Exhibit 99.1

LTC ANNOUNCES FOURTH QUARTER AND ANNUAL OPERATING RESULTS

WESTLAKE VILLAGE, CALIFORNIA, February 23, 2011 — LTC Properties, Inc. (NYSE:LTC) released results of operations for the three and twelve months ended December 31, 2010 and announced that net income allocable to common stockholders for the fourth quarter was $9.6 million or $0.37 per diluted share which included $0.8 million from the Sunwest Management, Inc. (or Sunwest) bankruptcy settlement distribution partially offset by a $0.4 million provision for doubtful account charge related to a mortgage loan secured by land in Oklahoma.  For the same period in 2009, net income allocable to common stockholders was $7.2 million or $0.31 per diluted share.  Revenues for the three months ended December 31, 2010, were $20.0 million versus $17.3 million for the same period last year.

For the twelve months ended December 31, 2010, net income allocable to common stockholders was $29.6 million or $1.21 per diluted share.  Included in these results was a $2.4 million charge related to the Company’s redemption of all of its 8.5% Series E Cumulative Convertible Preferred Stock (“Series E Preferred Stock”) and 40% of its 8.0% Series F Cumulative Preferred Stock (“Series F Preferred Stock”), a $1.2 million provision for doubtful accounts charge for two mortgage loans (one secured by a private school property in Minnesota and one secured by land in Oklahoma) partially offset by a $0.8 million bankruptcy settlement distribution relating to Sunwest.  In the first quarter of 2010, LTC acquired a school property located in Minnesota via deed-in-lieu of foreclosure as a result of the borrower filing for Chapter 7 bankruptcy.  The school property has been classified as held-for-sale and the Company is actively marketing to sell it.  For calendar 2009, net income allocable to common stockholders was $29.4 million or $1.27 per diluted share which included $0.6 million of allocated income from the repurchase of 109,484 shares of its Series F Preferred Stock.  Revenues for the twelve months ended December 31, 2010, were $74.3 million versus $69.4 million for the same period last year.

The Company will conduct a conference call on Thursday, February 24, 2011, at 10:00 a.m. Pacific time, in order to comment on the Company’s performance and operating results for the quarter ended December 31, 2010.  The conference call is accessible by dialing 877-317-6789.  The international number is 412-317-6789.  The earnings release will be available on our website.  An audio replay of the conference call will be available from February 24, 2011 through March 8, 2011.  Callers can access the replay by dialing 877-344-7529 or 412-317-0088 and entering conference number 448106.  The Company’s supplemental information package for the current period will also be available on the Company’s website at www.LTCProperties.com in the “Presentation” section of the “Investor Information” tab.

At December 31, 2010, LTC had investments in 89 skilled nursing properties, 103 assisted living properties, 12 other senior housing properties and two schools.  These properties are located in 30 states.  Other senior housing properties consist of independent living properties and properties providing any combination of skilled nursing, assisted living and/or independent living services.  The Company is a self-administered real estate investment trust that primarily invests in senior housing and long-term care facilities through mortgage loans, facility lease transactions and other investments. For more information on LTC Properties, Inc., visit the Company’s website at www.LTCProperties.com.

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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.  Please see our most recent Annual Report on Form 10-K, our subsequent Quarterly Reports on Form 10-Q, and in our other publicly available filings with the Securities and Exchange Commission for a discussion of these and other 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.

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LTC PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in thousands, except per share amounts)

NOTE:  Computations of per share amounts from continuing operations, discontinued operations and net income are made independently.  Therefore, the sum of per share amounts from continuing operations and discontinued operations may not agree with the per share amounts from net income allocable to common stockholders.  Quarterly and year-to-date computations of per share amounts are made independently.  Therefore, the sum of per share amounts for the quarters may not agree with the per share amounts for the year.

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Reconciliation of Funds From Operations (“FFO”)

FFO is a supplemental measure of a real estate investment trust’s (“REIT”) financial performance that is not defined by U.S. generally accepted accounting principles (“GAAP”).  The Company uses FFO as a supplemental measure of our operating performance and we believe FFO is helpful in evaluating the operating performance of a REIT.  Real estate values historically rise and fall with market conditions, but cost accounting for real estate assets in accordance with U.S. GAAP assumes that the value of real estate assets diminishes predictably over time.  We believe that by excluding the effect of historical cost depreciation, which may be of limited relevance in evaluating current performance, FFO and normalized FFO facilitate comparisons of operating performance between periods.

FFO is defined as net income allocable to common stockholders (computed in accordance with U.S. GAAP) excluding gains or losses on the sale of assets plus real estate depreciation and amortization, with adjustments for unconsolidated partnerships and joint ventures.  Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis.  Normalized FFO represents FFO adjusted from certain items detailed in the reconciliations. The Company’s computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current National Association of Real Estate Investment Trusts’ (“NAREIT”) definition or that have a different interpretation of the current NAREIT definition from the Company; therefore, caution should be exercised when comparing our company’s FFO to that of other REITs.

The Company uses FFO, normalized FFO, normalized FFO excluding non-cash rental income and normalized FFO excluding non-cash rental income and non-cash compensation charges as supplemental performance measures of our cash flow generated by operations and cash available for distribution to stockholders.  FFO, normalized FFO , normalized FFO excluding non-cash rental income and normalized FFO excluding non-cash rental income and non-cash compensation charges do not represent cash generated from operating activities in accordance with U.S. GAAP, and are not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income allocable to common stockholders.

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The following table reconciles net income allocable to common stockholders to FFO allocable to common stockholders, normalized FFO allocable to common stockholders, normalized FFO allocable to common stockholders excluding non-cash rental income and normalized FFO allocable to common stockholders excluding non-cash rental income and non-cash compensation charges (unaudited, amounts in thousands, except per share amounts):

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LTC PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

(audited)

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