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<SEC-DOCUMENT>0001157523-07-003939.txt : 20070424
<SEC-HEADER>0001157523-07-003939.hdr.sgml : 20070424
<ACCEPTANCE-DATETIME>20070424093038
ACCESSION NUMBER:		0001157523-07-003939
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070424
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070424
DATE AS OF CHANGE:		20070424

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:		07783191

	BUSINESS ADDRESS:	
		STREET 1:		31365 OAK CREST DRIVE
		STREET 2:		SUITE 200
		CITY:			WESTLAKE VILLIAGE
		STATE:			CA
		ZIP:			91361
		BUSINESS PHONE:		805-981-8655

	MAIL ADDRESS:	
		STREET 1:		31365 OAK CREST DRIVE
		STREET 2:		SUITE 200
		CITY:			WESTLAKE VILLIAGE
		STATE:			CA
		ZIP:			91361
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5383941.txt
<DESCRIPTION>LTC PROPERTIES, INC. 8-K
<TEXT>

================================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20459

                                   ----------

                                    FORM 8-K

                 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934



                         Date of report: April 24, 2007
                        (Date of earliest event reported)



                              LTC PROPERTIES, INC.
             (Exact name of Registrant as specified in its charter)


            Maryland                     1-11314                 71-0720518
(State or other jurisdiction of   (Commission file number)     (I.R.S. Employer
 incorporation or organization)                               Identification No)



                        31365 Oak Crest Drive, Suite 200
                           Westlake Village, CA 91361
                    (Address of principal executive offices)


                                 (805) 981-8655
              (Registrant's telephone number, including area code)


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:

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))

================================================================================

<PAGE>



Item 2.02. -- Results of Operations and Financial Condition

On April 24, 2007, LTC Properties, Inc. announced the operating results for the
three months ended March 31, 2007. A copy of the press release is furnished as
Exhibit 99.1 to this Form 8-K and is incorporated herein by reference. Such
information shall not be deemed "filed" 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.


Item 9.01. -- Financial Statements and Exhibits

(a) Financial Statements of Business Acquired.

None.

(b) Pro Forma Financial Information

None.

(d) Exhibits.

99.1     Press Release issued April 24, 2007.



                                    SIGNATURE


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.

                                             LTC PROPERTIES, INC.



Dated:  April 24, 2007                       By:  /s/  WENDY L. SIMPSON
                                                  ---------------------
                                                  Wendy L. Simpson
                                                  CEO & President

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5383941-ex991.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                                                                    EXHIBIT 99.1


                      LTC Announces Operating Results for
                     the Three Months Ended March 31, 2007



    WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--April 24, 2007--LTC
Properties, Inc. (NYSE:LTC) released results of operations for the
three months ended March 31, 2007 and announced that net income
available to common stockholders for the first quarter was $8.1
million or $0.35 per diluted share. For the same period in 2006, net
income available to common stockholders was $39.4 million or $1.55 per
diluted share, which included a gain of $31.9 million from the sale of
four assisted living properties and discontinued operations related to
properties sold of $0.6 million. Net income from continuing operations
was $12.2 million or $0.34 per diluted share during the first quarter
of 2007 as compared to $11.2 million or $0.30 per diluted share during
the first quarter of 2006. Revenues for the three months ended March
31, 2007, were $18.7 million versus $18.0 million for the same period
last year.

    The Company announced that it had invested $1.2 million in the
first quarter of 2007 under agreements to expand and renovate 12
properties operated by seven different operators. The total commitment
under these agreements is $8.7 million, of which $6.3 million had been
invested as of March 31, 2007. These investments are at an average
yield of approximately 10%.

    The Company has scheduled a conference call on Tuesday, April 24,
2007 at 10:00 a.m. Pacific time in order to comment on the Company's
performance and operating results for the quarter ended March 31,
2007. The conference call is accessible by dialing 800-591-6944
passcode 77227604. The international number is 617-614-4910. The
earnings release and any additional financial information that may be
discussed on the conference call will also be available on our
website. An audio replay of the conference call will be available from
April 24, 2007 through May 8, 2007. Callers can access the replay by
dialing 888-286-8010 or 617-801-6888 and entering conference ID number
79933533.

    At March 31, 2007, LTC had investments in 119 skilled nursing
properties, 94 assisted living properties and two schools in 32
states. The Company is a self-administered real estate investment
trust that primarily invests in long-term care and other health care
related facilities through mortgage loans, facility lease transactions
and other investments. For more information on LTC Properties, Inc.,
visit the Company's website at www.ltcproperties.com.

    This press release includes statements that are not purely
historical and are "forward looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended, including
statements regarding the Company's expectations, beliefs, intentions
or strategies regarding the future. All statements other than
historical facts contained in this press release are forward looking
statements. These forward looking statements involve a number of risks
and uncertainties. All forward looking statements included in this
press release are based on information available to the Company on the
date hereof, and the Company assumes no obligation to update such
forward looking statements. Although the Company's management believes
that the assumptions and expectations reflected in such forward
looking statements are reasonable, no assurance can be given that such
expectations will prove to have been correct. The actual results
achieved by the Company may differ materially from any forward looking
statements due to the risks and uncertainties of such statements.



                         LTC PROPERTIES, INC.
                  CONSOLIDATED STATEMENTS OF INCOME
     (Unaudited, amounts in thousands, except per share amounts)

                                                       Three Months
                                                           Ended
                                                         March 31,
                                                     -----------------
                                                      2007     2006
                                                     -------- --------
Revenues:
  Rental income                                      $14,385  $12,630
  Interest income from mortgage loans and notes
   receivable                                          3,469    4,321
  Interest and other income                              875    1,083
                                                     -------- --------
          Total revenues                              18,729   18,034
                                                     -------- --------

Expenses:
  Interest expense                                     1,248    1,871
  Depreciation and amortization                        3,541    3,463
  Legal expenses                                          29       50
  Operating and other expenses                         1,589    1,327
                                                     -------- --------
          Total expenses                               6,407    6,711
                                                     -------- --------
Income before non-operating income and minority
 interest                                             12,322   11,323
Minority interest                                        (86)     (86)
                                                     -------- --------
Income from continuing operations                     12,236   11,237
Discontinued operations:
  Income from discontinued operations                     --      566
  Gain (loss) on sale of assets, net                     149   31,938
                                                     -------- --------
Net income from discontinued operations                  149   32,504
                                                     -------- --------
Net income                                            12,385   43,741
Preferred stock dividends                             (4,239)  (4,309)
                                                     -------- --------
Net income available to common stockholders           $8,146  $39,432
                                                     ======== ========

Net Income per Common Share from Continuing
 Operations net of Preferred Stock Dividends:
  Basic                                                $0.34    $0.30
                                                     ======== ========
  Diluted                                              $0.34    $0.30
                                                     ======== ========
Net Income per Common Share from Discontinued
 Operations:
  Basic                                                $0.01    $1.39
                                                     ======== ========
  Diluted                                              $0.01    $1.28
                                                     ======== ========
Net Income per Common Share Available to Common
 Stockholders:
  Basic                                                $0.35    $1.69
                                                     ======== ========
  Diluted                                              $0.35    $1.55
                                                     ======== ========

Basic weighted average shares outstanding             23,480   23,290
                                                     ======== ========

NOTE:  Quarterly and year-to-date computations of per share amounts
 are made independently.  Therefore, the sum of per share amounts for
 the quarters may not agree with the per share amounts for the year.
 Computations of per share amounts from continuing operations,
 discontinued operations and net income are made independently.
 Therefore, the sum of per share amounts from continuing operations
 and discontinued operations may not agree with the per share amounts
 from net income available to common stockholders.


    Reconciliation of Funds From Operations ("FFO")

    FFO is a supplemental measure of a REIT's financial performance
that is not defined by accounting principles generally accepted in the
United States. We define FFO as net income available to common
stockholders adjusted to exclude the gains or losses on the sale of
assets and adjusted to add back impairment charges, real estate
depreciation and other non-cash charges. Other REITs may not use this
definition of FFO and therefore, caution should be exercised when
comparing our company's FFO to that of other REITs. FFO is used in the
REIT industry as a supplemental measure of financial performance, but
is not a substitute for net income per share available to common
stockholders determined in accordance with accounting principles
generally accepted in the United States.

    The following table reconciles net income available to common
stockholders to funds from operations available to common stockholders
(unaudited, in thousands, except per share amounts):



                                                       Three Months
                                                      Ended March 31,
                                                     -----------------
                                                      2007     2006
                                                     -------- --------

Net income available to common stockholders           $8,146  $39,432
Add: Real estate depreciation                          3,541    3,485
Add: Non-cash compensation charges                       344      252
Less (gain)/add loss on sale of assets, net             (149) (31,938)
                                                     -------- --------
FFO available to common stockholders                 $11,882  $11,231
                                                     ======== ========

Less: Non-cash compensation charges                     (344)    (252)
                                                     -------- --------
FFO including preferred stock redemption, impairment
 and non-cash compensation charges                   $11,538  $10,979
                                                     ======== ========

Basic FFO available to common stockholders per share   $0.51    $0.48
                                                     ======== ========
Diluted FFO available to common stockholders per
 share                                                 $0.49    $0.47
                                                     ======== ========

Basic FFO including non-cash compensation charges per
 share                                                 $0.49    $0.47
                                                     ======== ========
Diluted FFO including non-cash compensation charges
 per share                                             $0.48    $0.46
                                                     ======== ========




                         LTC PROPERTIES, INC.
                     CONSOLIDATED BALANCE SHEETS
           (Amounts in thousands, except per share amounts)

                                             March 31,    December 31,
                                                2007          2006
                                            ------------  ------------
ASSETS                                      (unaudited)
Real Estate Investments:
  Buildings and improvements, net of
   accumulated depreciation and
   amortization: 2007 -- $105,548; 2006 --
   $102,091                                    $349,346      $351,148
  Land                                           34,942        35,048
  Mortgage loans receivable, net of
   allowance for doubtful accounts: 2007 --
   $980; 2006 -- $1,280                         115,043       116,992
                                            ------------  ------------
     Real estate investments, net               499,331       503,188
Other Assets:
  Cash and cash equivalents                      30,973        29,887
  Debt issue costs, net                             487           548
  Interest receivable                             2,916         3,170
  Prepaid expenses and other assets              17,452        16,771
  Notes receivable                                3,666         4,264
  Marketable securities                           9,940         9,939
                                            ------------  ------------
     Total Assets                              $564,765      $567,767
                                            ============  ============

LIABILITIES AND STOCKHOLDERS' EQUITY
Bank borrowings                                     $--           $--
Mortgage loans payable                           47,991        48,266
Bonds payable                                     5,130         5,545
Accrued interest                                    351           358
Accrued expenses and other liabilities            4,281         6,223
Distributions payable                             3,421         3,423
                                            ------------  ------------
     Total Liabilities                           61,174        63,815

Minority interest                                 3,518         3,518
Stockholders' equity:
Preferred stock $0.01 par value; 15,000
 shares authorized; shares issued and
 outstanding: 2007 -- 8,830; 2006 -- 8,834      209,256       209,341
Common stock: $0.01 par value; 45,000 shares
 authorized; shares issued and outstanding:
 2007 -- 23,646; 2006 -- 23,569                     237           236
Capital in excess of par value                  332,738       332,149
Cumulative net income                           455,218       442,833
Other                                             1,533         1,693
Cumulative distributions                       (498,909)     (485,818)
                                            ------------  ------------
     Total Stockholders' Equity                 500,073       500,434
                                            ------------  ------------
     Total Liabilities and Stockholders'
      Equity                                   $564,765      $567,767
                                            ============  ============




    CONTACT: LTC Properties, Inc.
             Andre C. Dimitriadis, Chairman
             Wendy L. Simpson, CEO & President
             805-981-8655




</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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