EXHIBIT 12

                              LTC PROPERTIES, INC.

               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                             (Dollars in thousands)
                                   (unaudited)


 
 
                                                                     PERIOD ENDED DECEMBER 31,               
                                                           -----------------------------------------------   
                                                            1996      1995      1994      1993      1992(1)  
                                                                                           
Net income                                                 $22,537   $20,040   $15,338   $ 6,847   $  763    
                                                                                                             
Add Fixed Charges:                                                                                           
     Interest expense including amortization                                                                              
          of debt issue costs                               20,604     9,407     6,563     6,400    2,597    
                                                                                                        
                                                                                                             
     Minority interest                                         898        57         -         -        -    
                                                           -------   -------   -------   -------   ------    
          Earnings                                          44,039    29,504    21,901    13,247    3,360    
                                                                                                             
Interest expense including amortization                                                                      
 of debt issue costs                                        20,604     9,407     6,563     6,400    2,597    
                                                                                                             
                                                                                                             
Minority interest                                              898        57         -         -        -    
                                                           -------   -------   -------   -------   ------    
          Fixed charges                                     21,502     9,464     6,563     6,400    2,597    
                                                                                                             
Ratio of earnings to fixed charges                           2.05x     3.12x     3.34x     2.07x    1.29x    
                                                           =======   =======   =======   =======   ======     



(1)  From August 25, 1992 (commencement of operations) to December 31, 1992.