<SEC-DOCUMENT>0001157523-11-001654.txt : 20110321
<SEC-HEADER>0001157523-11-001654.hdr.sgml : 20110321
<ACCEPTANCE-DATETIME>20110321161617
ACCESSION NUMBER:		0001157523-11-001654
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20110321
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110321
DATE AS OF CHANGE:		20110321

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:		11701437

	BUSINESS ADDRESS:	
		STREET 1:		2829 TOWNSGATE ROAD
		STREET 2:		SUITE 350
		CITY:			WESTLAKE VILLIAGE
		STATE:			CA
		ZIP:			91361
		BUSINESS PHONE:		805-981-8655

	MAIL ADDRESS:	
		STREET 1:		2829 TOWNSGATE ROAD
		STREET 2:		SUITE 350
		CITY:			WESTLAKE VILLIAGE
		STATE:			CA
		ZIP:			91361
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a6654619.htm
<DESCRIPTION>LTC PROPERTIES, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 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; width: 100%; text-align: center; height: 1.0 pt">
    <hr style="color: #000000; width: 100%; text-align: center; height: 1.0 pt">


    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman">UNITED STATES</font><br><font style="font-size: 16pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 12pt; font-family: Times New Roman">Washington,
      D.C. 20549</font><br><font style="font-family: Times New Roman"><b>______________</b></font><br><br><font style="font-size: 18pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><br><br><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: March 21, 2011</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; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Maryland
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; width: 34%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            1-11314
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            71-0720518
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            incorporation or organization)
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 34%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission file number)
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No)
          </p>
        </td>
      </tr>
    </table>
    </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 valign="bottom" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            2829 Townsgate Road, Suite 350
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Westlake Village, CA&#160;&#160;91361
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of principal executive offices)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <br>
      <font style="font-size: 10pt; font-family: Times New Roman">(805)
      981-8655</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-size: 10pt; font-family: Times New Roman">(Registrant&#8217;s
      telephone number, including area code)</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (see General Instruction A.2. below):</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c)) </font>
    </p>
    <hr style="height: 1.0 pt; color: #000000; width: 100%; text-align: center">
    <hr style="height: 1.0 pt; color: #000000; width: 100%; text-align: center">


    <p>

    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%">
      <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 style="text-align: justify">
      <b>Item&#160;7.01. Regulation&#160;FD Disclosure</b>
    </p>
    <p style="text-align: justify">
      <i>Common Stock Offering</i>
    </p>
    <p style="text-align: justify">
      On March 21, 2011, LTC Properties, Inc. (the &#8220;Company&#8221;) commenced a
      public offering (the &#8220;Offering&#8221;) of 3,500,000 shares of its common
      stock.&#160;&#160;The Company also plans to grant the underwriters for the
      Offering a 30-day option to purchase up to an additional 525,000 shares
      of common stock.&#160;&#160;A copy of the press release announcing the Offering is
      filed herewith as Exhibit 99.1.&#160;&#160;
    </p>
    <p style="text-align: justify">
      The Company intends to use the net proceeds from the Offering for the
      redemption of its 8.0% Series F Cumulative Preferred Stock (&#8220;Series F
      Preferred Stock&#8221;) and use the remaining net proceeds to pay down amounts
      outstanding under its unsecured line of credit, to fund acquisitions and
      for general corporate purposes.&#160;&#160;Until such time as the Company redeems
      such shares, the Company intends to invest the net proceeds from the
      Offering in short-term, interest-bearing, investment grade securities.
    </p>
    <p style="text-align: justify">
      <i>Recent Developments</i>
    </p>
    <p style="text-align: justify">
      Subsequent to December 31, 2010, the Company purchased six senior
      housing properties with 642 skilled nursing beds, 40 assisted living
      units, 34 independent living units and 19 cottages and patio homes for a
      total initial purchase price of approximately $52.5&#160;million. One of the
      transactions is subject to two earn-out payments, not to exceed
      $11.0&#160;million in total, each contingent upon the properties achieving a
      stipulated rent coverage ratio. The first earn-out payment could be up
      to $4.0&#160;million, would be payable on or about October 1, 2011 and is
      primarily contingent upon the rent coverage ratio subsequent to the
      impact of Texas Medicaid rates anticipated to be determined in July
      2011.&#160;&#160;The second earn-out payment could be up to $11.0&#160;million,
      assuming the first earn-out payment was not made, and would be payable
      between July 2013 and July 2014.
    </p>
    <p style="text-align: justify">
      At December 31, 2010, the Company had $6.9&#160;million of cash on hand,
      $72.3&#160;million available on its $110.0&#160;million unsecured credit facility,
      which matures July 17, 2011, and the uncommitted private shelf agreement
      with affiliates and managed accounts of Prudential Investment
      Management, Inc. which provides for the possible issuance of up to
      $50.0&#160;million of senior unsecured fixed-rate term notes during the
      three-year issuance period.&#160;&#160;For additional liquidity, the Company had
      the ability to access the capital markets through the issuance of
      $64.6&#160;million of common stock under its equity distribution agreements
      with KeyBanc Capital Markets Inc. and BMO Capital Markets Corp., acting
      as sales agents, and through the issuance of debt and/or equity
      securities under its $276.3&#160;million effective shelf registration
      statement.&#160;&#160;Subsequent to December 31, 2010, the Company repaid
      $4.2&#160;million and borrowed $49.0&#160;million under its unsecured credit
      facility for the acquisitions described above.&#160;&#160;Subsequent to these
      acquisitions, the Company had $82.5&#160;million outstanding under the
      unsecured credit facility and $27.5&#160;million available for borrowing.
    </p>
    <p style="text-align: justify">
      On March 17, 2011, the Company received commitment letters from lenders
      for a four-year $200.0&#160;million unsecured credit facility.&#160;&#160;This credit
      facility is expected to replace the Company&#8217;s existing $110.0&#160;million
      unsecured credit facility (with the opportunity to increase the total
      capacity to $120.0 million) and matures in July 2011.&#160;&#160;The Company
      expects that amounts outstanding under the new facility would bear
      interest at an annual rate equal to one-month, two-month, three-month or
      six-month LIBOR (at the Company&#8217;s option) plus a spread depending upon
      the Company&#8217;s leverage ratio.&#160;&#160;Based on the Company&#8217;s current leverage
      ratio, pricing under the new facility would be 150 basis points over
      LIBOR, which is the same as the rate applicable to borrowings under the
      Company&#8217;s existing facility.&#160;&#160;The Company anticipates completing
      documentation within the next 30 days.&#160;&#160;The new facility is subject to
      lender due diligence, definitive documentation and closing requirements,
      which include amendments to the Company&#8217;s existing senior unsecured term
      notes.&#160;&#160;The Company can give no assurances that it will be able to
      successfully establish this facility on the terms described above or at
      all.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%">
      <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 style="text-align: justify">
      <i>Dividend Policy</i>
    </p>
    <p style="text-align: justify">
      The Company expects to pay dividends on its common stock in amounts
      determined from time to time by the Company&#8217;s board of
      directors.&#160;&#160;Subsequent to the completion of the Offering and the
      redemption of the Company&#8217;s Series F Preferred Stock, the Company
      expects to maintain its current aggregate dividend payout level of
      approximately $55.0 million annually (total preferred and common stock
      dividends on an annual basis), which may result in an increase in the
      dividend payable per share of the Company&#8217;s common stock, depending on
      the actual number of shares sold in the Offering, the actual public
      offering price per share, the actual net proceeds received by the
      Company in the Offering and the amount of preferred stock which is
      actually redeemed.&#160;&#160;The actual amount and timing of distributions,
      however, are at the sole discretion of the Company&#8217;s board of
      directors.&#160;&#160;All distributions will depend on the Company&#8217;s earnings, its
      financial condition and such other factors as the Company&#8217;s board of
      directors deems relevant, and there can be no assurances that the
      Company will pay future distributions at current levels or at all.&#160;&#160;&#160;
    </p>
    <p style="text-align: justify">
      On January 3, 2011, the Company declared a monthly cash dividend of
      $0.14 per share on its common stock for the months of January, February
      and March 2011, payable on January 31, February 28 and March 31, 2011,
      respectively, to stockholders of record on January 21, February 18 and
      March 23, 2011, respectively.&#160;&#160;The Company has also paid cash dividends
      on its Series F Preferred Stock totaling approximately $1,768,000
      year-to-date through the date of this report.&#160;&#160;On March 21, 2011, the
      Company declared quarterly cash dividends of $0.50 per share on its
      Series F Preferred Stock to stockholders of record on April 1, 2011 and
      expects to pay these dividends on April 15, 2011. The Company intends to
      use the proceeds of the Offering to redeem its outstanding Series F
      Preferred Stock. The Company is required to give 30&#160;days&#8217; notice of
      redemption prior to redeeming all or part of the Series F Preferred
      Stock at a redemption price of $25.00 per share plus accrued and unpaid
      dividends payable up to the redemption date.
    </p>
    <p style="text-align: justify">
      The disclosure in this Form 8-K is not an offer to sell, nor a
      solicitation of an offer to buy securities, nor shall there be any sale
      of these securities in any state or jurisdiction in which the offer,
      solicitation or sale would be unlawful prior to the registration or
      qualification under the securities laws of such state or jurisdiction.
      An offering, if any, will be made solely by means of a preliminary
      prospectus supplement and an accompanying prospectus.
    </p>
    <p style="text-align: justify">
      The information in this Item&#160;7.01 is furnished and shall not be deemed
      &#8220;filed&#8221; for the purposes of Section&#160;18 of the Securities Exchange Act of
      1934, as amended, or otherwise subject to liabilities under that
      section, and shall not be deemed to be incorporated by reference into
      the filings of the Company under the Securities Act of 1933, as amended,
      regardless of any general language in such filings.
    </p>
    <p style="text-align: justify">
      <b>Item 9.01. &#8212; Financial Statements and Exhibits</b>
    </p>
    <p style="text-align: justify">
      (a) Financial Statements of Business Acquired.
    </p>
    <p style="text-align: justify">
      None.
    </p>
    <p style="text-align: justify">
      (b) Pro Forma Financial Information
    </p>
    <p style="text-align: justify">
      None.
    </p>
    <p style="text-align: justify">
      (d) Exhibits.
    </p>
    <p style="text-align: justify">
      99.1&#160;&#160;&#160;&#160;&#160;Press Release issued March 21, 2011.<br>99.2&#160;&#160;&#160;&#160;&#160;Press
      Release issued March 21, 2011.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%">
      <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 style="text-align: justify">

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURE</b></font>
    </p>
    <p style="text-align: left">
      <br>
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of </font>Section 13 or 15(d) of the <font style="font-size: 10pt; font-family: Times New Roman">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: left">
      <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: 5%">

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

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

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

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

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

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

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

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 5%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Dated:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 45%; text-align: left">
          March 21, 2011
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 4%; text-align: left">
          By:
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 46%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>/s/&#160;&#160;WENDY L. SIMPSON</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

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

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

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

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

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 46%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 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>a6654619ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 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 Public Offering of Common Stock</b></font>
    </p>
    <p>
      WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--March 21, 2011--LTC
      Properties, Inc. (the &#8220;Company&#8221;) (NYSE:LTC) announced today that it
      plans to make a public offering of 3,500,000 shares of its common stock
      (the &#8220;Offering&#8221;). The Company expects to grant the underwriters an
      option to purchase up to 525,000 additional shares of common stock
      within 30 days to cover over-allotments, if any. KeyBanc Capital
      Markets, Wells Fargo Securities, RBC Capital Markets and BMO Capital
      Markets will act as joint book-running managers for the Offering.
    </p>
    <p>
      The Company intends to use the net proceeds from the Offering for the
      redemption of its 8.0% Series F Cumulative Preferred Stock, to pay down
      amounts outstanding under its unsecured line of credit, for acquisitions
      and general corporate purposes.
    </p>
    <p>
      The Offering of the shares will be made under the Company&#8217;s effective
      shelf registration statement filed with the Securities and Exchange
      Commission (&#8220;SEC&#8221;). The Company intends to file a prospectus supplement
      with the SEC for the common stock offering to which this communication
      relates. When available, the prospectus supplement and accompanying base
      prospectus may be obtained from KeyBanc Capital Markets, Attn:
      Prospectus Delivery Department, 127 Public Square, 6th Floor Cleveland,
      OH 44114 (or telephone: 800-859-1783) or from Wells Fargo Securities,
      Attention: Equity Syndicate Department, 375 Park Avenue, New York, NY
      10152 (e-mail: <u>cmclientsupport@wellsfargo.com</u> or telephone:
      800-326-5897) or from RBC Capital Markets, Attention: Prospectus
      Department, Three World Financial Center, 200 Vesey Street 8th Floor,
      New York, NY 10281, telephone, (877) 822-4089 or from BMO Capital
      Markets Corp., Attention: Lori Begley, 3 Times Square Floor 27, New
      York, NY 10036, Email: <u>bmoprospectus@bmo.com</u> or by visiting the
      EDGAR database on the SEC&#8217;s website at <u>www.sec.gov</u>.
    </p>
    <p>
      This press release does not constitute an offer to sell or the
      solicitation of an offer to buy any shares of the Company&#8217;s common
      stock, nor shall there be any sale of these securities in any
      jurisdiction in which such an offer, solicitation, or sale would be
      unlawful prior to registration or qualification under the securities
      laws of any such jurisdiction. The offering may be made only by means of
      a prospectus and a related prospectus supplement, which have or will be
      filed with the SEC.
    </p>
    <p>
      The Company is a self-administered real estate investment trust that
      primarily invests in long-term care and other health care related
      facilities through mortgage loans, facility lease transactions and other
      investments. For more information on LTC Properties, Inc., visit the
      Company&#8217;s website at <u>www.LTCProperties.com</u>.
    </p>
    <p>
      This press release contains forward-looking statements within the
      meaning of Section 27A of the Securities Act of 1933, as amended, and
      Section 21E of the Securities Exchange Act of 1934, as amended. You can
      identify some of the forward-looking statements by their use of
      forward-looking words, such as &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;may,&#8221; &#8220;will,&#8221;
      &#8220;should,&#8221; &#8220;seeks,&#8221; &#8220;approximately,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;estimates&#8221; or
      &#8220;anticipates,&#8221; or the negative of those words or similar words.
      Forward-looking statements involve inherent risks and uncertainties
      regarding events, conditions and financial trends that may affect the
      Company&#8217;s future plans of operation, business strategy, results of
      operations and financial position. A number of important factors could
      cause the Company&#8217;s actual results to differ materially from those
      included within or contemplated by such forward-looking statements,
      including, but not limited to, the Company&#8217;s ability to consummate the
      Offering and the use of proceeds therefrom; the status of the economy;
      the status of capital markets (including prevailing interest rates) and
      the Company&#8217;s access to capital; the income and returns available from
      investments in health care related real estate; the ability of the
      Company&#8217;s borrowers and lessees to meet their obligations to the
      Company; the Company&#8217;s reliance on a few major operators; competition
      faced by the Company&#8217;s borrowers and lessees within the health care
      industry; regulation of the health care industry by federal, state and
      local governments; compliance with and changes to regulations and
      payment policies within the health care industry; debt that the Company
      may incur and changes in financing terms; the Company&#8217;s ability to
      continue to qualify as a real estate investment trust; the relative
      illiquidity of the Company&#8217;s real estate investments; potential
      limitations on the Company&#8217;s remedies when mortgage loans default; and
      risks and liabilities in connection with properties owned through
      limited liability companies and partnerships. For a discussion of these
      and other factors that could cause the Company&#8217;s actual results to
      differ from those contemplated in the forward-looking statements, please
      see the discussion under &#8220;Risk Factors&#8221; contained in the prospectus
      supplement referred to above and in other information contained in the
      Company&#8217;s publicly available filings with the SEC, including the
      Company&#8217;s annual report on Form 10-K for the year ended December 31,
      2010 and other reports the Company files under the Exchange Act. The
      Company does not undertake any responsibility to update any of these
      factors or to announce publicly any revisions to forward-looking
      statements, whether as a result of new information, future events or
      otherwise.
    </p>
    <p>
      CONTACT:<br>LTC Properties, Inc.<br>Wendy L. Simpson, CEO &amp; President<br>Pam
      Kessler, EVP &amp; CFO<br>(805) 981-8655
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>a6654619ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 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 99.2</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>LTC
      Announces Commitments for a New Unsecured Credit Facility</b></font>
    </p>
    <p>
      WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--March 21, 2011--LTC
      Properties, Inc. (NYSE:LTC) announced today that it had received
      commitments for a new $200.0 million, four-year unsecured credit
      facility.
    </p>
    <p>
      The following banks have provided the Company with commitments of $50.0
      million each for the new facility: Bank of Montreal, Chicago Branch as
      Administrative Agent, BMO Capital Markets, as Co-Lead Arranger and Joint
      Book Runner, KeyBanc Capital Markets Inc., as Syndication Agent, Co-Lead
      Arranger and Joint Book Runner, Royal Bank of Canada as Co-Documentation
      Agent and RBC Capital Markets as Co-Lead Arranger and Joint Book Runner
      and Wells Fargo Bank, National Association as Co-Documentation Agent and
      Wells Fargo Securities, LLC as Co-Lead Arranger and Joint Book Runner.
    </p>
    <p>
      The Company expects that the new unsecured credit agreement will provide
      for a revolving line of credit with no scheduled maturities other than
      the maturity date in 2015, and will allow the Company to borrow at the
      same interest rates applicable to borrowings under its existing credit
      agreement. The Company&#8217;s current interest rate is 150 basis points over
      LIBOR. As of March 18, 2011, the Company had $82.5 million outstanding
      under the current unsecured credit agreement that matures in July 2011.
      The new facility is subject to lender due diligence, definitive
      documentation and closing requirements, which include amendments to the
      Company&#8217;s existing senior unsecured term notes. The Company anticipates
      completing documentation within the next 30 days.
    </p>
    <p>
      The Company is a self-administered real estate investment trust that
      primarily invests in long-term care and other health care related
      facilities through mortgage loans, facility lease transactions and other
      investments. For more information on LTC Properties, Inc., visit the
      Company&#8217;s website at <u>www.ltcproperties.com</u>.
    </p>
    <p>
      CONTACT:<br>LTC Properties, Inc.<br>Wendy L. Simpson, CEO &amp; President<br>Pam
      Kessler, EVP &amp; CFO<br>805-981-8655
    </p>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
