EXHIBIT 99.1

Exhibit 99.1

LTC Announces Operating Results for the
Three and Six Months Ended June 30, 2006


WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--July 24, 2006--LTC
Properties, Inc. (NYSE:LTC) released results of operations for the
three and six months ended June 30, 2006 and announced that net income
available to common stockholders for the second quarter was $7.7
million or $0.33 per diluted share. For the same period in 2005, net
income available to common stockholders was $5.8 million or $0.27 per
diluted share. Revenues for the three months ended June 30, 2006, were
$18.8 million versus $15.9 million for the same period last year.
The Company announced that during the second quarter of 2006, it
purchased three skilled nursing properties in Ohio with a total of 150
beds for $6.4 million. These properties are leased to a third party
under a 10-year master lease, with two five-year renewal options. The
initial annual rent is approximately $0.7 million, a 10.3% current
yield, and increases 2.5% annually. Additionally, the Company
announced that it had already signed agreements and begun to expand
and renovate six skilled nursing properties operated by four different
operators for a total commitment of $5.8 million, of which $1.0
million was invested during the second quarter. These investments are
at an average yield of approximately 10%. The Company also stated that
it had entered into an agreement to purchase a 123-bed skilled nursing
property for $7.0 million. The Company anticipates the transaction
will close in August 2006.
The Company also announced that for the six months ended June 30,
2006, net income available to common stockholders was $47.1 million or
$1.88 per diluted share. For the same period in 2005, net income
available to common stockholders was $23.0 million or $1.02 per
diluted share. Results for the first half of 2006 included a gain of
$31.9 million from a sale of four assisted living properties with a
total of 431 units located in four states and income from discontinued
operations related to these properties of $0.4 million. Results for
first half of 2005 included income from discontinued operations of
$1.6 million and $11.7 million additional net income from past due
rents and interest income, expense reimbursement, and income from the
realization value on a note receivable net of $2.3 million of advisory
expenses and bonus accrual. Revenues for the six months ended June 30,
2006, were $37.0 million versus $31.7 million for the same period last
year excluding the one time effects of the note payoff described
above.
The Company has scheduled a conference call for July 24, 2006, at
10:00 a.m. Pacific time in order to comment on the Company's
performance and operating results for the quarter ended June 30, 2006.
The conference call is accessible by dialing 800-591-6944 passcode
31954198. The international number is 617-614-4910. 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 July 24, 2006
through August 14, 2006. Callers can access the replay by dialing
888-286-8010 or 617-801-6888 and entering conference ID number
56400892.
At June 30, 2006, LTC had investments in 122 skilled nursing
properties, 95 assisted living properties and two schools in 33
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
(Unaudited, amounts in thousands, except per share amounts)

Three Months Six Months
Ended June 30, Ended June 30,
----------------- -----------------
2006 2005 2006 2005
-------- -------- -------- --------
Revenues:
Rental income $12,923 $11,167 $25,698 $25,943
Interest income from mortgage
loans and notes receivable 4,001 3,230 8,322 5,912
Interest income from REMIC
Certificates -- 1,219 -- 2,683
Interest and other income 1,868 310 2,951 3,163
-------- -------- -------- --------
Total revenues 18,792 15,926 36,971 37,701
-------- -------- -------- --------

Expenses:
Interest expense 1,780 2,138 3,651 4,310
Depreciation and amortization 3,431 3,092 6,916 6,120
Legal expenses 120 63 170 136
Operating and other expenses 1,386 1,199 2,715 3,108
-------- -------- -------- --------
Total expenses 6,717 6,492 13,452 13,674
-------- -------- -------- --------
Income before non-operating income
and minority interest 12,075 9,434 23,519 24,027
Non-operating income -- -- -- 6,217
Minority interest (86) (86) (172) (172)
-------- -------- -------- --------
Income from continuing operations 11,989 9,348 23,347 30,072
Discontinued operations:
Income from discontinued
operations -- 756 445 1,536
Gain on sale of assets, net -- 30 31,938 30
-------- -------- -------- --------
Net income from discontinued
operations -- 786 32,383 1,566
-------- -------- -------- --------
Net income 11,989 10,134 55,730 31,638
Preferred stock dividends (4,306) (4,341) (8,615) (8,688)
-------- -------- -------- --------
Net income available to common
stockholders $7,683 $5,793 $47,115 $22,950
======== ======== ======== ========

Net Income per Common Share from
Continuing Operations net of
Preferred Stock Dividends:
Basic $0.33 $0.23 $0.63 $0.99
======== ======== ======== ========
Diluted $0.33 $0.23 $0.63 $0.95
======== ======== ======== ========
Net Income per Common Share from
Discontinued Operations:
Basic -- $0.04 $1.39 $0.07
======== ======== ======== ========
Diluted -- $0.04 $1.32 $0.07
======== ======== ======== ========
Net Income per Common Share
Available to Common Stockholders:
Basic $0.33 $0.27 $2.02 $1.06
======== ======== ======== ========
Diluted $0.33 $0.27 $1.88 $1.02
======== ======== ======== ========

Basic weighted average shares
outstanding 23,339 21,614 23,314 21,553
======== ======== ======== ========

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,
---------------- ------------------
2006 2005 2006 2005
-------- ------- -------- ---------

Net income available to common
stockholders $7,683 $5,793 $47,115 $22,950
Add: Real estate depreciation 3,431 3,317 6,916 6,570
Add: Non-cash compensation charges 252 134 504 247
Less (gain)/add loss on sale of
assets, net -- (30) (31,938) (30)
-------- ------- -------- ---------
FFO available to common
stockholders $11,366 $9,214 $22,597 $29,737
======== ======= ======== =========

Less: Non-cash compensation
charges (252) (134) (504) (247)
-------- ------- -------- ---------
FFO including preferred stock
redemption, impairment and non-
cash compensation charges $11,114 $9,080 $22,093 $29,490
======== ======= ======== =========

Basic FFO available to common
stockholders per share $0.49 $0.43 $0.97 $1.38 (1)
======== ======= ======== =========
Diluted FFO available to common
stockholders per share $0.48 $0.42 $0.94 $1.30 (1)
======== ======= ======== =========

Basic FFO including non-cash
compensation charges per share $0.48 $0.42 $0.95 $1.37 (1)
======== ======= ======== =========
Diluted FFO including non-cash
compensation charges per share $0.47 $0.41 $0.93 $1.29 (1)
======== ======= ======== =========

(1) Includes $0.48 of diluted FFO resulting from $11.7 million
additional net income from past due rents and interest income, expense
reimbursement, and income from realization value on a note receivable
net of $2.3 million of advisory expenses and bonus accrual. Excluding
the one time effects of these items, diluted FFO available to common
stockholders per share for the six months ended June 30, 2005 would
have been $0.81 and diluted FFO including non-cash compensation
charges per share would have been $0.82.

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

June 30, December 31,
2006 2005
----------- ---------
ASSETS (unaudited)
Real Estate Investments:
Buildings and improvements, net of accumulated
depreciation and
amortization: 2006 -$96,201; 2005 -
$89,545 $346,690 $345,065
Land 33,650 33,376
Properties held for sale, net of accumulated
depreciation and
Amortization: 2006 -$0; 2005 - $6,226 -- 26,511
Mortgage loans receivable, net of allowance for
doubtful
accounts: 2006 -$1,280; 2005 - $1,280 125,912 148,052
----------- ---------
Real estate investments, net 506,252 553,004
Other Assets:
Cash and cash equivalents 51,362 3,569
Debt issue costs, net 954 1,268
Interest receivable 3,446 3,436
Prepaid expenses and other assets 6,271 5,130
Notes receivable 8,159 8,931
Marketable securities 11,549 9,933
----------- ---------
Total Assets $587,993 $585,271
=========== =========

LIABILITIES AND STOCKHOLDERS' EQUITY
Bank borrowings $-- $16,000
Mortgage loans payable 58,216 58,891
Bonds payable and capital lease obligations 5,545 5,935
Senior mortgage participation payable 9,782 11,535
Accrued interest 482 524
Accrued expenses and other liabilities 4,497 8,427
Liabilities related to properties held for sale -- 3,852
Distributions payable 3,487 11,890
----------- ---------
Total Liabilities 82,009 117,054

Minority interest 3,518 3,524
Stockholders' equity:
Preferred stock $0.01 par value; 15,000 shares
authorized;
shares issued and outstanding: 2006 -8,955;
2005 - 8,993 212,386 213,317
Common stock: $0.01 par value; 45,000 shares
authorized;
shares issued and outstanding: 2006 -23,312;
2005 - 23,276 233 233
Capital in excess of par value 328,438 331,415
Cumulative net income 419,775 364,045
Other 2,031 (941)
Cumulative distributions (460,397) (443,376)
----------- ---------
Total Stockholders' Equity 502,466 464,693
----------- ---------
Total Liabilities and Stockholders' Equity $587,993 $585,271
=========== =========



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