LTC PROPERTIES INC — Director's Dealing 2005

Feb 4, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LTC PROPERTIES INC (LTC)
CIK: 0000887905
Period of Report: 2005-02-03

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-02-03	Common Stock	F	2000	$6.1875	Acquired	14600	Direct
2005-02-03	Common Stock	F	1800	$5.17	Acquired	16400	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-02-03	Stock Options	$6.1875	F	2000	Disposed	2008-07-10	Common Stock (2000)	Direct
2005-02-03	Stock Options	$5.17	F	1800	Disposed	2011-10-03	Common Stock (1800)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	812	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$6.1875	2009-07-10	Common Stock (5000)	5000	Direct
Stock Options	$6.1875	2010-07-10	Common Stock (5000)	10000	Direct
Stock Options	$6.1875	2011-07-10	Common Stock (5000)	15000	Direct
Stock Options	$6.1875	2012-07-10	Common Stock (5000)	20000	Direct
Stock Options	$5.17	2012-10-03	Common Stock (1800)	21800	Direct
Stock Options	$5.17	2013-10-03	Common Stock (1800)	23600	Direct

Footnotes

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