LTC Properties buys three seniors housing communities for nearly $160 million
LTC•LTC Properties acquired three seniors housing communities for nearly $160 million, adding 270 units to its SHOP platform. The transactions have an expected average first-year cap rate of about 6.5% and anticipated unlevered IRR in the low- to mid-teens.
1. Three community acquisitions
LTC Properties disclosed nearly $160 million in acquisitions, adding three seniors housing operating portfolio communities to its SHOP platform. One Florida community was acquired for $69 million, while two communities in Virginia and Maryland were acquired for $89 million.
2. Funding and returns
The transactions add 270 units and have an expected average year-one cap rate of about 6.5%, with anticipated unlevered IRR in the low- to mid-teens. Funding is tied to the divestiture of two non-SHOP portfolios for more than $260 million in gross proceeds, with an expected gain on sale of about $225 million.
3. Mortgage payoff expected
The company expects payoff of a $180 million mortgage loan secured by 14 skilled nursing centers in early to mid-November 2026.
