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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: March 1, 2004
                        (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)





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Item 5. -- Other Events

LTC Properties, Inc. ("LTC") issued a press release on March 1, 2004, announcing
the redemption of 1,988,000 shares of its 9.0% Series B Cumulative Preferred
Stock representing all of the outstanding shares of the Series B Cumulative
Preferred Stock. The redemption date will be March 31, 2004 and the redemption
price will be $25.00 per share plus accrued and unpaid dividends. As additional
public disclosure, the Company is furnishing this press release, attached hereto
as Exhibit 99.1.


Item 7. -- Exhibits

     (c)  Exhibits.
          99.1   Press Release dated March 1, 2004 announcing the redemption of
                 9.0% Series B Cumulative Preferred Stock









                                    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:  March 1, 2004           By:  /s/  WENDY L. SIMPSON
                                     ---------------------
                                     Wendy L. Simpson
                                     Vice Chairman and Chief Financial Officer







                                  EXHIBIT INDEX

Exhibit 99.1    Press Release dated March 1, 2004 announcing the redemption of
                9.0% Series B Cumulative Preferred Stock