NEWS RELEASE

Exhibit 99.1

LTC Announces Operating Results for the Three and
Six Months Ended June 30, 2004, and Declares Third Quarter
Cash Dividend on Its Common Stock

MALIBU, Calif.--(BUSINESS WIRE)--July 21, 2004--LTC Properties,
Inc. (NYSE:LTC) released results of operations for the three and six
months ended June 30, 2004, and announced that net income available to
common stockholders for the second quarter was $4.4 million, or $0.23
per diluted share. Included in these results was a loss on sale of
assets of $0.3 million, or $0.01 per share. For the same period in
2003, net income available to common stockholders was $2.6 million, or
$0.15 per diluted share, which included a gain on sale of assets of
$0.7 million, or $0.04 per share. Revenues for the three months ended
June 30, 2004, were $16.7 million versus $15.8 million for the same
period last year.
For the six months ended June 30, 2004, net income available to
common stockholders was $5.4 million, or $0.29 per diluted share.
Included in these results was a gain on sale of assets of $0.7
million, or $0.04 per share, and an additional charge of $4.0 million,
or $0.21 per share, related to the company's redemption of all of its
remaining 9.5% Series A Preferred Stock and all of its 9.0% Series B
Preferred Stock. For the same period in 2003, net income available to
common stockholders was $2.7 million, or $0.15 per diluted share,
which included an impairment charge of $1.3 million and a $0.7
million, or $0.03 per share, gain on sale of assets. Revenues for the
six months ended June 30, 2004, were $33.7 million versus $31.6
million for the same period last year.
LTC also announced that it has declared a dividend for the third
quarter of fiscal 2004 of $0.30 per common share payable on September
30, 2004, to stockholders of record on September 17, 2004. This
represents an increase from $0.275 paid in second quarter 2004.
The Company has scheduled a conference call for July 22, 2004, at
1:00 PM Pacific time in order to comment on the Company's performance,
acquisitions and operating results for the quarter ended June 30,
2004. The conference call is accessible by dialing 866-761-0748,
passcode 48902327. 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 3:00 PM Pacific time on July 22, 2004, through July
29, 2004. Callers can access the replay by dialing 888-286-8010 and
entering conference ID number 80909790. Webcast replays will also be
available on our website until August 7, 2004.
At June 30, 2004, 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. 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.


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

Three Months Six Months
Ended June 30, Ended June 30,
---------------- -----------------
2004 2003 2004 2003
-------- ------- -------- --------
Revenues:
Rental income $11,758 $9,979 $23,324 $19,765
Interest income from mortgage
loans and notes receivable 2,334 2,489 4,472 4,996
Interest income from REMIC
Certificates 2,047 2,551 4,438 5,337
Interest and other income 578 732 1,443 1,514
-------- ------- -------- --------
Total revenues 16,717 15,751 33,677 31,612
-------- ------- -------- --------

Expenses:
Interest expense 3,357 4,924 6,670 10,039
Depreciation and amortization 3,250 3,136 6,425 6,200
Impairment charge -- -- -- 1,260
Legal expenses 91 407 109 771
Operating and other expenses 1,482 1,237 2,733 3,036
-------- ------- -------- --------
Total expenses 8,180 9,704 15,937 21,306
-------- ------- -------- --------
Income before minority interest 8,537 6,047 17,740 10,306
Minority interest (259) (326) (542) (647)
-------- ------- -------- --------
Income from continuing operations 8,278 5,721 17,198 9,659
Discontinued operations:
Income (loss) from discontinued
operations 2 (20) 8 (74)
(Loss) gain on sale of assets,
net (257) 679 718 679
-------- ------- -------- --------
Net (loss) income from discontinued
operations (255) 659 726 605
-------- ------- -------- --------
Net income 8,023 6,380 17,924 10,264
Preferred stock redemption charge -- -- (4,029) --
Preferred stock dividends (3,581) (3,756) (8,527) (7,517)
-------- ------- -------- --------
Net income available to common
stockholders $4,442 $2,624 $5,368 $2,747
======== ======= ======== ========

Net Income per Common Share from
Continuing Operations net of
Preferred Stock Dividends:
Basic $0.25 $0.11 $0.25 $0.12
======== ======= ======== ========
Diluted $0.24 $0.11 $0.25 $0.12
======== ======= ======== ========
Net (Loss) Income per Common Share
from Discontinued Operations:
Basic ($0.01) $0.04 $0.04 $0.03
======== ======= ======== ========
Diluted ($0.01) $0.04 $0.04 $0.03
======== ======= ======== ========
Net Income per Common Share
Available to Common Stockholders:
Basic $0.23 $0.15 $0.29 $0.15
======== ======= ======== ========
Diluted $0.23 $0.15 $0.29 $0.15
======== ======= ======== ========

Basic weighted average shares
outstanding 19,165 17,775 18,576 17,870
======== ======= ======== ========

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 June 30, Ended June 30,
--------------- ----------------
2004 2003 2004 2003
------- ------- -------- -------
Net income available to common
stockholders $4,442 $2,624 $5,368 $2,747
Add: Real estate depreciation 3,250 3,275 6,429 6,507
Add: Impairment charge -- -- -- 1,260
Less (gain)/add loss on sale of
assets, net 257 (679) (718) (679)
------- ------- -------- -------
FFO available to common stockholders $7,949 $5,220 $11,079 $9,835
======= ======= ======== =======

Add: Preferred stock redemption
charge -- -- 4,029 --
------- ------- -------- -------
FFO excluding preferred stock
redemption charge $7,949 $5,220 $15,108 $9,835
======= ======= ======== =======

Basic FFO available to common
stockholders per share $0.42 $0.29 $0.60 $0.55
======= ======= ======== =======
Diluted FFO available to common
stockholders per share $0.39 $0.29 $0.58 $0.55
======= ======= ======== =======

Basic FFO excluding preferred stock
redemption charge per share $0.42 $0.29 $0.81 $0.55
======= ======= ======== =======
Diluted FFO excluding preferred stock
redemption charge per share $0.39 $0.29 $0.76 $0.55
======= ======= ======== =======


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
(unaudited, in thousands, except per share amounts):

Three Months Six Months
Ended June 30, Ended June 30,
--------------- ----------------
2004 2003 2004 2003
------- ------- -------- -------

FFO available to common stockholders $7,949 $5,220 $11,079 $9,835
Less: Impairment charges -- -- -- (1,260)
------- ------- -------- -------
FFO available to common stockholders
including impairment charges $7,949 $5,220 $11,079 $8,575

Basic FFO available to common
stockholders including impairment
charges per share $0.42 $0.29 $0.60 $0.48
------- ------- -------- -------
Diluted FFO available to common
stockholders including impairment
charges per share $0.39 $0.29 $0.58 $0.48
======= ======= ======== =======


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

June 30, December 31,
2004 2003
--------------- ---------------
ASSETS (unaudited)
Real Estate Investments:
Buildings and improvements, net of
accumulated depreciation and
amortization: 2004 - $78,853; 2003
- $72,597 $364,913 $356,617
Land 26,356 25,024
Properties held for sale, net of
accumulated depreciation and
amortization: 2004 - $0; 2003 -
$779 -- 984
Mortgage loans receivable, net of
allowance for doubtful accounts:
2004 and 2003 - $1,280 75,469 71,465
REMIC Certificates 45,159 61,662
--------------- ---------------
Real estate investments, net 511,897 515,752
Other Assets:
Cash and cash equivalents 2,793 17,919
Debt issue costs, net 1,381 1,496
Interest receivable 3,187 3,809
Prepaid expenses and other assets 4,486 4,495
Notes receivable 19,483 19,172
Marketable debt securities -- 12,281
--------------- ---------------
Total Assets $543,227 $574,924
=============== ===============

LIABILITIES AND STOCKHOLDERS' EQUITY
Bank borrowings $1,500 $--
Mortgage loans payable 116,219 123,314
Bonds payable and capital lease
obligations 14,160 14,686
Senior mortgage participation payable 17,835 18,250
Accrued interest 872 952
Accrued expenses and other liabilities 2,798 2,502
Accrued expenses and other liabilities
related to properties held for sale -- 12
Liability for Series A 9.5% Preferred
Stock redemption - 1,226 shares -- 30,642
Distributions payable 2,763 2,383
--------------- ---------------
Total Liabilities 156,147 192,741

Minority interest 11,005 13,401
Stockholders' equity:
Preferred stock $0.01 par value:
15,000 shares authorized; shares
issued and outstanding: 2004 - 7,405;
2003 - 8,026 173,625 189,163
Common stock: $0.01 par value; 45,000
shares authorized; shares issued and
outstanding: 2004 - 19,630; 2003 -
17,807 196 178
Capital in excess of par value 275,670 250,055
Cumulative net income 292,872 274,948
Other 1,094 (638)
Cumulative distributions (367,382) (344,924)
--------------- ---------------
Total Stockholders' Equity 376,075 368,782
--------------- ---------------
Total Liabilities and
Stockholders' Equity $543,227 $574,924
=============== ===============




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