LTC Properties announced it has acquired two seniors housing operating portfolio (SHOP) communities in Colorado and New Mexico for a combined purchase price of $73 million, expanding its SHOP portfolio to 36 properties.
The acquisition was completed at an approximately 7% capitalization rate and is expected to generate an unlevered internal rate of return (IRR) in the low- to mid-teens. LTC funded the transaction using proceeds from its at-the-market (ATM) equity sales program. MorningStar Senior Living, an existing LTC SHOP operating partner, will continue managing both communities.
The deal further strengthens LTC’s growing SHOP platform, which the real estate investment trust launched in May 2025. Since then, the platform has expanded to 36 properties and now accounts for approximately 34% of the company’s total gross real estate investments. The portfolio spans 11 operators, including nine new operating relationships established through the SHOP strategy.
LTC specializes in investing in seniors housing and health care real estate through SHOP investments, triple-net leases, and joint ventures. The company’s overall portfolio includes nearly 190 properties across the United States. Based on gross real estate investments, nearly 70% of LTC’s assets are seniors housing communities, with the remainder consisting of skilled nursing centers.
KEY QUOTE:
“Relationships are the cornerstone of LTC’s growth story. This acquisition was sourced off-market and speaks to the strength of our valued partnerships with an expanding group of strong operator relationships, each reflecting the vision and alignment that drives long-term value.”
David Boitano, Chief Investment Officer at LTC Properties
