LTC Expands SHOP Platform with $54 Million Acquisition and Welcomes MorningStar Senior Living to SHOP
LTC Properties acquired a 104-unit assisted living and memory care community in Phoenix, Arizona for $54 million, adding MorningStar Senior Living as its eleventh SHOP operator. The deal carries a 6.75% cap rate and is expected to generate an unlevered IRR in the low-to-mid-teens, funded by LTC’s revolving credit facility and proceeds from asset sales.
Key figures
- Deal Value Usd
- 54000000
- Cap rate
- 6.75%
- Shop noi percentage
- 28%
- Expected unlevered irr
- low-to-mid-teens
- Shop noi target year end
- 40%
- Shop acquisitions ytd 2026
- 171000000
- Shop acquisitions since launch
- 524000000
- Shop gross investment percentage
- 32%
- Acquisition guidance midpoint 2026
- 600000000
- Shop gross investment target year end
- 45%
- Skilled nursing gross investment percentage
- 31%
- Skilled nursing gross investment percentage prior
- 46%
AI analysis
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AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.