LTC PROPERTIES INC — Director's Dealing 2005

May 18, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LTC PROPERTIES INC (LTC)
CIK: 0000887905
Period of Report: 2005-05-18

Reporting Person: SHELLEY-KESSLER PAMELA (VP, Controller & Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-18	Common Stock	F	5000	$6.1875	Acquired	21400	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-05-18	Stock Options	$6.1875	F	5000	Disposed	2009-07-10	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	831	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$6.1875	2010-07-10	Common Stock (5000)	5000	Direct
Stock Options	$6.1875	2011-07-10	Common Stock (5000)	10000	Direct
Stock Options	$6.1875	2012-07-10	Common Stock (5000)	15000	Direct
Stock Options	$5.17	2012-10-03	Common Stock (1800)	16800	Direct
Stock Options	$5.17	2013-10-03	Common Stock (1800)	18600	Direct

Footnotes

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