Exhibit 99.2

               LTC Announces Closing of the Sale of an
    Additional 2,640,000 Shares of Its 8% Series F Preferred Stock

    MALIBU, Calif.--(BUSINESS WIRE)--July 20, 2004--LTC Properties,
Inc. (NYSE:LTC) announced today the closing of the sale of an
additional 2,640,000 shares of its 8% Series F Cumulative Preferred
Stock (the "Series F Preferred Stock") in a registered direct
placement. The additional Series F Preferred Stock was issued at
$23.53 per share plus $0.1056 per share representing accrued dividends
from and including July 2, 2004 to and including July 20, 2004
resulting in gross proceeds of approximately $62.4 million prior to
expenses and fees.
    Prior to this closing, the Company had 4,000,000 shares of its
Series F Preferred Stock issued, outstanding and listed on the New
York Stock Exchange (LTC PrF) and has applied to the New York Stock
Exchange to list these additional shares.
    The Company intends to use the net proceeds for general corporate
purposes which may include investments in and acquisitions of health
care properties, the funding of mortgage loans secured by health care
properties and payment of various mortgage debt.
    Cohen & Steers Capital Advisors, LLC served as placement agent in
connection with this transaction.
    Copies of the prospectus supplement and the accompanying
prospectus may be obtained by contacting the Company at 22917 Pacific
Coast Highway, Suite 350, Malibu, CA, 90265, Attention: Investor
Relations, or at 805-981-8655. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy the
securities, nor shall there be any sale of these securities in any
state in which such offer, solicitation or sale would be unlawful.
    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