LTC PROPERTIES INC — Director's Dealing 2004

Apr 2, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LTC PROPERTIES INC (LTC)
CIK: 0000887905
Period of Report: 2004-03-31

Reporting Person: DUNN DAVID J (10% Owner)
Reporting Person: DUNN FAMILY TRUST (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-31	Series B Cumulative Preferred	J	50000.0000	$25.1875	Disposed	0	Indirect
2004-03-31	Common	S	19450.0000	$17.9200	Disposed	1218600.0000	Indirect
2004-03-31	Common	S	100.0000	$17.9500	Disposed	1218500.0000	Indirect
2004-03-31	Common	S	5000.0000	$18.1000	Disposed	1213500.0000	Indirect
2004-03-31	Common	S	19450.0000	$17.9200	Disposed	1047400.0000	Indirect
2004-03-31	Common	S	100.0000	$17.9500	Disposed	1047300.0000	Indirect
2004-03-31	Common	S	5000.0000	$18.1000	Disposed	1042300.0000	Indirect
2004-04-01	Common	S	7500.0000	$18.1500	Disposed	1206000.0000	Indirect
2004-04-01	Common	S	5000.0000	$18.3500	Disposed	1201000.0000	Indirect
2004-04-01	Common	S	7500.0000	$18.1500	Disposed	1034800.0000	Indirect
2004-04-01	Common	S	5000.0000	$18.3500	Disposed	1029800.0000	Indirect
2004-04-02	Common	S	5000.0000	$18.6500	Disposed	1196000.0000	Indirect
2004-04-02	Common	S	1450.0000	$18.7000	Disposed	1194550.0000	Indirect
2004-04-02	Common	S	5000.0000	$18.6500	Disposed	1024800.0000	Indirect
2004-04-02	Common	S	1450.0000	$18.7000	Disposed	1023350.0000	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common	50000.0000	Direct
Common	118000.0000	Indirect
Common	68600.0000	Indirect

Footnotes

F1: The reported securities were called for redemption by the issuer at a price equal to their face value of $25 with $0.1875 being attributed to accrued but unpaid dividends.

F2: These securities are owned solely by the Dunn Family Trust, David J. Dunn, Trustee.

F3: Pursuant to General Instruction 4(b)(iv) of Form 4, the undersigned, David J. Dunn as Trustee of the Trust which is a general partner of Idanta Partners, Ltd. ("Idanta") is reporting the entire amount of Idanta's holdings of securities of the Company. The undersigned disclaims beneficial ownership of all but his proportionate interest in such securities.

F4: These shares represent the total shares held jointly by David J. Dunn and his spouse. Mr. Dunn disclaims beneficial ownership of his spouse's one-half interest in these securities.

F5: Pursuant to General Instruction 4(b)(iv) of Form 4, the undersigned, David J. Dunn, is a participant in the Idanta Partners Ltd. Retirement Plan, and is reporting the entire amount of the ownership of all but his proportionate interest in such securities.

F6: Pursuant to General Instruction 4(b)(iv) of Form 4, the undersigned, David J. Dunn is a limited partner of the Steven Dunn Family Partners Limited Partnership whose holdings of the Company are being reported here in their entirety. The undersigned disclaims beneficial ownership of all but his proportionate interest in such securities.