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: SHELLEY-KESSLER PAMELA (VP & Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-04-14	Common Stock	F	3000.0000	$6.1875	Acquired	9600.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-04-14	Stock Options	$6.1875	F	3000.0000	Disposed	2008-07-10	Common Stock (5000.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	774.0000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$6.1875	2009-07-10	Common Stock (5000.0000)	7000.0000	Direct
Stock Options	$6.1875	2010-07-10	Common Stock (5000.0000)	12000.0000	Direct
Stock Options	$6.1875	2011-07-10	Common Stock (5000.0000)	17000.0000	Direct
Stock Options	$6.1875	2012-07-10	Common Stock (5000.0000)	22000.0000	Direct
Stock Options	$5.1700	2011-10-03	Common Stock (1800.0000)	40000.0000	Direct
Stock Options	$5.1700	2012-10-03	Common Stock (1800.0000)	41800.0000	Direct
Stock Options	$5.1700	2013-10-03	Common Stock (1800.0000)	43600.0000	Direct

Footnotes

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