LTC PROPERTIES INC — Director's Dealing 2004

Apr 16, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LTC PROPERTIES INC (LTC)
CIK: 0000887905
Period of Report: 2004-04-14

Reporting Person: CHAVEZ ALEX (SVP, Treasurer & Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-04-14	Common Stock	F	1300.0000	$15.3700	Acquired	26100.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-04-14	Stock Options	$5.3750	F	1300.0000	Disposed	2008-03-31	Common Stock (2800.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	14810.0000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$5.3750	2009-03-31	Common Stock (6000.0000)	7500.0000	Direct
Stock Options	$5.3750	2010-03-31	Common Stock (6000.0000)	13500.0000	Direct
Stock Options	$5.3750	2011-03-31	Common Stock (6000.0000)	19500.0000	Direct
Stock Options	$5.3750	2012-03-31	Common Stock (6000.0000)	25500.0000	Direct
Stock Options	$7.6300	2010-04-10	Common Stock (2000.0000)	27500.0000	Direct
Stock Options	$7.6300	2011-04-10	Common Stock (2000.0000)	29500.0000	Direct
Stock Options	$7.6300	2012-04-10	Common Stock (2000.0000)	31500.0000	Direct
Stock Options	$7.6300	2013-04-10	Common Stock (2000.0000)	33500.0000	Direct
Stock Options	$7.6300	2014-04-10	Common Stock (2000.0000)	35500.0000	Direct

Footnotes

F1: Company contribution/reinvestment of dividend held on shares held in deferred compensation trust. Individuals have no voting rights over such shares.