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

                                    FORM 8-K

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



                         Date of report: April 20, 2004
                        (Date of earliest event reported)




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



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



                     22917 Pacific Coast Highway, Suite 350
                            Malibu, California 90265
                    (Address of principal executive offices)


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



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Item 12. -- Results of Operations and Financial Condition

On April 20, 2004, LTC Properties, Inc. announced the operating results for the
first quarter ended March 31, 2004. A copy of the press release is furnished as
Exhibit 99.1 to this Form 8-K and is incorporated herein by reference. Such
information shall not be deemed "filed" for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, and is not incorporated by
reference into any filing of the company, whether made before or after the date
hereof, regardless of any general incorporation language in such filing.



                                    SIGNATURE


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, hereunto duly authorized.


                                   LTC PROPERTIES, INC.



Dated:  April 20, 2004             By: /s/  WENDY L. SIMPSON
                                       -----------------------------------------
                                       Wendy L. Simpson
                                       Vice Chairman and Chief Financial Officer





                                  EXHIBIT INDEX

Exhibit 99.1      Press Release issued April 20, 2004.