Exhibit 99.1

   LTC Announces Postponement of Series F Preferred Stock Offering

    MALIBU, Calif.--(BUSINESS WIRE)--Feb. 6, 2004--LTC Properties,
Inc. (NYSE:LTC) announced today the postponement of its Series F
Preferred Stock offering. The Company stated that it was under no
pressure to consummate this offering since the proceeds were to be
used to retire the Company's outstanding Series A Preferred Stock. The
Company postponed this offering because it appears that at this time
the offering could not be completed at the terms initially proposed.
    The Company is a self-administered real estate investment trust
that invests primarily in long-term care and other health care related
facilities through mortgage loans, facility lease transactions and
other investments. For more information on LTC Properties, Inc., visit
the Company's website at www.ltcproperties.com.

    This press release includes statements that are not purely
historical and are "forward looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended, including
statements regarding the Company's expectations, beliefs, intentions
or strategies regarding the future. All statements other than
historical facts contained in this press release are forward looking
statements. These forward looking statements involve a number of risks
and uncertainties. All forward looking statements included in this
press release are based on information available to the Company on the
date hereof, and the Company assumes no obligation to update such
forward looking statements. Although the Company's management believes
that the assumptions and expectations reflected in such forward
looking statements are reasonable, no assurance can be given that such
expectations will prove to have been correct. The actual results
achieved by the Company may differ materially from any forward looking
statements due to the risks and uncertainties of such statements.


    CONTACT: LTC Properties, Inc.
             Andre C. Dimitriadis/Wendy L. Simpson, 805-981-8655