EXHIBIT 23.1


                         CONSENT OF INDEPENDENT AUDITORS

               We consent to the reference to our firm in the Registration
Statement (Form S-8) of LTC Properties, Inc. pertaining to the 2004 Restricted
Stock Plan of LTC Properties, Inc. and to the incorporation by reference therein
of our report dated February 9, 2004, except for Notes 8, 10, 11 and 12, as to
which the date is March 5, 2004 with respect to the consolidated financial
statements and schedules of LTC Properties, Inc., included in its Annual Report
(Form 10-K) for the year ended December 31, 2003, filed with the Securities and
Exchange Commission.




                                                   /s/ ERNST & YOUNG LLP
Los Angeles, California
May 25, 2004