-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 QRa2DB/uQn/4uAQiqydhKSY/Sr2boi75+24B6KovYlckpw7YlPDnrTFVC2wI30v8
 VQWOuiE/gHwqzANE72qncQ==

<SEC-DOCUMENT>0001157523-09-003678.txt : 20090511
<SEC-HEADER>0001157523-09-003678.hdr.sgml : 20090511
<ACCEPTANCE-DATETIME>20090508181605
ACCESSION NUMBER:		0001157523-09-003678
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090508
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090511
DATE AS OF CHANGE:		20090508

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:		09812217

	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>a5960900.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="color: #000000; height: 1.0 pt; width: 100%; text-align: center">
    <hr style="color: #000000; height: 1.0 pt; width: 100%; text-align: center">


    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman">UNITED STATES</font><font style="font-family: Times New Roman"><br style="font-family: Times New Roman"></font><font style="font-size: 16pt; font-family: Times New Roman"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><font style="font-family: Times New Roman"><br style="font-family: Times New Roman"></font><font style="font-size: 12pt; font-family: Times New Roman">Washington,
      D.C. 20459</font><br><font style="font-family: Times New Roman"><b>______________</b></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>FORM 8-K</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman">CURRENT
      REPORT PURSUANT TO SECTION 13 OR 15(D)</font><br><font style="font-size: 12pt; font-family: Times New Roman">OF
      THE SECURITIES EXCHANGE ACT OF 1934</font><br><br><br><font style="font-size: 10pt; font-family: Times New Roman">Date
      of report: May 8, 2009</font><br><font style="font-size: 10pt; font-family: Times New Roman">(Date
      of earliest event reported)</font><br><br><br><br><font style="font-size: 18pt; font-family: Times New Roman"><b>LTC&#160;PROPERTIES,&#160;INC.</b></font><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      name of Registrant as specified in its charter)</font><br><br><br>
    </p>
    <div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 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-top: 0px; margin-bottom: 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-top: 0px; margin-bottom: 0px">
            71-0720518
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            incorporation or organization)
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 34%; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission file number)
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>

    </p>
    <div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            31365 Oak Crest Drive, Suite 200
          </p>
          <p style="margin-top: 0px; margin-bottom: 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-top: 0px; margin-bottom: 0px">
            (Address of principal executive offices)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <br>
      <font style="font-family: Times New Roman; font-size: 10pt">(805)
      981-8655</font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 10pt">(Registrant&#8217;s
      telephone number, including area code)</font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (see General Instruction A.2. below):</font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">[&#160;&#160;&#160;]
      &#160;Written communications pursuant to Rule 425 under the Securities Act
      (17 CFR 230.425)</font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">[&#160;&#160;&#160;]
      &#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">[&#160;&#160;&#160;]
      &#160;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-family: Times New Roman; font-size: 10pt">[&#160;&#160;&#160;]
      &#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c)) </font>
    </p>
    <hr style="height: 1.0 pt; width: 100%; text-align: center; color: #000000">
    <hr style="height: 1.0 pt; width: 100%; text-align: center; color: #000000">


    <p>

    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; 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="height: 1.5pt; color: black">

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

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

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt"><b>Item
      2.02. &#8211; Results of Operations and Financial Condition</b></font>
    </p>
    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">On May 8,
      2009, LTC Properties, Inc. announced the operating results for the three
      months ended March&#160;31, 2009.&#160;&#160;A copy of the press release is furnished
      as Exhibit 99.1 to this Form&#160;8-K and is incorporated herein by
      reference.&#160;&#160;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.</font>
    </p>
    <p style="text-align: left">
      <br>
      <font style="font-family: Times New Roman; font-size: 10pt"><b>Item
      9.01. &#8211; Financial Statements and Exhibits</b></font>
    </p>
    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">(a)
      Financial Statements of Business Acquired.</font>
    </p>
    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">None.</font>
    </p>
    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">(b) Pro
      Forma Financial Information</font>
    </p>
    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">None.</font>
    </p>
    <p style="text-align: justify">
      <font style="font-family: Times New Roman; font-size: 10pt">(d) Exhibits.</font>
    </p>
    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press
      Release issued May 8, 2009.</font>
    </p>
    <p style="text-align: center">
      <br>
      <br>
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURE</b></font>
    </p>
    <p style="text-align: left">
      <br>
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of Section 13 or 15(d) of the Securities Exchange Act
      of 1934, the Registrant has duly caused this report to be signed on its
      behalf by the undersigned, hereunto duly authorized.</font>
    </p>
    <p style="text-align: justify">
      <br>

    </p>
    <div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="width: 7%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            LTC PROPERTIES, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 7%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated:
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 45%; text-align: left" valign="top">
          May 8, 2009
        </td>
        <td style="padding-left: 0.0px; width: 4%; text-align: left" valign="top">
          By:
        </td>
        <td style="padding-left: 0.0px; width: 44%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>/s/&#160;&#160;WENDY L. SIMPSON</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

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

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

        </td>
        <td style="padding-left: 0.0px; width: 44%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Wendy L. Simpson
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

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

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

        </td>
        <td style="padding-left: 0.0px; width: 44%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            CEO &amp; President
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
</html>
<!--<!DOCTYPE html
     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>a5960900_ex991.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-size: 12pt; font-family: Times New Roman"><b>LTC
      Announces First Quarter Operating Results</b></font>
    </p>
    <p>
      WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--May 8, 2009--LTC Properties,
      Inc. (NYSE:LTC) released results of operations for the three months
      ended March 31, 2009 and announced that net income allocable to common
      stockholders for the first quarter was $8.0&#160;million or $0.35 per diluted
      share which includes $0.6 million related to the repurchase of 109,484
      share of preferred stock, as described below, and $0.2 million related
      to the prepayment of a mortgage loan. For the same period in 2008, net
      income allocable to common stockholders was $8.2&#160;million or $0.36 per
      diluted share which includes $1.0 million related to the repurchase of
      636,300 share of preferred stock, as described below. Revenues for the
      three months ended March 31, 2009, were $17.7 million versus $17.8
      million for the same period last year.
    </p>
    <p>
      The Company invested $2.0 million during the quarter ended March 31,
      2009 to repurchase a total of 109,484 shares of its Series F Cumulative
      Preferred Stock (or Series F Preferred Stock) at an average cost of
      $18.27 per share, including commission. During the quarter ended March
      31, 2008, the Company repurchased 636,300 shares of its Series F
      Preferred Stock for $14.3 million or an average cost including
      commission 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
      difference between the liquidation value and the repurchase price,
      netted with the original issue costs, has been included in calculating
      net income allocable to common stockholders.
    </p>
    <p>
      The Company will conduct a conference call on Monday, May 11, 2009, at
      10:00 a.m. Pacific time, in order to comment on the Company&#8217;s
      performance and operating results for the quarter ended March 31, 2009.
      The conference call is accessible by dialing 888-241-0558. The
      international number is 647-427-3417. The earnings release will be
      available on our website. An audio replay of the conference call will be
      available from May 11, 2009 through May 25, 2009. Callers can access the
      replay by dialing 800-695-9469 or 402-220-0618 and entering encore
      passcode number 92195624.
    </p>
    <p>
      At March 31, 2009, LTC had investments in 100 skilled nursing
      properties, 101 assisted living properties and two schools in 30 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>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <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="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="6">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>LTC PROPERTIES, INC.</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>CONSOLIDATED STATEMENTS OF INCOME</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Amounts in thousands, except per share amounts)
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(unaudited)</i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom" colspan="5">
          Three Months Ended<br>March 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          2008
        </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="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </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">
          $15,030
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left" valign="bottom">
          Interest income from mortgage loans
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,371
        </td>
        <td>

        </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>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left" valign="bottom">
          Interest and other income
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          315
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          555
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left" valign="bottom">
          Total revenues
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          17,716
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Expenses:
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left" valign="bottom">
          Interest expense
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          892
        </td>
        <td>

        </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>
      </tr>
      <tr>
        <td style="text-align: left" valign="bottom">
          Depreciation and amortization
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,701
        </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>
      </tr>
      <tr>
        <td style="text-align: left" valign="bottom">
          Legal expenses
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          7
        </td>
        <td>

        </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>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left" valign="bottom">
          Operating and other expenses
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,878
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,811
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left" valign="bottom">
          Total expenses
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6,478
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6,704
        </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 from continuing operations
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          11,238
        </td>
        <td>

        </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>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Discontinued operations:
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left" valign="bottom">
          Gain on sale of assets, net
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          92
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Net income from discontinued operations
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          92
        </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 style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          11,238
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          11,235
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Income allocated to noncontrolling interest
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (77
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (77
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Income allocated to preferred stockholders
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (3,159
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (2,869
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Income allocated to participating securities
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (36
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (49
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Net income allocable to common stockholders
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $7,966
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $8,240
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Basic earnings per common share:</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left" valign="bottom">
          Continuing operations
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.35
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.36
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left" valign="bottom">
          Discontinued operations
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.00
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.00
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Net income allocable to common stockholders
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.35
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.36
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Diluted earnings per common share:</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left" valign="bottom">
          Continuing operations
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.35
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.36
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left" valign="bottom">
          Discontinued operations
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.00
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.00
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Net income allocable to common stockholders
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.35
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Weighted average shares used to calculate earnings per common
          share:</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left" valign="bottom">
          Basic
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          23,059
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          22,862
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left" valign="bottom">
          Diluted
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          23,141
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          23,015
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      NOTE: 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 allocable to common stockholders. 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.
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; 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="height: 1.5pt; color: black">

        </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 allocable 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 allocable to common stockholders determined in
      accordance with accounting principles generally accepted in the United
      States.
    </p>
    <p>
      The following table reconciles net income allocable to common
      stockholders to funds from operations allocable to common stockholders <i>(unaudited,
      amounts in thousands, except per share amounts)</i>:
    </p>
    <div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom" colspan="5">
          Three Months Ended<br>March 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net income allocable to common stockholders
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $7,966
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $8,240
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Add: Real estate depreciation
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,701
        </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>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Add: Non-cash compensation charges
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          314
        </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>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Add: Loss/less (gain) on sale of assets, net
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (92
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          FFO allocable to common stockholders
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $11,981
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $12,151
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Less: Non-cash compensation charges
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (314
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (311
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          FFO including non-cash compensation charges
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $11,667
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $11,840
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Basic FFO allocable to common stockholders per share
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.52
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.53
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Diluted FFO allocable to common stockholders per share
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.51
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Diluted FFO allocable to common stockholders
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $12,896
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $13,084
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Weighted average shares used to calculate diluted FFO per share
          allocable to common stockholders
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          25,321
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          25,195
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Basic FFO including non-cash compensation charges per share
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.51
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.52
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Diluted FFO including non-cash compensation charges per share
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $0.50
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Diluted FFO including non-cash compensation charges
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $12,582
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $12,773
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Weighted average shares used to calculate diluted FFO per share
          including non-cash compensation charges
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          25,321
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          25,195
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="6">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>LTC PROPERTIES, INC.</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>CONSOLIDATED BALANCE SHEETS</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Amounts in thousands)
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(unaudited)</i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          March 31, 2009
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          December 31, 2008
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          ASSETS
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Real Estate Investments:
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Buildings and improvements, net of accumulated depreciation and<br>amortization:
          2009 &#8212; $134,144; 2008 &#8212; $130,475
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $334,140
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $337,171
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Land
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          34,971
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          34,971
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Mortgage loans receivable, net of allowance for doubtful<br>accounts:
          2009 &#8212; $751; 2008 &#8212; $760
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          74,661
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          77,541
        </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 style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          443,772
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          449,683
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Other Assets:
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Cash and cash equivalents
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          21,688
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          21,118
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Debt issue costs, net
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          736
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          831
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Interest receivable
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,788
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,010
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Straight-line rent receivable, net of allowance for doubtful

          <p style="margin-top: 0px; margin-bottom: 0px">
            accounts: 2009 &#8212; $300; 2008 &#8212; $140
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          14,892
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          13,900
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Prepaid expenses and other assets
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          8,842
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          9,148
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Notes receivable
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,814
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,895
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Marketable securities
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6,469
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6,468
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Total Assets
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $501,001
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $506,053
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          LIABILITIES AND EQUITY
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </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">
          $ &#8212;
        </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" valign="bottom">
          Mortgage loans payable
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          31,866
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          32,063
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Bonds payable
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4,225
        </td>
        <td>

        </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>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Accrued interest
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          252
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          251
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Accrued expenses and other liabilities
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4,279
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5,015
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Distributions payable
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,967
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,022
        </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 style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          43,589
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          45,041
        </td>
        <td>

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

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Stockholders' equity:
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Preferred stock $0.01 par value; 15,000 shares authorized;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          shares issued and outstanding: 2009 &#8212; 7,932; 2008 &#8212; 8,042
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          186,801
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          189,560
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Common stock: $0.01 par value; 45,000 shares authorized;<br>shares
          issued and outstanding: 2009 &#8212; 23,175; 2008 &#8212; 23,136
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          232
        </td>
        <td>

        </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>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Capital in excess of par value
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          322,426
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          321,979
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Cumulative net income
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          544,726
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          533,565
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Other
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          473
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          735
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Cumulative distributions
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (600,380
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (588,192
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Total Stockholders' Equity
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          454,278
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          457,878
        </td>
        <td>

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

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Noncontrolling interest
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,134
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,134
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Total Equity
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          457,412
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          461,012
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Total Liabilities and Equity
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $501,001
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $506,053
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="15">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>LTC PROPERTIES, INC.</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>SUPPLEMENTAL INFORMATION</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Unaudited, dollar amounts in thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Non-Cash Revenue Components</b>
          </p>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom" colspan="2">
          1Q09
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          2Q09<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          3Q09<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          4Q09<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="top" colspan="2">
          1Q10<sup>(1)</sup>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Straight-line rent
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $1,152
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $986
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $940
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $839
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $632
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Amort. Lease break fee
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (162
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (162
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (162
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (162
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (162
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Net
        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $990
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $824
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $778
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $677
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $470
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="top" colspan="15">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(1)</sup>Projections based on current in-place leases and do
            not assume any increase in straight-line rent from acquisitions.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Maturities</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          2009
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          2010
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          2011
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          2012
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom">
          2013
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Lease Maturities
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2 leases on<br>2 properties
          </p>
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1 lease on<br>1 property
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            3 leases on<br>3 properties
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          2 leases on<br>2 properties
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Mortgage Loan Receivable Maturities <sup>(1)</sup>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $7,544
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $646
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $7,455
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $2,221
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $16,209
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Debt Maturities <sup>(1)</sup>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $23,675
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(2)</sup>
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $7,581
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(3)</sup>
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </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 style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="10">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(1)</sup> Represents principal amount due at maturity.
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(2)</sup> $15,627 at 8.8% fixed, prepayable June 1 and $8,048
            at 8.4% fixed, prepayable July 1.
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(3)</sup> 8.7% fixed prepayable May 1.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Note: At March 31, 2009, the Company had a floating rate debt
            balance of $4,225 at an all-in floating rate of 2.4%. This debt
            amortizes to $720 which is due in 2015 and is not prepayable</i>.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Portfolio Snapshot</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom" colspan="3">
          Quarter ended 3/31/09
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom" rowspan="2" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            % of<br>Revenues<sup>(3)</sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom" rowspan="2">
          # of<br>Properties
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom" rowspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            # of<br>Beds/<br>Units<sup>(1)</sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom" rowspan="2">
          Investment<br>per<br>Bed/Unit
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom">
          Type of Property
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom">
          Gross<br>Investments
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom" colspan="2">
          % of Investments
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom">
          Rental Income
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Interest Income<sup>(2)</sup>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Assisted Living Properties
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $282,084
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          48.8
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $7,551
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $778
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          47.9
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          101
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4,598
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $61.35
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Skilled Nursing Properties
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          283,563
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          49.0
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          7,184
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,516
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          50.0
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          100
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          11,587
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $24.47
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Schools
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          13,020
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2.2
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          295
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          77
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2.1
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          N/A
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; padding-bottom: 2.0px; text-align: right; white-space: nowrap" valign="bottom">
          N/A
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Totals
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $578,667
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          100.0
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $15,030
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $2,371
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          100.0
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          203
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          16,185
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="top" colspan="19">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(1)</sup> See the Company&#8217;s Annual Report on Form 10-K for
            the year ended December 31, 2008, <i>Item 1. Business General &#8211;
            Owned Properties</i> for discussion of bed/unit count.
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(2)</sup> Includes Interest Income from Mortgage Loans.
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(3)</sup> Includes Rental Income and Interest Income from
            Mortgage Loans.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="16">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>LTC PROPERTIES, INC.</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>SUPPLEMENTAL INFORMATION</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Unaudited, dollar amounts in thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Balance Sheet Metrics</b>
          </p>
        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="top" colspan="14">
          Three Months Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom" colspan="3">
          3/31/09
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom" colspan="3">
          12/31/08
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom" colspan="3">
          9/30/08
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom" colspan="3">
          6/30/08
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" valign="bottom" colspan="2">
          3/31/08
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Debt to book capitalization ratio<sup> (6)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          7.3
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          7.4
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          7.4
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          7.4
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(5)</sup>
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          10.0
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Debt &amp; Preferred Stock to book capitalization ratio<sup> (6)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          45.2
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          45.5
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          45.3
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          45.2
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(5)</sup>
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          46.7
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Debt to market capitalization ratio <sup>(6)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5.9
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(2)</sup>
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5.4
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(2)</sup>
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4.2
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4.6
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(5)</sup>
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6.2
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Debt &amp; Preferred Stock to market capitalization ratio <sup>(6)</sup>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          32.8
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(2)</sup>
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          30.1
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(2)</sup>
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          23.0
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          26.8
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(5)</sup>
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          28.6
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Interest coverage ratio
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right" valign="bottom">
          17.7x
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(1)</sup>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: right" valign="bottom">
          15.4x
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(3)</sup>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: right" valign="bottom">
          17.1x
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(4)</sup>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: right" valign="bottom">
          15.0x
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(4)</sup>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: right" valign="bottom">
          13.6x
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Fixed charge coverage ratio
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right" valign="bottom">
          3.4x
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right" valign="bottom">
          3.1x
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right" valign="bottom">
          3.2x
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right" valign="bottom">
          3.3x
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right" valign="bottom">
          3.2x
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="top" colspan="16">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(1)</sup> Increase primarily due to increases in rental
            income resulting from lease restructuring and one-time interest
            income resulting from the prepayment of a mortgage loan.
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(2)</sup> Increase primarily due to the decrease in market
            capitalization.
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(3)</sup> This decrease is due primarily to non-payment of
            rental income and mortgage interest income from affiliates of
            Sunwest Management, Inc., loan pay-offs and lower invested cash
            balances at lower interest rates, partially offset by lower
            interest expense due to debt paid off in 2008. Additionally in the
            fourth quarter of 2008 we incurred $0.6 million of one-time
            charges related primarily to lease/loan defaults and terminated
            transactions.
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(4)</sup> Increase primarily due to decrease in interest
            expense relating to repayment of a $14.2 million mortgage loan
            secured by four assisted living properties located in Ohio.
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(5)</sup> Decrease due to repayment of a $14.2 million
            mortgage loan secured by four assisted living properties located
            in Ohio.
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(6)</sup> Revised as required by Statement of Financial
            Accounting Standards No. 160, <i>&#8220;Noncontrolling Interests in
            Consolidated Financial Statements, an Amendment of Accounting
            Research Bulletin No. 51.&#8221;</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <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>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
