LTC’s $200 Million Acquisition Accelerates SHOP Transformation

– Deepens Lifespark Partnership, Continues To Scale its SHOP Platform –

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- LTC Properties, Inc. (NYSE: LTC) (“LTC” or the “Company”), a real estate investment trust specializing in seniors housing and health care properties, today announced a new $200 million SHOP acquisition.

Acquisition Highlights:

• Investment: $200 million acquisition of four SHOP communities in Minnesota. The communities total 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.

• Operating Partner: Lifespark Senior Living (“Lifespark”), an existing LTC SHOP operator assumed operations.

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

• Continued Momentum: Since launching SHOP in May 2025, LTC has grown its portfolio from 13 to 43 communities with an average age of 10 years, now representing 38% of the Company’s annualized net operating income. The platform spans 12 operators, 10 of which are new LTC relationships since LTC’s launching of SHOP.

"Adding these communities with Lifespark advances our strategy of growing alongside strong operators with quality assets that provide great scale, desirable unit mix and compete successfully in their markets," said Dave Boitano, LTC's Executive Vice President and Chief Investment Officer. "We've now closed nearly $580 million in acquisitions this year, with another $120 million expected to transact by the end of September. LTC is building a scalable growth engine fueling continued SHOP momentum and long-term shareholder value."

About LTC

LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, principally investing through SHOP, as well as triple-net leases, and joint ventures. The Company’s portfolio includes 180 properties throughout the United States. Based on gross real estate investments, 77% 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 statements regarding anticipated year-one cap rate and unlevered IRR, anticipated repayment of revolving line of credit timing and sources, the completion of approximately $120 million in additional acquisitions by the end of September, and building a scalable growth engine fueling continued momentum and long-term shareholder value. 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, operational and legal risks and liabilities under the Company’s new SHOP segment; the Company’s dependence on the ability of its third-party independent operators to successfully manage and operate the Company’s SHOP communities; the Company’s dependence on its operators for revenue and cash flow; 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 applicable law or 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 find suitable replacement operators for its SHOP communities; 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” and other information contained in the Company’s Annual Report on Form 10‑K for the fiscal year ended December 31, 2025, 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/20260902393070/en/

For more information contact:
Mandi Hogan
(805) 981-8655

Source: LTC Properties, Inc.

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