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<TYPE>EX-5.1
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<FILENAME>v99334exv5w1.txt
<DESCRIPTION>EXHIBIT 5.1
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                                                                     EXHIBIT 5.1

                OPINION OF BALLARD SPAHR ANDREWS & INGERSOLL, LLP

             [LETTERHEAD OF BALLARD SPAHR ANDREWS & INGERSOLL, LLP]

                                  May 25, 2004

LTC Properties, Inc.
Suite 350
22917 Pacific Coast Highway
Malibu, California  90265

      Re:   LTC Properties, Inc., a Maryland corporation (the "Company") -
            Registration Statement on Form S-8 pertaining to Five Hundred
            Thousand (500,000) shares (the "Shares") of Common Stock of the
            Company, par value one cent ($.01) per share ("Common Stock"), to be
            issued pursuant to the Company's 1998 Equity Participation Plan (the
            "Plan")

Ladies and Gentlemen:

            We have acted as Maryland corporate counsel to the Company in
connection with the registration of the Shares under the Securities Act of 1933,
as amended (the "Act"), pursuant to a registration statement on Form S-8 filed
or to be filed with the Securities and Exchange Commission (the "Commission") on
or about May 25, 2004, and any amendment thereto, if any are to be filed with
the Commission subsequent to the date hereof (the "Registration Statement"). You
have requested our opinion with respect to the matters set forth below.

            In our capacity as Maryland corporate counsel to the Company and for
the purposes of this opinion, we have examined originals, or copies certified or
otherwise identified to our satisfaction, of the following documents
(collectively, the "Documents"):

            i.    the corporate charter of the Company (the "Charter")
                  represented by Articles of Incorporation filed with the State
                  Department of Assessments and Taxation of Maryland (the
                  "Department") on May 12, 1992, Articles of Amendment and
                  Restatement filed with the Department on August 3, 1992,
                  Articles Supplementary filed with the Department on March 7,
                  1997, Articles of Amendment filed with the Department on June
                  26, 1997, Articles Supplementary filed with the Department on
                  December 17, 1997, Articles Supplementary filed with the
                  Department on September 2, 1998, Articles Supplementary filed
                  with the Department on May 11, 2000, Articles Supplementary
                  filed with the Department on June 24, 2003, Articles
                  Supplementary filed with the Department on September 16, 2003,
                  Articles Supplementary filed with the Department on February
                  19, 2004 and two (2) Articles Supplementary filed with the
                  Department on April 1, 2004;

            ii.   the Bylaws of the Company as adopted on May 15, 1992, ratified
                  on or as of May 19, 1992, and amended on or as of October 17,
                  1995, September 1, 1998, May 2, 2000 and August 28, 2003, and
                  in full force and effect on the date hereof (the "Bylaws");

            iii.  the minutes of the organizational action of the Board of
                  Directors of the Company, dated as of May 19, 1992 (the
                  "Organizational Minutes");

            iv.   resolutions adopted by the Board of Directors of the Company
                  on April 13, 1998 (the "Directors' Resolutions");

            v.    the Plan;

            vi.   the Registration Statement;

            vii.  a status certificate of the Department, dated May 24, 2004, to
                  the effect that the Company is duly incorporated and existing
                  under the laws of the State of Maryland and is duly authorized
                  to transact business in the State of Maryland;

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            viii. a certificate of Andre C. Dimitriadis, Chairman of the Board
                  of Directors, President and Wendy L. Simpson, Vice Chairman of
                  the Board of Directors and Chief Financial Officer of the
                  Company, dated as of a recent date (the "Officers'
                  Certificate"), to the effect that, among other things, the
                  Charter, the Bylaws, the Organizational Minutes and the
                  Directors' Resolutions and the Plan are true, correct and
                  complete, have not been rescinded or modified and are in full
                  force and effect on the date of the Officers' Certificate; and

            ix.   such other documents and matters as we have deemed necessary
                  and appropriate to render the opinions set forth in this
                  letter, subject to the limitations, assumptions, and
                  qualifications noted below.

            In reaching the opinions set forth below, we have assumed the
following:

            a.    each person executing any of the Documents on behalf of any
                  party (other than the Company) is duly authorized to do so;

            b.    each natural person executing any of the Documents is legally
                  competent to do so;

            c.    any of the Documents submitted to us as originals are
                  authentic; the form and content of any Documents submitted to
                  us as unexecuted drafts do not differ in any respect relevant
                  to this opinion from the form and content of such documents as
                  executed and delivered; any of the Documents submitted to us
                  as certified, facsimile or photostatic copies conform to the
                  original document; all signatures on all of the Documents are
                  genuine; all public records reviewed or relied upon by us or
                  on our behalf are true and complete; all statements and
                  information contained in the Documents are true and complete;
                  there has been no modification of, or amendment to, any of the
                  Documents, and there has been no waiver of any provision of
                  any of the Documents by action or omission of the parties or
                  otherwise;

            d.    upon each issuance of any of the Shares, the total number of
                  shares of Common Stock of the Company issued and outstanding,
                  after giving effect to such issuance of such Shares, will not
                  exceed the total number of shares of Common Stock that the
                  Company is authorized to issue under its Charter;

            e.    none of the Shares will be issued or transferred in violation
                  of the provisions of Article Ninth of the Charter of the
                  Company captioned "Limitations on Ownership"; and

            f.    the issuance and delivery of the Shares will not constitute a
                  Business Combination with an Interested Stockholder or an
                  Affiliate thereof (all as defined in Subtitle 6 of Title 3 of
                  the Maryland General Corporation Law (the "MGCL"));

            Based on our review of the foregoing and subject to the assumptions
and qualifications set forth herein, it is our opinion that, as of the date of
this letter:

            1.    The Company has been duly incorporated and is validly existing
                  as a corporation in good standing under the laws of the State
                  of Maryland.

            2.    The Shares have been generally authorized and reserved for
                  issuance pursuant to the Plan and if, as and when the Shares
                  are issued upon the exercise of options duly authorized by the
                  Board of Directors, or a properly appointed committee thereof
                  to which the Board of Directors has delegated the requisite
                  power and authority, all in accordance with, and subject to,
                  the terms and conditions of the Plan and the options relating
                  to such Shares, such Shares will be duly authorized, validly
                  issued and fully paid and non-assessable.

            The foregoing opinion is limited to the laws of the State of
Maryland, and we do not express any opinion herein concerning any other law. We
express no opinion as to the applicability or effect of any federal or state
securities laws, including the securities laws of the State of Maryland, or as
to federal or state laws regarding fraudulent transfers. To the extent that any
matter as to which our opinion is expressed herein would be governed by any
jurisdiction other than the State of Maryland, we do not express any opinion on
such matter.

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            This opinion letter is issued as of the date hereof and is
necessarily limited to laws now in effect and facts and circumstances presently
existing and brought to our attention. We assume no obligation to supplement
this opinion letter if any applicable laws change after the date hereof, or if
we become aware of any facts or circumstances that now exist or that occur or
arise in the future and may change the opinions expressed herein after the date
hereof.

            We consent to your filing this opinion as an exhibit to the
Registration Statement and further consent to the filing of this opinion as an
exhibit to the applications to securities commissioners for the various states
of the United States for registration of the Shares. In giving this consent, we
do not admit that we are within the category of persons whose consent is
required by Section 7 of the Act.

                                                  Very truly yours,

                                      s/s BALLARD SPAHR ANDREWS & INGERSOLL, LLP





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