LTC Properties (NYSE: LTC) has acquired four senior housing communities in Minnesota for $200 million. The deal adds to the REIT’s portfolio of seniors housing and health care properties.

The acquisition targets the Senior Housing Operating (SHOP) sector, a niche within healthcare real estate. LTC did not disclose specific details on the individual properties or financing terms in the announcement.

Deal Details

The transaction involves 453 independent living, assisted living and memory care units with an average age of nine years. The anticipated year-one cap rate is approximately 7%, with an anticipated unlevered IRR in the low- to mid-teens.

Lifespark Senior Living, an existing LTC SHOP operator, assumed operations of the communities. This deepens the partnership between the two firms.

Funding Strategy

LTC funded $167 million of the acquisition using proceeds from the sale of a portfolio of 13 skilled nursing centers in Texas. That sold portfolio had annualized contractual cash income of $12.4 million and a net book value of $101 million. The remainder of the funding came from the Company’s revolving line of credit, which is anticipated to be repaid by October 1 with proceeds from additional asset sales.

SHOP Platform Growth

Since launching its SHOP segment in May 2025, LTC has grown its portfolio from 13 to 43 communities with an average age of 10 years. The SHOP segment now represents 38% of the Company’s annualized net operating income.

The platform spans 12 operators, 10 of which are new LTC relationships since the launch of SHOP. Dave Boitano, LTC's Executive Vice President and Chief Investment Officer, noted that the company has closed nearly $580 million in acquisitions this year, with another $120 million expected to transact by the end of September.

What the Numbers Show

The shift toward SHOP is evident in the capital allocation strategy. By selling skilled nursing centers with a net book value of $101 million to fund a $200 million SHOP acquisition, LTC is actively rebalancing its portfolio mix. With SHOP now contributing 38% of annualized net operating income despite being launched only recently, the segment is becoming a significant driver of earnings relative to its size in the total portfolio.

LTC Properties, Inc. (NYSE: LTC) senior management will participate virtually in the NYSE Real Estate Investor Access Day on Tuesday, August 11, 2026. This engagement provides investors with direct access to the leadership team of the real estate investment trust specializing in seniors housing and health care properties.

The Company’s presentation package will be available online in the Investor Relations section of www.ltcreit.com . Investors can review materials ahead of or during the virtual event to understand LTC’s strategic outlook and portfolio performance.

Portfolio Overview

LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties. The company principally invests through Senior Housing Operating Partnership (SHOP), as well as triple-net leases and joint ventures.

Based on gross real estate investments, 70% of the Company’s assets are seniors housing communities, with the remainder being skilled nursing centers. The portfolio includes nearly 190 properties throughout the United States.

Regulatory Disclosures

This press release includes statements that are not purely historical and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include expectations, beliefs, intentions, or strategies regarding the future.

All statements other than historical facts contained in this press release are forward-looking statements involving risks and uncertainties. Investors are directed to LTC’s most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, and other publicly available filings with the Securities and Exchange Commission for a discussion of these risks. All forward-looking statements are based on information available to the Company on the date hereof, and LTC assumes no obligation to update such statements.