LTC Properties Acquires $54M SHOP Asset
LTC Properties announced a $54M SHOP acquisition and the addition of MorningStar Senior Living, the eleventh SHOP operator and ninth new to LTC since launching SHOP in May 2025. Property: $54M acquisition of a 104-unit assisted living and memory care community in Phoenix, Arizona. Operator: The community will continue to be managed by MorningStar Senior Living, an operator new to LTC. Financial Summary: 6.75% cap rate; expected unlevered IRR in the low-to mid-teens. Funding: Revolving line of credit and future proceeds from previously disclosed sales and loan payoffs. Proforma SHOP Portfolio Composition: LTC's SHOP focus is on expanding its roster of strong operators to support mutual growth and accelerate the Company's organic growth profile by acquiring SHOP assets. The following proforma data is as of March 31, 2026 and includes $63M of acquisitions and $22M of total sales and payoffs completed to date in the second quarter of 2026. SHOP Acquisitions: $524M since the Company's SHOP launch in May 2025; $171M year-to-date in 2026. SHOP as % of Annualized Net Operating Income: 28%; expected to grow to 40% by year-end at the $600M midpoint of LTC's acquisition guidance. SHOP as % of Gross Investment: 32% up from 0% at May 2025; expected to grow to 45% by year-end at the $600M midpoint of LTC's acquisition guidance. Average Age of SHOP Properties: under 10 years. SHOP Operators: Eleven, nine new to LTC since SHOP launched in May 2025. Skilled Nursing as % of Gross Investment: 31% down from 46% at year-end 2024.
