EXHIBIT 10.20

EXHIBIT 10.20

AMENDMENT NO. 1
EMPLOYMENT AGREEMENT

This Amendment No. 1 ("Amendment") is effective June 23, 2000, and
amends the Amended and Restated Employment Agreement dated March 26, 1999 by and
between LTC PROPERTIES, INC., a corporation organized under the laws of the
State of Maryland, and CHRISTOPHER ISHIKAWA ("EXECUTIVE").

Section 5, subparagraph (g)(ii) is hereby amended as follows:

Delete the words "more than 30%" and add the following in its
place "30% or more."

The last sentence of the first paragraph of Section "6" is hereby
deleted and the following sentence is hereby added:

"In the event of such termination, the below provisions of
this Section 6 shall apply, and, in the event of a Change in
Control, whether or not Executive's employment is terminated
thereby, Section 6(b) shall apply."

Section "6(b)" is hereby amended by deleting the semicolon and adding
the following language at the end of the sentence:

"..., and all stock options and/or restricted stock shall
automatically vest concurrently upon a Change in Control,
notwithstanding any prior existing vesting schedule;"

IN WITNESS WHEREOF, this Amendment No. 1 shall be effective as of the
date specified in the first paragraph of this Amendment.


LTC PROPERTIES, INC., a Maryland corporation



Address: 300 Esplanade St., #1860 /s/ ANDRE C. DIMITRIADIS
Oxnard, CA 93030 --------------------------------------------
Andre C. Dimitriadis
Chairman and Chief Executive Officer



By: /s/
-------------------------------------------
Compensation Committee Representative



Address: 1673 Brentford Ave. /s/ CHRISTOPHER ISHIKAWA
Westlake Village, CA 91361 -------------------------------------------
Christopher Ishikawa

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