LTC (LTC) Completed a $200M Senior-Housing Acquisition. Can Higher Operating Exposure Beat the Income It Divested?

LTC Properties, Inc. finalized the acquisition of four Minnesota senior-housing communities containing 453 units on September 2 for $200 million. The properties, which average nine years in age, will be operated by Lifespark Senior Living, an existing operating partner for the company.
The deal fits within LTC Properties’ Senior Housing Operating Portfolio, or SHOP structure, which differs from traditional REIT arrangements. Rather than collecting fixed contractual rent payments, the comp