LTC PROPERTIES EXHIBIT 99.1

Exhibit 99.1

LTC Announces Operating Results for the Three and Six Months Ended
June 30, 2003

MALIBU, Calif.--(BUSINESS WIRE)--July 30, 2003--LTC Properties,
Inc. (NYSE:LTC) released results of operations for the three and six
months ended June 30, 2003.
LTC announced that for the three months ended June 30, 2003, net
income available to common stockholders was $2.6 million or $0.15 per
diluted share compared to $10.6 million or $0.55 per diluted share for
the three months ended June 30, 2002. The results for the three months
ended June 30, 2003 included a gain on sale of assets of $0.7 million
compared to a gain on sale of assets of $13.2 million for the same
period in 2002. Additionally, the results for the comparative 2002
period included an impairment charge of $4.9 million and the Company
reported no impairment charge for the three months ended June 30,
2003. Revenues for the three months ended June 30, 2003 were $15.9
million versus $17.0 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 $5.2 million or $0.29 per diluted share,
compared to $6.0 million or $0.32 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.
For the six months ended June 30, 2003, net income available to
common stockholders was $2.7 million or $0.15 per diluted share
compared to $13.0 million or $0.70 per diluted share for the six
months ended June 30, 2002. Revenues for the six months ended June 30,
2003 were $31.9 million versus $34.2 million for the same period last
year. FFO was $9.8 million or $0.55 per diluted share, compared to
$12.2 million or $0.66 per diluted share for the same period in 2002.
Reflected in the results for the three months ended June 30, 2003,
was a gain on sale of $0.7 million related to three skilled nursing
facilities in Texas, one of which was formerly operated by Sun
Healthcare Group, Inc. ("Sun"). Net proceeds of $2.6 million from the
sale were used to pay outstanding borrowings under LTC's Senior
Secured Revolving Line of Credit. In addition, LTC announced that
during the second quarter of 2003, it acquired two skilled nursing
facilities in New Mexico with a total of 98 beds from CLC Healthcare,
Inc. ("CLC"). LTC paid cash of $1.2 million for the two facilities and
CLC used the $1.2 million to repay the outstanding loan balance due to
a REMIC pool originated by LTC. LTC leased these facilities, along
with two other facilities in New Mexico previously operated by Sun, to
a third party operator under a master lease beginning July 1, 2003.
This master lease provides for rents of $0.8 million in the initial
year with 2.0% increases annually for 15 years.
LTC also announced that it had leased to a third party operator
four skilled nursing facilities in Georgia formerly operated by CLC
for $0.7 million in the initial year beginning July 1, 2003 with 3.0%
increases annually for 15 years.
At June 30, 2003, LTC had investments in 94 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 Six Months
Ended Ended
June 30, June 30,
2003 2002 2003 2002
Revenues:
Rental income $10,081 $10,536 $19,982 $21,057
Interest income from mortgage
loans and notes receivable 2,489 2,525 4,996 5,118
Interest income from REMIC
Certificates 2,551 3,219 5,337 6,486
Interest and other income 783 766 1,615 1,511
Total revenues 15,904 17,046 31,930 34,172

Expenses:
Interest expense 5,001 5,310 10,193 10,736
Depreciation and amortization 3,255 3,663 6,457 7,207
Impairment charge -- 4,882 1,260 4,882
Legal expenses 408 74 776 136
Operating and other expenses 1,237 1,392 3,070 2,968
Total expenses 9,901 15,321 21,756 25,929
Income before minority interest 6,003 1,725 10,174 8,243
Minority interest (326) (335) (647) (656)
Income from continuing operations 5,677 1,390 9,527 7,587

Discontinued operations:
Income (loss) from discontinued
operations 24 (220) 58 (164)
Gain on sale of assets, net 679 13,192 679 13,120
Net income from discontinued
operations 703 12,972 737 12,956

Net income 6,380 14,362 10,264 20,543
Preferred stock dividends (3,756) (3,761) (7,517) (7,519)
Net income available to common
stockholders $2,624 $10,601 $2,747 $13,024

Net Income (Loss) per Common Share from
Continuing Operations Net of
Preferred Stock Dividends:
Basic $0.11 $(0.13) $0.11 $0.00
Diluted $0.11 $(0.13) $0.11 $0.00

Net Income per Common Share from
Discontinued Operations:
Basic $0.04 $0.71 $0.04 $0.70
Diluted $0.04 $0.66 $0.04 $0.70

Net Income per Common Share Available to
Common Stockholders:
Basic $0.15 $0.58 $0.15 $0.71
Diluted $0.15 $0.55 $0.15 $0.70

Basic weighted average shares
outstanding 17,775 18,393 17,870 18,393

NOTE: Quarterly and year-to-date computations of per share amounts
are made independently. Therefore, the sum of per share amounts for
the quarters may not agree with the per share amounts for the year.
Computations of per share amounts from continuing operations,
discontinued operations and net income are made independently.
Therefore, the sum of per share amounts from continuing operations and
discontinued operations may not agree with the per share amounts from
net income available to common stockholders.



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 Six Months
Ended Ended
June 30, June 30,
2003 2002 2003 2002

Net income available to common
stockholders $2,624 $10,601 $2,747 $13,024
Add: Real estate depreciation 3,275 3,671 6,507 7,384
Add: Impairment charge -- 4,882 1,260 4,882
Less: (Gain) on sale of assets, net (679) (13,192) (679) (13,120)
Funds from operations available to
common stockholders $5,220 $5,962 $9,835 $12,170

Basic funds from operations available
to common stockholders per share $0.29 $0.32 $0.55 $0.66
Diluted funds from operations
available to common stockholders per
share $0.29 $0.32 $0.55 $0.66




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

June 30, Dec. 31,
2003 2002
ASSETS (Unaudited)
Real Estate Investments:
Buildings and improvements, net of accumulated
depreciation and amortization:
2003 -- $69,877; 2002 -- $63,495 $372,503 $377,566
Land 25,934 25,812
Properties held for sale, net of accumulated
depreciation and amortization:
2003 -- $0; 2002 -- $821 -- 1,962
Mortgage loans receivable, net of allowance for
doubtful accounts:
2003 -- $1,280; 2002 -- $1,280 83,642 82,675
REMIC Certificates 62,933 64,419
Real estate investments, net 545,012 552,434
Other Assets:
Cash and cash equivalents 3,233 8,001
Debt issue costs, net 4,067 5,309
Interest receivable 4,014 3,781
Prepaid expenses and other assets 2,769 2,069
Notes receivable
(includes $3,095 due from CLC Healthcare,
Inc. in 2003 and 2002) 15,269 15,622
Marketable debt securities 9,650 7,968
Note receivable from CLC Healthcare, Inc. 5,245 4,741
44,247 47,491
Total Assets $589,259 $599,925

LIABILITIES AND STOCKHOLDERS' EQUITY
Bank borrowings $49,557 $48,421
Mortgage loans payable 129,479 136,971
Bonds payable and capital lease obligations 14,866 15,361
Senior mortgage participation payable 29,239 29,667
Accrued interest 1,288 1,293
Accrued expenses and other liabilities 5,227 6,419
Distributions payable 979 981
Total Liabilities 230,635 239,113

Minority interest 13,283 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 -- 17,795; 2002 -- 18,055 178 181
Capital in excess of par value 250,998 253,050
Cumulative net income 260,893 250,629
Other (4,194) (6,112)
Cumulative distributions (327,520) (315,518)
Total Stockholders' Equity 345,341 347,413
Total Liabilities and Stockholders' Equity $589,259 $599,925

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