LTC PROPERTIES INC — Director's Dealing 2005

Feb 3, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: YELLEN SAM (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-02-02	Common Stock	A	1000	$19.62	Acquired	18600	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	11867	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$5.375	2008-03-31	Common Stock (3000)	3000	Direct
Stock Options	$5.375	2009-03-31	Common Stock (3000)	6000	Direct
Stock Options	$5.375	2010-03-31	Common Stock (3000)	9000	Direct
Stock Options	$5.375	2011-03-31	Common Stock (3000)	12000	Direct
Stock Options	$5.375	2012-03-31	Common Stock (3000)	15000	Direct

Footnotes

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

F2: Restricted stock grant. Shares vest equally over three years based on the reporting person's continued service as a Board Member of LTC at each vesting date.