EXHIBIT 99.1 PRESS RELEASE

EXHIBIT 99.1
LTC Announces Operating Results for the Three and
Nine Months Ended September 30, 2003

MALIBU, Calif.--(BUSINESS WIRE)--Oct. 23, 2003--LTC Properties,
Inc. (NYSE:LTC) released results of operations for the three and nine
months ended September 30, 2003.
LTC announced that for the three months ended September 30, 2003,
net income available to common stockholders was $2.1 million, or $0.12
per diluted share, compared to $2.8 million, or $0.15 per diluted
share, for the three months ended September 30, 2002. The results for
the three months ended September 30, 2003 included a loss on sale of
assets of $0.3 million, compared to a gain on sale of assets of $0.8
million for the same period in 2002. Additionally, the results for the
comparative 2002 period included an impairment charge of $0.2 million
and a loss from discontinued operations of $0.6 million. The Company
reported no impairment charge and no loss from discontinued operations
for the three months ended September 30, 2003. Revenues for the three
months ended September 30, 2003 were $16.2 million versus $17.5
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 $5.7
million, or $0.32 per diluted share, compared to $6.5 million, or
$0.35 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
reconciliation of net income available to common stockholders to FFO
available to common stockholders below.
For the nine months ended September 30, 2003, net income available
to common stockholders was $4.9 million, or $0.27 per diluted share,
compared to $15.8 million, or $0.85 per diluted share, for the nine
months ended September 30, 2002. Revenues for the nine months ended
September 30, 2003 were $48.1 million versus $51.7 million for the
same period last year. FFO was $15.5 million, or $0.86 per diluted
share, compared to $18.6 million, or $1.00 per diluted share, for the
same period in 2002.
Reflected in the results for the three months ended September 30,
2003, was the issuance in September 2003 of 2.2 million shares of 8.5%
Series E Convertible Preferred Stock that generated net cash proceeds
of approximately $53.1 million. The cash proceeds and cash on hand
were used to fully repay amounts outstanding under LTC's Senior
Secured Revolving Line of Credit. Additionally, in the three months
ended September 30, 2003, LTC received net proceeds of $1.8 million
from the sale of one skilled nursing facility in Georgia formerly
operated by CLC Healthcare, Inc. and recognized a loss on sale of $0.3
million.
LTC also announced that it had leased to a third-party operator
two skilled nursing facilities in Washington formerly operated by Sun
Healthcare Group, Inc. ("Sun") for $0.5 million in the initial year
beginning October 1, 2003 with 2.0% increases annually for 10 years.
Additionally, LTC leased three skilled nursing facilities in Arizona
formerly operated by Sun to a third-party operator for $1.0 million in
the initial year beginning September 1, 2003 with annual increases
based on the consumer price index beginning in September 2008 and a
lease term of 16 years.
At September 30, 2003, LTC had investments in 92 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.
- -0-
*T
LTC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
(Unaudited)

Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- ------------------
2003 2002 2003 2002
---------- --------- --------- --------
Revenues:
Rental income $10,197 $10,502 $30,179 $31,559
Interest income from mortgage
loans and notes receivable 2,549 2,928 7,545 8,046
Interest income from REMIC
Certificates 2,470 3,137 7,807 9,623
Interest and other income 975 951 2,590 2,462
---------- --------- --------- --------
Total revenues 16,191 17,518 48,121 51,690
---------- --------- --------- --------

Expenses:
Interest expense 4,738 5,417 14,931 16,153
Depreciation and amortization 3,190 3,457 9,605 10,620
Impairment charge -- 215 1,260 5,097
Legal expenses 238 103 1,014 239
Operating and other expenses 1,337 1,662 4,407 4,626
---------- --------- --------- --------
Total expenses 9,503 10,854 31,217 36,735
---------- --------- --------- --------
Income before minority interest 6,688 6,664 16,904 14,955
Minority interest (321) (322) (968) (978)
---------- --------- --------- --------
Income from continuing
operations 6,367 6,342 15,936 13,977

Discontinued operations:
Income (loss) from
discontinued operations 29 (607) 45 (819)
(Loss) gain on sale of
assets, net (343) 819 336 13,939
---------- --------- --------- --------
Net (loss) income from
discontinued operations (314) 212 381 13,120
---------- --------- --------- --------

Net income 6,053 6,554 16,317 27,097
Preferred stock dividends (3,924) (3,762) (11,441) (11,281)
---------- --------- --------- --------
Net income available to common
stockholders $2,129 $2,792 $4,876 $15,816
========== ========= ========= ========

Net Income per Common Share from
Continuing Operations Net of
Preferred Stock Dividends:
Basic $0.14 $0.14 $0.25 $0.15
========== ========= ========= ========
Diluted $0.14 $0.14 $0.25 $0.15
========== ========= ========= ========

Net (Loss) Income per Common Share from
Discontinued Operations:
Basic ($0.02) $0.01 $0.02 $0.71
========== ========= ========= ========
Diluted ($0.02) $0.01 $0.02 $0.71
========== ========= ========= ========

Net Income per Common Share Available to
Common Stockholders:
Basic $0.12 $0.15 $0.27 $0.86
========== ========= ========= ========
Diluted $0.12 $0.15 $0.27 $0.85
========== ========= ========= ========

Basic weighted average shares
outstanding 17,803 18,393 17,847 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.
*T

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 Nine Months Ended
September 30, September 30,
------------------ ------------------
2003 2002 2003 2002
---------- ------- --------- --------
Net income available to common
stockholders $2,129 $2,792 $4,876 $15,816
Add: Real estate depreciation 3,206 3,554 9,713 10,938
Add: Impairment charge -- 925 1,260 5,807
Less: Loss (Gain) on sale of
assets, net 343 (819) (336) (13,939)
---------- ------- --------- --------
Funds from operations available
to common stockholders $5,678 $6,452 $15,513 $18,622
========== ======= ========= ========

Basic funds from operations
available to common stockholders
per share $0.32 $0.35 $0.87 $1.01
========== ======= ========= ========
Diluted funds from operations
available to common stockholders
per share $0.32 $0.35 $0.86 $1.00
========== ======= ========= ========


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

September 30, December 31,
2003 2002
-------------- -------------
ASSETS (Unaudited)
Real Estate Investments:
Buildings and improvements, net of
accumulated depreciation and
amortization: 2003 - $72,415; 2002 -
$62,935 $367,480 $375,518
Land 25,893 25,712
Properties held for sale, net of
accumulated depreciation and
amortization: 2003 - $0; 2002 - $1,381 -- 4,110
Mortgage loans receivable, net of
allowance for doubtful accounts: 2003
- $1,280; 2002 - $1,280 82,398 82,675
REMIC Certificates 62,302 64,419
-------------- -------------
Real estate investments, net 538,073 552,434
Other Assets:
Cash and cash equivalents 11,476 8,001
Debt issue costs, net 3,374 5,309
Interest receivable 3,704 3,781
Prepaid expenses and other assets 4,294 2,069
Notes receivable (includes $5,095 due
from CLC Healthcare, Inc. in 2003 and
$3,095 in 2002) 15,217 15,622
Marketable debt securities 9,872 7,968
Note receivable from CLC Healthcare,
Inc. 4,047 4,741
-------------- -------------
51,984 47,491
-------------- -------------
Total Assets $590,057 $599,925
============== =============

LIABILITIES AND STOCKHOLDERS' EQUITY
Bank borrowings $-- $48,421
Mortgage loans payable 127,617 136,971
Bonds payable and capital lease
obligations 14,776 15,361
Senior mortgage participation payable 29,017 29,667
Accrued interest 1,068 1,293
Accrued expenses and other liabilities 5,602 6,419
Distributions payable 1,148 981
-------------- -------------
Total Liabilities 179,228 239,113

Minority interest 13,155 13,399
Stockholders' equity:
Preferred stock $0.01 par value: 2003 -
15,000 shares authorized; shares issued
and outstanding: 2003 - 9,252;
2002 - 7,062 217,484 165,183
Common stock: $0.01 par value; 2003 -
35,000 shares authorized; shares issued
and outstanding: 2003 - 17,806; 2002 -
18,055 178 181
Capital in excess of par value 251,093 253,050
Cumulative net income 266,946 250,629
Other (3,967) (6,112)
Cumulative distributions (334,060) (315,518)
-------------- -------------
Total Stockholders' Equity 397,674 347,413
-------------- -------------
Total Liabilities and Stockholders'
Equity $590,057 $599,925
============== =============

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