LTC EXHBIIT 99.1

Exhibit 99.1

LTC Announces Operating Results for the Three and
Twelve Months Ended December 31, 2003

MALIBU, Calif.--(BUSINESS WIRE)--Feb. 12, 2004--LTC Properties,
Inc. (NYSE:LTC) released results of operations for the three and
twelve months ended December 31, 2003.
LTC announced that for the three months ended December 31, 2003,
net income available to common stockholders was $1.6 million or $0.09
per diluted share. Included in these results was a $2.1 million
write-off of debt issue costs related to the Company's early
retirement of its Secured Revolving Credit, an additional charge of
$1.2 million related to the Company's redemption of 40% of its 9.5%
Series A Preferred Stock, a gain of $2.0 million for the resulting
from redemption by Assisted Living Concepts, Inc. of its secured
debentures owned by the Company and a gain on sale of assets of $2.0
million. The Company reported $3.3 million of depreciation expense, of
which $0.1 million is included in income from discontinued operations,
for the three months ended December 31, 2003. For the same period in
2002, net income available to common stockholders was $0.9 million or
$0.05 per diluted share, including a gain on sale of assets of $0.5
million and depreciation expense of $3.5 million, of which $0.2
million is included in income from discontinued operations.
Additionally, the results for the comparative 2002 period included an
impairment charge of $2.0 million. The Company recorded no impairment
charge in the fourth quarter of 2003. Revenues for the three months
ended December 31, 2003, were $15.9 million versus $17.1 million for
the same period last year.
For the twelve months ended December 31, 2003, net income
available to common stockholders was $6.5 million or $0.36 per diluted
share compared to $16.8 million or $0.91 per diluted share for the
twelve months ended December 31, 2002. Results for the year ended
December 31, 2003, include a gain on sale of assets of $2.3 million
compared to $14.5 million in 2002. Revenues for the twelve months
ended December 31, 2003, were $63.4 million versus $68.1 million last
year. FFO was $18.4 million or $1.03 per diluted share, compared to
$24.5 million or $1.32 per diluted share in 2002.
The Company has scheduled a conference call for Thursday, February
19, 2004, at 10:00 AM Pacific time in order to comment on the
Company's performance and operating results for the year ended
December 31, 2003. The conference call is accessible by dialing
800-901-5241, passcode 62317156. The earnings release and any
additional financial information that may be discussed on the
conference call will also be available on our website. An audio replay
of the conference call will be available from 12:00 PM Pacific time on
February 20, 2004, through February 27, 2004. Callers can access the
replay by dialing 888-286-8010 and entering conference ID number
87102579. Webcast replays will also be available on our website until
March 5, 2004.
At December 31, 2003, LTC had investments in 83 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. For more information on LTC Properties, Inc., visit the
Company's website at www.ltcproperties.com.


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

Three Months Twelve Months
Ended Ended
December 31, December 31,
----------------- -----------------
2003 2002 2003 2002
-------- -------- -------- --------
Revenues:
Rental income $10,816 $10,334 $40,554 $41,440
Interest income from mortgage
loans and notes receivable 2,269 2,672 9,814 10,718
Interest income from REMIC
Certificates 2,157 3,347 9,964 12,970
Interest and other income 674 722 3,115 3,009
-------- -------- -------- --------
Total revenues 15,916 17,075 63,447 68,137
-------- -------- -------- --------

Expenses:
Interest expense 6,176 5,403 20,877 21,322
Depreciation and amortization 3,195 3,300 12,489 13,705
Impairment charge -- 2,000 1,260 7,097
Legal expenses 69 632 1,078 803
Operating and other expenses 2,128 1,293 6,561 6,044
-------- -------- -------- --------
Total expenses 11,568 12,628 42,265 48,971
-------- -------- -------- --------
Income before non-operating income
and minority interest 4,348 4,447 21,182 19,166
Non-operating income 1,970 -- 1,970 --
Minority interest (332) (330) (1,300) (1,308)
-------- -------- -------- --------
Income from continuing operations 5,986 4,117 21,852 17,858
Discontinued operations:
Income (loss) from discontinued
operations 53 45 168 (538)
Gain on sale of assets, net 1,963 544 2,299 14,483
-------- -------- -------- --------
Net income from discontinued
operations 2,016 589 2,467 13,945
-------- -------- -------- --------
Net income 8,002 4,706 24,319 31,803
Preferred stock redemption (1,241) -- (1,241) --
Preferred stock dividends (5,155) (3,761) (16,596) (15,042)
-------- -------- -------- --------
Net income available to common
stockholders $1,606 $945 $6,482 $16,761
======== ======== ======== ========

Net (Loss) Income per Common Share
from Continuing Operations net of
Preferred Stock Dividends:
Basic $(0.02) $0.02 $0.22 $0.15
======== ======== ======== ========
Diluted $(0.02) $0.02 $0.22 $0.15
======== ======== ======== ========
Net Income per Common Share from
Discontinued Operations:
Basic $0.11 $0.03 $0.14 $0.76
======== ======== ======== ========
Diluted $0.11 $0.03 $0.14 $0.75
======== ======== ======== ========
Net Income per Common Share
Available to Common Stockholders:
Basic $0.09 $0.05 $0.36 $0.91
======== ======== ======== ========
Diluted $0.09 $0.05 $0.36 $0.91
======== ======== ======== ========

Basic weighted average shares
outstanding 17,804 18,306 17,836 18,371
======== ======== ======== ========

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
(in thousands, except per share amounts):

Three Months Twelve Months
Ended Ended
December 31, December 31,
--------------- -----------------
2003 2002 2003 2002
------- ------- -------- --------

Net income available to common
stockholders $1,606 $945 $6,482 $16,761
Add: Real estate depreciation 3,285 3,462 12,998 14,400
Add: Impairment charge -- 2,000 1,260 7,807
Less: Gain on sale of assets, net (1,963) (544) (2,299) (14,483)
------- ------- -------- --------
Funds from operations available to
common stockholders $2,928 $5,863 $18,441 $24,485
======= ======= ======== ========

Basic funds from operations
available to common stockholders
per share $0.16 $0.32 $1.03 $1.33
======= ======= ======== ========
Diluted funds from operations
available to common stockholders
per share $0.16 $0.32 $1.03 $1.32
======= ======= ======== ========

In October 2003, NAREIT informed its member companies that the
Securities and Exchange Commission (SEC) has taken the position that
asset impairment charges should not be excluded in calculating FFO.
The SEC's interpretation is that recurring impairments on real
property are not an appropriate adjustment. If the Company adopted the
SEC's interpretation of FFO and did not adjust for the asset
impairment charges, the Company's basic FFO, diluted FFO and FFO per
diluted share for historical periods would be different than the
amounts reported in this release and in previous disclosures.
According to NAREIT, there is inconsistency among NAREIT member
companies as to the adoption of the SEC's interpretation of FFO.
Therefore, a comparison of the Company's FFO results to another
company's FFO results may not be meaningful.

The following table presents the Company's FFO results reflecting
the impact of asset impairment charges as interpreted by the SEC (in
thousands, except per share amounts):

Three Months Twelve Months
Ended Ended
December 31, December 31,
--------------- -----------------
2003 2002 2003 2002
------- ------- -------- --------

Funds from operations available to
common stockholders $2,928 $5,863 $18,441 $24,485
Less: Impairment charges -- (2,000) (1,260) (7,807)
------- ------- -------- --------
Funds from operations available to
common stockholders including
impairment charges $2,928 $3,863 $17,181 $16,678
======= ======= ======== ========

Basic funds from operations
available to common stockholders
including impairment charges per
share $0.16 $0.21 $0.96 $0.91
======= ======= ======== ========
Diluted funds from operations
available to common stockholders
including impairment charges per
share $0.16 $0.21 $0.96 $0.90
======= ======= ======== ========


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

December 31, December 31,
2003 2002
--------------- ----------------
ASSETS
Real Estate Investments:
Buildings and improvements, net of
accumulated depreciation and
amortization: 2003 - $73,376;
2002 - $61,101 $357,282 $366,679
Land 25,343 24,996
Properties held for sale, net of
accumulated depreciation and
amortization: 2003 - $0; 2002 -
$3,215 -- 13,665
Mortgage loans receivable, net of
allowance for doubtful accounts:
2003 - $1,280; 2002 - $1,280 71,465 82,675
REMIC Certificates 61,662 64,419
--------------- ----------------
Real estate investments, net 515,752 552,434
Other Assets:
Cash and cash equivalents 17,919 8,001
Debt issue costs, net 1,496 5,309
Interest receivable 3,809 3,764
Prepaid expenses and other assets 4,495 2,069
Prepaid expenses and other assets
related to properties held for
sale -- 2,037
Notes receivable (includes $9,292
due from CLC Healthcare, Inc. in
2003 and $7,836 in 2002) 19,172 18,343
Marketable debt securities 12,281 7,968
--------------- ----------------
59,172 47,491
--------------- ----------------
Total Assets $574,924 $599,925
=============== ================

LIABILITIES AND STOCKHOLDERS' EQUITY
Bank borrowings $-- $48,421
Mortgage loans payable 123,314 134,388
Bonds payable and capital lease
obligations 14,686 15,361
Senior mortgage participation
payable 18,250 29,667
Accrued interest 952 1,267
Accrued expenses and other
liabilities 2,514 4,419
Accrued expenses and other
liabilities related to properties
held for sale -- 4,609
Liability for Series A 9.5%
Preferred Stock redemption - 1,226
shares 30,642 --
Distributions payable 2,383 981
--------------- ----------------
Total Liabilities 192,741 239,113

Minority interest 13,401 13,399
Stockholders' equity:
Preferred stock $0.01 par value:
2003 - 15,000 shares authorized;
shares issued and outstanding: 2003
- 8,026; 2002 - 7,062 189,163 165,183
Common stock: $0.01 par value; 2003
- 35,000 shares authorized; shares
issued and outstanding: 2003 -
17,807; 2002 - 18,055 178 181
Capital in excess of par value 250,055 253,050
Cumulative net income 274,948 250,629
Other (638) (6,112)
Cumulative distributions (344,924) (315,518)
--------------- ----------------
Total Stockholders' Equity 368,782 347,413
--------------- ----------------
Total Liabilities and
Stockholders' Equity $574,924 $599,925
=============== ================


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