LTC Properties Completes $460M Acquisition
LTC Properties announced two Senior Housing Operating Portfolio acquisitions in Tennessee and Wisconsin. These acquisitions complete LTC's $460M investment guidance, including $360M in SHOP acquisitions. LTC expects to close an additional $110M of SHOP acquisitions in January 2026, extending its momentum into the new year and reinforcing the Company's external growth initiatives through SHOP. Acquisition Highlights: Tennessee: $31.6M for a 100-unit assisted living and memory care community stabilized at 97% occupancy; built in 2022; managed by an existing LTC operator. Wisconsin: $31.3M for a 122-unit assisted living and memory care community stabilized at 98% occupancy; built and expanded between 2012 and 2019; managed by an existing LTC operator. Year-One Yield: 7.5%. SHOP Portfolio Composition: At December 19, 2025, LTC's SHOP investments made up approximately 24% of its real estate portfolio value, and included 26 properties across seven operators, five of which are new to LTC. The acquisitions were funded through a combination of: LTC's revolving credit line. Proceeds from ATM sales. Proceeds from previously announced property sales. A $16M loan payoff with a current yield of 7.75%. A preferred equity redemption of $6.4 million with a current yield of 9% and an IRR of 12%.
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LTC Properties Acquires $108 Million Senior Housing Portfolio
- Acquisition Highlights: LTC Properties has acquired a $108 million senior housing portfolio in Atlanta, Georgia, comprising nearly 400 independent living, assisted living, and memory care units with a stabilized occupancy rate of 92%, indicating strong market demand and operational capability.
- Financial Returns: The acquisition is expected to yield approximately 7% in year-one returns, with an anticipated unlevered internal rate of return in the low teens, suggesting significant cash flow generation and long-term value creation potential for the company.
- Portfolio Optimization: By pairing top-tier operators with high-quality real estate, LTC's SHOP investments now represent 27% of its total investments, a substantial increase from 0% in May 2025, reflecting the company's strategic positioning and growth potential in the senior housing market.
- Future Growth Outlook: According to LTC's Chief Investment Officer Dave Boitano, this acquisition sets the stage for 2026, as the addition of new assets positions the company for rapid expansion and sustained net operating income growth, further solidifying its market position in the senior housing sector.
