LTC PROPERTIES INC — Director's Dealing 2004

Mar 26, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LTC PROPERTIES INC (LTC)
CIK: 0000887905
Period of Report: 2004-03-25

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
2004-03-25	Series A Cumulative Preferred	J	23434.0000	$25.1583	Disposed	0	Indirect
2004-03-25	Common	S	50000.0000	$17.5000	Disposed	1243500.0000	Indirect
2004-03-25	Common	S	50000.0000	$17.5000	Disposed	1072300.0000	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Series B Cumulative Preferred	50000.0000	Indirect
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 $0.1583 being attributable 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 Retirement Plans's holdings of securities of the Company. The undersigned disclaims beneficial 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.