EXHIBIT 21.1

LTC PROPERTIES, INC.        LIST OF SUBSIDIARIES        As of December 31, 2004

|Company                                     |  | State of Organization
|------------------------------------------- |  | ---------------------
|Bakersfield-LTC, Inc.                       |  | Delaware             
|BV Holding-LTC, Inc.                        |  | Delaware             
|Coronado Corporation                        |  | Delaware             
|East New Mexico, Inc.                       |  | Delaware             
|Education Property Investors, Inc.          |  | Nevada               
|Florida-LTC, Inc.                           |  | Nevada               
|Kansas-LTC Corporation                      |  | Delaware             
|LTC GP I, Inc.                              |  | Delaware             
|LTC GP II, Inc.                             |  | Delaware             
|LTC GP III, Inc.                            |  | Delaware             
|LTC GP IV, Inc.                             |  | Delaware             
|LTC GP V, Inc.                              |  | Delaware             
|LTC GP VI, Inc.                             |  | Delaware             
|LTC Partners IX, L.P.                       |  | Delaware             
|LTC REMIC Corporation                       |  | Delaware             
|LTC REMIC IV Corporation                    |  | Delaware             
|LTC West, Inc.                              |  | Nevada               
|LTC-BBCO, Inc.                              |  | Delaware             
|LTC-Dearfield, Inc.                         |  | Nevada               
|LTC-DS, Inc.                                |  | Delaware             
|LTC-Fort Valley, Inc.                       |  | Delaware             
|LTC-Gardner, Inc.                           |  | Delaware             
|LTC-Griffin, Inc.                           |  | Nevada               
|LTC-Jessup, Inc.                            |  | Delaware             
|LTC-Jonesboro, Inc.                         |  | Nevada               
|LTC-K1 Inc.                                 |  | Delaware             
|LTC-K2 Limited Partnership                  |  | Delaware             
|LTC-K2 LP, Inc.                             |  | Delaware             
|LTC-K2, Inc.                                |  | Delaware             
|LTC-Lake Forest, Inc.                       |  | Delaware             
|LTC-New Mexico, Inc.                        |  | Nevada               
|LTC-Ohio, Inc.                              |  | Delaware             
|LTC-Richmond, Inc.                          |  | Nevada               
|LTC-Tampa, Inc.                             |  | Nevada               
|L-Tex GP, Inc.                              |  | Delaware             
|L-Tex L.P. Corporation                      |  | Delaware             
|Missouri River Corporation                  |  | Delaware             
|North Carolina Real Estate Investments, LLC |  | North Carolina       
|Park Villa Corporation                      |  | Delaware             
|Texas-LTC Limited Partnership               |  | Texas                
|Texas-LTC Woodridge Limited Partnership     |  | Delaware             
|University Park Convalescent Center, Inc.   |  | Florida              
|Vacaville-LTC, Inc.                         |  | Delaware             
|Virginia-LTC, Inc.                          |  | Nevada               

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