TLC EXHIBIT 99.1

Exhibit 99.1

LTC Announces Pricing of $100 Million of
8% Series F Preferred Stock

MALIBU, Calif.--(BUSINESS WIRE)--Feb. 19, 2004--LTC Properties,
Inc. (NYSE:LTC) announced today that it has priced an offering of 4
million shares of 8% Series F cumulative redeemable preferred stock
sold to a number of institutional investors and other purchasers
pursuant to a registered direct placement. The Series F Preferred
Stock will be sold at $25 per share and the Company expects to issue
approximately 3 million shares on February 23, 2004, and approximately
1 million shares on February 27, 2004. Net proceeds to the Company,
after fees and expenses, are estimated to be $98.5 million. The
Company has applied to list the Series F Preferred Stock on the New
York Stock Exchange under the symbol "LTC PrF." The Series F Preferred
Stock may be redeemed at par at the Company's election on or after
February 23, 2009. The Company stated that it will use approximately
$96.5 million of the proceeds to redeem all outstanding shares of its
9.5% Series A Preferred Stock and its 9.0% Series B Preferred Stock
and the balance will be used for general corporate purposes.
The Series F Preferred Stock will rank pari passu with the
Company's Series A and Series B Preferred Stock (prior to their
redemption), the Series C Cumulative Convertible Preferred Stock and
the Series E Cumulative Convertible Preferred Stock. The Series F
Preferred Stock has no stated maturity and will not be subject to a
sinking fund or mandatory redemption.
Cohen & Steers Capital Advisors, LLC acted as placement advisor in
the sale of the securities.
The Company is a self-administered real estate investment trust
that invests primarily in long-term care and other health care related
facilities through mortgage loans, facility lease transactions and
other investments. For more information on LTC Properties, Inc., visit
the Company's website at www.ltcproperties.com.

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.


CONTACT: LTC Properties
Andre C. Dimitriadis, Chairman & CEO
Wendy L. Simpson, Vice Chairman & CFO
805-981-8655