LTC Acquires Two Properties for $63 Million, Completing $360 Million in SHOP Acquisitions in 2025

Key Terms

senior housing operating portfolio financial

A senior housing operating portfolio is a group of residential properties and the ongoing businesses that provide housing, care, and daily services to older adults — think of it like a chain of hotels tailored for seniors that are actively managed to serve residents’ needs. Investors care because the portfolio’s financial value depends on occupancy, fees for housing and care, staffing and maintenance costs, and regulatory rules; these factors drive cash flow, risk, and long-term returns.

revolving credit line financial

A revolving credit line is a flexible borrowing arrangement that lets a company borrow, repay, and borrow again up to a preset limit, much like a business credit card with a maximum balance. Investors care because it provides short-term cash for operations or unexpected needs without issuing new shares, but it also creates interest costs and can increase leverage or trigger borrowing restrictions that affect financial stability and future investment returns.

atm sales financial

At-the-market (ATM) sales are ongoing offerings where a company sells newly issued shares directly into the open market at the prevailing market price through brokers, rather than all at once at a fixed price. Investors care because ATM sales can provide flexible cash without taking on debt but reduce each existing share's slice of ownership (dilution), and the timing and size of such sales can affect the stock price and signal management’s funding needs.

preferred equity financial

Preferred equity is a type of investment that sits between common stock and debt in a company's financial structure. It typically offers investors priority in receiving dividends and getting their money back if the company runs into trouble, making it somewhat safer than regular shares. Investors value preferred equity because it provides a steady income stream while still allowing some participation in the company's success.

irr financial

IRR (Internal Rate of Return) is the annualized percentage return an investment is expected to produce based on its projected series of cash outflows and inflows; mathematically, it’s the rate that makes the present value of those cash flows balance to zero. Investors use IRR to compare and rank projects or investments—similar to comparing the interest rates on savings accounts—to judge which offers the best return for the time and risk involved.

assisted living medical

Assisted living is a type of housing designed for older adults or individuals who need help with daily activities like bathing, dressing, or medication management, while still maintaining some independence. It often resembles a residential community with support services available on-site. For investors, assisted living is important because it represents a growing sector driven by aging populations and increasing demand for healthcare-focused housing options.

memory care medical

Memory care is specialized residential care for people with Alzheimer’s disease and other forms of dementia, providing secure living spaces, routines, and staff trained to handle memory loss and behavioral needs. For investors it matters because it behaves like a niche combination of housing and personalized services: steady demand can provide recurring revenue, while occupancy, staffing needs, regulatory rules and liability concerns directly affect operating costs and long‑term returns.

– Additional $110 Million of SHOP Acquisitions Expected in January –

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- LTC Properties, Inc. (NYSE: LTC) (“LTC” or the “Company”), a real estate investment trust that invests in seniors housing and health care properties, today announced two Senior Housing Operating Portfolio (“SHOP”) acquisitions in Tennessee and Wisconsin.

These acquisitions complete LTC’s $460 million investment guidance, including $360 million in SHOP acquisitions. LTC expects to close an additional $110 million 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: $31.6 million for a 100-unit assisted living and memory care community stabilized at 97% occupancy; built in 2022; managed by an existing LTC operator.
• Wisconsin: $31.3 million 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.

Acquisition Funding

The acquisitions were funded through a combination of:

• LTC’s revolving credit line.
• Proceeds from ATM sales.
• Proceeds from previously announced property sales.
• A $16.0 million 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%.

Positioned for Continued Growth in 2026

“Our ability to fully deliver on our 2025 investment guidance, while meaningfully scaling our SHOP platform in under a year, speaks to the strength of our strategy and execution,” said Clint Malin, LTC’s Co-CEO. “We continue to build and expand relationships with quality operators, seven of which are in our current SHOP portfolio, positioning LTC for continued growth in 2026.”

Pam Kessler, Co-CEO added, “We’ve enhanced liquidity through an expanded credit facility announced earlier this month, and proceeds received from investment payoffs, providing LTC with additional capacity to continue growing our SHOP platform in 2026. These recent acquisitions reflect LTC’s deliberate strategy of investing in newer-vintage communities with strong operational performance, positioning our portfolio for NOI growth, and long-term value creation.”

About LTC

LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, investing through SHOP, triple-net leases, joint ventures, and structured finance solutions. The Company’s portfolio includes nearly 190 properties throughout the United States. Based on gross real estate investments, approximately 63% of the Company’s assets are seniors housing communities with the remainder skilled nursing centers. Learn more at www.ltcreit.com.

Forward-Looking Statements

This press release contains 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, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as “believes,” “expects,” “may,” “will,” “could,” “would,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or the negative of those words or similar words. Examples of forward-looking statements include the Company’s $110 Million of SHOP acquisitions expected in January 2026 and other statements regarding future strategy including NOI growth and long-term value creation. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect the Company’s future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, the Company’s dependence on its operators for revenue and cash flow; operational and legal risks and liabilities under the Company’s new SHOP segment; government regulation of the health care industry; changes in federal, state, or local laws limiting REIT investments in the health care sector; federal and state health care cost containment measures including reductions in reimbursement from third-party payors such as Medicare and Medicaid; required regulatory approvals for operation of health care facilities; a failure to comply with federal, state, or local regulations for the operation of health care facilities; the adequacy of insurance coverage maintained by the Company’s operators; the Company’s reliance on a few major operators; the Company’s ability to renew leases or enter into favorable terms of renewals or new leases; the impact of inflation, operator financial or legal difficulties; the sufficiency of collateral securing mortgage loans; an impairment of the Company’s real estate investments; the relative illiquidity of the Company’s real estate investments; the Company’s ability to develop and complete construction projects; the Company’s ability to invest cash proceeds for health care properties; a failure to qualify as a REIT; the Company’s ability to grow if access to capital is limited; and a failure to maintain or increase the Company’s dividend. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under “Risk Factors” contained in the Company’s Annual Report on Form 10‑K for the fiscal year ended December 31, 2024, the Company’s subsequent Quarterly Reports on Form 10‑Q, and the Company’s publicly available filings with the Securities and Exchange Commission. The Company does not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise. Although the Company’s management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251219711154/en/

For more information contact:

Mandi Hogan

(805) 981-8655

Source: LTC Properties, Inc.