LIST OF SUBSIDIARIES

Published on March 31, 2003



EXHIBIT 21.1

LTC PROPERTIES, INC.

LIST OF SUBSIDIARIES

As of December 31, 2002

COMPANY STATE OF ORGANIZATION
- ---------------------------------------- ---------------------
Bakersfield-LTC, Inc. Delaware
BV Holding-LTC, Inc. Delaware
Coronado Corporation Delaware
Education Property Investors, Inc. Nevada
Emerald Gardens-LTC, Inc. Delaware
Florida-LTC, Inc. Nevada
Illinois-LTC, Inc. Delaware
Kansas-LTC Corporation Delaware
LTC Flower Square, Inc. Arizona
LTC GP I, Inc. Delaware
LTC GP II, Inc. Delaware
LTC GP III, Inc. Delaware
LTC GP IV, Inc. Delaware
LTC GP V, Inc. Delaware
LTC GP VI, Inc. Delaware
LTC Healthcare of Red Hills, Inc. Delaware
LTC Partners I, L.P. Delaware
LTC Partners II, L.P. Delaware
LTC Partners III, L.P. Delaware
LTC Partners IV, L.P. Delaware
LTC Partners IX, L.P. Delaware
LTC Partners V, L.P. Delaware
LTC Partners VI, L.P. Delaware
LTC Partners VII, L.P. Delaware
LTC Partners VIII, L.P. Delaware
LTC REMIC Corporation Delaware
LTC REMIC IV Corporation Delaware
LTC West, Inc. Nevada
LTC-BBCO, Inc. Delaware
LTC-Dearfield, Inc. Nevada
LTC-DS, Inc. Delaware
LTC-Fort Valley, Inc. Delaware
LTC-Gardner, Inc. Delaware
LTC-GECCO, Inc. Delaware
LTC-Griffin, Inc. Nevada
LTC-Jessup, Inc. Delaware
LTC-Jonesboro, Inc. Nevada
LTC-K1 Inc. Delaware
LTC-K2 Limited Partnership Delaware
LTC-K2 LP, Inc. Delaware
LTC-K2, Inc. Delaware
LTC-Lake Forest, Inc. Delaware
LTC-New Mexico, Inc. Nevada
LTC-Ohio, Inc. Delaware
LTC-Richmond, Inc. Nevada
LTC-Sumner, Inc. Delaware
LTC-Tampa, Inc. Nevada
L-Tex GP, Inc. Delaware
L-Tex L.P. Corporation Delaware
Missouri River Corporation Delaware
North Carolina Real
Estate Investments, LLC North Carolina
PVC Holding-LTC, Inc. Delaware
Park Villa Corporation Delaware
Porthaven-LTC, Inc. Delaware
Texas-LTC Colonial Manor
Limited Partnership Delaware
Texas-LTC Limited Partnership Texas
Texas-LTC Woodridge
Limited Partnership Delaware
University Park Convalescent Center, Inc. Florida
Vacaville-LTC, Inc. Delaware
Virginia-LTC, Inc. Nevada
Western Healthcare Funding, Inc. Nevada