8-K

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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: September 1, 2005
                        (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)


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4(c))

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Item 2.01. -- Completion of Acquisition or Disposition of Assets

On September 7, 2005, LTC Properties, Inc. announced that on September 1st it
had funded a total of $32.6 million in three separate transactions consisting of
two loans totaling $5.6 million and a purchase/master lease of $27.0 million.
The master lease covers three skilled nursing properties with 465 licensed beds
in New Mexico, formerly owned by Four Seasons Nursing Centers, Inc. The initial
term of the master lease is 15 years, it has an initial rate of 10.5% with fixed
annual increases of 2.5% and is to an operator with strong market presence in
the state with whom LTC has an existing leasing relationship 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.


Item 9.01. -- Financial Statements and Exhibits

(a) Financial Statements of Business Acquired.

Not applicable.

(b) Pro Forma Financial Information

Not applicable.

(c) Exhibits.

99.1     Press Release issued September 7, 2005.



                                    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:  September 7, 2005           By:  /s/  WENDY L. SIMPSON
                                         ---------------------
                                         Wendy L. Simpson
                                         Vice Chairman, Chief Financial Officer
                                           and Treasurer

EX-99.1

                                                                    Exhibit 99.1

LTC Announces $32.6 Million in Investments

    MALIBU, Calif.--(BUSINESS WIRE)--Sept. 7, 2005--LTC Properties,
Inc. (NYSE:LTC) announced that on September 1st it had funded a total
of $32.6 million in three separate transactions consisting of two
loans totaling $5.6 million and a purchase/master lease of $27.0
million. The master lease covers three skilled nursing properties with
465 licensed beds in New Mexico, formerly owned by Four Seasons
Nursing Centers, Inc. The initial term of the master lease is 15
years, it has an initial rate of 10.5% with fixed annual increases of
2.5% and is to an operator with strong market presence in the state
with whom LTC has an existing leasing relationship.
    The Company has scheduled a conference call for September 8, 2005
at 8:30 AM Pacific time to comment on the Company's recent investments
and to comment on estimates for the third and fourth quarters of 2005
and for the year 2006. LTC further stated that it will be giving
guidance of Funds from Operations ("FFO") for 2005 in the range of
$1.67 to $1.71, including $.06 in straight line rents but excluding
$.48 reported in the first quarter of 2005 as a result of collections
of past due rents, past due interest and a note receivable. For 2006,
LTC will be giving guidance of Funds from Operations in the range of
$1.76 to $1.82 including $.08 in straight line rent.
    The conference call is accessible by dialing (866) 314-4865,
passcode 52842105. The earnings release and any additional financial
information that may be discussed on the conference call will also be
available on our website. An audio replay of the conference call will
be available from 10:30 AM Pacific time on September 8, 2005 through
September 29, 2005. Callers can access the replay by dialing (888)
286-8010 and entering conference ID number 60870158. Webcast replays
will also be available on our website.
    For more information on LTC Properties, Inc., visit the Company's
website at www.ltcproperties.com.

    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.

    CONTACT: LTC Properties, Inc.
             Andre C. Dimitriadis or Wendy L. Simpson, 805-981-8655