<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>9
<FILENAME>a4576858ex121.txt
<DESCRIPTION>LTC   EXHIBIT 12.1
<TEXT>

                            EXHIBIT 12.1

                        LTC PROPERTIES, INC.

          COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
        AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
                       (Dollars in Thousands)
                             (Unaudited)


<TABLE>
<CAPTION>
                                                                                                                Nine
                                                                                                                Months
                                                                      Year                                      Ended
                                                                       Ended
                                                                     ----------------------------------------
 Earnings                                                               1998    1999    2000    2001    2002  9/30/2003
                                                                     ---------------------------------------- ----------

<S>                                                                  <C>     <C>     <C>      <C>    <C>        <C>
 Income before minority interests and other                          $46,458 $29,504 $29,284  $5,246 $19,447    $16,904
 Add:  Fixed charges (interest expense, amortization of
               debt issue costs and minority interest expense         23,682  22,813  28,165  22,718  22,941     15,899
           Amortization of capitalized interest                            -       -       -       -       -          -
           Distributed income of equity investees                          -       -       -       -       -          -
           Share of pre-tax losses of equity investees                     -       -       -       -       -          -

 Less:
         Capitalized interest                                              -       -       -       -       -          -
         Minority interest expense on consolidated
             subsidiaries                                             (1,415) (1,018)   (982)   (973) (1,308)      (968)
        Minority interest in pre-tax income that have not
             incurred fixed charges (equity method investees)              -       -       -       -       -          -

                                                                     ---------------------------------------- ----------
                           Total Earnings                             68,725  51,299  56,467  26,991  41,080     31,835
                                                                     ---------------------------------------- ----------

 Fixed Charges

 Interest expense (includes amortization
        of debt issue costs                                           22,267  21,795  27,183  21,745  21,633     14,931
 Estimated interest in rental expense                                      -       -       -       -       -          -
         Minority interest expense on consolidated
             subsidiaries                                              1,415   1,018     982     973   1,308        968

                                                                     ---------------------------------------- ----------
                         Total Fixed Charges                          23,682  22,813  28,165  22,718  22,941     15,899
                                                                     ---------------------------------------- ----------


 Preferred Dividends                                                 $12,896 $15,087 $15,087 $15,077 $15,042    $11,441


 Ratio of earnings to fixed charges                                     2.90    2.25    2.00    1.19    1.79       2.00

 Ratio of earnings to fixed charges
         and preferred dividends                                        1.88    1.35    1.31    0.71    1.08       1.16
</TABLE>


</TEXT>
</DOCUMENT>
