For LTC Properties (NYSE: LTC), “growth is the new norm,” according to Co-CEO Pam Kessler.
The Westlake Village, California-based real estate investment trust (REIT) is currently analyzing an opportunity set of more than $1 billion, and already it has inked $70 million in SHOP acquisitions set to close by year-end and another $110 million in deals expected to close in January.
Since May, LTC has completed more than $290 million in SHOP transactions. The REIT has today grown its senior housing operating portfolio to 21 properties managed by five operators, its leaders said during the earnings call Wednesday.
LTC is not stopping there. The company plans to ramp up the pace of its SHOP growth in 2026 as it sees “substantial opportunities” to ink agreements with new and existing partners, said Executive Vice President and Chief Investment Officer David Boitano during the call.
All of this is in service of “building a company defined by growth, quality and consistent performance,” said LTC Co-CEO Pam Kessler. She said the company’s goal is to build a portfolio of “newer assets with staying power” that will stay competitive for years to come. That is especially important given that, according to recent NIC data, as much as 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,” Kessler said. “Our momentum is strong, our strategy is working, and our opportunities ahead are significant.”
LTC Properties in the third quarter of 2025 posted a net loss of 20.1 million. The company grew total revenue by $13.5 million versus 3Q24.
LTC Properties’ share price was nearly flat as of the end of the trading day, having added just one cent to land at $35.59 per share.
LTC goes on SHOP-ping spree
LTC has in the last 12 months upsized its SHOP stable to comprise about approximately 20% of total real estate portfolio. The 21-property portfolio’s average occupancy registered at 87% in the third quarter of this year.
In 3Q25 or just after, LTC acquired nine SHOP communities for $292 million. Included in that total was a move to add Lifespark as a new SHOP operating partner as part of a $195 million acquisition.
The REIT hasn’t slowed its pace in the ongoing fourth quarter of the year. On Nov. 3, the company announced a $23 million deal to acquire an 88-unit community in Georgia with new operating partner The Arbor Co. managing it.
LTC is funding these purchases partly by offloading skilled nursing assets. During the third quarter of the year, the REIT sold seven older skilled nursing centers in order to redeploy the proceeds for acquiring newer, stabilized SHOP assets.
Also aiding the company’s growth push is the fact that it is sitting on total liquidity of almost $400 million via $17.9 million cash on hand, a $51.5 million line of credit and the ability to issue $330.3 million of common stock.
“We feel very good about our momentum and our positioning in the marketplace to be able to succeed on investments,” said LTC Co-CEO Clint Malin. “I think our investments today, plus our new investment we announced for 26 is evidence that we’re able to compete in the marketplace.”
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