Exhibit 99.1

LTC Announces Redemption of 9.0% Series B Cumulative Preferred Stock

    MALIBU, Calif.--(BUSINESS WIRE)--March 1, 2004--LTC Properties,
Inc. (the "Company") (NYSE:LTC) announced today that it has called for
a redemption of 1,988,000 shares of its 9.0% Series B Cumulative
Preferred Stock (NYSE:LTC PrB) (the "Series B Preferred Stock")
representing all of the outstanding shares of Series B Preferred
Stock. The redemption date of the Series B Preferred Stock will be
March 31, 2004 (the "Redemption Date"), and the redemption price will
be $25.00 per share of Series B Preferred Stock, plus accrued and
unpaid dividends, up to and including the Redemption Date for a total
of $25.1875 per share (the "Redemption Price"). The dividend payment
due on March 15, 2004, to shareholders of record on March 1, 2004 on
the Series B Preferred Stock will be made in the usual manner.
    Shareholders who hold shares of Series B Preferred Stock through
the Depository Trust Company will be redeemed in accordance with the
Depository Trust Company's procedures. On or before the Redemption
Date, the funds necessary for the redemption of the shares of Series B
Preferred Stock will have been set aside by the Company in trust for
the benefit of the holders thereof. Subject to applicable escheat
laws, any moneys set aside by the Company and unclaimed at the end of
two years from the Redemption Date will revert to the general funds of
the Company, after which reversion the holders of the shares of the
Series B Preferred Stock called for redemption may look only to the
general funds of the Company for the payment of the Redemption Price.
    After the Redemption Date, dividends on such Series B Preferred
Stock will cease to accrue on such shares and such shares of Series B
Preferred Stock shall no longer be deemed outstanding and all rights
of the holders in respect of such Series B Preferred Stock being
redeemed will terminate, except for the right to receive the
Redemption Price, without interest thereon.
    The notice of redemption and related materials will be mailed to
registered holders of the Series B Preferred Stock called for
redemption on or about March 1, 2004. Shares of the Series B Preferred
Stock called for redemption are to be surrendered to Computershare
Trust Company of New York, as redemption agent, for payment of the
Redemption Price, by mail, by hand or by overnight delivery at the
addresses set forth in the letter of transmittal that will accompany
the notice of redemption. Questions relating to, and requests for
additional copies of, the notice of redemption and the related
materials should be directed to Computershare Trust Company of New
York, at 800-245-7630.
    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.

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