<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>7
<FILENAME>a4683513ex121.txt
<DESCRIPTION>COMPUTATION OF RATIO
<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>
                                                                                                                       Three Months
                                                                                    Year Ended                            Ended
                                                              ---------------------------------------------------------  March 31,
Earnings                                                         1999        2000        2001         2002       2003      2004
                                                              --------------------------------------------------------- ----------
<S>                                                            <C>         <C>         <C>         <C>         <C>        <C>
Income before minority interests and other                     $ 29,504    $ 29,284    $  5,246    $ 19,447    $ 21,182   $ 9,197
Add:  Fixed charges (interest expense, amortization of
              debt issue costs and minority interest expense     22,813      28,165      22,718      22,941      22,177     3,596
          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                                         (1,018)       (982)       (973)     (1,308)     (1,300)     (283)
       Minority interest in pre-tax income that have not
            incurred fixed charges (equity method investees)       --          --          --          --          --
                                                              --------------------------------------------------------- -----------
                                 Total Earnings                  51,299      56,467      26,991      41,080      42,059    12,510
                                                              --------------------------------------------------------- -----------
Fixed Charges

Interest expense (includes amortization
       of debt issue costs                                       21,795      27,183      21,745      21,633      20,877     3,313
Estimated interest in rental expense                               --          --          --          --          --
        Minority interest expense on consolidated
            subsidiaries                                          1,018         982         973       1,308       1,300       283
                                                              --------------------------------------------------------- -----------
                               Total Fixed Charges               22,813      28,165      22,718      22,941      22,177     3,596
                                                              --------------------------------------------------------- -----------
Preferred Dividends                                            $ 15,087    $ 15,087    $ 15,077    $ 15,042    $ 16,596   $ 4,946

Ratio of earnings to fixed charges                                 2.25        2.00        1.19        1.79        1.90      3.48
Ratio of earnings to fixed charges
        and preferred dividends                                    1.35        1.31        0.71        1.08        1.08      1.46
</TABLE>


</TEXT>
</DOCUMENT>
