LTC Continues to Fuel SHOP with Completion of $95 Million Acquisition

– Expands Relationship with Lifespark Senior Living; Grows SHOP to 39 Communities and $1.0 Billion of Gross Real Estate Investments –

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 completion of a $95 million SHOP acquisition.

Acquisition Highlights:

• Investment: $95 million acquisition of two SHOP communities in Minnesota. The communities have an average age of five years and include 215 independent, assisted living and memory care units. Cap rate of 7.4%, with an anticipated unlevered IRR in the low- to mid-teens.
• Operating Partner: Lifespark Senior Living (“Lifespark”), an existing LTC SHOP operator, will continue managing the communities.
• Funding: Proceeds from ATM sales.
• Momentum: Since launching SHOP in May 2025, LTC has grown its portfolio to 39 communities, representing 37% of the Company’s total gross real estate investments. The platform includes 12 operators, 10 of which are new LTC relationships.

"Lifespark has been an outstanding partner since joining our SHOP platform. Expanding our relationship was a natural next step,” said Michael Bowden, LTC’s Senior Vice President of Investments. “This acquisition continues to demonstrate our focus on curating a SHOP portfolio built for long-term value with trusted operator partners."

“We first partnered with LTC last year and have built a strong and successful relationship with them, which made the expansion an easy decision,” said Joel Theisen, RN, BSN, Founder and Chief Executive Officer of Lifespark. “With LTC’s exceptional support, we can continue to drive our vision of delivering a COMPLETE Senior Living model forward. COMPLETE Senior Living is Lifespark’s industry leading integrated ecosystem of senior housing, health services, and social supports, that delivers incredible outcomes for seniors, their families, our employees and owner partners.”

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 nearly 190 properties throughout the United States. Based on gross real estate investments, 70% 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 unlevered IRR, expected continuing SHOP managers, and other statements regarding future strategy. 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” 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.