<SEC-DOCUMENT>0001104659-21-141883.txt : 20211119
<SEC-HEADER>0001104659-21-141883.hdr.sgml : 20211119
<ACCEPTANCE-DATETIME>20211119161822
ACCESSION NUMBER:		0001104659-21-141883
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20211119
DATE AS OF CHANGE:		20211119

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:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-229966
		FILM NUMBER:		211428536

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

	MAIL ADDRESS:	
		STREET 1:		2829 TOWNSGATE ROAD
		STREET 2:		SUITE 350
		CITY:			WESTLAKE VILLAGE
		STATE:			CA
		ZIP:			91361
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>tm2132474d1_424b3.htm
<DESCRIPTION>424B3
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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">Filed Pursuant to
Rule&nbsp;424(b)(3)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">Registration No.&nbsp;333-229966</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>SUPPLEMENT NO. 1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>(To Prospectus Supplement Dated March&nbsp;1,
2019 and Prospectus Dated February&nbsp;28, 2019)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>LTC PROPERTIES,&nbsp;INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Up to $200,000,000</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Common Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">This Supplement
No.&nbsp;1 (&ldquo;Supplement&rdquo;) amends the prospectus supplement, dated March&nbsp;1, 2019 (the &ldquo;Prospectus Supplement&rdquo;),
and its accompanying prospectus, dated February&nbsp;28, 2019, relating to the offer and sale, from time to time, of shares of our common
stock having an aggregate offering price of up to $200,000,000 pursuant to separate equity distribution agreements with each of JMP Securities
LLC (&ldquo;JMP&rdquo;) and KeyBanc Capital Markets Inc. (&ldquo;KeyBanc&rdquo;), dated as of March&nbsp;1, 2019, and with Huntington
Securities,&nbsp;Inc. (&ldquo;Huntington&rdquo;), dated as of November&nbsp;19, 2021 (as amended from time to time, the &ldquo;Equity
Distribution Agreements&rdquo;). This Supplement should be read together with the Prospectus Supplement and accompanying prospectus,
including the documents incorporated by reference in the Prospectus Supplement. <B>Except as set forth below, the Prospectus Supplement
and accompanying prospectus, as updated by the documents incorporated by reference in the Prospectus Supplement, remain unchanged.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Effective November&nbsp;19,
2021, we terminated our equity distribution agreements, dated as of March&nbsp;1, 2019, with Credit Agricole Securities (USA) Inc. (&ldquo;Credit
Agricole&rdquo;) and Mizuho Securities USA Inc. (&ldquo;Mizuho&rdquo;). As a result of the termination of these agreements, no further
offers or sales of our common stock will be made through Credit Agricole or Mizuho pursuant to the Prospectus Supplement and the accompanying
prospectus. The Equity Distribution Agreements with each of JMP and KeyBanc remain in full force and effect. In addition, effective November&nbsp;19,
2021, we entered into an Equity Distribution Agreement with Huntington. Accordingly, each reference to the term &ldquo;Agent&rdquo; or
 &ldquo;Agents&rdquo; in the Prospectus Supplement is hereby amended to include JMP, KeyBanc and Huntington and shall no longer include
Credit Agricole or Mizuho.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Investing in
our common stock involves risks. Before investing in our common stock, you should carefully read the discussion on page&nbsp;S-1 of the
Prospectus Supplement under the heading &ldquo;Risk Factors,&rdquo; as well as the risk factors discussed under the heading &ldquo;Item
1A&mdash;Risk Factors&rdquo; of our most recent Annual Report on Form&nbsp;10-K and in the other documents we file with the Securities
and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended, and which we incorporate into the Prospectus Supplement
by reference.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>Neither the
Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the adequacy
or accuracy of this Supplement, the Prospectus Supplement or the accompanying prospectus. Any representation to the contrary is a criminal
offense.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This Supplement
is not complete without the Prospectus Supplement and accompanying prospectus, and we have not, and the Agents have not, authorized anyone
to deliver or use this prospectus supplement without the Prospectus Supplement and accompanying prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>JMP Securities</B></FONT></TD>
    <TD STYLE="width: 34%; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>KeyBanc
    Capital Markets</B></FONT></TD>
    <TD STYLE="width: 33%; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Huntington Capital
    Markets</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Prospectus Supplement
dated November&nbsp;19, 2021</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
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