--Expands Relationship with MorningStar Senior Living; Remains On Pace to Achieve $600 million of Acquisitions and 40% Annualized SHOP NOI by Year-End--LTC Properties, Inc. (NYSE:LTC) (&#34;LTC&#34; or the

<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc"><i xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">--Expands Relationship with MorningStar Senior Living; Remains On Pace to Achieve $600 million of Acquisitions and 40% Annualized SHOP NOI by Year-End--</b></i></p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">LTC Properties, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LTC">LTC</a>)</b> ("LTC" or the "Company"), a real estate investment trust specializing in seniors housing and health care properties, today announced the acquisition of two SHOP communities located in Colorado and New Mexico for a combined purchase price of $73 million.</p><p xmlns="http://www.w3.org/1999/xhtml">The acquisition was completed at a cap rate of approximately 7% with an expected unlevered IRR in the low- to mid-teens, and was funded with proceeds from ATM sales. MorningStar Senior Living, an existing LTC SHOP operator, will continue managing the communities.</p><p xmlns="http://www.w3.org/1999/xhtml">&#34;Relationships are the cornerstone of LTC’s growth story,&#34; said David Boitano, Chief Investment Officer. &#34;This acquisition was sourced off-market and speaks to the strength of our valued partnerships with an expanding group of strong operator relationships, each reflecting the vision and alignment that drives long-term value.&#34;</p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">LTC’s SHOP Snapshot</b></p><p xmlns="http://www.w3.org/1999/xhtml">Since launching SHOP in May 2025, LTC has grown the portfolio to 36 properties, which now represents 34% of the Company’s total gross real estate investments. The platform spans eleven operators, nine of which are new relationships for LTC.</p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">About LTC</b></p><p xmlns="http://www.w3.org/1999/xhtml">LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, principally investing through SHOP, as well as triple-net leases, and joint ventures. The Company’s portfolio includes nearly 190 properties throughout the United States. Based on gross real estate investments, nearly 70% of the Company’s assets are seniors housing communities with the remainder skilled nursing centers. Learn more at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ltcreit.com&amp;esheet=54566156&amp;newsitemid=20260707968035&amp;lan=en-US&amp;anchor=www.ltcreit.com&amp;index=3&amp;md5=58b907613eb46ffc51ffedb2e7827229" shape="rect">www.ltcreit.com</a>.</p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Forward-Looking Statements</b></p><p xmlns="http://www.w3.org/1999/xhtml">This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as "believes," "expects," "may," "will," "could," "would," "should," "seeks," "approximately," "intends," "plans," "estimates" or "anticipates," or the negative of those words or similar words. Examples of forward-looking statements include statements regarding 2026 acquisitions and annualized SHOP NOI growth expectations, unlevered IRR expectations, and other statements regarding future strategy. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect the Company’s future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, operational and legal risks and liabilities under the Company’s new SHOP segment; the Company’s dependence on the ability of its third-party independent operators to successfully manage and operate the Company’s SHOP communities; the Company’s dependence on its operators for revenue and cash flow; government regulation of the health care industry; changes in federal, state, or local laws limiting REIT investments in the health care sector; federal and state health care cost containment measures including reductions in reimbursement from third-party payors such as Medicare and Medicaid; required regulatory approvals for operation of health care facilities; a failure to comply with applicable law or regulations for the operation of health care facilities; the adequacy of insurance coverage maintained by the Company’s operators; the Company’s reliance on a few major operators; the Company’s ability to find suitable replacement operators for its SHOP communities; the Company’s ability to renew leases or enter into favorable terms of renewals or new leases; the impact of inflation; operator financial or legal difficulties; the sufficiency of collateral securing mortgage loans; an impairment of the Company’s real estate investments; the relative illiquidity of the Company’s real estate investments; the Company’s ability to develop and complete construction projects; the Company’s ability to invest cash proceeds for health care properties; a failure to qualify as a REIT; the Company’s ability to grow if access to capital is limited; and a failure to maintain or increase the Company’s dividend. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under "Risk Factors" contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Company’s subsequent Quarterly Reports on Form 10-Q, and the Company’s publicly available filings with the Securities and Exchange Commission. The Company does not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise. Although the Company’s management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements.</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260707968035r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260707968035/en/" rel="nofollow">https://www.businesswire.com/news/home/20260707968035/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignl">For more information contact:<br xmlns="http://www.w3.org/1999/xhtml"></br>Mandi Hogan<br xmlns="http://www.w3.org/1999/xhtml"></br>(805) 981-8655</p>

LTC Grows SHOP Portfolio to 36 Properties with $73 Million Acquisition

LTC expands SHOP portfolio with $73M acquisition; targets 40% annual SHOP NOI

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>--Expands Relationship with MorningStar Senior Living; Remains On Pace to Achieve $600 million of Acquisitions and 40% Annualized SHOP NOI by Year-End--LTC Properties, Inc. (NYSE:LTC) (&amp;#34;LTC&amp;#34; or the</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>LTC Properties announced the acquisition of two SHOP communities for $73 million, funded via ATM sales, with MorningStar Senior Living continuing to manage. The move expands LTC&#039;s SHOP platform to 36 properties (34% of gross real estate investments) across 11 operators, nine of which are new relationships. Management still targets $600 million of acquisitions and 40% annualized SHOP NOI by year-end, signaling continued growth and leverage of operator partnerships.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>LTC buys two SHOP communities for $73M. Cap rate ~7%; unlevered IRR low- to mid-teens.</li><li>Funding via ATM sales. MorningStar Senior Living will continue managing.</li><li>SHOP portfolio up to 36 properties. 34% of LTC&#039;s gross real estate investments; 11 operators, 9 new relationships.</li><li>On track to $600M acquisitions and 40% annualized SHOP NOI by year-end.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>LTC Properties, Inc. (LTC)</strong>: Announced $73M SHOP acquisitions, expanding the portfolio and growth trajectory; funded via ATM sales.</li><li><strong>MorningStar Senior Living (N/A)</strong>: Private operator; will continue managing the new SHOP communities, reducing transition risk.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>This is a Corporate Developments / Industry News item focused on LTC&#039;s growth strategy through SHOP acquisitions and operator relationships. It highlights execution on an off-market deal and potential NAV/AFFO uplift, with risk tied to operator performance and regulatory factors.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>SHOP acquisitions expand LTC&#039;s growth runway and NOI upside.</li><li>ATM funding may impact near-term leverage and liquidity.</li><li>MorningStar management continuity supports stable cash flow.</li><li>Off-market sourcing signals strong operator relationships and deal flow.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Two SHOP communities acquired for $73 million.</li><li>Cap rate approximately 7%.</li><li>Unlevered IRR expected in the low- to mid-teens.</li><li>SHOP portfolio now 36 properties; 34% of gross real estate investments.</li><li>Acquisition funded with ATM sales.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish over 6–12 months on SHOP accretion and operator relationships.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc"><i xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">--Expands Relationship with MorningStar Senior Living; Remains On Pace to Achieve $600 million of Acquisitions and 40% Annualized SHOP NOI by Year-End--</b></i></p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">LTC Properties, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LTC">LTC</a>)</b> ("LTC" or the "Company"), a real estate investment trust specializing in seniors housing and health care properties, today announced the acquisition of two SHOP communities located in Colorado and New Mexico for a combined purchase price of $73 million.</p><p xmlns="http://www.w3.org/1999/xhtml">The acquisition was completed at a cap rate of approximately 7% with an expected unlevered IRR in the low- to mid-teens, and was funded with proceeds from ATM sales. MorningStar Senior Living, an existing LTC SHOP operator, will continue managing the communities.</p><p xmlns="http://www.w3.org/1999/xhtml">&#34;Relationships are the cornerstone of LTC’s growth story,&#34; said David Boitano, Chief Investment Officer. &#34;This acquisition was sourced off-market and speaks to the strength of our valued partnerships with an expanding group of strong operator relationships, each reflecting the vision and alignment that drives long-term value.&#34;</p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">LTC’s SHOP Snapshot</b></p><p xmlns="http://www.w3.org/1999/xhtml">Since launching SHOP in May 2025, LTC has grown the portfolio to 36 properties, which now represents 34% of the Company’s total gross real estate investments. The platform spans eleven operators, nine of which are new relationships for LTC.</p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">About LTC</b></p><p xmlns="http://www.w3.org/1999/xhtml">LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, principally investing through SHOP, as well as triple-net leases, and joint ventures. The Company’s portfolio includes nearly 190 properties throughout the United States. Based on gross real estate investments, nearly 70% of the Company’s assets are seniors housing communities with the remainder skilled nursing centers. Learn more at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ltcreit.com&amp;esheet=54566156&amp;newsitemid=20260707968035&amp;lan=en-US&amp;anchor=www.ltcreit.com&amp;index=3&amp;md5=58b907613eb46ffc51ffedb2e7827229" shape="rect">www.ltcreit.com</a>.</p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Forward-Looking Statements</b></p><p xmlns="http://www.w3.org/1999/xhtml">This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as "believes," "expects," "may," "will," "could," "would," "should," "seeks," "approximately," "intends," "plans," "estimates" or "anticipates," or the negative of those words or similar words. Examples of forward-looking statements include statements regarding 2026 acquisitions and annualized SHOP NOI growth expectations, unlevered IRR expectations, and other statements regarding future strategy. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect the Company’s future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, operational and legal risks and liabilities under the Company’s new SHOP segment; the Company’s dependence on the ability of its third-party independent operators to successfully manage and operate the Company’s SHOP communities; the Company’s dependence on its operators for revenue and cash flow; government regulation of the health care industry; changes in federal, state, or local laws limiting REIT investments in the health care sector; federal and state health care cost containment measures including reductions in reimbursement from third-party payors such as Medicare and Medicaid; required regulatory approvals for operation of health care facilities; a failure to comply with applicable law or regulations for the operation of health care facilities; the adequacy of insurance coverage maintained by the Company’s operators; the Company’s reliance on a few major operators; the Company’s ability to find suitable replacement operators for its SHOP communities; the Company’s ability to renew leases or enter into favorable terms of renewals or new leases; the impact of inflation; operator financial or legal difficulties; the sufficiency of collateral securing mortgage loans; an impairment of the Company’s real estate investments; the relative illiquidity of the Company’s real estate investments; the Company’s ability to develop and complete construction projects; the Company’s ability to invest cash proceeds for health care properties; a failure to qualify as a REIT; the Company’s ability to grow if access to capital is limited; and a failure to maintain or increase the Company’s dividend. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under "Risk Factors" contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Company’s subsequent Quarterly Reports on Form 10-Q, and the Company’s publicly available filings with the Securities and Exchange Commission. The Company does not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise. Although the Company’s management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements.</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260707968035r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260707968035/en/" rel="nofollow">https://www.businesswire.com/news/home/20260707968035/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignl">For more information contact:<br xmlns="http://www.w3.org/1999/xhtml"></br>Mandi Hogan<br xmlns="http://www.w3.org/1999/xhtml"></br>(805) 981-8655</p>

LTC Properties announced the acquisition of two SHOP communities for $73 million, funded via ATM sales, with MorningStar Senior Living continuing to manage. The move expands LTC's SHOP platform to 36 properties (34% of gross real estate investments) across 11 operators, nine of which are new relationships. Management still targets $600 million of acquisitions and 40% annualized SHOP NOI by year-end, signaling continued growth and leverage of operator partnerships.

LTC Grows SHOP Portfolio to 36 Properties with $73 Million Acquisition

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

Related News