EXHIBIT 10.50

LTC PROPERTIES, INC.        LTC PROPERTIES, INC. 2004 STOCK OPTION PLAN  NONSTATUTORY STOCK OPTION AGREEMENT

LTC Properties, Inc., a Maryland corporation (the "Corporation"), and «Optionee»,
an employee of the Corporation or one of its Subsidiaries (the "Optionee"), for good and valuable consideration the receipt and adequacy of which are hereby acknowledged and intending to be legally
bound hereby, agree as follows:



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IN
WITNESS WHEREOF, the Corporation and the Optionee have executed this Agreement as of the Date of Grant.

| |  | LTC PROPERTIES, INC.
| |  | --------------------
| |  | By:                 
| |  | Name:               
| |  | Title:              
| |  | OPTIONEE:           
| |  | «Optionee»          

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EXHIBIT A        LTC PROPERTIES, INC.        2004 STOCK OPTION PLAN        EXERCISE NOTICE

LTC
Properties, Inc.
22917 Pacific Coast Hwy, Suite 350
Malibu, California 90265

1.Exercise of Option.Effective as of today,
                        , the undersigned ("Purchaser") hereby elects to
purchase            shares (the "Shares") of the Common Stock of LTC Properties, Inc. (the "Corporation") under and pursuant to the 2004 Stock Option Plan (the "Plan") and the Stock
Option
Agreement dated                        , (the "Option Agreement"). Subject to adjustment, if any, in accordance with
Section 8.3 of the Plan, the purchase price for the Shares shall be
$            , as required by the Option Agreement.

2.Delivery of Payment.Purchaser herewith delivers to the Corporation the full purchase price for the Shares.

3.Representations of Purchaser.Purchaser acknowledges that Purchaser has received, read and understood the
Plan and Option Agreement and agrees to abide by and be bound by their terms and conditions.

4.Rights as Stockholder.Until the issuance (as evidenced by the appropriate entry on the books of the
Corporation or of a duly authorized transfer agent of the Corporation) of the Shares, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the
Optioned Stock, notwithstanding the exercise of the Option. The Shares so acquired shall be issued to the Optionee as soon as practicable after exercise of the Option. No adjustment shall be made for
a dividend or other right for which the record date is prior to the date of issuance, except as provided in Section 8.3 of the Plan.

5.Tax Consultation.Purchaser understands that Purchaser may suffer adverse tax consequences as a result of the
Purchaser's purchase or deposition of the Shares. Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable in connection with the purchase or disposition of
the Shares and that Purchaser is not relying on the Corporation for any tax advice.

6.Entire Agreement; Governing Law.The Plan and Option Agreement are incorporated herein by reference. This
Agreement, the Plan and the Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and
agreements of the Corporation and Purchaser with respect to the subject matter hereof, and may not be modified adversely to the Purchaser's interest except by means of a writing

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signed
by the Corporation and Purchaser. This agreement is governed by the internal substantive laws, but not the choice of law rules, of California.

|Submitted by: |  | Accepted by:                      
|------------- |  | ----------------------------------
|PURCHASER:    |  | LTC PROPERTIES, INC.              
|Signature     |  | By                                
|Print Name    |  | Its                               
|Address:      |  | Address:                          
|              |  | 22917 Pacific Coast Hwy, Suite 350
|              |  | Malibu, California 90265          
|              |  |                                   

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