SCHEDULE III — REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION

December 31, 2014


		Initial Costs				Additions Subsequent to Acquisition						Cost at December 31, 2014						Accumu- lated Depreci- ation		Encum- brances		Date of Constr- uction		Date Acquired		Life on which depreci- ation in latest income state- ments is computed (Years)
Location	Type of Property	Land		Buildings		Improv- ements			Carrying Costs			Land		Buildings		Total		Accumu- lated Depreci- ation		Encum- brances		Date of Constr- uction		Date Acquired
(Amounts in thousands)
Baden-Wurttemburg, Germany	Rehabilitation hospital		$—		$10,536		$—			$—			$—		$10,536		$10,536		$285		$—		1994		November 30, 2013		40
Saxony, Germany	Rehabilitation hospital		415		22,849		—			—			415		22,849		23,264		619		—		1996		November 30, 2013		40
Rhineland-Pflaz, Germany	Rehabilitation hospital		3,536		16,716		—			—			3,536		16,716		20,252		453		—		1960		November 30, 2013		40
Brandenburg, Germany	Rehabilitation hospital		386		19,908		—			—			386		19,908		20,294		539		—		1994		November 30, 2013		40
Hesse, Germany	Rehabilitation hospital		102		5,832		—			—			102		5,832		5,934		158		—		1981		November 30, 2013		40
Hesse, Germany	Rehabilitation hospital		3,428		16,488		—			—			3,428		16,488		19,916		447		—		1977		November 30, 2013		40
Rhineland-Pflaz, Germany	Rehabilitation hospital		—		33,081		—			—			—		33,081		33,081		896		—		1992		November 30, 2013		40
Saxony, Germany	Rehabilitation hospital		600		16,644		—			—			600		16,644		17,244		451		—		1904, 1995		November 30, 2013		40
Rhineland-Pflaz, Germany	Rehabilitation hospital		811		7,290		—			—			811		7,290		8,101		197		—		1980		November 30, 2013		40
Rhineland-Pflaz, Germany	Rehabilitation hospital		6,498		17,942		—			—			6,498		17,942		24,440		486		—		1930		November 30, 2013		40
Baden-Wurttemburg, Germany	Rehabilitation hospital		3,809		6,490		—			—			3,809		6,490		10,299		176		—		1986		November 30, 2013		40
Bavaria, Germany	Rehabilitation hospital		2,455		10,352		216			—			2,455		10,568		13,023		22		—		1974		November 19, 2014		40
Thuringia, Germany	Rehabilitation hospital		1,788		37,772		—			—			1,788		37,772		39,560		157		—		1954, 1992		November 5, 2014		40
Baden-Wurttemburg, Germany	Rehabilitation hospital		382		13,806		250			—			382		14,056		14,438		29		—		1988, 1995		December 11, 2014		40
Bath, UK	Acute care general hospital		3,232		36,614		—			—			3,232		36,614		39,846		458		—		2008, 2009		July 1, 2014		40
Houston, TX	Acute care general hospital		3,501		34,530		8,477			12,468			3,274		55,702		58,976		6,432		—		1960		August 10, 2007		40
Allen, TX	Freestanding ER		1,550		3,847		—			—			1,550		3,847		5,397		47		—		2014		July 14, 2014		40
San Diego, CA	Acute care general hospital		12,663		52,432		—			—			12,663		52,432		65,095		5,134		—		1973		February 9, 2011		40
Alvin, TX	Freestanding ER		105		4,087		—			—			105		4,087		4,192		53		—		2014		March 19, 2014		40
Bayonne, NJ	Acute care general hospital		2,003		51,495		—			—			2,003		51,495		53,498		10,084		—		1918		February 4, 2011		20
Bennettsville, SC	Acute care general hospital		794		15,772		—			—			794		15,772		16,566		2,662		—		1984		April 1, 2008		40
Bossier City, LA	Long term acute care hospital		900		17,818		—			—			900		17,818		18,718		3,004		—		1982		April 1, 2008		40
Bristol, CT	Wellness Center		485		2,267		—			—			485		2,267		2,752		1,253		—		1975		April 22, 2008		10
Austin, TX	Freestanding ER		1,140		3,909		—			—			1,140		3,909		5,049		64		—		2014		May 29, 2014		40
Broomfield, CO	Freestanding ER		825		3,116		—			—			825		3,116		3,941		39		—		2014		July 3, 2014		40
Cedar Hill. TX	Freestanding ER		1,122		3,583		—			—			1,122		3,583		4,705		50		—		2014		June 23, 2014		40
Spring, TX	Freestanding ER		1,310		3,513		—			—			1,310		3,513		4,823		40		—		2014		July 15, 2014		40
Cheraw, SC	Acute care general hospital		657		19,576		—			—			657		19,576		20,233		3,303		—		1982		April 1, 2008		40
Webster, TX	Long term acute care hospital		663		33,751		—			—			663		33,751		34,414		3,375		—		2004		December 21, 2010		40
Commerce City, TX	Freestanding ER		707		3,518		—			—			707		3,518		4,225		6		—		2014		December 11, 2014		40
Corinth, TX	Long term acute care hospital		1,288		21,175		313			—			1,601		21,175		22,776		2,120		—		2008		January 31, 2011		40
Covington, LA	Long term acute care hospital		821		10,238		—			14			821		10,252		11,073		2,456		—		1984		June 9, 2005		40
Dallas, TX	Long term acute care hospital		1,000		13,589		—			368			1,421		13,536		14,957		2,820		—		2006		September 5, 2006		40
DeSoto, TX	Long term acute care hospital		1,067		10,701		86			8			1,161		10,701		11,862		929		—		2008		July 18, 2011		40
Detroit, MI	Long term acute care hospital		1,220		8,687		—			(365	)		1,220		8,322		9,542		1,449		—		1956		May 22, 2008		40
Dulles, TX	Freestanding ER		1,076		3,384		—			—			1,076		3,384		4,460		28		—		2014		September 12, 2014		40
Houston, TX	Freestanding ER		1,345		3,668		—			—			1,345		3,668		5,013		53		—		2014		June 20, 2014		40
Enfield, CT	Wellness Center		384		2,257		—			—			384		2,257		2,641		1,248		—		1974		April 22, 2008		10
East Providence, RI	Wellness Center		209		1,265		—			—			209		1,265		1,474		701		—		1979		April 22, 2008		10
Fairmont, CA	Acute care general hospital		1,000		12,301		277			—			1,277		12,301		13,578		95		—		1939, 1972, 1985		September 19, 2014		40
Firestone, TX	Freestanding ER		495		3,951		—			—			495		3,951		4,446		58		—		2014		June 6, 2014		40
Florence, AZ	Acute care general hospital		900		28,462		—			—			900		28,462		29,362		1,947		—		2012		November 4, 2010		40
Fort Lauderdale, FL	Rehabilitation hospital		3,499		21,939		—			1			3,499		21,940		25,439		3,664		—		1985		April 22, 2008		40
Fountain, CO	Freestanding ER		1,508		4,020		—			—			1,508		4,020		5,528		42		—		2014		July 31, 2014		40
Frisco, TX	Freestanding ER		1,500		3,863		—			—			1,500		3,863		5,363		52		—		2014		June 13, 2014		40
Garden Grove, CA	Acute care general hospital		5,502		10,748		—			51			5,502		10,799		16,301		1,655		—		1982		November 25, 2008		40
Garden Grove, CA	Medical Office Building		862		7,888		—			28			862		7,916		8,778		1,206		—		1982		November 25, 2008		40
Gilbert, AZ	Acute care general hospital		150		15,553		—			—			150		15,553		15,703		1,555		—		2005		January 4, 2011		40
Hammond, LA	Long term acute care hospital		519		8,941		—			—			519		8,941		9,460		466		—		2003		December 14, 2012		40
Hausman, TX	Acute care general hospital		1,500		8,958		—			—			1,500		8,958		10,458		386		—		2013		March 1, 2013		40
Hill County, TX	Acute care general hospital		1,120		17,882		—			—			1,120		17,882		19,002		5,095		—		1980		September 17, 2010		40
Hoboken, NJ	Acute care general hospital		1,387		44,351		—			—			1,387		44,351		45,738		6,951		—		1863		November 4, 2011		20
Idaho Falls, ID	Acute care general hospital		1,822		37,467		—			4,665			1,822		42,132		43,954		6,971		—		2002		April 1, 2008		40
Lafayette, IN	Rehabilitation hospital		800		14,968		(25	)		—			800		14,943		15,743		702		—		2013		February 1, 2013		40
Little Elm, TX	Freestanding ER		1,241		3,491		—			—			1,241		3,491		4,732		91		—		2013		December 1, 2013		40
Luling, TX	Long term acute care hospital		811		9,345		—			—			811		9,345		10,156		1,889		—		2002		December 1, 2006		40
Mesa, AZ	Acute care general hospital		4,900		97,980		2,242			—			7,142		97,980		105,122		3,249		—		2007		September 26, 2013		40
Bloomington, IN	Acute care general hospital		2,392		28,212		5,000			408			2,392		33,620		36,012		6,599		—		2006		August 8, 2006		40
Montclair, NJ	Acute care general hospital		7,900		99,632		585			—			8,485		99,632		108,117		1,897		—		1920-2000		April 1, 2014		40
San Antonio, TX	Freestanding ER		351		3,952		—			—			351		3,952		4,303		73		—		2014		January 1, 2014		40
Houston, TX	Acute care general hospital		4,757		56,238		(37	)		1,259			5,427		56,790		62,217		11,427		41,200		2006		December 1, 2006		40
New Braunfels, TX	Long term acute care hospital		1,100		7,883		—			—			1,100		7,883		8,983		640		—		2007		September 30, 2011		40
Newington, CT	Wellness Center		270		1,615		—			—			270		1,615		1,885		894		—		1979		April 22, 2008		10
Shenandoah, TX	Rehabilitation hospital		2,033		21,943		—			—			2,033		21,943		23,976		2,469		—		2008		June 17, 2010		40
Colorado Springs, CO	Freestanding ER		600		4,222		—			—			600		4,222		4,822		62		—		2014		June 5, 2014		40
Northland, MO	Long term acute care hospital		834		17,182		—			—			834		17,182		18,016		1,683		—		2007		February 14, 2011		40
Altoona, WI	Acute care general hospital		—		27,650		—			—			—		27,650		27,650		241		—		2014		August 31, 2014		40
Ogden, UT	Rehabilitation hospital		1,759		16,414		—			—			1,759		16,414		18,173		328		—		2014		March 1, 2014		40
Overlook, TX	Acute care general hospital		2,452		9,666		7			—			2,452		9,673		12,125		440		—		2012		February 1, 2013		40
San Diego, CA	Acute care general hospital		6,550		15,653		—			77			6,550		15,730		22,280		3,013		—		1964		May 9, 2007		40
Pearland, TX	Freestanding ER		1,075		3,272		—			—			1,075		3,272		4,347		27		—		2014		September 8, 2014		40
Petersburg, VA	Rehabilitation hospital		1,302		9,121		—			—			1,302		9,121		10,423		1,482		—		2006		July 1, 2008		40
Poplar Bluff, MO	Acute care general hospital		2,659		38,694		—			1			2,660		38,694		41,354		6,462		—		1980		April 22, 2008		40
Port Arthur, TX	Acute care general hospital		3,000		72,341		1,062			—			4,062		72,341		76,403		2,349		—		2005		September 26, 2013		40
Portland, OR	Long term acute care hospital		3,085		17,859		—			2,559			3,071		20,432		23,503		3,869		—		1964		April 18, 2007		40
Post Falls, ID	Rehabilitation hospital		417		12,175		1,905			—			767		13,730		14,497		352		—		2013		December 31, 2013		40
Redding, CA	Acute care general hospital		1,555		53,863		—			13			1,555		53,876		55,431		9,999		—		1974		August 10, 2007		40
Redding, CA	Long term acute care hospital		—		19,952		—			4,361			1,629		22,684		24,313		5,189		—		1991		June 30, 2005		40
Richardson, TX	Rehabilitation hospital		2,219		17,419		—			—			2,219		17,419		19,638		1,960		—		2008		June 17, 2010		40
Addison, TX	Rehabilitation hospital		2,013		22,531		—			—			2,013		22,531		24,544		2,535		—		2008		June 17, 2010		40
San Dimas, CA	Acute care general hospital		6,160		6,839		—			34			6,160		6,873		13,033		1,046		—		1972		November 25, 2008		40
San Dimas, CA	Medical Office Building		1,915		5,085		—			18			1,915		5,103		7,018		778		—		1979		November 25, 2008		40
Sherman, TX	Acute care general hospital		4,491		24,802		—			—			4,491		24,802		29,293		109		—		1913, 1960-2010		October 31, 2014		40
Sienna, TX	Freestanding ER		999		3,562		—			—			999		3,562		4,561		37		—		2014		August 20, 2014		40
Spartanburg, SC	Rehabilitation hospital		1,135		15,717		—			—			1,135		15,717		16,852		538		—		2013		August 1, 2013		40
Thornton, CO	Freestanding ER		1,350		3,793		—			—			1,350		3,793		5,143		32		—		2014		August 29, 2014		40
Tomball, TX	Long term acute care hospital		1,299		23,982		—			—			1,299		23,982		25,281		2,398		—		2005		December 21, 2010		40
Victoria, TX	Long term acute care hospital		625		7,197		—			—			625		7,197		7,822		1,454		—		1998		December 1, 2006		40
Victoria, TX	Rehabilitation hospital		—		10,412		—			—			—		10,412		10,412		254		—		2013		December 31, 2013		40
Anaheim, CA	Acute care general hospital		1,875		21,814		—			10			1,875		21,824		23,699		4,455		—		1964		November 8, 2006		40
Warwick, RI	Wellness Center		1,265		759		—			—			1,265		759		2,024		420		—		1979		April 22, 2008		10
West Monroe, LA	Acute care general hospital		12,000		69,433		552			—			12,552		69,433		81,985		2,216		—		1962		September 26, 2013		40
San Antonio, TX	Acute care general hospital		2,248		5,880		—			—			2,248		5,880		8,128		314		—		2012		October 14, 2011		40
West Valley City, UT	Acute care general hospital		5,516		58,314		—			—			5,516		58,314		63,830		9,738		—		1980		April 22, 2008		40
Wichita, KS	Rehabilitation hospital		1,019		18,373		—			1			1,019		18,374		19,393		3,100		8,678		1992		April 4, 2008		40
West Springfield, MA	Wellness Center		583		3,185		—			—			583		3,185		3,768		1,765		—		1976		April 22, 2008		10

		$	184,596	$	1,809,242	$	20,910		$	25,979		$	192,551	$	1,848,176	$	2,040,727	$	181,441	$	49,878

The changes in total real estate assets excluding construction in progress, intangible lease asset, investment in direct financing leases, and mortgage loans were as follows for the years ended:


	December 31, 2014			December 31, 2013			December 31, 2012
COST
Balance at beginning of period	$	1,733,194		$	1,189,552		$	1,191,096
Acquisitions		263,811			480,503			9,460
Transfers from construction in progress		41,772			81,347			37,174
Additions		84,831			7,749			19,971
Dispositions		(56,590	)		(28,616	)		(68,149	)
Other		(26,291	)		2659			—

Balance at end of period	$	2,040,727		$	1,733,194		$	1,189,552

The changes in accumulated depreciation were as follows for the years ended:


	December 31, 2014			December 31, 2013			December 31, 2012
ACCUMULATED DEPRECIATION
Balance at beginning of period	$	144,235		$	114,399		$	93,430
Depreciation		46,935			33,349			31,026
Depreciation on disposed property		(9,213	)		(3,513	)		(10,057	)
Other		(516	)		—			—

Balance at end of period	$	181,441		$	144,235		$	114,399