LTC Adds $95M in SHOP Acquisitions, YTD Total Tops $830M
LTC sits 28% above its 52-week low of $33.639.
Summary
LTC Properties acquired two senior housing operating portfolio (SHOP) communities for $95 million, bringing year-to-date SHOP acquisitions to over $830 million — more than 90% of its $900 million midpoint guidance. The Alabama property ($71M, 180 units) and Iowa property ($24M, 85 units) have 93% weighted-average occupancy, an average age of 6 years, and a 6.5% year-one cap rate. Funding comes from previously disclosed property sales, so no new equity dilution. This follows the $160 million acquisition announced October 1 and the $200 million Minnesota deal in September, confirming the company's aggressive SHOP expansion. SHOP is now expected to reach nearly 50% of annualized net operating income by year-end, up from 45% currently.
At the time of this announcement, LTC was trading at $43.05 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $2.3B. The 52-week trading range was $33.64 to $43.60. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: BusinessWire.