Westlake Village-based LTC Properties Inc. snapped up four senior housing communities in Minnesota for $200 million, closing in on its goal to spend $800 million on acquisitions by year-end as part of a business strategy shift.
The real estate investment trust has followed industry waves to swap its skilled nursing and traditional senior housing leases for an increasingly popular, hands-on model that gives REITs a cut of senior living communities’ operating revenue.
The Minnesota properties include 453 independent living, assisted living and memory care units. They’re run by Lifespark Senior Living, one of LTC’s existing operating partners.
SHOP strategy
The buy is part of the trust’s senior housing operating portfolio strategy, launched in May 2025. So far this year, LTC has closed nearly $580 million in new acquisitions for its SHOP roster, which now counts 43 properties. SHOP represents more than a third of the trust’s annualized net operating income.
“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,” said Dave Boitano, executive vice president and chief investment officer at LTC, in a statement. “LTC is building a scalable growth engine fueling continued SHOP momentum and long-term shareholder value.”
To fund the purchase, LTC used $167 million it earned by selling a portfolio of 13 skilled nursing centers in Texas. The rest came from a revolving line of credit the trust expects to repay by Oct. 1.
