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LTC Reports Fourth Quarter 2012 Results

LTC Properties, Inc. (NYSE: LTC) (“LTC” or the “Company”) announced operating results for the quarter ended December 31, 2012. The Company reported a 4.5% increase in Funds from Operations (“FFO”) to $17.5 million in the quarter ended December 31, 2012, from $16.8 million in the comparable 2011 period. FFO per diluted common share was $0.57 for the quarter ended December 31, 2012, an increase of 3.6% from $0.55 for the comparable 2011 period. Normalized FFO was $17.7 million in the fourth quarter of 2012 compared to $16.9 million in the fourth quarter of 2011. Normalized FFO per diluted common share was $0.57 for the fourth quarter of 2012 compared to $0.55 for the fourth quarter of 2011. The increase in normalized FFO and normalized FFO per diluted common share was due to higher revenues resulting from acquisitions partially offset by an increase in interest and general and administrative expenses.

FFO for the twelve months ended December 31, 2012 increased 17.4% to $69.8 million from $59.5 million in the comparable 2011 period. FFO per diluted common share for the twelve months ended December 31, 2012 increased 12.4% to $2.26 from $2.01 in the comparable 2011 period. The Company reported a 9.2% increase in normalized FFO, which excludes a $0.3 million non-recurring bankruptcy settlement distribution from Sunwest Management, Inc., to $69.9 million for the twelve months ended December 31, 2012, from $64.0 million from the comparable 2011 period. Normalized FFO per diluted common share was $2.26 for the twelve months ended December 31, 2012, an increase of 5.1% from $2.15 for the comparable 2011 period. Normalized FFO for the twelve months ended December 31, 2011 excluded a $3.6 million charge and $0.5 million accrued dividend related to the Company’s redemption of all of its 8.0% Series F Cumulative Preferred Stock (“Series F preferred stock”). The increase in FFO, normalized FFO, FFO per diluted common share and normalized FFO per diluted common share was due to higher revenues resulting from acquisitions partially offset by an increase in interest expense, acquisition costs, general and administrative expenses and higher weighted average shares outstanding.

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