LTC Properties completed nearly $160 million of senior housing acquisitions as it continues expanding its Seniors Housing Operating Portfolio platform. The company added three SHOP communities through two transactions. LTC acquired one Florida community for $69 million that will be operated by Charter Senior Living.
The company also acquired two communities in Virginia and Maryland for $89 million.
Those properties will be operated by IntegraCare, establishing a new operator relationship for LTC.
Together, the acquisitions add 270 independent living, assisted living, and memory care units.
The communities have an average age of approximately six years and are located in primary markets as designated by the National Investment Center for Seniors Housing & Care.
LTC expects the investments to generate an average first-year capitalization rate of approximately 6.5%.
The company anticipates an unlevered internal rate of return in the low- to mid-teens.
LTC is funding its ongoing SHOP expansion in part through divestitures of non-SHOP assets.
The company sold two portfolios consisting of three triple-net skilled nursing centers and 17 triple-net senior housing communities.
Those transactions generated more than $260 million in gross proceeds and are expected to result in an approximately $225 million gain on sale.
The sold portfolios generated approximately $12 million in annualized rental income.
LTC also expects to receive repayment of a previously disclosed $180 million mortgage loan secured by 14 skilled nursing centers in early to mid-November 2026.
Since launching its SHOP strategy in May 2025, LTC has expanded the platform from 13 communities to 46.
The SHOP portfolio now contributes more than 40% of LTC’s annualized net operating income.
Year-to-date, the company has completed approximately $740 million of SHOP acquisitions.
KEY QUOTES:
“Since launching SHOP, we have moved quickly to build scale, broaden our operator base, and expand our presence in markets with compelling long-term demand drivers.”
Dave Boitano, Executive Vice President and Chief Investment Officer of LTC Properties
“These acquisitions accelerate our momentum, while the sale of non-SHOP assets highlights our commitment to actively managing our portfolio and reallocating capital into opportunities with greater growth potential.”
Dave Boitano, Executive Vice President and Chief Investment Officer of LTC Properties
