EXHIBIT 99.1 PRESS RELEASE

Exhibit 99.1

LTC Announces Operating Results for the
Three and Nine Months Ended September 30, 2006

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Nov. 2, 2006--LTC
Properties, Inc. (NYSE:LTC) released results of operations for the
three and nine months ended September 30, 2006 and announced that net
income available to common stockholders for the third quarter was $6.8
million or $0.29 per diluted share. For the same period in 2005, net
income available to common stockholders was $5.9 million or $0.26 per
diluted share. Revenues for the three months ended September 30, 2006,
were $18.1 million versus $17.0 million for the same period last year.

The Company announced that during the third quarter of 2006, it
purchased two skilled nursing properties with a total of 223 beds for
$10.5 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 $1.3 million, a 12% current yield, and
increases annually based upon the Consumer Price Index with a maximum
annual increase of 2.5%. Additionally, the Company announced that it
had invested $1.6 million in the third quarter of 2006 under
agreements to expand and renovate nine properties operated by six
different operators. The total commitment under these agreements is
$6.2 million, of which $2.7 million had been invested as of September
30, 2006. These investments are at an average yield of approximately
10%. The Company also stated that during the third quarter of 2006, it
sold a 174-bed skilled nursing property for $3.4 million resulting in
a gain on sale of $0.6 million.

The Company also announced that for the nine months ended
September 30, 2006, net income available to common stockholders was
$53.9 million or $2.18 per diluted share. For the same period in 2005,
net income available to common stockholders was $28.9 million or $1.28
per diluted share. Results for the nine months ended September 30,
2006 included a gain of $32.6 million from a sale of four assisted
living properties with a total of 431 units located in four states and
one 174-bed skilled nursing property and income from discontinued
operations related to these properties of $0.8 million. Results for
the same period in 2005 included income from discontinued operations
of $2.7 million, a loss on sale of $0.8 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 advisory expenses and bonus accrual. Revenues for
the nine months ended September 30, 2006, were $54.8 million versus
$48.4 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 November 3, 2006,
at 8:00 a.m. Pacific time in order to comment on the Company's
performance and operating results for the quarter ended September 30,
2006. The conference call is accessible by dialing 866-383-8009
passcode 36485954. The international number is 617-597-5342. 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
November 3, 2006 through November 18, 2006. Callers can access the
replay by dialing 888-286-8010 or 617-801-6888 and entering conference
ID number 64263492.

At September 30, 2006, LTC had investments in 121 skilled nursing
properties, 94 assisted living properties and two schools in 32
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 Ended Nine Months Ended
September 30, September 30,
------------------ -----------------
2006 2005 2006 2005
-------- -------- -------- --------
Revenues:
Rental income $13,152 $11,740 $38,536 $37,398
Interest income from mortgage
loans and notes receivable 3,613 3,879 11,935 9,791
Interest income from REMIC
Certificates -- 797 -- 3,480
Interest and other income 1,366 550 4,317 3,713
-------- -------- -------- --------
Total revenues 18,131 16,966 54,788 54,382
-------- -------- -------- --------

Expenses:
Interest expense 1,783 2,118 5,434 6,428
Depreciation and amortization 3,521 3,275 10,388 9,351
Legal expenses 60 39 230 175
Operating and other expenses 2,250 1,236 4,965 4,349
-------- -------- -------- --------
Total expenses 7,614 6,668 21,017 20,303
-------- -------- -------- --------
Income before non-operating
income and minority interest 10,517 10,298 33,771 34,079
Non-operating income -- -- -- 6,217
Minority interest (85) (85) (257) (257)
-------- -------- -------- --------
Income from continuing operations 10,432 10,213 33,514 40,039
Discontinued operations:
Income from discontinued
operations 59 887 769 2,669
Gain (loss) on sale of assets,
net 619 (843) 32,557 (813)
-------- -------- -------- --------
Net income from discontinued
operations 678 44 33,326 1,856
-------- -------- -------- --------
Net income 11,110 10,257 66,840 41,895
Preferred stock dividends (4,301) (4,330) (12,916) (13,018)
-------- -------- -------- --------
Net income available to common
stockholders $6,809 $5,927 $53,924 $28,877
======== ======== ======== ========

Net Income per Common Share from
Continuing Operations net of
Preferred Stock Dividends:
Basic $0.26 $0.26 $0.88 $1.23
======== ======== ======== ========
Diluted $0.26 $0.26 $0.88 $1.21
======== ======== ======== ========
Net Income per Common Share from
Discontinued Operations:
Basic $0.03 -- $1.43 $0.08
======== ======== ======== ========
Diluted $0.03 -- $1.40 $0.08
======== ======== ======== ========
Net Income per Common Share
Available to Common
Stockholders:
Basic $0.29 $0.26 $2.31 $1.31
======== ======== ======== ========
Diluted $0.29 $0.26 $2.18 $1.28
======== ======== ======== ========

Basic weighted average shares
outstanding 23,319 22,951 23,316 22,024
======== ======== ======== ========

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 Ended Nine Months Ended
September 30, September 30,
------------------- --------------------
2006 2005 2006 2005
---------- -------- -------- -----------

Net income available to
common stockholders $6,809 $5,927 $53,924 $28,877
Add: Real estate
depreciation 3,524 3,513 10,440 10,083
Add: Non-cash compensation
charges 250 150 754 397
Add: IRS settlement 950 -- 950 --
Less (gain)/add loss on sale
of assets, net (619) 843 (32,557) 813
---------- -------- -------- --------
FFO available to common
stockholders $10,914 $10,433 $33,511 $40,170
========== ======== ======== ========

Less: IRS settlement (950) -- (950) --
Less: Non-cash compensation
charges (250) (150) (754) (397)
---------- -------- -------- --------
FFO including IRS settlement
and non-cash compensation
charges $9,714 $10,283 $31,807 $39,773
========== ======== ======== ========

Basic FFO available to
common stockholders per
share $0.47 $0.45 $1.44 $1.82
========== ======== ======== ========
Diluted FFO available to
common stockholders per
share $0.46 $0.44 $1.40 $1.73 (1)
========== ======== ======== ========

Basic FFO including IRS
settlement and non-cash
compensation charges per
share $0.42 $0.45 $1.36 $1.81
========== ======== ======== ========
Diluted FFO including IRS
settlement and non-cash
compensation charges per
share $0.41 $0.44 $1.34 $1.72 (1)
========== ======== ======== ========

(1) Includes $0.47 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 nine months
ended September 30, 2005 would have been $1.26 and diluted FFO
including non-cash compensation charges per share would have been
$1.25.




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

September 30, December 31,
2006 2005
------------- ------------
ASSETS (unaudited)
Real Estate Investments:
Buildings and improvements, net of
accumulated depreciation and
amortization: 2006 -- $98,672; 2005 --
$88,652 $351,740 $342,664
Land 35,048 32,956
Properties held for sale, net of
accumulated depreciation and
Amortization: 2006 -- $0; 2005 -- $7,119 -- 29,332
Mortgage loans receivable, net of
allowance for doubtful accounts: 2006 --
$1,280; 2005 -- $1,280 118,243 148,052
------------- ------------
Real estate investments, net 505,031 553,004
Other Assets:
Cash and cash equivalents 45,954 3,569
Debt issue costs, net 749 1,268
Interest receivable 3,048 3,436
Prepaid expenses and other assets 6,424 5,130
Notes receivable 7,570 8,931
Marketable securities 11,637 9,933
------------- ------------
Total Assets $580,413 $585,271
============= ============

LIABILITIES AND STOCKHOLDERS' EQUITY
Bank borrowings $-- $16,000
Mortgage loans payable 57,860 58,891
Bonds payable and capital lease obligations 5,545 5,935
Senior mortgage participation payable 2,409 11,535
Accrued interest 426 524
Accrued expenses and other liabilities 5,954 8,427
Liabilities related to properties held for
sale -- 3,852
Distributions payable 3,483 11,890
------------- ------------
Total Liabilities 75,677 117,054

Minority interest 3,518 3,524
Stockholders' equity:
Preferred stock $0.01 par value; 15,000
shares authorized; shares issued and
outstanding: 2006 -- 8,946; 2005 -- 8,993 212,161 213,317
Common stock: $0.01 par value; 45,000 shares
authorized; shares issued and outstanding:
2006 -- 23,330; 2005 -- 23,276 233 233
Capital in excess of par value 328,914 331,415
Cumulative net income 430,885 364,045
Other 2,119 (941)
Cumulative distributions (473,094) (443,376)
------------- ------------
Total Stockholders' Equity 501,218 464,693
------------- ------------
Total Liabilities and Stockholders'
Equity $580,413 $585,271
============= ============

CONTACT: Andre C. Dimitriadis, Chairman & CEO
Wendy L. Simpson, President, COO & CFO
805-981-8655