For LTC Properties (NYSE: LTC), “progress is the brand new norm,” based on Co-CEO Pam Kessler.
The Westlake Village, California-based actual property funding belief (REIT) is at present analyzing a chance set of greater than $1 billion, and already it has inked $70 million in SHOP acquisitions set to shut by year-end and one other $110 million in offers anticipated to shut in January.
Since Could, LTC has accomplished greater than $290 million in SHOP transactions. The REIT has at this time grown its senior housing working portfolio to 21 properties managed by 5 operators, its leaders mentioned in the course of the earnings name Wednesday.
LTC isn’t stopping there. The corporate plans to ramp up the tempo of its SHOP progress in 2026 because it sees “substantial alternatives” to ink agreements with new and present companions, mentioned Government Vice President and Chief Funding Officer David Boitano in the course of the name.
All of that is in service of “constructing an organization outlined by progress, high quality and constant efficiency,” mentioned LTC Co-CEO Pam Kessler. She mentioned the corporate’s purpose is to construct a portfolio of “newer property with endurance” that can keep aggressive for years to come back. That’s particularly vital on condition that, based on latest NIC knowledge, as a lot as half of the senior dwelling business’s properties are 25 years previous or older.
“The bifurcation between high-quality, fashionable property and older, much less aggressive properties is turning into extra pronounced throughout all actual property asset courses and seniors housing isn’t any exception,” Kessler mentioned. “Our momentum is robust, our technique is working, and our alternatives forward are vital.”
LTC Properties within the third quarter of 2025 posted a internet lack of 20.1 million. The corporate grew complete income by $13.5 million versus 3Q24.
LTC Properties’ share worth was practically flat as of the top of the buying and selling day, having added only one cent to land at $35.59 per share.
LTC goes on SHOP-ping spree
LTC has within the final 12 months upsized its SHOP steady to comprise about roughly 20% of complete actual property portfolio. The 21-property portfolio’s common occupancy registered at 87% within the third quarter of this 12 months.
In 3Q25 or simply after, LTC acquired 9 SHOP communities for $292 million. Included in that complete was a transfer so as to add Lifespark as a brand new SHOP working companion as a part of a $195 million acquisition.
The REIT hasn’t slowed its tempo within the ongoing fourth quarter of the 12 months. On Nov. 3, the corporate introduced a $23 million deal to accumulate an 88-unit neighborhood in Georgia with new working companion The Arbor Co. managing it.
LTC is funding these purchases partly by offloading expert nursing property. Through the third quarter of the 12 months, the REIT bought seven older expert nursing facilities in an effort to redeploy the proceeds for buying newer, stabilized SHOP property.
LTC is because of to a $120 million SNF portfolio sale after Sept. 30 sitting on complete professional forma liquidity of $500 million by way of $17.9 million money available, a $170.5 million accessible on a line of credit score and the power to situation $330.3 million of widespread inventory.
“We really feel superb about our momentum and our positioning within the market to have the ability to succeed on investments,” mentioned LTC Co-CEO Clint Malin. “I feel our investments at this time, plus our new funding we introduced for 2026 is proof that we’re in a position to compete within the market.”
