– Welcomes Charter Senior Living to LTC’s SHOP –
LTC Properties, Inc. (NYSE: LTC) (“LTC” or the “Company”), a real estate investment trust that invests in seniors housing and health care properties, today announced the closing of a $40 million Senior Housing Operating Portfolio (“SHOP”) acquisition of two assisted living and memory care communities operated by Charter Senior Living.
Investment Highlights
- Investment: $40 million off-market acquisition of two recently built assisted living and memory care communities in Kentucky totaling 158 units.
- Performance: Opened in 2023, the communities are stabilized and are expected to deliver a year-one yield of approximately 7%.
- Operating Partner: Charter Senior Living, a partner new to LTC, has managed the communities since opening.
- Momentum: LTC has now closed $175 million (38%) of its projected $460 million pipeline. Of this, $75 million has been added to SHOP. The Company expects to close an additional $195 million in SHOP acquisitions by mid-October 2025, and an additional $90 million by the end of 2025.
“With approximately $460 million in investments anticipated this year, LTC is stepping into an exciting new phase of expansion, driven by both enthusiasm and focus,” said Pam Kessler, LTC’s Co-CEO. “This $40 million acquisition underscores LTC’s ability to execute on external growth through SHOP.”
“Momentum around SHOP continues to build, and we’re seeing strong interest as we build new partnerships while deepening the ones we already value,” said Clint Malin, LTC’s Co‑CEO. “While Charter is new to LTC, we’ve worked with Keven Bennema in the past and know the caliber and integrity he and his team bring – we’re excited to build this relationship.”
“Partnering with LTC strengthens our mission of “Enhancing The Human Spirit!” by providing seniors with exceptional care and services,” said Keven J. Bennema, Co‑founder and CEO of Charter Senior Living. “These communities have thrived since they opened and we’re excited to expand with a trusted partner that not only shares our values but also provides additional opportunities for growth through access to programmatic capital.”
LTC plans to fund the new investments through its recently expanded line of credit, proceeds from previously disclosed property sales and loan payoffs occurring in the second half of 2025, and proceeds from sales of common stock under the Company’s ATM program.
