LTC PROPERTIES EXHIBIT 99.1

Exhibit 99.1

LTC Announces Operating Results for the Three
Months Ended March 31, 2003


MALIBU, Calif.--(BUSINESS WIRE)--May 5, 2003--LTC Properties, Inc.
(NYSE:LTC) released results of operations for the three months ended
March 31, 2003.
LTC announced that for the three months ended March 31, 2003, net
income available to common stockholders was $0.1 million or $0.01 per
diluted share compared to $2.4 million or $0.13 per diluted share for
the three months ended March 31, 2002. Revenues for the three months
ended March 31, 2003 were $16.1 million versus $17.2 million for the
same period last year. Funds From Operations ("FFO"), a non-GAAP
measure of a REIT's financial performance defined as net income
available to common stockholders adjusted to exclude the gains or
losses on the sale of assets and adjusted to add back impairment
charges, real estate depreciation and other non cash charges, was $4.6
million or $0.26 per diluted share, compared to $6.2 million or $0.34
per diluted share for the same period in 2002. FFO is used in the REIT
industry as a supplemental measure of financial performance, but is
not a substitute for net income per share available to common
stockholders determined in accordance with GAAP. Please see the
attached reconciliation of net income available to common stockholders
to FFO available to common stockholders.
LTC stated that reflected in the results for the three months
ended March 31, 2003, was an impairment charge of approximately $1.3
million to reflect the estimated impact on future cash flows from loan
prepayments occurring during, or expected to occur subsequent to, the
first quarter of 2003 related to certain of the Company's REMIC
Certificates.
At March 31, 2003, LTC had investments in 95 skilled nursing
facilities, 96 assisted living residences and one school in 30 states.
The Company is a self-administered real estate investment trust that
primarily invests in long-term care and other health care related
facilities through mortgage loans, facility lease transactions and
other investments.

This press release includes statements that are not purely
historical and are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended, including
statements regarding the Company's expectations, beliefs, intentions
or strategies regarding the future. All statements other than
historical facts contained in this press release are forward-looking
statements. These forward-looking statements involve a number of risks
and uncertainties. All forward-looking statements included in this
press release are based on information available to the Company on the
date hereof, and the Company assumes no obligation to update such
forward-looking statements. Although the Company's management believes
that the assumptions and expectations reflected in such
forward-looking statements are reasonable, no assurance can be given
that such expectations will prove to have been correct. The actual
results achieved by the Company may differ materially from any
forward-looking statements due to the risks and uncertainties of such
statements.


LTC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
(Unaudited)

Three Months Ended
March 31,
2003 2002
Revenues:
Rental income $9,965 $10,634
Interest income from mortgage loans and notes
receivable 2,507 2,593
Interest income from REMIC Certificates 2,786 3,267
Interest and other income 832 745
Total revenues 16,090 17,239

Expenses:
Interest expense 5,192 5,426
Depreciation and amortization 3,232 3,575
Impairment charge 1,260 --
Operating and other expenses 2,201 1,638
Total expenses 11,885 10,639
Income before minority interest 4,205 6,600
Minority interest (321) (321)
Income from continuing operations 3,884 6,279

Discontinued operations:
Loss from discontinued operations -- (26)
Loss on sale of assets, net -- (72)
Net loss from discontinued operations -- (98)

Net income 3,884 6,181
Preferred stock dividends (3,761) (3,758)
Net income available to common stockholders $123 $2,423

Net Income per Common Share from Continuing
Operations Net of Preferred Stock Dividends:
Basic $0.01 $0.14
Diluted $0.01 $0.14

Net Loss per Common Share from Discontinued
Operations:
Basic $0.00 $(0.01)
Diluted $0.00 $(0.01)

Net Income per Common Share Available to Common
Stockholders:
Basic $0.01 $0.13
Diluted $0.01 $0.13

Basic weighted average shares outstanding 17,965 18,393



Reconciliation of Funds From Operations ("FFO")

FFO is a supplemental measure of a REIT's financial performance
that is not defined by accounting principles generally accepted in the
United States. We define FFO as net income available to common
stockholders adjusted to exclude the gains or losses on the sale of
assets and adjusted to add back impairment charges, real estate
depreciation and other non-cash charges. Other REITs may not use this
definition of FFO and therefore, caution should be exercised when
comparing our company's FFO to that of other REITs. FFO is used in the
REIT industry as a supplemental measure of financial performance, but
is not a substitute for net income per share available to common
stockholders determined in accordance with accounting principles
generally accepted in the United States.
The following table reconciles net income available to common
stockholders to funds from operations available to common stockholders
(unaudited, in thousands, except per share amounts):


Three Months Ended
March 31,
2003 2002

Net income available to common stockholders $123 $2,423
Add: Real estate depreciation 3,232 3,713
Add: Impairment charge 1,260 --
Add: Loss on sale of assets, net -- 72
Funds from operations available to common stockholders $4,615 $6,208

Basic funds from operations available to common
stockholders per share $0.26 $0.34
Diluted funds from operations available to common
stockholders per share $0.26 $0.34


LTC PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share amounts)


March 31, Dec. 31,
2003 2002
ASSETS (Unaudited)
Real Estate Investments:
Buildings and improvements, net of accumulated
depreciation and amortization: 2003 - $67,512;
2002 - $64,316 $375,898 $379,228
Land 26,112 26,112
Mortgage loans receivable, net of allowance for
doubtful accounts: 2003 - $1,280; 2002 - $1,280 82,297 82,675
REMIC Certificates 64,122 64,419
Real estate investments, net 548,429 552,434
Other Assets:
Cash and cash equivalents 8,888 8,001
Debt issue costs, net 4,670 5,309
Interest receivable 3,665 3,781
Prepaid expenses and other assets 2,778 2,069
Notes receivable (includes $3,095 due from
CLC Healthcare, Inc. in 2003 and 2002) 15,575 15,622
Marketable debt securities 8,127 7,968
Note receivable from CLC Healthcare, Inc. 4,745 4,741
48,448 47,491
Total Assets $596,877 $599,925

LIABILITIES AND STOCKHOLDERS' EQUITY
Bank borrowings $48,421 $48,421
Mortgage loans payable 136,384 136,971
Bonds payable and capital lease obligations 14,930 15,361
Senior mortgage participation payable 29,455 29,667
Accrued interest 1,117 1,293
Accrued expenses and other liabilities 5,646 6,419
Distributions payable 1,799 981
Total Liabilities 237,752 239,113

Minority interest 13,155 13,399
Stockholders' equity:
Preferred stock $0.01 par value: 10,000 shares
authorized; shares issued and outstanding:
2003 - 7,052; 2002 - 7,062 164,986 165,183
Common stock: $0.01 par value; 40,000 shares
authorized; shares issued and outstanding:
2003 - 17,876; 2002 - 18,055 179 181
Capital in excess of par value 251,801 253,050
Cumulative net income 254,513 250,629
Notes receivable from stockholders (6,995) (7,227)
Deferred compensation -- (163)
Accumulated comprehensive income 2,581 1,278
Cumulative distributions (321,095) (315,518)
Total Stockholders' Equity 345,970 347,413
Total Liabilities and Stockholders' Equity $596,877 $599,925



CONTACT: LTC Properties, Inc.
Andre C. Dimitriadis or Wendy L. Simpson, 805/981-8655