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EXHIBIT 21.1


LTC PROPERTIES, INC.

LIST OF SUBSIDIARIES

As of December 31, 2003

|                                            |  |                       |                | 
|------------------------------------------- |  | --------------------- | -------------- | 
|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 I, L.P.                        |  |                       | Delaware       | 
|LTC Partners II, L.P.                       |  |                       | Delaware       | 
|LTC Partners III, L.P.                      |  |                       | Delaware       | 
|LTC Partners IV, L.P.                       |  |                       | Delaware       | 
|LTC Partners V, L.P.                        |  |                       | Delaware       | 
|LTC Partners VI, L.P.                       |  |                       | Delaware       | 
|LTC Partners VII, L.P.                      |  |                       | Delaware       | 
|LTC Partners VIII, L.P.                     |  |                       | 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         | 
|Western Healthcare Funding, Inc.            |  |                       | Nevada         | 

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