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<SEC-DOCUMENT>0001157523-08-003498.txt : 20080430
<SEC-HEADER>0001157523-08-003498.hdr.sgml : 20080430
<ACCEPTANCE-DATETIME>20080430170029
ACCESSION NUMBER:		0001157523-08-003498
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080430
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080430
DATE AS OF CHANGE:		20080430

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:		08790608

	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>a5672007.htm
<DESCRIPTION>LTC PROPERTIES, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 10pt; font-family: Times New Roman">
    <hr style="width: 100%; height: 1.0 pt; text-align: center; color: #000000">
    <hr style="width: 100%; height: 1.0 pt; text-align: center; color: #000000">


    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt">UNITED STATES</font><br><font style="font-size: 16pt">SECURITIES
      AND EXCHANGE COMMISSION</font><br><font style="font-family: Times New Roman; font-size: 12pt">Washington,
      D.C. 20549</font><br><font style="font-family: Times New Roman"><b>______________</b></font><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt">CURRENT
      REPORT PURSUANT TO SECTION 13 OR 15 (D)</font><br><font style="font-family: Times New Roman; font-size: 12pt">OF
      THE SECURITIES EXCHANGE ACT OF 1934</font><br><br><br><font style="font-family: Times New Roman; font-size: 10pt">Date
      of Report: April 30, 2008</font><br><font style="font-family: Times New Roman; font-size: 10pt">(Date
      of earliest event reported)</font><br><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>LTC&#160;PROPERTIES,&#160;INC.</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of Registrant as specified in its charter)</font><br><br>
    </p>
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt">
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Maryland
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; width: 34%; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            1-11314
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; width: 33%; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            71-0720518
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            incorporation or organization)
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 34%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            file number)
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No)
          </p>
        </td>
      </tr>
    </table>
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            31365 Oak Crest Drive, Suite 200
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Westlake Village, CA&#160;&#160;91361
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of principal executive offices)</font>
          </p>
        </td>
      </tr>
    </table>
    <p style="text-align: center">
      <br>
      (805) 981-8655<br><font style="font-size: 10pt; font-family: Times New Roman">(Registrant&#8217;s
      telephone number, including area code)</font><br><br>
    </p>
    <p>

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">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:</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c)) </font>
    </p>
    <hr style="color: #000000; width: 100%; text-align: center; height: 1.0 pt">
    <hr style="color: #000000; width: 100%; text-align: center; height: 1.0 pt">


    <p>

    </p>
    <div style="width: 100%; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>
      <b>Item 2.02. &#8212; Results of Operations and Financial Condition</b>
    </p>
    <p>
      On April 30, 2008, LTC Properties, Inc. announced the operating results
      for the three months ended March 31, 2008. A copy of the press release
      is furnished as Exhibit 99.1 to this Form&#160;8-K and is incorporated herein
      by reference. Such information shall not be deemed &#8220;filed&#8221; 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.
    </p>
    <p>
      <br>
      <b>Item 9.01. &#8212; Financial Statements and Exhibits</b>
    </p>
    <p>
      (a) Financial Statements of Business Acquired.
    </p>
    <p>
      None.
    </p>
    <p>
      (b) Pro Forma Financial Information
    </p>
    <p>
      None.
    </p>
    <p>
      (d) Exhibits.
    </p>
    <p style="white-space: nowrap">
      99.1&#160;&#160;&#160;&#160;&#160;Press Release issued April 30, 2008.
    </p>
    <p>
      <br>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURE</b></font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements 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>
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            LTC PROPERTIES, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 5%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Dated:
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 45%; text-align: left" valign="top">
          April 30, 2008
        </td>
        <td style="padding-left: 0.0px; width: 4%; text-align: left" valign="top">
          By:
        </td>
        <td style="padding-left: 0.0px; width: 46%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>/s/&#160;&#160;WENDY L. SIMPSON</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; width: 46%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Wendy L. Simpson
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; width: 46%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            CEO &amp; President
          </p>
        </td>
      </tr>
    </table>
    <p>

    </p>
  </body>
</html>
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     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5672007ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>LTC
      Announces Operating Results for the Three Months Ended March 31, 2008</b></font>
    </p>
    <p>
      WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--LTC Properties, Inc.
      (NYSE:LTC) released results of operations for the three months ended
      March 31, 2008 and announced that net income available to common
      stockholders for the first quarter was $8.3&#160;million or $0.36 per diluted
      share. For the same period in 2007, net income available to common
      stockholders was $8.1&#160;million or $0.35 per diluted share. Net income
      from continuing operations net of preferred stock buyback and preferred
      stock dividends was $8.2 million or $0.36 per diluted share for the
      three months ended March 31, 2008 as compared to $8.0 million or $0.34
      per diluted share during the same period last year. Revenues for the
      three months ended March 31, 2008, were $17.8 million versus $18.7
      million for the same period last year.
    </p>
    <p>
      The Company announced that during the first quarter of 2008 it invested
      approximately $1.0 million in a mortgage loan on an assisted living
      property with 41 units located in Florida. This loan has an initial
      interest rate of 10.5% and matures in November 2009. During the three
      months ended March 31, 2008, the Company sold for $0.6 million a vacant
      parcel of land adjacent to a skilled nursing property in New Mexico to a
      third party and recognized a $0.1 million gain. The Company also
      acquired a 30-bed skilled nursing property located in Ohio for $1.0
      million that was added to an existing master lease at a 10% yield and
      the Company has agreed to provide funding up to $2.0 million to purchase
      land, construct and equip a new replacement building which will be a
      combined skilled nursing and assisted living property. This investment
      will be at the higher of one-year LIBOR plus 5.3% or 10% and
      construction must be completed by January 18, 2011. Additionally, in the
      first quarter of 2008 the Company invested $0.4 million, at an average
      yield of approximately 10%, under agreements to expand and renovate 10
      properties operated by five different operators. As of March 31, 2008,
      the total commitment remaining under these agreements was $2.6 million.
    </p>
    <p>
      The Company also invested $14.3 million during the quarter ended March
      31, 2008 to repurchase a total of 636,300 shares of its Series F
      Cumulative Preferred Stock (or Series F Preferred Stock) at an average
      cost of $22.44 per share. The Series F Preferred Stock has a liquidation
      value of $25.00 per share and a dividend rate of 8.0%. The discounted
      purchase price on these shares, which is the liquidation value over the
      fair value, is reflected on the income statement netted with the
      original issue discount and is added to net income in calculating net
      income available to common shareholders.
    </p>
    <p>
      The Company has scheduled a conference call on Thursday, May 1, 2008,
      beginning at 10:00 a.m. Pacific time, in order to comment on the
      Company&#8217;s performance and operating results for the quarter and three
      months ended March 31, 2008. The conference call is accessible by
      dialing 866-203-3206 passcode 62456761. The international number is
      617-213-8848. 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 May 1, 2008 through May 16, 2008. Callers can access the
      replay by dialing 888-286-8010 or 617-801-6888 and entering conference
      ID number 36061475.
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      At March 31, 2008, LTC had investments in 109 skilled nursing
      properties, 95 assisted living properties and two schools in 29 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&#8217;s website at <u>www.ltcproperties.com</u>.
    </p>
    <p>
      This press release includes statements that are not purely historical
      and are &#8220;forward looking statements&#8221; 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&#8217;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&#8217;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.
    </p>
    <div style="width: 100%; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt">
      <tr>
        <td colspan="8" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>LTC PROPERTIES, INC.</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>CONSOLIDATED STATEMENTS OF INCOME</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Unaudited, amounts in thousands, except per share amounts)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Three Months Ended<br>March 31,
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          2007
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Revenues:
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left" valign="bottom">
          Rental income
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          14,634
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          14,385
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left" valign="bottom">
          Interest income from mortgage loans
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,658
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,469
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px" valign="bottom">
          Interest and other income
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          555
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          875
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px" valign="bottom">
          Total revenues
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          17,847
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          18,729
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Expenses:
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,176
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,248
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left" valign="bottom">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,692
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,528
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left" valign="bottom">
          Legal expenses
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          25
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          29
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px" valign="bottom">
          Operating and other expenses
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          1,811
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          1,589
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px" valign="bottom">
          Total expenses
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          6,704
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          6,394
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Income before non-operating income and minority interest
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          11,143
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          12,335
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Minority interest
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (77
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (86
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Income from continuing operations
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          11,066
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          12,249
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Discontinued operations:
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left" valign="bottom">
          Loss from discontinued operations
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (13
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px" valign="bottom">
          Gain on sale of assets, net
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          92
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          149
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Net (loss) income from discontinued operations
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          92
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          136
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          11,158
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          12,385
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Preferred stock buyback
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          989
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Preferred stock dividends
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (3,858
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (4,239
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Net income available to common stockholders
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          8,289
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          8,146
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net Income per Common Share from Continuing Operations net of
          Preferred Stock Buyback and Preferred Stock Dividends:
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px" valign="bottom">
          Basic
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.36
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.34
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px" valign="bottom">
          Diluted
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.36
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.34
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net Income per Common Share from Discontinued Operations:
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px" valign="bottom">
          Basic
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.01
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px" valign="bottom">
          Diluted
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.01
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net Income per Common Share Available to Common Stockholders:
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px" valign="bottom">
          Basic
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.36
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.35
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px" valign="bottom">
          Diluted
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.36
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.35
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Basic weighted average shares outstanding
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          22,862
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          23,480
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    <p>
      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.
    </p>
    <div style="width: 100%; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Reconciliation of Funds From Operations (&#8220;FFO&#8221;)</b>
    </p>
    <p>
      FFO is a supplemental measure of a REIT&#8217;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&#8217;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.
    </p>
    <p>
      The following table reconciles net income available to common
      stockholders to funds from operations available to common stockholders <i>(unaudited,
      amounts in thousands, except per share amounts)</i>:
    </p>
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="bottom">
          Three Months Ended<br>March 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          2007
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net income available to common stockholders
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          8,289
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          8,146
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Add: Real estate depreciation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,692
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,541
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Add: Non-cash compensation charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          311
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          344
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Less (gain)/add loss on sale of assets, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (92
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (149
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          FFO available to common stockholders
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          12,200
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          11,882
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Less: Non-cash compensation charges
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (311
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (344
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          FFO including preferred stock buyback and non-cash

          <p style="margin-bottom: 0px; margin-top: 0px">
            compensation charges
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          11,889
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          11,538
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Basic FFO available to common stockholders per share
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.53
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.51
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Diluted FFO available to common stockholders per share
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.52
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.49
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Basic FFO including preferred stock buyback and non-cash
          compensation charges per share
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.52
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.49
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Diluted FFO including preferred stock buyback and non-cash
          compensation charges per share
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.51
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.48
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    <div style="width: 100%; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 8pt">
      <tr>
        <td colspan="8" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>LTC PROPERTIES, INC.</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>CONSOLIDATED BALANCE SHEETS</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Amounts in thousands, except per share amounts)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="bottom">
          March 31, 2008
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="bottom">
          December 31, 2007
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <i>(unaudited)</i>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          ASSETS
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Real Estate Investments:
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Buildings and improvements, net of accumulated depreciation and
            amortization: 2008 &#8212; $119,385; 2007 &#8212; $115,766
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          341,178
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          342,222
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Land
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          34,639
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          34,429
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Properties held for sale, net of accumulated depreciation and
            amortization: 2008 &#8212; $0; 2007 &#8212; $0
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          463
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Mortgage loans receivable, net of allowance for doubtful accounts:
            2008 &#8212; $890; 2007 &#8212; $890
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          91,065
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          91,278
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Real estate investments, net
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          466,882
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          468,392
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Other Assets:
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          25,868
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          42,631
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Debt issue costs, net
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          257
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          326
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Interest receivable
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,343
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,553
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Prepaid expenses and other assets
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          21,135
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          20,447
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Notes receivable
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,266
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,292
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Marketable securities
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          6,465
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          6,464
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Total Assets
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          526,216
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          544,105
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          LIABILITIES AND STOCKHOLDERS' EQUITY
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Bank borrowings
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Mortgage loans payable
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          46,874
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          47,165
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Bonds payable
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4,690
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5,130
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Accrued interest
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          347
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          349
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Accrued expenses and other liabilities
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4,655
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5,381
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Distributions payable
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          3,039
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          3,406
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Total Liabilities
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          59,605
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          61,431
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Minority interest
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,135
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,518
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Stockholders' equity:
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td rowspan="2" style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Preferred stock $0.01 par value; 15,000 shares authorized; shares
            issued and outstanding: 2008 &#8212; 8,075; 2007 &#8212; 8,802
          </p>
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          190,363
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          208,553
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Common stock: $0.01 par value; 45,000 shares authorized; shares
            issued and outstanding: 2008 &#8212; 23,054; 2007 &#8212; 22,872
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          231
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          229
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Capital in excess of par value
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          319,843
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          316,609
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Cumulative net income
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          501,746
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          490,588
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Other
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          916
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          956
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Cumulative distributions
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (549,623
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (537,779
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Total Stockholders' Equity
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          463,476
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          479,156
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Total Liabilities and Stockholders' Equity
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          526,216
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          544,105
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    <p>

    </p>
    <p>
      CONTACT:<br>LTC Properties, Inc.<br>Wendy L. Simpson, CEO &amp; President<br>Pam
      Kessler, SVP &amp; CFO<br>805-981-8655
    </p>
    <p>

    </p>
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</SEC-DOCUMENT>
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