EXHIBIT 12.1

LTC PROPERTIES, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

(Dollars in Thousands)

(unaudited)

	Year Ended															Quarter Ended 3/31/2003
	1998			1999			2000			2001			2002
Earnings
Income before minority interests and other	$	46,458		$	29,504		$	29,284		$	5,246		$	19,447		$	4,205
Add:    Fixed charges		23,682			22,813			28,165			22,718			22,941			5,513
Amortization of capitalized interest		—			—			—			—			—			—
Distributed income of equity investees		—			—			—			—			—			—
Share of pre-tax losses of equity investees		—			—			—			—			—			—
Less:
Capitalized interest		—			—			—			—			—			—
Minority interest expense in consolidated Subsidiaries		(1,415	)		(1,018	)		(982	)		(973	)		(1,308	)		(321	)
Minority interest in pre-tax income of equity investees that have not incurred fixed charges		—			—			—			—			—			—
Total Earnings		68,725			51,299			56,467			26,991			41,080			9,397
Fixed Charges
Interest expense (includes amortization of debt issue costs)		22,267			21,795			27,183			21,745			21,633			5,192
Estimated interest in rental expense		—			—			—			—			—			—
Minority interest expense in consolidated Subsidiaries		1,415			1,018			982			973			1,308			321
Total Fixed Charges		23,682			22,813			28,165			22,718			22,941			5,513
Preferred Dividends	$	12,896		$	15,087		$	15,087		$	15,077		$	15,042		$	3,761
Ratio of earnings to fixed charges		2.90x			2.25x			2.00x			1.19x			1.79x			1.70x
Ratio of earnings to combined fixed charges and preferred dividends		1.88x			1.35x			1.31x			0.71x			1.08x			1.01x