WESTLAKE VILLAGE, Calif. — LTC Properties has completed the acquisition of a $200 million SHOP portfolio located in Minnesota.
Totaling 453 units across four communities, the portfolio features independent living, assisted living and memory care units. The average age of the properties is nine years.
This acquisition brings LTC’s SHOP portfolio to 43 communities. California-based LTC first launched its SHOP portfolio, which now represents 38 percent of the company’s annualized net operating income, in May 2025.
Lifespark Senior Living, an existing operating partner of LTC, has assumed management of the newly acquired communities.
Funding for the purchase included $167 million in proceeds from the sale of a skilled nursing portfolio located in Texas, as well as financing from LTC’s revolving line of credit. The latter is scheduled to be repaid by Oct. 1 with proceeds from additional asset sales.
“Adding these communities with Lifespark advances our strategy of growing alongside strong operators with quality assets that provide great scale, desirable unit mix and compete successfully in their markets,” says Dave Boitano, executive vice president and chief investment officer of LTC. “We’ve now closed nearly $580 million in acquisitions this year, with another $120 million expected to transact by the end of September.”
Shares of LTC closed at $41.40 on Sept. 1, up from $34.18 roughly a year ago.