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
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1. Name and Address of Reporting Person^* Ishikawa, Christopher (Last)                      (First)                      (Middle) 300 Esplanade Drive Suite 1860 (Street) Oxnard,    CA   93036 (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

5. If Amendment,
    Date of Original
    (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
   Director      10% Owner X Officer (give title below)        Other (specify below)
Description           Exec. Vice President and Chief Investment Officer 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			/ /	213,539	D
Common Stock			/ /	1,436	I	401K Plan shares
Preferred A			/ /	1,000	D

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)
Stock Options	$5.375	03/31/00		A	03/31/01 / 03/31/08	Common Stock / 8,000			I
Stock Options	$5.375	03/31/00		A	03/31/02 / 03/31/09	Common Stock / 8,000			I
Stock Options	$5.375	03/31/00		A	03/31/03 / 03/31/10	Common Stock / 8,000			I
Stock Options	$5.375	03/31/00		A	03/31/04 / 03/31/11	Common Stock / 8,000			I
Stock Options	$5.375	03/31/00		A	03/31/05 / 03/31/12	Common Stock / 8,000			I
Stock Options	$5.17	10/03/01		A	10/03/02 / 10/03/09	Common Stock / 2,800			I
Stock Options	$5.17	10/03/01		A	10/03/03 / 10/03/10	Common Stock / 2,800			I
Stock Options	$5.17	10/03/01		A	10/03/04 / 10/03/11	Common Stock / 2,800			I
Stock Options	$5.17	10/03/01		A	10/03/05 / 10/03/12	Common Stock / 2,800			I
Stock Options	$5.17	10/03/01		A	10/03/06 / 10/03/13	Common Stock / 2,800		54,000	I

Explanation of Responses:

By:
/s/ Christopher Ishikawa                                                                                                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.
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