SC 13G: Statement of Beneficial Ownership by Certain Investors
Published on February 12, 2010
UNITED
STATES
    SECURITIES
AND EXCHANGE COMMISSION
    Washington,
D.C. 20549
    SCHEDULE
13G
    Under the
Securities Exchange Act of 1934
    (Amendment
No. _)
    LTC
Properties, Inc.
    ---------------------------------------
    NAME OF
ISSUER:
    Common
Stock (Par Value $.01)
    ---------------------------------------
    TITLE OF
CLASS OF SECURITIES
    502175102
    -------------------------------------
    CUSIP
NUMBER
    December
31, 2009
    ---------------------------------------
    (Date of
Event Which Requires Filing of this Statement)
    Check the
appropriate box to designate the rule pursuant to which this
    Schedule
is filed:
    [x] Rule
13d-1(b)
    [ ] Rule
13d-1(c)
    [ ] Rule
13d-1(d)
    | 1. | NAME
      OF REPORTING PERSONS | 
Deutsche
Bank AG*
    | 2. | CHECK
      THE APPROPRIATE BOX IF A MEMBER OF A
GROUP | 
|  | (A) | [
      ] | 
|  | (B) | [
      ] | 
| 3. | SEC
      USE ONLY | 
| 4. | CITIZENSHIP
      OR PLACE OF ORGANIZATION | 
Germany
    | NUMBER
      OF SHARES BENEFICIALLY OWNED
      BY EACH REPORTING PERSON
      WITH | 5.          SOLE
      VOTING POWER 1,416,230 | 
| 6.          SHARED
      VOTING POWER 0 | |
| 7.          SOLE
      DISPOSITIVE POWER 1,416,230 | |
| 8.          SHARED
      DISPOSITIVE POWER 0 | 
| 9. | AGGREGATE
      AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
  PERSON | 
1,416,230
    | 10. | CHECK
      BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN
    SHARES | 
[
]
    | 11. | PERCENT
      OF CLASS REPRESENTED BY AMOUNT IN ROW
9 | 
6.10%
    | 12. | TYPE
      OF REPORTING PERSON | 
FI
    * In
accordance with Securities Exchange Act Release No. 39538 (January 12, 1998),
this amended filing reflects the securities beneficially owned by the Private
Clients and Asset Management business group ("PCAM") of Deutsche Bank AG and its
subsidiaries and affiliates (collectively, "DBAG"). This filing does not reflect
securities, if any, beneficially owned by any other business group of DBAG.
Consistent with Rule 13d-4 under the Securities Exchange Act of 1934 ("Act"),
this filing shall not be construed as an admission that PCAM is, for purposes of
Section 13(d) under the Act, the beneficial owner of any securities covered by
the filing.
| 1. | NAME
      OF REPORTING PERSONS | 
Deutsche
Asset Management Australia Ltd
    | 2. | CHECK
      THE APPROPRIATE BOX IF A MEMBER OF A
GROUP | 
|  | (A) | [
      ] | 
|  | (B) | [
      ] | 
| 3. | SEC
      USE ONLY | 
| 4. | CITIZENSHIP
      OR PLACE OF ORGANIZATION | 
Australia
    | NUMBER
      OF SHARES BENEFICIALLY OWNED
      BY EACH REPORTING PERSON
      WITH | 5.          SOLE
      VOTING POWER 40,536 | 
| 6.          SHARED
      VOTING POWER 0 | |
| 7.          SOLE
      DISPOSITIVE POWER 40,536 | |
| 8.          SHARED
      DISPOSITIVE POWER 0 | 
| 9. | AGGREGATE
      AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
  PERSON | 
40,536
    | 10. | CHECK
      BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN
    SHARES | 
[
]
    | 11. | PERCENT
      OF CLASS REPRESENTED BY AMOUNT IN ROW
9 | 
0.18%
    | 12. | TYPE
      OF REPORTING PERSON | 
IA,
CO
| 1. | NAME
      OF REPORTING PERSONS | 
Deutsche
Investment Management Americas
    | 2. | CHECK
      THE APPROPRIATE BOX IF A MEMBER OF A
GROUP | 
|  | (A) | [
      ] | 
|  | (B) | [
      ] | 
| 3. | SEC
      USE ONLY | 
| 4. | CITIZENSHIP
      OR PLACE OF ORGANIZATION | 
Delaware
    | NUMBER
      OF SHARES BENEFICIALLY OWNED
      BY EACH REPORTING PERSON
      WITH | 5.          SOLE
      VOTING POWER 38,920 | 
| 6.          SHARED
      VOTING POWER 0 | |
| 7.          SOLE
      DISPOSITIVE POWER 38,920 | |
| 8.          SHARED
      DISPOSITIVE POWER 0 | 
| 9. | AGGREGATE
      AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
  PERSON | 
38,920
    | 10. | CHECK
      BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN
    SHARES | 
[
]
    | 11. | PERCENT
      OF CLASS REPRESENTED BY AMOUNT IN ROW
9 | 
0.17%
    | 12. | TYPE
      OF REPORTING PERSON | 
IA,
CO
| 1. | NAME
      OF REPORTING PERSONS | 
DWS
Investments S.A., Luxembourg
    | 2. | CHECK
      THE APPROPRIATE BOX IF A MEMBER OF A
GROUP | 
|  | (A) | [
      ] | 
|  | (B) | [
      ] | 
| 3. | SEC
      USE ONLY | 
| 4. | CITIZENSHIP
      OR PLACE OF ORGANIZATION | 
Luxembourg
    | NUMBER
      OF SHARES BENEFICIALLY OWNED
      BY EACH REPORTING PERSON
      WITH | 5.          SOLE
      VOTING POWER 3,600 | 
| 6.          SHARED
      VOTING POWER 0 | |
| 7.          SOLE
      DISPOSITIVE POWER 3,600 | |
| 8.          SHARED
      DISPOSITIVE POWER 0 | 
| 9. | AGGREGATE
      AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
  PERSON | 
3,600
    | 10. | CHECK
      BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN
    SHARES | 
[
]
    | 11. | PERCENT
      OF CLASS REPRESENTED BY AMOUNT IN ROW
9 | 
0.02%
    | 12. | TYPE
      OF REPORTING PERSON | 
IA,
CO
| 1. | NAME
      OF REPORTING PERSONS | 
RREEF
America, L.L.C.
    | 2. | CHECK
      THE APPROPRIATE BOX IF A MEMBER OF A
GROUP | 
|  | (A) | [
      ] | 
|  | (B) | [
      ] | 
| 3. | SEC
      USE ONLY | 
| 4. | CITIZENSHIP
      OR PLACE OF ORGANIZATION | 
Delaware
    | NUMBER
      OF SHARES BENEFICIALLY OWNED
      BY EACH REPORTING PERSON
      WITH | 5.          SOLE
      VOTING POWER 1,333,174 | 
| 6.          SHARED
      VOTING POWER 0 | |
| 7.          SOLE
      DISPOSITIVE POWER 1,333,174 | |
| 8.          SHARED
      DISPOSITIVE POWER 0 | 
| 9. | AGGREGATE
      AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
  PERSON | 
1,333,174
    | 10. | CHECK
      BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN
    SHARES | 
[
]
    | 11. | PERCENT
      OF CLASS REPRESENTED BY AMOUNT IN ROW
9 | 
5.74%
    | 12. | TYPE
      OF REPORTING PERSON | 
IA,
CO
| Item
      1(a). | Name
      of Issuer: | 
|  | LTC
      Properties, Inc. (the "Issuer") | 
| Item
      1(b). | Address
      of Issuer's Principal Executive
Offices: | 
|  | 31356
      Oak Crest Drive | 
|  | Suite
      200 | 
|  | Westlake
      Village, CA 91361 | 
|  | United
      States | 
| Item
      2(a). | Name
      of Person Filing: | 
|  | This
      statement is filed on behalf of Deutsche Bank AG ("Reporting
      Person"). | 
| Item
      2(b). | Address
      of Principal Business Office or, if none,
  Residence: | 
|  | Theodor-Heuss-Allee
      70 | 
|  | 60468
      Frankfurt am Main | 
|  | Federal
      Republic of Germany | 
| Item
      2(c). | Citizenship: | 
|  | The
      citizenship of the Reporting Person is set forth on the cover
      page. | 
| Item
      2(d). | Title
      of Class of Securities: | 
|  | The
      title of the securities is common stock, $.01 par value ("Common
      Stock"). | 
| Item
      2(e). | CUSIP
      Number: | 
|  | The
      CUSIP number of the Common Stock is set forth on the cover
      page. | 
| Item
      3. | If
      this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c),
      check whether the person filing is
a: | 
|  | (a) | [
      ] | Broker
      or dealer registered under section 15 of the
  Act; | 
|  | (b) | [
      ] | Bank
      as defined in section 3(a)(6) of the
Act; | 
|  | (c) | [
      ] | Insurance
      Company as defined in section 3(a)(19) of the
  Act; | 
|  | (d) | [
      ] | Investment
      Company registered under section 8 of the Investment Company Act of
      1940; | 
|  | (e) | [X] | An
      investment adviser in accordance with Rule 13d-1(b)
      (1)(ii)(E); | 
Deutsche
Asset Management Australia Ltd
    Deutsche
Investment Management Americas
    DWS
Investments S.A., Luxembourg
    RREEF
America, L.L.C.
    |  | (f) | [
      ] | An
      employee benefit plan, or endowment fund in accordance with Rule 13d-1
      (b)(1)(ii)(F); | 
|  | (g) | [
      ] | parent
      holding company or control person in accordance with Rule 13d-1
      (b)(1)(ii)(G); | 
|  | (h) | [
      ] | A
      savings association as defined in section 3(b) of the Federal Deposit
      Insurance Act; | 
|  | (i) | [
      ] | A
      church plan that is excluded from the definition of an investment company
      under section  3(c)(14) of the Investment Company Act of
      1940; | 
|  | (j) | [X] | A
      non-U.S. institution in accordance with Group, in accordance with Rule
      13d-1 (b)(1)(ii)(J). | 
|  | (k) | [
      ] | Group,
      in accordance with Rule 13d-1
(b)(1)(ii)(J). | 
| Item
      4. | Ownership. | 
|  | (a) | Amount
      beneficially owned: | 
|  | The
      Reporting Person owns the amount of the Common Stock as set forth on the
      cover page. | 
|  | (b) | Percent
      of class: | 
|  | The
      Reporting Person owns the percentage of the Common Stock as set forth on
      the cover page. | 
|  | (a) | Number
      of shares as to which such person
has: | 
|  | (i) | sole
      power to vote or to direct the
vote: | 
The
Reporting Person has the sole power to vote or direct the vote of the Common
Stock as set forth on the cover page.
    |  | (ii) | shared
      power to vote or to direct the
vote: | 
The
Reporting Person has the shared power to vote or direct the vote of the Common
Stock as set forth on the cover page.
    |  | (iii) | sole
      power to dispose or to direct the disposition
  of: | 
The
Reporting Person has the sole power to dispose or direct the disposition of the
Common Stock as set forth on the cover page.
    |  | (iv) | shared
      power to dispose or to direct the disposition
  of: | 
The
Reporting Person has the shared power to dispose or direct the disposition of
the Common Stock as set forth on the cover page.
    | Item
      5. | Ownership
      of Five Percent or Less of a Class. | 
Not
applicable.
    | Item
      6. | Ownership
      of More than Five Percent on Behalf of Another
  Person. | 
Not
applicable.
    | Item
      7. | Identification
      and Classification of the Subsidiary Which Acquired the Security Being
      Reported on by the Parent Holding
Company. | 
Subsidiary                                                                           Item
3 Classification
    Deutsche
Asset Management Australia
Ltd                 Investment
Advisor
    Deutsche
Investment Management
Americas               Investment
Advisor
    DWS
Investments S.A.,
Luxembourg                              Investment
Advisor
    RREEF
America,
L.L.C.                                                       Investment
Advisor
    | Item
      8. | Identification
      and Classification of Members of the
Group. | 
Not
applicable.
    | Item
      9. | Notice
      of Dissolution of Group. | 
Not
applicable.
    | Item
      10. | Certification. | 
By signing below I certify that, to the
best of my knowledge and belief, the foreign regulatory scheme applicable to a
bank organized under the laws of the Federal Republic of Germany is
substantially comparable to the regulatory scheme applicable to the functionally
equivalent U.S. institution. I also undertake to furnish to the Commission
staff, upon request, information that would otherwise be disclosed in a Schedule
13D.
    SIGNATURE
    After
reasonable inquiry and to the best of my knowledge and belief, I certify that
the information set forth in this statement is true, complete and
correct.
    Dated:           February
12, 2010
    Deutsche
Bank AG
    |  | By: | /s/
      Jeffrey A. Ruiz | 
|  | Name: | Jeffrey
      A. Ruiz | 
|  | Title: | Director | 
|  | By: | /s/
      Cesar A. Coy | 
|  | Name: | Cesar
      A. Coy | 
|  | Title: | Assistant
      Vice President | 
SIGNATURE
    After
reasonable inquiry and to the best of my knowledge and belief, I certify that
the information set forth in this statement is true, complete and
correct.
    Dated:           February
12, 2010
    Deutsche
Asset Management Australia Ltd
    |  | By: | /s/
      Anne Gardiner | 
|  | Name: | Anne
      Gardiner | 
|  | Title: | Director | 
|  | By: | /s/
      Michael Thomas | 
|  | Name: | Michael
      Thomas | 
|  | Title: | Vice
      President | 
SIGNATURE
    After
reasonable inquiry and to the best of my knowledge and belief, I certify that
the information set forth in this statement is true, complete and
correct.
    Dated:           February
12, 2010
    Deutsche
Investment Management Americas
    |  | By: | /s/
      Jeffrey A. Ruiz | 
|  | Name: | Jeffrey
      A. Ruiz | 
|  | Title: | Director | 
SIGNATURE
    After
reasonable inquiry and to the best of my knowledge and belief, I certify that
the information set forth in this statement is true, complete and
correct.
    Dated:           February
12, 2010
    DWS
Investments S.A., Luxembourg
    |  | By: | /s/
      Christian Dargatz | 
|  | Name: | Christian
      Dargatz | 
|  | Title: | Director | 
|  | By: | /s/
      Jack Sturmhoefel | 
|  | Name: | Jack
      Sturmhoefel | 
|  | Title: | Vice
      President | 
SIGNATURE
    After
reasonable inquiry and to the best of my knowledge and belief, I certify that
the information set forth in this statement is true, complete and
correct.
    Dated:           February
12, 2010
    RREEF
America, L.L.C.
    |  | By: | /s/
      Amy Persohn | 
|  | Name: | Amy
      Persohn | 
|  | Title: | Director |