LTC’s SHOP Momentum Continues with $95 Million in New Acquisitions

– Builds on Proven Operator Relationships to Drive Continued SHOP Growth –

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 the acquisition of two communities in its seniors housing operating portfolio (“SHOP”) for $95 million, building on the Company’s recent progress and reinforcing its SHOP-focused external growth strategy.

LTC’s year-to-date SHOP acquisitions now total over $830 million, representing more than 90% of its mid-point acquisition guidance of $900 million. LTC is on track to reach the mid-point of its acquisition guidance by year-end, at which point SHOP is expected to represent nearly 50% of the Company’s annualized net operating income.

Acquisition Highlights: Added two SHOP communities totaling $95 million.

• Alabama: $71 million for a 180-unit independent living, assisted living and memory care community. Charter Senior Living, an existing LTC SHOP operator, will continue to manage the community.
• Iowa: $24 million off-market acquisition for an 85-unit assisted living and memory care community. Arrow Senior Living, an existing LTC SHOP operator, will continue to manage the community.
• Collectively, the communities have a weighted-average occupancy of 93% with an average age of six years. The average year-one cap rate is approximately 6.5% with an anticipated unlevered IRR in the low- to mid-teens.

Funding: Proceeds from previously disclosed property sales.

LTC has rapidly scaled its SHOP platform since its launch in May 2025.

• LTC’s SHOP platform has grown from 13 to 48 communities and now contributes nearly 45% of the Company's annualized net operating income, while its triple-net skilled nursing portfolio has been reduced to approximately 30% of its annualized net operating income.
• The SHOP portfolio, of which 61% is located in primary markets as designated by NIC, has an average age of nine years and is managed by 13 operators, including 11 new relationships established through the platform's expansion.

"Deep relationships continue to fuel our growth," said Michael Bowden, SVP, Investments. "These two communities were acquired from repeat sellers with whom LTC has previously transacted and will be managed by existing SHOP operators. They are newer assets each with a strong market presence which continues to position LTC’s SHOP platform for higher intrinsic growth."

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 over 160 properties throughout the United States. Based on gross real estate investments, nearly 80% 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 the expected average year-one cap rate and anticipated unlevered internal rate of return on the acquired communities, the anticipated benefits of the acquisitions, the Company’s ability to achieve the mid-point of its 2026 SHOP acquisition target by year-end, the expected contribution of the SHOP segment to the Company’s annualized net operating income, and the Company’s expectations regarding future growth and operations. 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 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” 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.