-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Ljm3EvR+sZZqebO1HWZyQ0l+yHVrfsSyU75JgFXkz4gWB8NslCiGSPMrQMtt6XfY
 0OhRl5sMh+/dWNgdhz0/nQ==

<SEC-DOCUMENT>0001104659-05-043378.txt : 20050908
<SEC-HEADER>0001104659-05-043378.hdr.sgml : 20050908
<ACCEPTANCE-DATETIME>20050908165515
ACCESSION NUMBER:		0001104659-05-043378
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20050908
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050908
DATE AS OF CHANGE:		20050908

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LTC PROPERTIES INC
		CENTRAL INDEX KEY:			0000887905
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				710720518
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11314
		FILM NUMBER:		051075783

	BUSINESS ADDRESS:	
		STREET 1:		22917 PACIFIC COAST HWY
		STREET 2:		SUITE 350
		CITY:			MALIBU
		STATE:			CA
		ZIP:			90265
		BUSINESS PHONE:		3104556010

	MAIL ADDRESS:	
		STREET 1:		22917 PACIFIC COAST HWY
		STREET 2:		SUITE 350
		CITY:			MALIBU
		STATE:			CA
		ZIP:			90265
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a05-16019_18k.htm
<DESCRIPTION>8-K
<TEXT>
<html>

<head>





</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<div style="border:none;border-top:double windowtext 9.0pt;padding:0in 0in 0in 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE
COMMISSION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C.&#160; 20459</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM 8-K</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(D)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">OF THE SECURITIES EXCHANGE ACT OF
1934</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of report: <b><font style="font-weight:bold;">September 8, 2005</font></b></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Date
of earliest event reported)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">LTC PROPERTIES, INC.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of Registrant
as specified in its charter)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Maryland</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1-11314</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">71-0720518</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State
  or other jurisdiction of</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission
  file number)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S.
  Employer</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">incorporation
  or organization)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification
  No)</font></p>
  </td>
 </tr>
</table>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">22917 Pacific Coast Highway,
Suite 350</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Malibu, California 90265</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal
executive offices)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(805)
981-8655</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s telephone
number, including area code)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font> Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>

<div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\aullahm\05-16019-1\task571051\16019-1-ba.htm',USER='ahmalik',CD='Sep  9 00:57 2005' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7.01.</font></b><b><font style="font-weight:bold;"> &#151; Regulation FD Disclosure</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On September 8, 2005, LTC
Properties, Inc. held an investor conference call to discuss that it had </font>funded a total of $32.6 million in three
separate transactions consisting of two loans totaling $5.6&nbsp;million and a
purchase/master lease of $27.0 million.&#160;
The master lease covers three skilled nursing properties with 465
licensed beds in New Mexico, formerly owned by Four Seasons Nursing Centers,
Inc.&#160; The initial term of the master
lease is 15 years, it has an initial rate of 10.5% with fixed annual increases
of 2.5% and is to an operator with strong market presence in the state with
whom LTC has an existing leasing relationship.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An
audio replay of the conference call will be available from 10:30 AM Pacific
time on September 8, 2005 through September 29, 2005.&#160; Callers can access the replay by dialing
(888) 286-8010 and entering conference ID number 60870158.&#160; Webcast replays will also be available on our
website, www.ltcproperties.com.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A transcript of the
conference call is attached hereto as Exhibit 99.1 to this Form 8-K and is
incorporated herein by reference.&#160; Such
information shall not be deemed &#147;filed&#148; for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, and is not incorporated by
reference into any filing of the company, whether made before or after the date
hereof, regardless of any general incorporation language in such filing.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
9.01.</font></b><b><font style="font-weight:bold;"> &#151; Financial Statements
and Exhibits</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) Financial Statements
of Business Acquired.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b) Pro Forma Financial
Information</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c) Exhibits.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Transcript
of conference call conducted on September 8, 2005.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURE</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:44.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LTC PROPERTIES, INC.</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:40.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:40.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated: September 8, 2005</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:20.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ WENDY L. SIMPSON</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.4%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:40.62%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wendy L. Simpson</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:40.62%;">
  <p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice Chairman,
  Chief Financial Officer<br>
  and Treasurer</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\aullahm\05-16019-1\task571051\16019-1-ba.htm',USER='ahmalik',CD='Sep  9 00:57 2005' -->


</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a05-16019_1ex99d1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<html>

<head>





</head>

<body lang="EN-US">

<div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT 99.1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FINAL TRANSCRIPT</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="288" height="27" src="g160191mmi001.jpg"></font></p>
  </td>
  <td width="41%" style="padding:0in 0in 0in 0in;width:41.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="61" height="19" src="g160191mmi002.gif"></font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Conference
Call Transcript</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LTC - LTC
Properties Acquisition Announcement</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Event
Date/Time: Sep. 08. 2005 / 11:30AM ET</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Event
Duration: N/A</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomson StreetEvents</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">streetevents@thomson.com</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">617.603.7900</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">www.streetevents.com</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#169; 2005
  Thomson Financial. Republished with permission. No part of this publication
  may be reproduced or transmitted in any form or by any means without the
  prior written consent of Thomson Financial.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
<!-- SEQ.=1,FOLIO='1',FILE='C:\JMS\pkasim\05-16019-1\task571069\16019-1-mm.htm',USER='kputhukudi',CD='Sep  9 01:14 2005' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Sep. 08.
2005 / 11:30AM, LTC - LTC Properties Acquisition Announcement</font></b></p>

<p style="color:#6B9915;font-weight:bold;letter-spacing:2.0pt;margin:0in -9.0pt 3.0pt 0in;text-transform:uppercase;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;letter-spacing:0pt;text-transform:none;">&nbsp;</font></b></p>

<p style="color:#6B9915;font-weight:bold;letter-spacing:2.0pt;margin:0in -9.0pt 3.0pt 0in;text-transform:uppercase;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;letter-spacing:0pt;text-transform:none;">CORPORATE PARTICIPANTS</font></b></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Andre Dimitriadis</font></b></p>

<p align="left" style="font-style:italic;line-height:normal;margin:0in 0in 4.0pt;text-align:left;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;LTC
Properties - CEO</font></i></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Wendy Simpson</font></b></p>

<p align="left" style="font-style:italic;line-height:normal;margin:0in 0in 4.0pt;text-align:left;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;LTC
Properties - CFO</font></i></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Clint Malin</font></b></p>

<p align="left" style="font-style:italic;line-height:normal;margin:0in 0in 4.0pt;text-align:left;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;LTC
Properties - Chief Investment Officer</font></i></p>

<p align="left" style="font-style:italic;line-height:normal;margin:0in 0in 4.0pt;text-align:left;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="color:#6B9915;font-weight:bold;letter-spacing:2.0pt;margin:0in -9.0pt 3.0pt 0in;text-transform:uppercase;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;letter-spacing:0pt;text-transform:none;">CONFERENCE CALL
PARTICIPANTS</font></b></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Jerry Doctrow</font></b></p>

<p align="left" style="font-style:italic;line-height:normal;margin:0in 0in 4.0pt;text-align:left;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Legg
Mason - Analyst</font></i></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Scott Schlecter (ph)</font></b></p>

<p align="left" style="font-style:italic;line-height:normal;margin:0in 0in 4.0pt;text-align:left;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Kayne
Anderson - Analyst</font></i></p>

<p align="left" style="font-style:italic;line-height:normal;margin:0in 0in 4.0pt;text-align:left;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="color:#6B9915;font-weight:bold;letter-spacing:2.0pt;margin:0in -9.0pt 3.0pt 0in;text-transform:uppercase;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;letter-spacing:0pt;text-transform:none;">&#160;PRESENTATION</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;Good day, ladies and gentlemen, and welcome to
the LTC Properties acquisition announcement conference call. My name is Ann
Marie, and I&#146;ll be your coordinator for today. At this time, all participants
are in listen-only mode. We will be conducting a question-and-answer session
towards the end of today&#146;s conference. If at any time during the call you
require assistance, please press star followed by zero and a coordinator will
be happy to assist. I would now like to turn call over to Mr. Andre
Dimitriadis, Chief Executive Officer. Sir, you may proceed.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Andre Dimitriadis <i><font style="font-style:italic;">- LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;Hi. Good morning, ladies and gentlemen. I, as
usual, will read this statement that Wendy makes sure I read every time and
that is this presentation may contain forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks and uncertainties which may cause
the Company&#146;s actual results in the future to differ materially from expected
results. These risks and uncertainties include, among others, general economic
conditions, the availability of capital competition within the financial
services and real estate markets, performance of tenants and borrowers within LTC
Properties&#146; portfolio and regulatory and other changes in the health care
sector as described in the Company&#146;s filings with the Securities and Exchange
Commission.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">With
that, if I may begin a brief introduction. We wanted to share with you what did
we do with the proceeds of the latest equity offering, which if you recall, we
raised just below $33 million. As the announcement said yesterday, we closed
transactions totaling $32.6 million, of which $27 million was for the lease of
three buildings in New Mexico with one of our existing operations. We&#146;re very,
very happy to do that deal as well as the two others for $5.6. Wendy will give
you all the details.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">We
also wanted to update a little bit our belief of how we are going to end up
being this year &#151; doing this year, from an FFO point of view. As we said in the
announcement, we are doing between $1.67 and $1.71 this year, of which about
$0.06 would be in straight line rent. Next year and depending on the levels of
investments, we see a range of $1.76 on the low side to $1.82 on the high side
and of course we&#146;ll work to even try to do better than that range implies,
again, depending on, as I said, on levels of investment. I will answer any
questions you may have about that later on.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Also,
I want to say how everyone here at LTC was incredibly saddened by the
catastrophe that has hit our country. We at LTC have decided that our Company
will donate to the Red Cross, to the special account devoted for this
catastrophe, $50,000 to the extent that, of course, it affects our overall
earnings pool, this is coming from all of us here. On the other hand, I
personally as a naturalized citizen of this great country have decided I need
to do something as well personally, and I&#146;m adding another $50,000 check. So
out of LTC, $50,000 from the Company and $50,000 from me. We&#146;ll go $100,000,
which I recognize is nothing compared to the terrible things that our fellow
citizens have endured there, but our prayers are with them. We also have sold
at nominal price, I believe, $1,000, Wendy, to an individual an empty nursing
home that we had in which he&#146;s</font></b></p>

<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&nbsp;</font></b></p>

<p align="center" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">2</font></b></p>

<div align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="#003399" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\pkasim\05-16019-1\task571069\16019-1-mm.htm',USER='kputhukudi',CD='Sep  9 01:14 2005' -->


<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">hoping
to convert and has put it at the disposal of FEMA, I believe, to house people
who have been displaced from their homes temporarily, I hope, of course. With
that, may I turn over the meeting to Wendy maybe to elaborate if you want.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Wendy Simpson <i><font style="font-style:italic;">&#160;- LTC Properties - CFO</font></i></font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Yes.
I wanted to say in addition, that LTC Properties, the Company, is not aware of
any properties that we own or have mortgaged that were in the path of Katrina
or damaged by Katrina. We charted where Katrina hit and called all of those
properties, and there was no damage reported. So in that case, the Company was
relatively lucky as a company, but we do regret the loss that the nation and
especially the people of Mississippi and Louisiana have faced.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Relative
to our good news on the investment front, the three properties in New Mexico
was a unique opportunity for us because they were with an operator that we had
done business with before. We are very comfortable with them. They were very
comfortable with our lease terms, and we were able to commit in a very short
period of time. They were able to get this unique opportunity for themselves.
Our goal is we have three other properties with this particular company. Our
goal is, within a short period of time, to roll those other three properties,
if certain things happen in the future, into a single master lease so that all
the properties to this operator will be under one master lease. We certainly
learned our lessons back in the early 2000 and late 1999 that
cross-collateralizing wasn&#146;t as strong as master leasing. So one of our
strategic goals, which we&#146;ve talked about in the past, is as we add things to
operators or bring in new operators, we look for master leases. So we will be
attempting to do that. The loans were also to people we had done work with in the
past, and we wouldn&#146;t normally have made a press release about this level, $5.6
million in loans, but we wanted to tie it in for the investors and the market
in general about what we did do with the proceeds from our equity offerings
since it was relatively unique for this Company to do an equity offering, and
we did it at a very good price for the Company. We didn&#146;t have specific use of
the funds that we could say at the time, we had this in mind, these
transactions in mind. There was still the possibility that they wouldn&#146;t have
closed, and there was also the possibility that they wouldn&#146;t close until
October, November. There was an amount of time still that they had to close,
but of course, the operator wanted them as quickly as possible, and everything
fell into place. So we were able to help them close at the 1st of September. So
there were a lot of things when we raised the money that we could still be
sitting with the money, but it was good that we had this opportunity, that we
were able to close the opportunity, and we had these two smaller loans. The
reason it was included in this press release was to really tie out the raising
of the capital to the use of the capital. We&#146;ve scrubbed our numbers for &#145;05
and &#145;06 and, as Andre said, we believe that this is a range that we can
achieve. We might have other opportunities. We, of course, are always out
looking for them. Clint, who is our new Chief Investment Officer, has been
doing a terrific job in turning up opportunities, and we look forward to more this
year. We&#146;ll be going to NIC and we&#146;ll be going to the NAREIT conference in
Chicago. We&#146;re making calls. We&#146;re letting people know that we have cash
available, and we have interest in making investments. So we&#146;re hopeful that
the end of this year will be &#151; we&#146;ll be able to announce additional
transactions, additional acquisitions or loans during the fourth quarter.</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">We
have also &#151; we have also been able to &#151; we&#146;ve also been able to do something
that has enabled us at the end of the third quarter, we will no longer have any
REMICs. We&#146;ve been able to pay off the last outstanding certificates,
third-party certificates &#151; I should say we will by the middle of this month
have done that. Therefore, our balance sheet will show for this year going
forward when we do audits it&#146;s still going to have REMIC disclosure but there&#146;s
going to be no REMIC balances. So REMIC income that anybody has modeled will go
from REMIC income up to mortgage interest income. There won&#146;t be a significant
change, and the only significant change would actually be a slight positive
change from our REMIC income. But we will have gotten rid of those awful REMICs
that Moody&#146;s always hated, and we will no longer have REMIC reporting for
current activities. Andre was thinking that we&#146;d get rid of it all, all those
pages and pages of REMIC disclosures. Unfortunately not for three years.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;But we can&#146;t because of the comparative nature
of financial statements. However, it is going to make our statements easier to
understand. We&#146;ve also called some Kansas City bonds that we will be paying
part of those off at the end of the September, reducing our debt even further.
So September 30th balance sheet will be even more easily understood for the
reader than in the past. That&#146;s basically all that I have from the accounting
side to disclose. Andre?</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Andre Dimitriadis <i><font style="font-style:italic;">&#160;- LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;Why don&#146;t we again open it for questions?</font></b></p>

<p style="color:#6B9915;font-weight:bold;letter-spacing:2.0pt;margin:0in -9.0pt 3.0pt 0in;text-transform:uppercase;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:normal;letter-spacing:0pt;">&#160;</font></b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;letter-spacing:0pt;text-transform:none;">QUESTION AND ANSWER</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\pkasim\05-16019-1\task571069\16019-1-mm.htm',USER='kputhukudi',CD='Sep  9 01:14 2005' -->


<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operator</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">Thank
you. Ladies and gentlemen, if you wish to ask a question, please press star,
followed by 1, on your touch-tone phone. If your question has been an answered
or you wish to withdraw your question, please press star, followed by 2. Again,
to ask a question the command is star 1. Your first question will come from
Jerry Doctrow with Legg Mason. Please proceed</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Andre Dimitriadis <i><font style="font-style:italic;">&#160;- LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;Good morning, Jerry.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Jerry Doctrow<i><font style="font-style:italic;">
- - Legg Mason - Analyst</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;I have just a handful of things. What&#146;s the
yield on the mortgages? I know it&#146;s only 5.6 million, but I didn&#146;t see that in
the press release.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Andre Dimitriadis <i><font style="font-style:italic;">&#160;- LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;About 10%. Clint?</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Clint Malin -<i><font style="font-style:italic;">
LTC Properties - Chief Investment Officer</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;A little over.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Andre Dimitriadis -<i><font style="font-style:italic;"> LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;10 to 10 1/2.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Jerry Doctrow -<i><font style="font-style:italic;"> Legg Mason - Analyst</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;Okay.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Andre Dimitriadis -<i><font style="font-style:italic;"> LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;But I prefer not to give too many details.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Jerry Doctrow -<i><font style="font-style:italic;"> Legg Mason - Analyst</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;Okay. In terms of the refinancing and stuff
you&#146;re doing, is your interest rate going down, or where do you think we should
be about as a run rate on the outstanding debt at this point? Because it had
bounced up in second quarter.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Andre Dimitriadis -<i><font style="font-style:italic;"> LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;The outstanding debt, as Wendy mentioned,
would be now only &#151; did we give any number? We didn&#146;t give a number. Let&#146;s not
give a number. I mean, you&#146;ll be very pleased when you see the balance sheet,
but you want an average &#151;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Jerry Doctrow -<i><font style="font-style:italic;"> Legg Mason - Analyst</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;Basically, what I&#146;m trying to do, Andre, is I&#146;m
having trouble getting to the low end of your range. My sense is that it&#146;s
difference either in outstanding debt or interest rates or probably doing it so
I was just trying to get a sense of where that is, where interest costs are.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
<!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\pkasim\05-16019-1\task571069\16019-1-mm.htm',USER='kputhukudi',CD='Sep  9 01:14 2005' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Andre Dimitriadis -<i><font style="font-style:italic;"> LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;I mean, there is no floating rate debt. There
is very little. We are very little borrowed under the revolver, so that&#146;s not
the question. Whatever remains there, you want to know the average. I can&#146;t
tell you offhand the average. If I were to take a flying guess, it&#146;s around &#151;
oh well, I don&#146;t want to take a flying guess, because we don&#146;t have to disclose
that.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Jerry Doctrow -<i><font style="font-style:italic;"> Legg Mason - Analyst</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;Okay. And when the refinancing that Wendy
mentioned, I assume that&#146;s being done to further reduce debt costs as well as
just pay off some stuff, you&#146;re taking out relatively high yielding debt?</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Wendy Simpson -<i><font style="font-style:italic;"> LTC Properties - CFO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;Right.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Andre Dimitriadis <i><font style="font-style:italic;">&#160;- LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;We are simplifying the balance sheet.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Jerry Doctrow -<i><font style="font-style:italic;"> Legg Mason - Analyst</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;Okay. And so what&#146;s the rate on the bonds that
you&#146;re taking out? How&#146;s that?</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Andre Dimitriadis -<i><font style="font-style:italic;"> LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;7.75.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Jerry Doctrow -<i><font style="font-style:italic;"> Legg Mason - Analyst</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;Okay. Okay. Just a couple more, if I could.
What level of kind of acquisition assumptions are you building into kind of
your guidance?</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Andre Dimitriadis -<i><font style="font-style:italic;"> LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;Well, because of the range, they vary
extensively. As we get into the next year, I will narrow that range, and we
will then spell out the specific assumptions. But within &#151; I mean, that range,
we&#146;re very sure to achieve the lower side of that range.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Jerry Doctrow -<i><font style="font-style:italic;"> Legg Mason - Analyst</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;Okay. Even without additional investments, or
you&#146;re still &#151; there&#146;s some investments still building into the lower end as
well?</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Andre Dimitriadis -<i><font style="font-style:italic;"> LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;I would rather not answer that question.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Jerry Doctrow -<i><font style="font-style:italic;"> Legg Mason - Analyst</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:#003399;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-variant:normal !important;font-weight:normal;">&#160;All right.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\pkasim\05-16019-1\task571069\16019-1-mm.htm',USER='kputhukudi',CD='Sep  9 01:14 2005' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Andre Dimitriadis <i><font style="font-style:italic;">&#160;- LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Again, I mean, the trouble is whatever we say
here, are we going to issue an 8-K &#150;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Wendy Simpson <i><font style="font-style:italic;">&#160;- LTC Properties - CFO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;We&#146;re going to have this transcribed.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Andre Dimitriadis <i><font style="font-style:italic;">&#160;- LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Okay. Then let me answer that question. No,
there are no investments assumed in the lower part of that range.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Jerry Doctrow <i><font style="font-style:italic;">&#160;- Legg Mason - Analyst</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Okay. And just then maybe backing off from a
strategic standpoint, I understand you raised the equity, you spent the equity.
But with the debt so low, why wouldn&#146;t you be leveraging up more? You really
didn&#146;t need the equity &#151;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Andre Dimitriadis <i><font style="font-style:italic;">&#160;- LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;I think you&#146;re absolutely right. I think Wendy
and I got caught in that deleveraging spree, but it&#146;s been very good. What we&#146;ve
done is we&#146;ve deleveraged selectively in order to prepare the balance sheet to
be a stronger balance sheet. Now are we going to releverage it? Yes. Now we
need &#151; probably our next excursion is some form of debt. We have a $65 million
revolver. We have very little utilization of it. Our bankers remind us that we
need to use the revolver a little more if we want to have a revolver and we
want it well priced, as we do. So we are going to find some more usage under
the revolver. Maybe given the events of five years ago, I personally probably
had more of a reluctance to see the revolver carry anything, but that&#146;s wrong.
With the type of balance sheet we have now, that you will see on September
30th, you could be having the revolver under a permanent $20 or $25 million and
feel incredibly comfortable with that and never worry about it.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Jerry Doctrow <i><font style="font-style:italic;">&#160;- Legg Mason - Analyst</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Okay and &#151;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Andre Dimitriadis <i><font style="font-style:italic;">&#160;- LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;So I think our next raising of funds, Wendy,
probably is in the debt.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Wendy Simpson <i><font style="font-style:italic;">&#160;- LTC Properties - CFO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Absolutely. And when we raised the equity, it
was for a couple of reasons. One is we were being &#151; if we ever wanted to go up
for a rating again, which, of course, every company would like to have an
investment grade rating, one of the issues that has always been brought up was
our REMICs. Another issue was our size. We needed more market cap, so a common
issue gave us more market cap and we needed more float. And so that was a
couple of the really determining factors in the equity raising most recently,
but as Andre said, we really could have done it with debt but next &#151; we still
can. That&#146;s our next availability, is to raise debt.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Jerry Doctrow <i><font style="font-style:italic;">&#160;- Legg Mason - Analyst</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;I guess you sort of anticipated my last
question, which was obviously with your balance sheet looking like this, would
you go back and seek a rating and do you have any expectations of how that
might play out?</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
<!-- SEQ.=1,FOLIO='6',FILE='C:\JMS\pkasim\05-16019-1\task571069\16019-1-mm.htm',USER='kputhukudi',CD='Sep  9 01:14 2005' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Andre Dimitriadis <i><font style="font-style:italic;">&#160;- LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;At some point. At some point. Not yet.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Jerry Doctrow <i><font style="font-style:italic;">&#160;- Legg Mason - Analyst</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Okay. Okay. Great. Thanks.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Andre Dimitriadis <i><font style="font-style:italic;">&#160;- LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Thank you, Jerry.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operator</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;And as a reminder ladies and gentlemen, it is
star 1 if you do wish to ask a question. Your next question comes from Scott
Schlecter with Cain Anderson. Please proceed.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Scott Schlecter <i><font style="font-style:italic;">&#160;- Kayne Anderson - Analyst</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Hello. Could you give us an update on what
you&#146;re seeing in terms of the current fiscal year&#146;s new pricing and how your
operators are faring under that and how coverage looks going forward?</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Andre Dimitriadis <i><font style="font-style:italic;">&#160;- LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;The operators are doing actually very well.
Texas had a 6 to 7% rate increase proposed. I am not sure whether it is 100%
finalized, Clint. I don&#146;t know if you know.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Clint Malin <i><font style="font-style:italic;">&#160;- LTC Properties - Chief Investment Officer</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Not yet.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Andre Dimitriadis <i><font style="font-style:italic;">&#160;- LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Not yet, but hopefully it will be finalized
and, of course, we&#146;ve got a lot of Texas exposure, so that&#146;s always something
very welcome. In terms of Medicare, I think the news was good on the Medicare
front. The operators that we are dealing with, both in the assisted living and
in the skilled nursing area, are doing better than they were doing the year prior
and are doing &#151; are doing well.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Wendy Simpson <i><font style="font-style:italic;">&#160;- LTC Properties - CFO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;And this new acquisition, based on their pro
forma, covers right away, so we only expect this acquisition to be even better.
So we haven&#146;t had any &#151; I think California recently had some rate changes that
were to the positive. So we haven&#146;t had anybody who&#146;s really come to us or any
states that we have any concentration in that we&#146;re concerned about.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Scott Schlecter <i><font style="font-style:italic;">&#160;- Kayne Anderson - Analyst</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Good. Thank you.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Wendy Simpson <i><font style="font-style:italic;">&#160;- LTC Properties - CFO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;You&#146;re welcome, Scott.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
<!-- SEQ.=1,FOLIO='7',FILE='C:\JMS\pkasim\05-16019-1\task571069\16019-1-mm.htm',USER='kputhukudi',CD='Sep  9 01:14 2005' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operator</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;And there are no further questions at this
time. I&#146;d like to turn the conference back over to Mr. Dimitriadis for any
closing remarks.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Wendy Simpson <i><font style="font-style:italic;">&#160;- LTC Properties - CFO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Thank you.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Andre Dimitriadis <i><font style="font-style:italic;">&#160;- LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Maybe one additional comment, Wendy, we can
make is that in terms of exposure either of leased or loans or leases or loans,
we, I believe, don&#146;t have anything in the state of Mississippi, and we have
only one nursing home in the state of Louisiana and Lake Providence. That is
right now actually has filled up with people that were evacuated from other
nursing homes in the more affected areas of Louisiana. So to the extent that
the state&#146;s economies have suffered, I don&#146;t know what impact that will have,
but as I said, we only have one nursing home on which we have a loan in
Louisiana. With that, I&#146;d like to thank everybody, and I hope that you all will
try as much as you can to help our fellow citizens in Mississippi and
Louisiana.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operator</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Thank you.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Andre Dimitriadis <i><font style="font-style:italic;">&#160;- LTC Properties - CEO</font></i></font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Thank you all.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operator</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Ladies and gentlemen, thank you so much for
your participation in today&#146;s conference. This does conclude the presentation.
You may now disconnect. Have a great day.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DISCLAIMER</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomson Financial reserves the
right to make changes to documents, content, or other information on this web
site without obligation to notify any person of such changes.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the conference calls upon
which Event Transcripts are based, companies may make projections or other
forward-looking statements regarding a variety of items. Such forward-looking
statements are based upon current expectations and involve risks and uncertainties.
Actual results may differ materially from those stated in any forward-looking
statement based on a number of important factors and risks, which are more
specifically identified in the companies&#146; most recent SEC filings. Although the
companies may indicate and believe that the assumptions underlying the
forward-looking statements are reasonable, any of the assumptions could prove
inaccurate or incorrect and, therefore, there can be no assurance that the
results contemplated in the forward-looking statements will be realized.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE INFORMATION CONTAINED IN
EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY&#146;S
CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE
TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE
REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS. IN NO WAY DOES THOMSON
FINANCIAL OR THE APPLICABLE COMPANY OR THE APPLICABLE COMPANY ASSUME ANY
RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE
INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY EVENT TRANSCRIPT. USERS ARE
ADVISED TO REVIEW THE APPLICABLE COMPANY&#146;S CONFERENCE CALL ITSELF AND THE
APPLICABLE COMPANY&#146;S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER
DECISIONS.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#169; 2005, Thomson StreetEvents All Rights Reserved.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
<!-- SEQ.=1,FOLIO='8',FILE='C:\JMS\pkasim\05-16019-1\task571069\16019-1-mm.htm',USER='kputhukudi',CD='Sep  9 01:14 2005' -->


</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g160191mmi001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g160191mmi001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``;`2`#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#F8O!OB6:)
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MP7"#!:,*68XP%R?0TK_"JQL=1$.I^(XH(IW"6BA0))2?4$XZ^F?PJ/KE'O\`
M@RO83/-Z*Z36?!=WIOB^+P]!,MP]P5,,A&W*MW([8P<_2N@O/A]X9TV==.O_
M`!:+?460-M>,!!GI]/Q-4\335M=]252D[^1YW171>&?!]QXGUB>TM;E5M;8G
MS;HJ<;<X&!ZG'2MN[^'5C=:7=7GAK7%U.2SR)H2H!..N"._7'KZTY8BG&7*V
M"I2:NC@J*[#PCX#'BK1[R]741;RP/L5&3Y<X!RQ]/P[5=U3X<V,'AFYU?2=>
M34#:`F8*HV''W@""<$4GB:2ER-ZC5*;5S@JU]'\*ZYKR&33=/DFC4X,A(5,^
MF3617NDMGJ5Y\.M.A\(74=O)Y49W!MI9<?,`>S;NOXU.)KNDE;KWV'2IJ=[]
M#R'5O"^N:&N_4M.FAC)QYG#)GZC(K+\M_+\S8VP'&['&?3-=7XCOO&,-I%HO
MB62=+9Y0WF2*#NQ_MC[P'7%=WXETG0W^'^EVEQK8MK*'8T5PL6?M!"'''J1D
MU#Q+@H\VMWT'[)2;MT[GB]%=IX<^'J>(?#;ZNNJI;;92A61,*B@C<2V?0YIU
MI\/[;5O$4]EI6KK-IUI$KW%\0"H)YVK@X/Y\<UJ\323:;VW(]E/3S.)HKM]2
M\`V$FA7.K^'-;&IQV>?/C*8(`Y)!^G-5_#O@>'4-#?7M:U,:9IH.$?;EGYQG
MZ9X[YI_6*?+S7\O/[@]E*]CD*<8W5`Y1@C=&(.#]#78:UX$MM*?3KV/5UGT6
M^D5#>;.8@><D=QC/Y5U_Q.T[2)-(L6NM4^R-:PR&U@6//V@X7@>G0?G6;Q4.
M:*CK<I479M]#S2S\*:_J%JEW9Z1<SP2#*2(N0W.*CU'P]K.D0+/J.FSVL;MM
M5I%P">N/TKU+1VUE/A#9G00YO_X-@!./,.>O'2N7-EXD\3:]9Z!XMOY[/S5:
M6WWQ(<L![8[`UG#$R<I7M9-^NA;I))6O=_<<'1740^"IIO'C^&/.951SF?9S
MY8&X-CW&/SJ[:_#LZAXIOM*M=1S9:=@7-X\>,,1DJ!GKU[]C70\136[Z7^1D
MJ4GT.*HKM]2\`V$FA7.K^'-;&IQV>?/C*8(`Y)!^G-'A_P"'<6N^%UUDZPEK
MER'$B82-5.&).>3CGM2^LTN7F;\A^RG>QQ%.2-Y,[$9\#)VC.!ZUVGB;P#::
M3X<37-*U<:A;;@KG:,')QE2#Z\8KJ?`^GZ9_PK34,ZDJ+=+)]JFV<VV5`(]\
M#G\:B>*@H<\==;#C1;ERL\@HKHM-\*QZ[XL?1M'OQ/;)EC=NF!L`&6V_4X%;
M.J>"_"MDMW!%XM47UHK%XI8Q@D#E1CO[`FM)8B":3W]&2J4FKG"45NZ-K&FV
M-HL5[8?:668R8"+R"N,$GK[#M6?J]W;7VIRW-I;?9H7"[8ACY<`#M]*T4FY6
ML2TK7N=!\,/^1\L?]V3_`-`-0?$;_D>]2_WD_P#0%K/\,WUSINNPW5I)Y<R!
M@K;0<94@\'BF>(KRXU#7;FZNI/,FD(W-M`SP!T'%8\C^L<_2UOQ+YE[+E\SO
M-2_Y(79?[R_^C#3+C_DA$'_74?\`HTUS-QK.H2>!X=+>XS:(1MCV+Q\Q/7&>
MOO22:Q?MX&32S/\`Z('R(]B_W\]<9Z^]<ZHRLO\`'<U=1?A8['Q@IO\`X2:/
M+8HSQ1^27"#.`$*G/T:F^(!]A^"EA;7:E)Y!&$1^&SN+=/\`=KGOA]K^JV=X
M^GP7C+:L"_E%0P!]1D<?A67XRUK4M7UJ1+^Z>9(#MB4@`*#UX'\Z4:$E45/H
MGS#=1<O-W5CL/BA_R!_#'^[_`.RI5GX@_P#(]>&/]Y/_`$8*XWQ-K.H:E::;
M'=W'F+;C]V-BC;POH.>@ZU)K^N:E?:YIEU<W/F36Y4Q-L4;?F!Z`8/XT4Z,D
MH>7-^(I5$[_(Z#X@7%_:_$W3Y],A,UY'#&8HP,[SEN,>XS6SI^L:)X\U0Z7K
M?A:6"^6(YD=?NXZC=PP]LUP6M^)-7_X2>#51>$7D485)0BC`YXQC'<UWVK^)
M=8@\&_;XKS9<LG,@C3/\JRJ4Y1A!6UM9.[1<9)N3Z"^!K"WTR7Q5H=G+OE@F
MQ&2?F*E2%_(\5F_""VGL1K5S=QO#"BHKF12HRNXGKZ#^=>?:/K.I:;K$=]9W
MDD5S(^'DSDOD\YSU_&NQ\>^)=8?3H+,WS""X'[U555W^Q(&<>U:5*$^9PO\`
M%;7T)C4C92[%_P`!LLG@CQ2Z#",92OT\LU!X/_Y)'XA_WI?_`$6M<UX>UG4+
M#0-1M+6X\N&<-YB[%.[*XZD9Z4FD:Q?VGA/4-/@GV6TY;S$V*=V5`/)&>U5.
MC)N7JA*HK+T9S5=58GQOX56,VD-_!#,!(J+&9(VSSTP0#^M<L"0<C@BO5?!'
MBO7-0L&%W?M-Y8(4LBY_/'-=&)E*,;V376YG22;WL:?BBYFO_A,]UKUNMO>N
MBD(5P1)N^4@'H2.<>YK%\9H[_"CP\41FQY.=HSC]V:Y'QAK^JZOJTD%]>/-%
M`W[N/`55]\``9]ZZ+P?XEUB'PU<0)>'R[4$0JR*VP>G(KC5"5.$9*V][>ILZ
MBE)KRL6_#O\`R176/]^3_P!EJS\))8'\.ZS:^4)Y0^YH,X,BE,`?C@C\:X^R
MUK4(?"%[I\=QMMIG<O'L7DG&><9%9&B:M?Z/JD5SI]R]O*2%)7!R">A!X(^M
M:RP\IPFK[NY"J)2B_([^T\96=CINHVVE^"+FTC:)OM)1L!.-N6^7MFM>TN[#
M_A4NGSRZ1_:]O`BB6V4\@@D%OP/\ZP?&_BG6TTJ*!+]DCN5VRA44%@1R,@9K
M!\":]JFFZJ+.TO'CMYOF>+`92?7!!P?I6/L.:GSI6UON];>9I[2TN4U?$OBQ
M-1\&1Z;;>&;C3;+SE$,K']V"#D@<?6M#XP1NUMH;*C%1')D@9`X2N>\>^(-5
MO]0_L^YO&>U3#+$%51GUX'/XUK6?B?69O`,JRWID`C,7SQJ3LQC&<>G?K5JF
MX<DXKJ^KZDN2ES1?]6-S3YM6@^#EI)HGG?;1]SR$W-CS3GCZ5P>HWGBVWU&S
MUK6H;WS+21?*EN(M@X.=N<#KS6SX=\4ZUI^A6UK:WGEPQ@A5\I#CDGJ1FJOB
M[Q%JVJZ0MO>W?FQ"8,%\M5Y`/H!ZTZ4)1J--*S;]=13DG%:O1'I<_P#9]K)<
M>.5*E'TM=OO_`!#\3\HKG/A9>K>Z+KHF07-U+*998LX,H93Q^)!'XUQ$VO:H
M_@B/2VNV-H'VB/:O0,2!G&>OO67HFK7^CZI%<Z?<O;RDA25P<@GH0>"/K4QP
MC]G*+>O3T0W67,G;^F=_:>,K.QTW4;;2_!%S:1M$WVDHV`G&W+?+VS3=._Y(
M5>_[[?\`HQ:B\;^*=;32HH$OV2.Y7;*%106!'(R!FN=M]9U"/P/-I:7&+1V.
MZ/8O/S`]<9Z^]$:3E%22MJGNWL-SLVGV.F?_`)(0G_77_P!K&G^"59_A1X@5
M%+,3-@`9)_=K7*MK%^?`RZ7Y_P#H8?/E[%_OYZXSU]ZL_#[6M1T_4Y+2UNFC
M@F7<\>T$$COR.*N5*7LY_P"*Y*FN9>EBCX,U+5=&U[[7IEA)>R)$WG0*IRT?
M&>G([5Z)IZ>&OB0E]]HT&6PO8@-\Y7:P)Z'<,9/'0BN(;Q+J]IXYFO(+SRYI
MW$<K+&N&48P",8["NL\?>(=6M=`B6WO&B%R-LI15!8'KSC(_"IKQE*<;*S?6
?[_ICIM*+OJD>4RH(YGC#!@C%=P[X/6F445Z9R'__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g160191mmi002.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g160191mmi002.gif
M1TE&.#EA/0`3`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
M!`$`````+``````[`!$`@@```&N9%8"Z&.'VO/___P$"`P$"`P$"`P.02+#<
M_D#!"24EF.J8]^W5,%A>0P@"63)$$*BL.,+;B8)KY+ZA/.81E)"F:>UP$9\(
M>1$.B97=T:2404U.Y]4DG2X(5>O6EKUM=5U7!ARV%LO9<5J*:<]J<+/'F%ZW
MST%P@&A=%FP^3!-D3SE\7E]*@U]Q0(0O*H>);WJ5?#1LDE@IE2QJBII[J*E0
(H0^MKAL)`#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
