LTC Properties Expands SHOP Segment as Growth Becomes the New Standard
For LTC Properties (NYSE: LTC), “growth is the new norm,” as stated by Co-CEO Pam Kessler. This Westlake Village, California-based real estate investment trust (REIT) is currently evaluating an impressive opportunity set exceeding $1 billion. Already, LTC has secured $70 million in senior housing operating portfolio (SHOP) acquisitions, with plans for additional deals worth $110 million expected to close in January.
Since May, LTC has successfully completed over $290 million in SHOP acquisitions, expanding its senior housing operating portfolio to 22 properties managed by six different operators. This growth trajectory was highlighted during the recent earnings call on Wednesday.
But LTC is not stopping there. The company aims to accelerate its SHOP growth in 2026, identifying “substantial opportunities” to forge agreements with both new and existing partners. Executive Vice President and Chief Investment Officer David Boitano emphasized this during the call, reinforcing the company’s commitment to expansion.
“Building a company defined by growth, quality, and consistent performance” is the overarching goal, according to Co-CEO Pam Kessler. She noted that LTC aims to develop a portfolio of “newer assets with staying power” to remain competitive for years to come. This focus is particularly crucial given that recent NIC data indicates that nearly half of the senior living industry’s properties are 25 years old or older.
“The bifurcation between high-quality, modern assets and older, less competitive properties is becoming more pronounced across all real estate asset classes, and seniors housing is no exception,” Kessler remarked. “Our momentum is strong, our strategy is working, and our opportunities ahead are significant.”
In the third quarter of 2025, LTC Properties reported a net loss of $20.1 million, although the company did see total revenue grow by $13.5 million compared to the same quarter in 2024. As of the end of the trading day, LTC Properties’ share price remained nearly flat, adding just one cent to close at $35.59 per share.
LTC goes on SHOP-ping spree
Over the past year, LTC has expanded its SHOP portfolio to account for approximately 20% of its total real estate holdings. The average occupancy rate for this 21-property portfolio was recorded at 87% in the third quarter of this year.
In 3Q25, LTC acquired nine SHOP communities for a total of $292 million. This included the addition of Lifespark as a new SHOP operating partner through a significant $195 million acquisition.
The REIT has maintained its aggressive pace into the ongoing fourth quarter. On November 3, the company announced a $23 million deal to acquire an 88-unit community in Georgia, with The Arbor Co. stepping in as the new operating partner.
To fund these acquisitions, LTC is strategically offloading older skilled nursing assets. During the third quarter, the REIT sold seven older skilled nursing centers, reallocating the proceeds to acquire newer, stabilized SHOP assets.
Looking ahead, LTC is set to finalize a $120 million skilled nursing facility (SNF) portfolio sale after September 30, positioning itself with total pro forma liquidity of $500 million. This includes $17.9 million in cash on hand, $170.5 million available on a line of credit, and the capacity to issue $330.3 million in common stock.
“We feel very good about our momentum and our positioning in the marketplace to be able to succeed on investments,” stated LTC Co-CEO Clint Malin. “I think our investments today, plus our new investment we announced for 2026, is evidence that we’re able to compete in the marketplace.”
For LTC Properties (NYSE: LTC), “growth is the new norm,” as stated by Co-CEO Pam Kessler. This Westlake Village, California-based real estate investment trust (REIT) is currently evaluating an impressive opportunity set exceeding $1 billion. Already, LTC has secured $70 million in senior housing operating portfolio (SHOP) acquisitions, with plans for additional deals worth $110 million expected to close in January.
Since May, LTC has successfully completed over $290 million in SHOP acquisitions, expanding its senior housing operating portfolio to 22 properties managed by six different operators. This growth trajectory was highlighted during the recent earnings call on Wednesday.
But LTC is not stopping there. The company aims to accelerate its SHOP growth in 2026, identifying “substantial opportunities” to forge agreements with both new and existing partners. Executive Vice President and Chief Investment Officer David Boitano emphasized this during the call, reinforcing the company’s commitment to expansion.
“Building a company defined by growth, quality, and consistent performance” is the overarching goal, according to Co-CEO Pam Kessler. She noted that LTC aims to develop a portfolio of “newer assets with staying power” to remain competitive for years to come. This focus is particularly crucial given that recent NIC data indicates that nearly half of the senior living industry’s properties are 25 years old or older.
“The bifurcation between high-quality, modern assets and older, less competitive properties is becoming more pronounced across all real estate asset classes, and seniors housing is no exception,” Kessler remarked. “Our momentum is strong, our strategy is working, and our opportunities ahead are significant.”
In the third quarter of 2025, LTC Properties reported a net loss of $20.1 million, although the company did see total revenue grow by $13.5 million compared to the same quarter in 2024. As of the end of the trading day, LTC Properties’ share price remained nearly flat, adding just one cent to close at $35.59 per share.
LTC goes on SHOP-ping spree
Over the past year, LTC has expanded its SHOP portfolio to account for approximately 20% of its total real estate holdings. The average occupancy rate for this 21-property portfolio was recorded at 87% in the third quarter of this year.
In 3Q25, LTC acquired nine SHOP communities for a total of $292 million. This included the addition of Lifespark as a new SHOP operating partner through a significant $195 million acquisition.
The REIT has maintained its aggressive pace into the ongoing fourth quarter. On November 3, the company announced a $23 million deal to acquire an 88-unit community in Georgia, with The Arbor Co. stepping in as the new operating partner.
To fund these acquisitions, LTC is strategically offloading older skilled nursing assets. During the third quarter, the REIT sold seven older skilled nursing centers, reallocating the proceeds to acquire newer, stabilized SHOP assets.
Looking ahead, LTC is set to finalize a $120 million skilled nursing facility (SNF) portfolio sale after September 30, positioning itself with total pro forma liquidity of $500 million. This includes $17.9 million in cash on hand, $170.5 million available on a line of credit, and the capacity to issue $330.3 million in common stock.
“We feel very good about our momentum and our positioning in the marketplace to be able to succeed on investments,” stated LTC Co-CEO Clint Malin. “I think our investments today, plus our new investment we announced for 2026, is evidence that we’re able to compete in the marketplace.”
