LTC) (“LTC” or the “Company”), a real estate investment trust that invests in seniors housing and health care properties, today announced a $195 million Senior Housing Operating Portfolio (“SHOP”) acquisition.
Acquisition Highlights
- Investment: $195 million acquisition of five independent living, assisted living and memory care communities, totaling 520 units, in Wisconsin.
- Performance: Stabilized communities, with an average age of six years, expected to deliver a year-one yield of approximately 7%.
- Operating Partner: Lifespark, a new LTC operating partner, has managed the communities since 2021.
- Funding: Line of credit, proceeds from previously disclosed property sales and loan payoffs occurring in the second half of 2025, and proceeds from sales of common stock under the Company’s ATM program.
- Momentum: LTC has closed 80% ($370 million) of its projected $460 million pipeline. Of this, $270 million has been added to the Company’s SHOP portfolio. LTC expects to close an additional $90 million in SHOP acquisitions by the end of 2025.
- SHOP Portfolio Composition: LTC’s SHOP investments make up approximately 18% of its total portfolio, and includes nearly 1,580 units, across five operators, three of whom are new to LTC.
“This transaction provides another example of LTC executing on our strategy of driving transformative growth through SHOP. It reflects disciplined execution, helps reshape the complexion of our business, and demonstrates our focus on establishing new, strong SHOP relationships,” said Pam Kessler, LTC’s Co-CEO.
“We are continuing to deliver on our commitment of strong external growth and portfolio diversification, while enhancing our ability to further transform our business through SHOP,” said Clint Malin, LTC’s Co-CEO. “We are honored to work with Lifespark as their first-ever REIT partner. Their visionary approach to seniors housing aligns well with our own, as we work to help shape the future of our industry.”
“The senior living market is ripe with opportunistic conditions that will push us all to rethink how we integrate health and housing for a complete experience,” said Joel Theisen, BSN, RN, Lifespark CEO. “Our partnership with LTC is built on mutual trust, capability, and collaboration that together will create long-term value for those who reside and work in our communities.”
