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Exhibit 99.(a)(5)(E)

    [LTC PROPERTIES LETTERHEAD]

FOR IMMEDIATE RELEASE

Contact: Andre C. Dimitriadis, Chairman & CEO
Wendy L. Simpson, Vice Chairman & CFO
(805) 981-8655

LTC ANNOUNCES OPERATING RESULTS FOR
THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2001

    OXNARD, CALIFORNIA, October 30, 2001—LTC Properties, Inc. (NYSE:LTC) released results of operations for the three and nine months ended September 30, 2001.

    LTC announced that for the three months ended September 30, 2001, Funds From Operations ("FFO"), the generally accepted measure of real estate investment trust operating performance, was $6.1 million or $0.25 per diluted share. FFO for the same period last year was $9.0 million or $0.35 per diluted share. Revenues for the three months ended September 30, 2001 were $17.1 million versus $21.5 million for the same period in 2000. Net income available to common shareholders was $2.3 million or $0.09 per diluted share for the three months ended September 30, 2001 compared to $6.5 million or $0.25 per diluted share for the same period of 2000.

    For the nine months ended September 30, 2001, FFO was $19.1 million or $0.75 per diluted share, compared to $29.7 million or $1.13 per diluted share for the same period in 2000. Revenues for the nine months ended September 30, 2001 were $53.4 million versus $66.8 million for the same period last year. Net loss to common shareholders was $(12.8) million or $(0.51) per diluted share for the nine months ended September 30, 2001 compared to net income available to common shareholders of $19.5 million or $0.75 per diluted share for the nine months ended September 30, 2000.

    LTC stated that reflected in the results for the three months ended September 30, 2001, was the sale of two skilled nursing facilities and three assisted living facilities which resulted in net proceeds of approximately $16.0 million and a gain of $0.9 million. In addition, the company sold REMIC Certificates with a net book value of $19.0 million, resulting in net proceeds of $17.9 million and a loss of $1.1 million.

    LTC also reported that in accordance with a previously announced Board authorized buyback program, LTC purchased and retired 330,300 shares of its common stock and 17,800 shares of its preferred stock for a total cost of $1.5 million and $0.3 million, respectively, during the three months ended September 30, 2001. After quarter end, LTC purchased about 6,061,000 shares at a purchase price of $5.75 per share, pursuant to a tender offer that expired on October 22, 2001. The 6,061,000 shares are net of about 29,600 shares not delivered in accordance with the tender offer's guaranteed delivery provision. The total cost of the tender offer, including all fees and expenses, is estimated to be about $35.3 million.

    LTC stated that it had negotiated a master lease agreement to begin as of December 1, 2001 with HFJ, LLC, a subsidiary of Sunwest Management, Inc., for five assisted living facilities formerly leased by Regent Assisted Living, Inc. This lease will provide for annual rental income of about $3.8 million in the initial year.

    At September 30, 2001, LTC had investments in 242 skilled nursing facilities, 91 assisted living residences and 1 school in 34 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.

    This press release includes statements that are not purely historical and are "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, including statements regarding the Company'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'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.

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LTC PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share amounts)
(Unaudited)

			Three Months Ended September 30,						Nine Months Ended September 30,
			2001			2000			2001			2000
Revenues:
	Rental income		$	9,768		$	12,148		$	30,081		$	38,214
	Interest income from mortgage loans and notes receivable			3,022			3,592			9,630			11,616
	Interest income from REMIC Certificates			3,620			4,197			11,656			12,782
	Interest and other income			647			1,599			2,049			4,147
		Total revenues		17,057			21,536			53,416			66,759
Expenses:
	Interest expense			5,180			7,177			16,816			20,620
	Depreciation and amortization			3,507			3,799			10,622			11,485
	Minority interest			254			236			724			706
	Impairment charge			—			6,035			22,866			6,423
	Operating and other expenses			1,770			1,305			5,452			4,402
		Total expenses		10,711			18,552			56,480			43,636
Operating income (loss)				6,346			2,984			(3,064	)		23,123
Gain (loss) on sale of assets, net				(279	)		7,306			1,565			7,694
Net income (loss)				6,067			10,290			(1,499	)		30,817
Less: Preferred dividends				(3,772	)		(3,772	)		(11,315	)		(11,315	)
Net income (loss) available to common shareholders			$	2,295		$	6,518		$	(12,814	)	$	19,502
Basic net income (loss) available to common shareholders per share			$	0.09		$	0.25		$	(0.51	)	$	0.75
Diluted net income (loss) available to common shareholders per share			$	0.09		$	0.25		$	(0.51	)	$	0.75
Net income (loss) available to common shareholders			$	2,295		$	6,518		$	(12,814	)	$	19,502
Add: Impairment charge				—			6,035			22,866			6,423
Add: Real estate depreciation				3,507			3,799			10,622			11,485
Less: Gain (loss) on sale of assets, net				(279	)		7,306			1,565			7,694
Funds from operations available to common shareholders			$	6,081		$	9,046		$	19,109		$	29,716
Basic funds from operations available to common shareholders per share			$	0.25		$	0.35		$	0.75		$	1.14
Diluted funds from operations available to common shareholders per share			$	0.25		$	0.35		$	0.75		$	1.13
Basic weighted average shares outstanding				24,571			26,048			25,312			26,134
Diluted funds from operations weighted average shares outstanding				24,571			26,522			25,312			27,715

LTC PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share amounts)

			September 30, 2001			December 31, 2000
			(Unaudited)
ASSETS
Real Estate Investments:
	Buildings and improvements, net of accumulated depreciation and amortization: 2001—$55,306; 2000—$47,181		$	352,569		$	397,833
	Land			21,681			23,484
Mortgage loans receivable, net of allowance for doubtful accounts: 2001—$1,250; 2000—$1,250				99,646			106,149
REMIC Certificates				74,485			94,962
	Real estate investments, net			548,381			622,428
Other Assets:
	Cash and cash equivalents			3,329			1,870
	Debt issue costs, net			3,514			3,396
	Interest receivable			4,437			4,558
	Prepaid expenses and other assets			16,213			11,878
	Marketable debt securities			8,240			15,873
	Note receivable from LTC Healthcare, Inc.			18,919			16,582
				54,652			54,157
		Total Assets	$	603,033		$	676,585
LIABILITIES AND STOCKHOLDERS' EQUITY
Convertible subordinated debentures			$	2,408		$	24,642
Bank borrowings				79,000			118,000
Mortgage loans and notes payable				111,636			103,341
Bonds payable and capital lease obligations				16,065			16,577
Accrued interest				888			2,260
Accrued expenses and other liabilities				6,599			6,741
Distributions payable				985			985
		Total Liabilities		217,581			272,546
Minority interest				9,637			9,912
Shareholders' equity:
Preferred stock $0.01 par value: 10,000 shares authorized; shares issued and outstanding: 2001—7,062; 2000—7,080				165,183			165,500
Common stock: $0.01 par value; 40,000 shares authorized; shares issued and outstanding: 2001—24,491; 2000—26,031				246			260
Capital in excess of par value				290,364			296,568
Cumulative net income				220,235			221,734
Notes receivable from shareholders				(10,133	)		(10,126	)
Accumulated comprehensive loss				(702	)		(1,746	)
Cumulative distributions				(289,378	)		(278,063	)
		Total Shareholders' Equity		375,815			394,127
		Total Liabilities and Shareholders' Equity	$	603,033		$	676,585

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Exhibit 99.(a)(5)(E)

LTC ANNOUNCES OPERATING RESULTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2001
LTC PROPERTIES, INC. CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands, except per share amounts) (Unaudited)
LTC PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except per share amounts)