LTC PROPERTIES INC — Director's Dealing 2004

Aug 10, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LTC PROPERTIES INC (LTC)
CIK: 0000887905
Period of Report: 2004-08-09

Reporting Person: SHELLEY-KESSLER PAMELA (VP & Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-09	Common Stock	A	3000	$17.22	Acquired	12600	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-04-14	Stock Options	$6.1875	F	3000	Disposed	2008-07-10	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	787	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$6.1875	2009-07-10	Common Stock (5000)	7000	Direct
Stock Options	$6.1875	2010-07-10	Common Stock (5000)	12000	Direct
Stock Options	$6.1875	2011-07-10	Common Stock (5000)	17000	Direct
Stock Options	$6.1875	2012-07-10	Common Stock (5000)	22000	Direct
Stock Options	$5.17	2011-10-03	Common Stock (1800)	40000	Direct
Stock Options	$5.17	2012-10-03	Common Stock (1800)	41800	Direct
Stock Options	$5.17	2013-10-03	Common Stock (1800)	43600	Direct

Footnotes

F1: Company contribution and reinvestment of dividend on shares held in deferred compensation trust. Individuals do not have the right to vote such shares.

F2: 3,000 shares of restricted stock awarded 08/09/04. Shares vest equally over three years with the first one-third vesting on August 9, 2005 and based on the reporting person's employment with LTC at each vesting date.