EXHIBIT 21.1

LTC PROPERTIES, INC.

LIST OF SUBSIDIARIES

As of December 31, 2003

Company	State of Organization
Bakersfield-LTC, Inc.		Delaware
BV Holding-LTC, Inc.		Delaware
Coronado Corporation		Delaware
East New Mexico, Inc.		Delaware
Education Property Investors, Inc.		Nevada
Florida-LTC, Inc.		Nevada
Kansas-LTC Corporation		Delaware
LTC GP I, Inc.		Delaware
LTC GP II, Inc.		Delaware
LTC GP III, Inc.		Delaware
LTC GP IV, Inc.		Delaware
LTC GP V, Inc.		Delaware
LTC GP VI, Inc.		Delaware
LTC Partners I, L.P.		Delaware
LTC Partners II, L.P.		Delaware
LTC Partners III, L.P.		Delaware
LTC Partners IV, L.P.		Delaware
LTC Partners V, L.P.		Delaware
LTC Partners VI, L.P.		Delaware
LTC Partners VII, L.P.		Delaware
LTC Partners VIII, L.P.		Delaware
LTC Partners IX, L.P.		Delaware
LTC REMIC Corporation		Delaware
LTC REMIC IV Corporation		Delaware
LTC West, Inc.		Nevada
LTC-BBCO, Inc.		Delaware
LTC-Dearfield, Inc.		Nevada
LTC-DS, Inc.		Delaware
LTC-Fort Valley, Inc.		Delaware
LTC-Gardner, Inc.		Delaware
LTC-Griffin, Inc.		Nevada
LTC-Jessup, Inc.		Delaware
LTC-Jonesboro, Inc.		Nevada
LTC-K1 Inc.		Delaware
LTC-K2 Limited Partnership		Delaware
LTC-K2 LP, Inc.		Delaware
LTC-K2, Inc.		Delaware
LTC-Lake Forest, Inc.		Delaware
LTC-New Mexico, Inc.		Nevada
LTC-Ohio, Inc.		Delaware
LTC-Richmond, Inc.		Nevada
LTC-Tampa, Inc.		Nevada
L-Tex GP, Inc.		Delaware
L-Tex L.P. Corporation		Delaware
Missouri River Corporation		Delaware
North Carolina Real Estate Investments, LLC		North Carolina
Park Villa Corporation		Delaware
Texas-LTC Limited Partnership		Texas
Texas-LTC Woodridge Limited Partnership		Delaware
University Park Convalescent Center, Inc.		Florida
Vacaville-LTC, Inc.		Delaware
Virginia-LTC, Inc.		Nevada
Western Healthcare Funding, Inc.		Nevada

81