LTC PROPERTIES INC — Director's Dealing 2004

May 6, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LTC PROPERTIES INC (LTC)
CIK: 0000887905
Period of Report: 2004-05-06

Reporting Person: ISHIKAWA CHRISTOPHER (Former EVP & CIO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-06	Common Stock	J	30240.0000	—	Disposed	220899.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-06	Common Stock Options	$5.3750	J	8000.0000	Disposed	2012-03-31	Common Stock (8000.0000)	Direct
2004-05-06	Common Stock Options	$5.1700	J	2800.0000	Disposed	2011-10-03	Common Stock (2800.0000)	Direct
2004-05-06	Common Stock Options	$5.1700	J	2800.0000	Disposed	2012-10-31	Common Stock (2800.0000)	Direct
2004-05-06	Common Stock Options	$5.1700	J	2800.0000	Disposed	2013-10-31	Common Stock (2800.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3382.0000	Indirect

Footnotes

F1: Cancellation of restricted stock upon resignation of employment.

F2: Cancellation of unvested options upon resignation of employment.