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SCHEDULE III - REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION

SCHEDULE III — REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION

December 31, 2024


		Initial Costs				Additions Subsequent to Acquisition				Cost at December 31, 2024(1)						Accumulated						Life on which depreciation in latest income statements is
Location	Type of Property	Land		Buildings		Improve- ments		Carrying Costs		Land		Buildings		Total		Depreciation		Encum- brances		Date of Construction	Date Acquired	computed (Years)
	(Dollar amounts in thousands)
Aberdeen, UK	Acute care general hospital	$	4,180	$	99,020	$	—	$	—	$	4,180	$	99,020	$	103,200	$	12,419	$	44,407	1985	January 9, 2020		40
Algeciras, Spain	Acute care general hospital		488		7,712		—		—		488		7,712		8,200		566		—	1997	April 29, 2022		40
Altoona, WI	Acute care general hospital		—		29,062		—		—		—		29,062		29,062		7,508		—	2014	August 31, 2014		40
Altrincham, UK	Behavioral health facility		14,396		24,713		—		—		14,396		24,713		39,109		1,565		—	1890, 2014	December 9, 2022		40
Alvin, TX	Freestanding ER		105		4,087		—		—		105		4,087		4,192		1,075		—	2014	March 19, 2014		40
Arnold, UK	Behavioral health facility		469		9,749		—		—		469		9,749		10,218		936		—	2008	June 25, 2021		40
Ashtead, UK	Acute care general hospital		37,124		69,603		—		—		37,124		69,603		106,727		9,699		—	1981	August 16, 2019		40
Austin, TX	Freestanding ER		3,557		4,200		—		—		3,557		4,200		7,757		850		—	2017	March 2, 2017		40
Avondale, AZ	Behavioral health facility		5,383		64,650		470		—		5,383		65,120		70,503		5,563		—	2016	October 19, 2021		40
Ayr, UK	Behavioral health facility		16,703		47,833		—		—		16,703		47,833		64,536		4,274		—	2004	June 25, 2021		40
Bad Salzuflen, Germany	Rehabilitation hospital		9,852		24,931		—		—		9,852		24,931		34,783		4,815		—	1974, 2016	November 30, 2017		40
Bad Salzuflen, Germany	Rehabilitation hospital		6,695		21,926		—		—		6,695		21,926		28,621		4,033		—	1989, 2016	November 30, 2017		40
Bad Oeynhausen, Germany	Rehabilitation hospital		1,056		2,581		—		—		1,056		2,581		3,637		511		—	1973, 2010	November 30, 2017		40
Bakersfield, CA	Rehabilitation hospital		2,178		45,253		—		—		2,178		45,253		47,431		3,205		—	2022	May 15, 2020		40
Barby, Germany	Rehabilitation hospital		1,708		19,057		—		—		1,708		19,057		20,765		927		—	1995	April 19, 2023		40
Basingstoke, UK	Acute care general hospital		12,704		49,342		—		—		12,704		49,342		62,046		6,230		31,595	1984	January 9, 2020		40
Bassenheim, Germany	Rehabilitation hospital		1,046		4,961		—		—		1,046		4,961		6,007		814		—	1887, 1983	February 9, 2019		39
Bath, UK	Acute care general hospital		1,483		30,749		—		—		1,483		30,749		32,232		8,072		—	2008, 2009	July 1, 2014		40
Bath, UK	Acute care general hospital		7,072		12,833		—		—		7,072		12,833		19,905		1,667		15,164	1992	January 9, 2020		40
Beckenham, UK	Acute care general hospital		5,369		20,594		—		—		5,369		20,594		25,963		2,591		14,629	1981	January 9, 2020		40
Bedford, UK	Acute care general hospital		1,514		7,416		—		—		1,514		7,416		8,930		939		7,885	1982	January 9, 2020		40
Bellflower, CA	Behavioral health facility		2,563		—		—		—		2,563		—		2,563		—		—	N/A	August 23, 2019		—
Big Spring, TX	Acute care general hospital		1,655		21,254		815		—		1,655		22,069		23,724		3,485		—	1973	April 12, 2019		41
Birmingham, UK	Behavioral health facility		912		9,988		—		—		912		9,988		10,900		449		—	1864, 2009	April 14, 2023		40
Birmingham, UK	Acute care general hospital		7,870		41,503		—		—		7,870		41,503		49,373		4,669		—	2017	April 3, 2017		40
Birmingham, UK	Acute care general hospital		9,695		92,282		—		—		9,695		92,282		101,977		11,655		—	1982	January 9, 2020		40
Birmingham, UK	Rehabilitation hospital		—		17,067		—		—		—		17,067		17,067		1,920		—	2018	June 29, 2020		40
Birmingham, UK	Behavioral health facility		405		18,840		—		—		405		18,840		19,245		1,767		—	1900, 1984, 2016	June 25, 2021		40
Blackburn, UK	Acute care general hospital		2,616		50,140		—		—		2,616		50,140		52,756		6,305		23,300	1957	January 9, 2020		40
Blackburn, UK	Behavioral health facility		19,692		53,421		—		—		19,692		53,421		73,113		5,125		—	1930	June 25, 2021		40
Blue Springs, MO	Acute care general hospital		4,347		23,494		—		—		4,347		23,494		27,841		6,120		—	1980	February 13, 2015		40
Boardman, OH	Long term acute care hospital		79		275		—		—		79		275		354		41		—	2008	August 30, 2019		40
Boise, ID	Long term acute care hospital		1,558		11,027		—		—		1,558		11,027		12,585		1,555		—	2008	February 29, 2012		50
Bolton, UK	Acute care general hospital		1,558		43,781		—		—		1,558		43,781		45,339		5,491		20,817	1989	January 9, 2020		40


		Initial Costs				Additions Subsequent to Acquisition				Cost at December 31, 2024(1)						Accumulated						Life on which depreciation in latest income statements is
Location	Type of Property	Land		Buildings		Improve- ments		Carrying Costs		Land		Buildings		Total		Depreciation		Encum- brances		Date of Construction	Date Acquired	computed (Years)
	(Dollar amounts in thousands)
Bossier City, LA	Long term acute care hospital		900		17,818		944		—		900		18,762		19,662		7,648		—	1982	April 1, 2008		40
Bowling Green, KY	Rehabilitation hospital		3,486		56,296		3,550		—		3,486		59,846		63,332		8,586		—	1992	August 30, 2019		40
Brandis, Germany	Rehabilitation hospital		2,079		22,882		—		—		2,079		22,882		24,961		1,141		—	1995	April 19, 2023		40
Braunfels, Germany	Acute care general hospital		2,040		12,707		—		—		2,040		12,707		14,747		3,051		—	1977	June 30, 2015		40
Bristol, UK	Behavioral health facility		4,626		36,724		—		—		4,626		36,724		41,350		2,052		—	1790, 2014	December 9, 2022		40
Bromley, UK	Behavioral health facility		7,101		15,259		—		—		7,101		15,259		22,360		1,483		—	1714, 1830, 2021	June 25, 2021		40
Bury, UK	Behavioral health facility		8,366		19,063		—		—		8,366		19,063		27,429		1,925		—	2003	June 25, 2021		40
Bussage, UK	Behavioral health facility		8,346		3,690		—		—		8,346		3,690		12,036		361		—	1970	June 25, 2021		40
Cadiz, Spain	Acute care general hospital		281		6,377		—		—		281		6,377		6,658		456		—	2000	April 29, 2022		40
Canterbury, UK	Acute care general hospital		9,030		27,124		—		—		9,030		27,124		36,154		3,418		18,894	1982	January 9, 2020		40
Carmarthen, UK	Acute care general hospital		895		25,144		—		—		895		25,144		26,039		3,174		14,884	1990	January 9, 2020		40
Carrollton, TX	Behavioral health facility		4,941		52,227		—		—		4,941		52,227		57,168		4,514		—	2012	October 19, 2021		40
Casper, WY	Rehabilitation hospital		1,632		—		—		—		1,632		—		1,632		—		—	2012	February 29, 2012		—
Caterham, UK	Acute care general hospital		10,374		20,494		—		—		10,374		20,494		30,868		2,897		—	1982	August 16, 2019		40
Cayce, SC	Rehabilitation hospital		1,022		20,419		—		—		1,022		20,419		21,441		766		—	2023	October 21, 2022		40
Cheadle, UK	Acute care general hospital		30,414		160,210		—		—		30,414		160,210		190,624		20,151		105,255	1981	January 9, 2020		40
Cheadle, UK	Behavioral health facility		29,311		93,207		—		—		29,311		93,207		122,518		8,826		—	1849, 2018	June 25, 2021		40
Clarksville, TX	Rehabilitation hospital		2,460		25,540		—		—		2,460		25,540		28,000		2,840		—	2019	December 17, 2020		39
Cologne, Germany	Acute care general hospital		4,152		14,036		—		—		4,152		14,036		18,188		2,679		—	2011	June 23, 2017		40
Columbus, OH	Behavioral health facility		2,101		44,218		—		—		2,101		44,218		46,319		3,859		—	2017	October 19, 2021		40
Conroe, TX	Behavioral health facility		3,855		38,892		—		—		3,855		38,892		42,747		3,468		—	2018	October 19, 2021		40
Converse, TX	Freestanding ER		750		4,423		—		—		750		4,423		5,173		1,078		—	2015	April 10, 2015		40
Coral Gables, FL	Acute care general hospital		26,215		84,584		2,624		—		26,215		87,208		113,423		7,509		—	1959	August 1, 2021		40
Croydon, UK	Acute care general hospital		9,775		41,002		—		—		9,775		41,002		50,777		5,192		25,157	1982	January 9, 2020		40
Dahlen, Germany	Rehabilitation hospital		1,259		10,635		—		—		1,259		10,635		11,894		1,291		—	1994	July 8, 2020		40
Dallas, TX	Long term acute care hospital		1,421		13,536		—		—		1,421		13,536		14,957		6,176		—	2006	September 5, 2006		40
Darlington, UK	Acute care general hospital		2,053		35,213		—		—		2,053		35,213		37,266		3,988		33,613	2001	August 7, 2020		40
Darlington, UK	Behavioral health facility		20,888		47,447		—		—		20,888		47,447		68,335		4,862		—	1935, 2018, 2020	June 25, 2021		40
Darlington, UK	Behavioral health facility		5,140		25,903		—		—		5,140		25,903		31,043		2,388		—	1960, 1990	June 25, 2021		40
Detroit, MI	Long term acute care hospital		1,220		8,323		—		—		1,220		8,323		9,543		3,511		—	1956	May 22, 2008		40
Dewsbury, UK	Behavioral health facility		1,101		10,026		—		—		1,101		10,026		11,127		474		—	2012	April 14, 2023		40
Diss, UK	Behavioral health facility		2,861		10,202		—		—		2,861		10,202		13,063		1,095		—	1840 (2)	June 25, 2021		40
Dorchester, UK	Acute care general hospital		530		30,812		—		—		530		30,812		31,342		3,870		—	1981	January 9, 2020		40
Dormagen, Germany	Rehabilitation hospital		1,791		5,298		—		—		1,791		5,298		7,089		892		—	1993, 2006	August 28, 2018		40


		Initial Costs				Additions Subsequent to Acquisition				Cost at December 31, 2024(1)						Accumulated						Life on which depreciation in latest income statements is
Location	Type of Property	Land		Buildings		Improve- ments		Carrying Costs		Land		Buildings		Total		Depreciation		Encum- brances		Date of Construction	Date Acquired	computed (Years)
	(Dollar amounts in thousands)
Droitwich, UK	Acute care general hospital		75		15,040		—		—		75		15,040		15,115		1,905		—	1984	January 9, 2020		40
Dublin, OH	Behavioral health facility		5,118		69,346		—		—		5,118		69,346		74,464		5,931		—	2012	October 19, 2021		40
El Paso, TX	Rehabilitation hospital		4,268		21,345		—		—		4,268		21,345		25,613		2,479		—	2018	December 17, 2020		38
Englewood, CO	Behavioral health facility		3,369		65,480		—		—		3,369		65,480		68,849		5,648		—	2017	October 19, 2021		40
Essex, UK	Behavioral health facility		4,563		42,462		—		—		4,563		42,462		47,025		2,365		—	1790, 1992, 2014	December 9, 2022		40
Euxton, UK	Acute care general hospital		4,539		34,959		—		—		4,539		34,959		39,498		5,015		—	1981	August 16, 2019		40
Flagstaff, AZ	Rehabilitation hospital		3,049		22,464		—		—		3,049		22,464		25,513		3,838		—	2016	August 23, 2016		40
Florence, AZ	Acute care general hospital		900		28,462		105		—		900		28,567		29,467		9,103		—	2012	February 7, 2012		40
Floridablanca, Colombia	Acute care general hospital		717		22,411		—		—		717		22,411		23,128		1,367		—	1997	July 29, 2022		40
Folsom, CA	Long term acute care hospital		3,291		21,293		—		—		3,291		21,293		24,584		3,370		—	2009	August 30, 2019		40
Fort Worth, TX	Behavioral health facility		3,406		34,627		—		—		3,406		34,627		38,033		3,069		—	2014	October 19, 2021		40
Fresno, CA	Rehabilitation hospital		5,507		70,473		—		—		5,507		70,473		75,980		10,126		—	1991	August 30, 2019		40
Frome, UK	Behavioral health facility		2,847		17,249		—		—		2,847		17,249		20,096		1,703		—	1980	June 25, 2021		40
Frome, UK	Behavioral health facility		10,711		10,530		—		—		10,711		10,530		21,241		1,369		—	1700, 2015, 2017	June 25, 2021		40
Gainesborough, UK	Behavioral health facility		1,503		9,838		—		—		1,503		9,838		11,341		580		—	2008	April 14, 2023		40
Gardena, CA	Acute care general hospital		14,010		65,282		—		—		14,010		65,282		79,292		6,174		—	1966	July 6, 2021		40
Georgetown, TX	Behavioral health facility		4,569		23,550		10,561		—		4,569		34,111		38,680		2,283		—	2014	October 19, 2021		40
Gilbert, AZ	Behavioral health facility		4,790		45,076		5,411		—		4,790		50,487		55,277		3,821		—	2020	October 19, 2021		40
Glasgow, UK	Acute care general hospital		6,333		129,348		—		—		6,333		129,348		135,681		16,214		67,611	1983	January 9, 2020		40
Glasgow, UK	Behavioral health facility		1,405		15,356		—		—		1,405		15,356		16,761		1,456		—	1900, 1980	June 25, 2021		40
Gloucester, UK	Acute care general hospital		5,486		60,337		—		—		5,486		60,337		65,823		8,521		—	1990	August 16, 2019		40
Godalming, UK	Behavioral health facility		9,198		18,660		—		—		9,198		18,660		27,858		1,893		—	1796, 2007	June 25, 2021		40
Great Missenden, UK	Acute care general hospital		11,571		103,391		—		—		11,571		103,391		114,962		13,026		54,064	1981	January 9, 2020		40
Grefath, Germany	Rehabilitation hospital		1,126		2,841		—		—		1,126		2,841		3,967		488		—	1886, 1983	August 28, 2018		40
Guildford, UK	Acute care general hospital		6,765		35,812		—		—		6,765		35,812		42,577		4,516		21,507	1989	January 9, 2020		40
Halsall, UK	Acute care general hospital		1,980		30,633		—		—		1,980		30,633		32,613		4,338		—	1986	August 16, 2019		40
Harrow, UK	Acute care general hospital		37,755		39,733		—		—		37,755		39,733		77,488		5,035		—	1980	January 9, 2020		40
Hartsville, SC	Acute care general hospital		2,050		43,970		—		—		2,050		43,970		46,020		11,918		—	1999	August 31, 2015		34
Hassocks, UK	Behavioral health facility		5,392		28,190		—		—		5,392		28,190		33,582		3,032		—	1998	June 25, 2021		40
Hastings, PA	Acute care general hospital		603		8,834		—		—		603		8,834		9,437		1,816		—	1924	December 17, 2019		30
Hausman, TX	Acute care general hospital		1,500		8,957		—		—		1,500		8,957		10,457		2,632		—	2013	March 1, 2013		40
Heidelberg, Germany	Rehabilitation hospital		5,850		33,415		—		—		5,850		33,415		39,265		7,139		—	1885, 1991	June 22, 2016		40
Helotes, TX	Freestanding ER		1,900		5,115		—		—		1,900		5,115		7,015		1,130		—	2016	March 10, 2016		40
Helsinki, Finland	Acute care general hospital		3,832		63,268		494		—		3,832		63,762		67,594		4,471		—	1992, 2013	March 11, 2022		40
Hemel Hempstead, UK	Behavioral health facility		12,279		6,197		—		—		12,279		6,197		18,476		757		—	1901, 1990	June 25, 2021		40
Hialeah, FL	Acute care general hospital		18,802		107,783		3,324		—		18,802		111,107		129,909		9,780		—	1950	August 1, 2021		40
Hialeah, FL	Acute care general hospital		75,339		222,271		1,958		—		75,339		224,229		299,568		21,712		—	1969	August 1, 2021		40
Highland Hills, OH	Behavioral health facility		3,148		43,891		—		—		3,148		43,891		47,039		3,832		—	2015	October 19, 2021		40


		Initial Costs				Additions Subsequent to Acquisition					Cost at December 31, 2024(1)						Accumulated						Life on which depreciation in latest income statements is
Location	Type of Property	Land		Buildings		Improve- ments			Carrying Costs		Land		Buildings		Total		Depreciation		Encum- brances		Date of Construction	Date Acquired	computed (Years)
	(Dollar amounts in thousands)
Hill County, TX	Acute care general hospital		1,120		17,882		845			—		1,120		18,727		19,847		17,480		—	1980	September 17, 2010		15
Hinckley, UK	Behavioral health facility		2,424		16,521		—			—		2,424		16,521		18,945		1,566		—	1892, 2007	June 25, 2021		40
Hook, UK	Behavioral health facility		5,324		10,141		—			—		5,324		10,141		15,465		1,045		—	1980	June 25, 2021		40
Hoover, AL	Freestanding ER		—		7,581		—			—		—		7,581		7,581		2,140		—	2015	May 1, 2015		34
Hoover, AL	Freestanding ER		—		1,034		296			—		—		1,330		1,330		348		—	2015	May 1, 2015		34
Hot Springs, AR	Acute care general hospital		5,622		59,432		21,221			—		5,622		80,653		86,275		19,450		—	1985	August 31, 2015		40
Houston, TX	Behavioral health facility		6,063		19,881		2,565			—		6,063		22,446		28,509		2,245		—	2020	October 25, 2019		40
Houston, TX	Acute care general hospital		28,687		80,168		90,934			—		28,687		171,102		199,789		20,251		—	1940-1950	September 29, 2017		41
Houston, TX	Freestanding ER		950		3,996		—			—		950		3,996		4,946		824		—	2016	September 26, 2016		40
Houston, TX	Acute care general hospital		3,274		27,324		32,499			—		3,274		59,823		63,097		22,782		—	1960	August 10, 2007		40
Huntington Park, CA	Acute care general hospital		3,132		5,002		—			—		3,132		5,002		8,134		540		—	1967	July 6, 2021		40
Huntington Park, CA	Acute care general hospital		3,935		6,103		—			—		3,935		6,103		10,038		645		—	1960-1969	July 6, 2021		40
Idaho Falls, ID	Acute care general hospital		1,822		37,467		67,951			—		1,822		105,418		107,240		19,747		—	2002	April 1, 2008		40
Idaho Falls, ID	Acute care general hospital		1,880		108,303		5,590			—		1,880		113,893		115,773		13,216		—	2020	December 19, 2017		40
Johnstown, PA	Acute care general hospital		8,877		247,158		—			—		8,877		247,158		256,035		41,793		—	1924	December 17, 2019		30
Kansas City, KS	Acute care general hospital		2,351		13,665		—			—		2,351		13,665		16,016		1,650		—	2017	June 10, 2019		50
Kansas City, MO	Acute care general hospital		10,497		64,419		—			—		10,497		64,419		74,916		16,279		—	1978	February 13, 2015		40
Katy, TX	Freestanding ER		1,512		2,870		—			—		1,512		2,870		4,382		841		—	2016	October 10, 2016		40
Kuhlungsborn, Germany	Rehabilitation hospital		6,292		16,179		—			—		6,292		16,179		22,471		732		—	1998	June 1, 2023		40
Kuopio, Finland	Acute care general hospital		1,212		40,662		—			—		1,212		40,662		41,874		3,015		—	2017	March 11, 2022		29
Lafayette, IN	Rehabilitation hospital		800		14,968		(25	)		—		800		14,943		15,743		4,442		—	2013	February 1, 2013		40
Lafayette, IN	Behavioral health facility		2,829		10,795		—			—		2,829		10,795		13,624		1,143		—	2012	October 19, 2021		40
Lander, WY	Acute care general hospital		758		42,849		—			—		758		42,849		43,607		5,724		—	1983	December 17, 2019		40
Lauderdale Lakes, FL	Acute care general hospital		10,657		150,313		2,168			—		10,657		152,481		163,138		14,581		—	1975	August 1, 2021		40
Lawton, OK	Acute care general hospital		3,944		63,031		—			—		3,944		63,031		66,975		8,462		—	1985	December 17, 2019		40
League City, TX	Freestanding ER		1,260		3,901		—			—		1,260		3,901		5,161		927		—	2015	June 19, 2015		40
Leawood, KS	Acute care general hospital		2,513		13,938		—			—		2,513		13,938		16,451		1,672		—	2017	June 10, 2019		50
Leeds, UK	Behavioral health facility		2,241		9,360		—			—		2,241		9,360		11,601		916		—	1990	June 25, 2021		40
Lewiston, ID	Acute care general hospital		5,389		75,435		—			—		5,389		75,435		80,824		19,557		—	1922	May 1, 2017		40
London, UK	Acute care general hospital		9,087		59,974		—			—		9,087		59,974		69,061		7,522		37,593	1984	January 9, 2020		40
London, UK	Behavioral health facility		35,654		51,030		—			—		35,654		51,030		86,684		2,858		—	1811, 2014	December 9, 2022		40
London, UK	Acute care general hospital		3,229		4,078		—			—		3,229		4,078		7,307		518		—	1987	January 9, 2020		40
London, UK	Behavioral health facility		28,447		14,719		—			—		28,447		14,719		43,166		940		—	1790, 1992, 2014	December 9, 2022		40
London, UK	Acute care general hospital		12,241		79,894		—			—		12,241		79,894		92,135		9,995		41,283	1977	January 9, 2020		40
London, UK	Behavioral health facility		6,057		15,390		—			—		6,057		15,390		21,447		1,481		—	1900, 1960	June 25, 2021		40


		Initial Costs				Additions Subsequent to Acquisition				Cost at December 31, 2024(1)						Accumulated						Life on which depreciation in latest income statements is
Location	Type of Property	Land		Buildings		Improve- ments		Carrying Costs		Land		Buildings		Total		Depreciation		Encum- brances		Date of Construction	Date Acquired	computed (Years)
	(Dollar amounts in thousands)
London, UK	Behavioral health facility		13,577		6,695		—		—		13,577		6,695		20,272		671		—	1992	June 25, 2021		40
Los Angeles, CA	Acute care general hospital		12,562		40,164		394		—		12,562		40,558		53,120		3,631		—	1972	July 6, 2021		40
Lubbock, TX	Rehabilitation hospital		1,376		28,292		3,648		—		1,376		31,940		33,316		7,530		—	2008	June 16, 2015		40
Malaga, SP	Acute care general hospital		702		10,991		—		—		702		10,991		11,693		748		—	2018	April 29, 2022		40
Mandeville, LA	Freestanding ER		2,800		5,370		—		—		2,800		5,370		8,170		1,096		—	2016	October 28, 2016		40
Marrero, LA	Freestanding ER		1,539		5,801		—		—		1,539		5,801		7,340		1,233		—	2016	July 15, 2016		40
McKinney, TX	Freestanding ER		2,500		4,060		—		—		2,500		4,060		6,560		1,285		—	2015	July 31, 2015		30
McKinney, TX	Behavioral health facility		2,934		32,268		—		—		2,934		32,268		35,202		605		—	N/A	October 19, 2021	-
McMinnville, OR	Acute care general hospital		5,000		97,900		—		—		5,000		97,900		102,900		21,619		—	1996	August 31, 2015		41
Melton Mowbray, UK	Behavioral health facility		5,605		15,712		—		—		5,605		15,712		21,317		1,573		—	1990	June 25, 2021		40
Mesa, AZ	Acute care general hospital		6,140		99,275		4,152		—		6,140		103,427		109,567		30,110		—	2007	September 26, 2013		40
Mesa, AZ	Acute care general hospital		2,604		16,400		—		—		2,604		16,400		19,004		1,131		—	2019	April 18, 2022		40
Meyersdale, PA	Acute care general hospital		390		4,280		—		—		390		4,280		4,670		913		—	1960	December 17, 2019		30
Miami, FL	Acute care general hospital		44,400		107,203		3,440		—		44,400		110,643		155,043		11,471		—	1955	August 1, 2021		40
Miami, FL	Acute care general hospital		20,430		15,750		10,947		—		20,430		26,697		47,127		2,281		—	1958, 1962, 1988, 2016	April 25, 2022		40
Milton Keynes, UK	Acute care general hospital		5,157		35,255		—		—		5,157		35,255		40,412		4,436		—	1983	January 9, 2020		40
Monmouth, UK	Behavioral health facility		15,244		11,357		—		—		15,244		11,357		26,601		1,343		—	2017	June 25, 2021		40
Montclair, NJ	Acute care general hospital		7,900		99,640		577		—		8,477		99,640		108,117		27,388		—	1920-2000	April 1, 2014		40
Mount Pleasant, SC	Long term acute care hospital		597		2,198		—		—		597		2,198		2,795		335		—	2012	August 30, 2019		40
New Braunfels, TX	Rehabilitation hospital		1,853		10,622		—		—		1,853		10,622		12,475		1,126		—	2011	February 29, 2012		40
New Orleans, LA	Freestanding ER		2,850		6,125		—		—		2,850		6,125		8,975		1,263		—	2016	September 23, 2016		40
Newark, NJ	Acute care general hospital		32,957		24,553		—		—		32,957		24,553		57,510		2,657		—	1919, 1920-2003	May 2, 2016		40
Newburgh, IN	Behavioral health facility		1,215		7,212		—		—		1,215		7,212		8,427		690		—	2010	October 19, 2021		40
Northland, MO	Long term acute care hospital		834		17,182		—		—		834		17,182		18,016		5,978		—	2007	February 14, 2011		40
Norwalk, CA	Acute care general hospital		2,811		5,940		—		—		2,811		5,940		8,751		649		—	1959, 1995	July 6, 2021		40
Norwalk, CA	Acute care general hospital		7,946		30,465		7,104		—		7,946		37,569		45,515		3,158		—	1958-1978	July 6, 2021		40
Norwood, MA	Acute care general hospital		6,373		—		—		—		6,373		—		6,373		—		—	N/A	June 27, 2018		46
Nottingham, UK	Acute care general hospital		4,869		45,175		—		—		4,869		45,175		50,044		5,726		32,221	1983	January 9, 2020		40
Nottingham, UK	Behavioral health facility		9,842		8,808		—		—		9,842		8,808		18,650		1,012		—	2000	June 25, 2021		40
Nottingham, UK	Behavioral health facility		9,988		3,191		—		—		9,988		3,191		13,179		312		—	1980	June 25, 2021		40
Odessa, TX	Acute care general hospital		6,217		123,518		16,600		—		6,217		140,118		146,335		24,157		—	1973-2004	September 29, 2017		41
Ogden, UT	Rehabilitation hospital		1,759		16,414		—		—		1,759		16,414		18,173		4,435		—	2014	March 1, 2014		40
Oklahoma City, OK	Behavioral health facility		3,641		3,047		—		—		3,641		3,047		6,688		492		—	2017	October 19, 2021		40
Olathe, KS	Behavioral health facility		6,882		56,381		11,584		—		6,882		67,965		74,847		4,934		—	2015	October 19, 2021		40
Olathe, KS	Acute care general hospital		3,485		14,484		—		—		3,485		14,484		17,969		1,756		—	2018	June 10, 2019		50
Orpington, UK	Acute care general hospital		10,163		41,992		—		—		10,163		41,992		52,155		5,299		24,206	1987	January 9, 2020		40
Ottumwa, IA	Acute care general hospital		2,377		48,697		—		—		2,377		48,697		51,074		9,057		—	1950	December 17, 2019		30
Oulu, Finland	Acute care general hospital		2,976		42,125		—		—		2,976		42,125		45,101		3,162		—	2017	March 11, 2022		40
Overland Park, KS	Acute care general hospital		2,974		14,405		—		—		2,974		14,405		17,379		1,755		—	2017	June 10, 2019		50
Overland Park, KS	Acute care general hospital		3,191		14,263		—		—		3,191		14,263		17,454		1,825		—	2019	June 10, 2019		50
Overlook, TX	Acute care general hospital		2,452		9,666		7		—		2,452		9,673		12,125		2,869		—	2012	February 1, 2013		40
Palestine, TX	Acute care general hospital		1,848		95,257		—		—		1,848		95,257		97,105		12,482		—	1988	December 17, 2019		40


		Initial Costs				Additions Subsequent to Acquisition				Cost at December 31, 2024(1)						Accumulated						Life on which depreciation in latest income statements is
Location	Type of Property	Land		Buildings		Improve- ments		Carrying Costs		Land		Buildings		Total		Depreciation		Encum- brances		Date of Construction	Date Acquired	computed (Years)
	(Dollar amounts in thousands)
Pasco, WA	Acute care general hospital		2,594		13,195		—		—		2,594		13,195		15,789		2,855		—	1920	August 31, 2018		30
Pearland, TX	Freestanding ER		1,075		3,577		—		—		1,075		3,577		4,652		924		—	2014	September 8, 2014		40
Petersburg, VA	Rehabilitation hospital		1,302		9,121		—		—		1,302		9,121		10,423		3,762		—	2006	July 1, 2008		40
Phoenix, AZ	Behavioral health facility		2,396		7,276		2,985		—		2,396		10,261		12,657		5,014		—	1979	September 29, 2017		42
Phoenix, AZ	Acute care general hospital		12,695		51,834		4,499		—		12,695		56,333		69,028		14,842		—	1968-1976	September 29, 2017		43
Plano, TX	Freestanding ER		4,077		1,416		—		—		4,077		1,416		5,493		584		—	2016	September 30, 2016		40
Poole, UK	Acute care general hospital		2,286		37,734		—		—		2,286		37,734		40,020		5,620		12,821	1996	April 3, 2019		40
Poplar Bluff, MO	Acute care general hospital		2,659		38,694		—		—		2,659		38,694		41,353		16,156		—	1980	April 22, 2008		40
Port Arthur, TX	Acute care general hospital		11,432		76,746		6,877		—		11,432		83,623		95,055		23,087		—	2005	September 26, 2013		40
Port Huron, MI	Acute care general hospital		2,531		14,252		—		—		2,531		14,252		16,783		4,382		—	1953, 1973-1983	December 31, 2015		30
Post Falls, ID	Rehabilitation hospital		417		12,175		1,905		—		767		13,730		14,497		3,785		—	2013	December 31, 2013		40
Preston, UK	Behavioral health facility		8,593		31,287		—		—		8,593		31,287		39,880		2,487		—	1850, 2018, 2021	June 25, 2021		40
Princes Risborough, UK	Acute care general hospital		3,345		—		—		—		3,345		—		3,345		—		—	N/A	January 9, 2020		40
Raleigh, NC	Behavioral health facility		3,469		27,514		—		—		3,469		27,514		30,983		2,585		—	2018	October 19, 2021		40
Reading, UK	Acute care general hospital		34,208		45,393		—		—		34,208		45,393		79,601		6,324		—	1990	August 16, 2019		40
Reading, UK	Acute care general hospital		25,556		81,890		—		—		25,556		81,890		107,446		8,350		22,118	2012	December 18, 2020		40
Remscheid, Germany	Rehabilitation hospital		983		2,371		—		—		983		2,371		3,354		398		—	1951, 1983	August 28, 2018		40
Richmond, TX	Behavioral health facility		5,380		6,665		10,815		—		5,380		17,480		22,860		867		—	2014	October 19, 2021		40
Richmond, VA	Long term acute care hospital		1,293		10,071		—		—		1,293		10,071		11,364		1,739		—	1989	August 30, 2019		40
Riverton, WY	Acute care general hospital		1,163		29,647		—		—		1,163		29,647		30,810		4,594		—	1983	December 17, 2019		36
Roaring Springs, PA	Acute care general hospital		1,446		9,549		—		—		1,446		9,549		10,995		2,027		—	1924	December 17, 2019		30
Rochdale, MA	Long term acute care hospital		654		3,368		—		—		654		3,368		4,022		527		—	1989	August 30, 2019		40
Rochdale, MA	Acute care general hospital		67		344		—		—		67		344		411		54		—	1989	August 30, 2019		40
Rochdale, UK	Acute care general hospital		3,517		40,065		—		—		3,517		40,065		43,582		5,054		21,903	1965	January 9, 2020		40
Roeland Park, KS	Acute care general hospital		1,569		15,103		—		—		1,569		15,103		16,672		1,795		—	2018	June 10, 2019		50
Romford, UK	Behavioral health facility		5,263		8,618		—		—		5,263		8,618		13,881		952		—	1980	June 25, 2021		40
Rosenberg, TX	Freestanding ER		1,233		4,505		—		—		1,233		4,505		5,738		1,014		—	2016	January 15, 2016		40
Rowley, UK	Acute care general hospital		2,859		17,993		—		—		2,859		17,993		20,852		2,627		—	1986	August 16, 2019		40
Royston, UK	Behavioral health facility		6,620		19,710		—		—		6,620		19,710		26,330		2,172		—	1906, 1970	June 25, 2021		40
Salt Lake City, UT	Acute care general hospital		2,913		—		—		—		2,913		—		2,913		—		—	N/A	September 29, 2017		41
San Antonio, TX	Acute care general hospital		8,053		10,851		7,982		—		8,053		18,833		26,886		6,230		—	1978-2002	September 29, 2017		41
San Antonio, TX	Freestanding ER		3,030		4,801		—		—		3,030		4,801		7,831		970		—	2016	December 9, 2016		40
San Antonio, TX	Freestanding ER		351		3,952		—		—		351		3,952		4,303		1,061		—	2014	January 1, 2014		40
San Antonio, TX	Acute care general hospital		2,248		5,880		—		—		2,248		5,880		8,128		1,789		—	2012	October 2, 2012		40
San Antonio, TX	Freestanding ER		2,343		4,253		—		—		2,343		4,253		6,596		868		—	2016	October 27, 2016		40
San Bernardino, CA	Acute care general hospital		2,209		37,498		—		—		2,209		37,498		39,707		5,464		—	1993	August 30, 2019		40
					—


		Initial Costs				Additions Subsequent to Acquisition				Cost at December 31, 2024(1)						Accumulated						Life on which depreciation in latest income statements is
Location	Type of Property	Land		Buildings		Improve- ments		Carrying Costs		Land		Buildings		Total		Depreciation		Encum- brances		Date of Construction	Date Acquired	computed (Years)
	(Dollar amounts in thousands)

Santa Maria de Feira, PT	Acute care general hospital		1,744		16,732		—		—		1,744		16,732		18,476		1,395		—	2015	October 21, 2021		40
Sharon, PA	Acute care general hospital		6,179		9,066		8,513		—		6,179		17,579		23,758		3,984		—	1950-1980	May 1, 2017		41
Shawnee, KS	Acute care general hospital		3,076		14,945		—		—		3,076		14,945		18,021		2,070		—	2018	June 10, 2019		50
Sheffield, UK	Acute care general hospital		6,502		43,862		—		—		6,502		43,862		50,364		5,564		32,006	2008	January 9, 2020		40
Sherman, TX	Acute care general hospital		3,363		10,931		—		—		3,363		10,931		14,294		4,595		—	1913, 1960-2010	October 31, 2014		40
Southampton, UK	Behavioral health facility		6,336		18,605		—		—		6,336		18,605		24,941		2,017		—	1820, 1985	June 25, 2021		40
Spartanburg, SC	Rehabilitation hospital		1,135		15,717		—		—		1,135		15,717		16,852		4,472		—	2013	August 1, 2013		40
Stirling, UK	Acute care general hospital		1,036		19,181		—		—		1,036		19,181		20,217		1,754		9,002	1992	July 6, 2021		40
Stockton, CA	Rehabilitation hospital		2,757		50,681		—		—		2,757		50,681		53,438		2,112		—	2021	November 23, 2020		40
Surrey, UK	Behavioral health facility		14,793		8,975		—		—		14,793		8,975		23,768		632		—	1950, 2014	December 9, 2022		40
Swindon, UK	Acute care general hospital		5,238		58,763		—		—		5,238		58,763		64,001		7,389		30,855	1984	January 9, 2020		40
Tadley, UK	Behavioral health facility		20,564		18,739		—		—		20,564		18,739		39,303		2,154		—	2020	June 25, 2021		40
Tempe, AZ	Acute care general hospital		6,050		10,986		5,239		—		6,050		16,225		22,275		3,325		—	1940	September 29, 2017		41
Texarkana, TX	Acute care general hospital		14,562		—		—		—		14,562		—		14,562		—		—	N/A	September 29, 2017	-
The Woodlands, TX	Freestanding ER		1,949		4,524		—		—		1,949		4,524		6,473		990		—	2016	March 28, 2016		40
Toledo, OH	Rehabilitation hospital		1,118		17,740		—		—		1,118		17,740		18,858		3,881		—	2016	April 1, 2016		40
Tomball, TX	Long term acute care hospital		1,299		20,545		—		—		1,299		20,545		21,844		8,268		—	2005	December 21, 2010		40
Torquay, UK	Acute care general hospital		2,930		35,139		—		—		2,930		35,139		38,069		4,832		—	1981	August 16, 2019		40
Turku, Finland	Acute care general hospital		1,133		54,582		—		—		1,133		54,582		55,715		3,946		—	2018	March 11, 2022		40
Usk, UK	Behavioral health facility		1,700		30,500		—		—		1,700		30,500		32,200		2,164		—	1770, 1850, 1980	June 25, 2021		40
Valencia, SP	Acute care general hospital		10,438		65,236		—		—		10,438		65,236		75,674		5,797		—	2017	December 2, 2021		40
Valencia, SP	Acute care general hospital		24,332		22,785		—		—		24,332		22,785		47,117		522		—	1960, 2024	May 6, 2022		40
Vancouver, WA	Behavioral health facility		9,313		12,505		—		—		9,313		12,505		21,818		803		—	2018	October 19, 2021		40
Viseu, Portugal	Acute care general hospital		2,377		27,091		—		—		2,377		27,091		29,468		3,862		—	2016	November 28, 2019		37
Warren, OH	Acute care general hospital		5,385		38,374		10,492		—		5,385		48,866		54,251		12,698		—	1982	May 1, 2017		41
Warren, OH	Rehabilitation hospital		2,417		15,857		1,737		—		2,417		17,594		20,011		3,983		—	1922-2000	May 1, 2017		46
Webster, TX	Long term acute care hospital		663		33,751		—		—		663		33,751		34,414		11,742		—	2004	December 21, 2010		40
West Chester, OH	Behavioral health facility		3,670		61,338		—		—		3,670		61,338		65,008		5,364		—	2013	October 19, 2021		40
West Midlands, UK	Behavioral health facility		1,890		7,042		—		—		1,890		7,042		8,932		342		—	2013	April 14, 2023		40
West Monroe, LA	Acute care general hospital		11,702		69,433		19,116		—		12,254		87,997		100,251		23,234		—	1962	September 26, 2013		40
Wichita, KS	Rehabilitation hospital		1,019		18,374		—		—		1,019		18,374		19,393		7,693		—	1992	April 4, 2008		40
Willenhall, UK	Behavioral health facility		7,166		15,987		—		—		7,166		15,987		23,153		1,513		—	2000	June 25, 2021		40
Winchester, UK	Acute care general hospital		6,377		10,103		—		—		6,377		10,103		16,480		1,303		10,248	1911	January 9, 2020		40
Windsor, UK	Acute care general hospital		11,978		102,957		—		—		11,978		102,957		114,935		12,903		—	1955	January 9, 2020		40
Woking, UK	Behavioral health facility		7,117		4,601		—		—		7,117		4,601		11,718		493		—	1800, 2020	June 25, 2021		40
Worthing, UK	Acute care general hospital		6,602		29,637		—		—		6,602		29,637		36,239		3,736		17,192	1994	January 9, 2020		40
York, UK	Behavioral health facility		3,645		6,629		—		—		3,645		6,629		10,274		325		—	2008	April 14, 2023		40
York, UK	Behavioral health facility		21,270		70,559		—		—		21,270		70,559		91,829		6,523		—	1900, 1980	June 25, 2021		40
Youngstown, OH	Acute care general hospital		3,555		3,469		488		—		3,555		3,957		7,512		2,724		—	1929-2003	May 1, 2017		41
		$	1,605,243	$	8,087,849	$	393,401	$	—	$	1,606,722	$	8,479,771	$	10,086,493	$	1,239,897	$	790,230

(1)

The aggregate cost for federal income tax purposes is $11.0 billion.

(2)

Date of construction is based off of best available information, but note that this facility has had multiple updates since initial construction.

The changes in total real estate assets (excluding construction in progress, intangible lease assets, investment in financing leases, and mortgage loans) are as follows for the years ended (in thousands):


	December 31, 2024				December 31, 2023				December 31, 2022
COST
Balance at beginning of period	$	11,813,175			$	12,300,524			$	13,628,749
Acquisitions		—				143,882				622,999
Transfers from construction in progress		79,385				72,791				47,431
Additions		73,523				87,873				150,290
Dispositions		(1,492,320	)			(874,519	)			(1,471,529	)
Impairments		(276,572	)			(67,671	)			—
Other		(110,698	)	(3)		150,295		(3)		(677,416	)	(3)
Balance at end of period	$	10,086,493		(4)	$	11,813,175		(4)	$	12,300,524

The changes in accumulated depreciation are as follows for the years ended (in thousands):


	December 31, 2024				December 31, 2023			December 31, 2022
ACCUMULATED DEPRECIATION
Balance at beginning of period	$	1,227,619			$	1,008,340		$	950,369
Depreciation		242,802				270,816			277,032
Depreciation on disposed property		(220,435	)			(73,765	)		(185,519	)
Other		(10,089	)			22,228			(33,542	)
Balance at end of period	$	1,239,897		(5)	$	1,227,619		$	1,008,340

(3)

Includes foreign currency fluctuations for all years.

(4)

Excludes approximately $420 million and $400 million of construction and building improvements in progress reflected in buildings and improvements at December 31, 2024 and 2023, respectively. Includes $52.2 million of land and building cost reflected in real estate held for sale at December 31, 2024.

(5)

Includes $18.2 million of accumulated depreciation reflected in real estate held for sale at December 31, 2024.