SEC Form 5

FORM 5
[  ] Check this box if no longer
subject to Section 16. Form 4 or Form 5 obligations may continue.
See Instruction 1(b).
[  ] Form 3 Holdings Reported
[  ] Form 4 Transactions Reported UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
OMB APPROVAL

OMB Number: 3235-0362 Expires: January 31, 2005
Estimated average burden
hours per response. . . . . 1.0

1. Name and Address of Reporting Person^* Yellen, Sam (Last)                      (First)                      (Middle) 22433 Oxnard St. (Street) Woodland Hills,    CA   91367 (City)                      (State)                      (Zip)
2. Issuer Name
and Ticker or Trading Symbol
LTC Properties, Inc.
LTC 3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary) 4. Statement for
    Month/Day/Year
12/31/2002
5. If Amendment,
    Date of Original
    (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
X Director      10% Owner    Officer (give title below)        Other (specify below)
Description           7. Individual or Joint/Group
    Filing (Check Applicable Line)
X   Form filed by One Reporting Person      Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security     (Instr. 3)	2.Transaction Date (Month/Day/Year)	3. Transaction     Code     (Instr. 8)	4. Securities Acquired (A) or Disposed Of (D)     (Instr. 3, 4, and 5)         Amount      /         A/D         /         Price	5. Amount of     Securities     Beneficially     Owned at end of     Issuer's Fiscal Year     (Instr. 3 and 4)	6. Owner-     ship     Form:     Direct (D)     or     Indirect (I)     (Instr. 4)	7. Nature of      Indirect      Beneficial      Ownership     (Instr. 4)
Common Stock			/ /	63,600	D
Common Stock			/ /	10,489	I	Company contribution and reinvestment of dividend on shares held in deferred compensation trust. Individuals do not have the right to vote such shares.

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned

(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
    (Instr. 3) 2. Conver-
    sion or
    Exercise
    Price of
    Deri-
    vative
    Security 3. Transaction Date

(Month/
Day/
Year) 4. Transaction Code
    (Instr.8) 5. Number of Derivative
    Securities Acquired (A)
    or Disposed Of (D)

    (Instr. 3, 4 and 5)




  A     or     D   6. Date Exercisable(DE) and
    Expiration Date(ED)
    (Month/Day/Year)




  DE     /     ED   7. Title and Amount of
    Underlying Securities
    (Instr. 3 and 4)




Title     /         Amount or Number of Shares 8. Price
    of
    Derivative
    Security
    (Instr.5) 9. Number of
    Derivative
    Securities
    Beneficially
    Owned
    at End of Year
    Reported
    Transaction(s)
    (Instr.4) 10. Owner-
ship
Form of
Deriv-
ative
Securities:
Direct (D)
or
Indirect (I)

(Instr.4) 11. Nature of
      Indirect
      Beneficial
      Ownership
      (Instr.4)

Explanation of Responses:

By:
/s/ Sam Yellen                                                                                                01/09/03
** Signature of Reporting Person                                                                                    Date      

SEC 2270 (7-02)

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB Number.