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: July 21, 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 July 21, 2004, LTC Properties,  Inc.  announced the operating results for the
second  quarter ended June 30, 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:  July 21, 2004                   By: /s/  WENDY L. SIMPSON
                                            --------------------------------
                                                 Wendy L. Simpson
                                                 Vice Chairman and
                                                 Chief Financial Officer








                                  EXHIBIT INDEX

Exhibit 99.1      Press Release issued July 21, 2004.