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SCHEDULE III - REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2025

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, 2025


		Initial Costs				Additions Subsequent to Acquisition				Cost at December 31, 2025(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	$	4,501	$	106,607	$	—	$	—	$	4,501	$	106,607	$	111,108	$	16,045	$	47,809		1985	January 9, 2020		40
Algeciras, Spain	Acute care general hospital		554		8,749		—		—		554		8,749		9,303		882		—		1997	April 29, 2022		40
Altoona, WI	Acute care general hospital		—		35,500		—		—		—		35,500		35,500		8,234		—	(3)	2014	August 31, 2014		40
Altrincham, UK	Behavioral health facility		15,499		26,606		—		—		15,499		26,606		42,105		2,494		—	(3)	1890, 2014	December 9, 2022		40
Alvin, TX	Freestanding ER		105		4,087		—		—		105		4,087		4,192		1,177		—	(3)	2014	March 19, 2014		40
Arnold, UK	Behavioral health facility		505		10,496		—		—		505		10,496		11,001		1,296		—	(3)	2008	June 25, 2021		40
Ashtead, UK	Acute care general hospital		39,969		74,936		—		—		39,969		74,936		114,905		12,400		—	(3)	1981	August 16, 2019		40
Austin, TX	Freestanding ER		3,507		4,200		—		—		3,507		4,200		7,707		955		—		2017	March 2, 2017		40
Avondale, AZ	Behavioral health facility		5,383		64,650		8,281		—		5,383		72,931		78,314		7,320		—	(3)	2016	October 19, 2021		40
Ayr, UK	Behavioral health facility		17,982		51,498		—		—		17,982		51,498		69,480		5,917		—	(3)	2004	June 25, 2021		40
Bad Salzuflen, Germany	Rehabilitation hospital		11,176		28,283		—		—		11,176		28,283		39,459		6,233		—	(3)	1974, 2016	November 30, 2017		40
Bad Salzuflen, Germany	Rehabilitation hospital		7,595		24,873		—		—		7,595		24,873		32,468		5,221		—	(3)	1989, 2016	November 30, 2017		40
Bad Oeynhausen, Germany	Rehabilitation hospital		1,198		2,928		—		—		1,198		2,928		4,126		662		—	(3)	1973, 2010	November 30, 2017		40
Bakersfield, CA	Rehabilitation hospital		2,178		45,253		—		—		2,178		45,253		47,431		4,337		—	(3)	2022	May 15, 2020		40
Barby, Germany	Rehabilitation hospital		1,938		21,619		—		—		1,938		21,619		23,557		1,681		—	(3)	1995	April 19, 2023		40
Basingstoke, UK	Acute care general hospital		13,677		53,123		—		—		13,677		53,123		66,800		8,049		34,016		1984	January 9, 2020		40
Bassenheim, Germany	Rehabilitation hospital		1,179		5,628		—		—		1,179		5,628		6,807		1,079		—	(3)	1887, 1983	February 9, 2019		39
Bath, UK	Acute care general hospital		1,597		33,105		—		—		1,597		33,105		34,702		9,518		—	(3)	2008, 2009	July 1, 2014		40
Bath, UK	Acute care general hospital		7,613		13,816		—		—		7,613		13,816		21,429		2,153		16,326		1992	January 9, 2020		40
Beckenham, UK	Acute care general hospital		5,781		22,172		—		—		5,781		22,172		27,953		3,347		15,750		1981	January 9, 2020		40
Bedford, UK	Acute care general hospital		1,630		7,942		42		—		1,630		7,984		9,614		1,213		8,489		1982	January 9, 2020		40
Bellflower, CA	Behavioral health facility		10,155		21,296		—		—		10,155		21,296		31,451		88		—		1972	August 23, 2019		21
Big Spring, TX	Acute care general hospital		1,655		21,254		815		—		1,655		22,069		23,724		4,028		—		1973	April 12, 2019		41
Birmingham, UK	Behavioral health facility		981		10,753		—		—		981		10,753		11,734		760		—	(3)	1864, 2009	April 14, 2023		40
Birmingham, UK	Acute care general hospital		8,276		44,683		—		—		8,276		44,683		52,959		6,144		—	(3)	2017	April 3, 2017		40
Birmingham, UK	Acute care general hospital		10,437		99,353		—		—		10,437		99,353		109,790		15,057		—	(3)	1982	January 9, 2020		40
Birmingham, UK	Rehabilitation hospital		—		18,375		—		—		—		18,375		18,375		2,527		—	(3)	2018	June 29, 2020		40
Birmingham, UK	Behavioral health facility		436		20,284		—		—		436		20,284		20,720		2,445		—	(3)	1900, 1984, 2016	June 25, 2021		40
Blackburn, UK	Acute care general hospital		2,816		53,982		—		—		2,816		53,982		56,798		8,146		25,085		1957	January 9, 2020		40
Blackburn, UK	Behavioral health facility		21,201		57,514		—		—		21,201		57,514		78,715		7,094		—	(3)	1930	June 25, 2021		40
Blue Springs, MO	Acute care general hospital		4,347		23,494		—		—		4,347		23,494		27,841		6,737		—		1980	February 13, 2015		40
Boardman, OH	Long term acute care hospital		79		275		—		—		79		275		354		49		—		2008	August 30, 2019		40
Boise, ID	Long term acute care hospital		1,558		11,027		—		—		1,558		11,027		12,585		1,786		—		2008	February 29, 2012		50
Bolton, UK	Acute care general hospital		1,678		47,136		—		—		1,678		47,136		48,814		7,095		22,412		1989	January 9, 2020		40


		Initial Costs				Additions Subsequent to Acquisition				Cost at December 31, 2025(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		8,126		—	(3)	1982	April 1, 2008		40
Bowling Green, KY	Rehabilitation hospital		3,486		56,296		3,550		—		3,486		59,846		63,332		10,251		—		1992	August 30, 2019		40
Brandis, Germany	Rehabilitation hospital		2,358		25,958		—		—		2,358		25,958		28,316		2,074		—	(3)	1995	April 19, 2023		40
Braunfels, Germany	Acute care general hospital		2,314		14,415		8		—		2,314		14,423		16,737		3,825		—	(3)	1977	June 30, 2015		40
Bristol, UK	Behavioral health facility		4,980		39,538		—		—		4,980		39,538		44,518		3,270		—	(3)	1790, 2014	December 9, 2022		40
Bromley, UK	Behavioral health facility		7,646		16,428		—		—		7,646		16,428		24,074		2,053		—	(3)	1714, 1830, 2021	June 25, 2021		40
Bury, UK	Behavioral health facility		9,007		20,524		—		—		9,007		20,524		29,531		2,664		—	(3)	2003	June 25, 2021		40
Bussage, UK	Behavioral health facility		8,986		3,972		—		—		8,986		3,972		12,958		500		—	(3)	1970	June 25, 2021		40
Cadiz, Spain	Acute care general hospital		319		7,234		—		—		319		7,234		7,553		711		—		2000	April 29, 2022		40
Canterbury, UK	Acute care general hospital		9,722		29,202		—		—		9,722		29,202		38,924		4,415		20,342		1982	January 9, 2020		40
Carmarthen, UK	Acute care general hospital		963		27,071		—		—		963		27,071		28,034		4,101		16,025		1990	January 9, 2020		40
Carrollton, TX	Behavioral health facility		4,941		52,227		—		—		4,941		52,227		57,168		5,940		—	(3)	2012	October 19, 2021		40
Casper, WY	Rehabilitation hospital		1,581		—		—		—		1,581		—		1,581		—		—	(3)	2012	February 29, 2012		—
Caterham, UK	Acute care general hospital		11,169		22,065		—		—		11,169		22,065		33,234		3,704		—	(3)	1982	August 16, 2019		40
Cayce, SC	Rehabilitation hospital		1,022		20,419		—		—		1,022		20,419		21,441		1,276		—	(3)	2023	October 21, 2022		40
Cheadle, UK	Acute care general hospital		32,744		172,486		25		—		32,744		172,511		205,255		26,035		113,319		1981	January 9, 2020		40
Cheadle, UK	Behavioral health facility		31,557		100,349		—		—		31,557		100,349		131,906		12,217		—	(3)	1849, 2018	June 25, 2021		40
Clarksville, TX	Rehabilitation hospital		2,460		25,540		—		—		2,460		25,540		28,000		3,550		—	(3)	2019	December 17, 2020		39
Cologne, Germany	Acute care general hospital		4,710		15,923		—		—		4,710		15,923		20,633		3,444		—	(3)	2011	June 23, 2017		40
Columbus, OH	Behavioral health facility		2,101		44,218		—		—		2,101		44,218		46,319		5,077		—	(3)	2017	October 19, 2021		40
Conroe, TX	Behavioral health facility		3,855		38,892		—		—		3,855		38,892		42,747		4,563		—	(3)	2018	October 19, 2021		40
Converse, TX	Freestanding ER		750		4,423		—		—		750		4,423		5,173		1,189		—	(3)	2015	April 10, 2015		40
Coral Gables, FL	Acute care general hospital		26,215		84,584		2,624		—		26,215		87,208		113,423		9,771		—		1959	August 1, 2021		40
Croydon, UK	Acute care general hospital		10,524		44,143		—		—		10,524		44,143		54,667		6,708		27,085		1982	January 9, 2020		40
Culver City, CA	Acute care general hospital		37,885		178,101		—		—		37,885		178,101		215,986		517		—		1969	August 23, 2019		29
Dahlen, Germany	Rehabilitation hospital		1,428		12,065		—		—		1,428		12,065		13,493		1,796		—	(3)	1994	July 8, 2020		40
Darlington, UK	Acute care general hospital		2,210		37,911		—		—		2,210		37,911		40,121		5,265		36,188		2001	August 7, 2020		40
Darlington, UK	Behavioral health facility		22,488		51,083		—		—		22,488		51,083		73,571		6,731		—	(3)	1935, 2018, 2020	June 25, 2021		40
Darlington, UK	Behavioral health facility		5,534		27,888		—		—		5,534		27,888		33,422		3,305		—	(3)	1960, 1990	June 25, 2021		40
Dewsbury, UK	Behavioral health facility		1,185		10,795		—		—		1,185		10,795		11,980		802		—	(3)	2012	April 14, 2023		40
Diss, UK	Behavioral health facility		3,080		10,984		—		—		3,080		10,984		14,064		1,516		—	(3)	1840 (2)	June 25, 2021		40
Dorchester, UK	Acute care general hospital		571		33,173		—		—		571		33,173		33,744		5,000		—	(3)	1981	January 9, 2020		40
Dormagen, Germany	Rehabilitation hospital		2,032		6,010		—		—		2,032		6,010		8,042		1,172		—	(3)	1993, 2006	August 28, 2018		40


		Initial Costs				Additions Subsequent to Acquisition				Cost at December 31, 2025(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		81		16,192		—		—		81		16,192		16,273		2,461		—	(3)	1984	January 9, 2020		40
Dublin, OH	Behavioral health facility		5,118		69,346		—		—		5,118		69,346		74,464		7,804		—	(3)	2012	October 19, 2021		40
El Paso, TX	Rehabilitation hospital		4,268		21,345		—		—		4,268		21,345		25,613		3,099		—	(3)	2018	December 17, 2020		38
Englewood, CO	Behavioral health facility		3,369		65,480		—		—		3,369		65,480		68,849		7,432		—	(3)	2017	October 19, 2021		40
Essex, UK	Behavioral health facility		4,913		45,715		—		—		4,913		45,715		50,628		3,769		—	(3)	1790, 1992, 2014	December 9, 2022		40
Euxton, UK	Acute care general hospital		4,887		37,638		—		—		4,887		37,638		42,525		6,412		—	(3)	1981	August 16, 2019		40
Flagstaff, AZ	Rehabilitation hospital		3,049		22,464		—		—		3,049		22,464		25,513		4,399		—	(3)	2016	August 23, 2016		40
Florence, AZ	Acute care general hospital		900		28,462		105		—		900		28,567		29,467		9,817		—		2012	February 7, 2012		40
Floridablanca, Colombia	Acute care general hospital		836		26,157		—		—		836		26,157		26,993		2,256		—		1997	July 29, 2022		40
Folsom, CA	Long term acute care hospital		3,291		21,293		—		—		3,291		21,293		24,584		4,002		—		2009	August 30, 2019		40
Fort Worth, TX	Behavioral health facility		3,406		34,627		—		—		3,406		34,627		38,033		4,039		—	(3)	2014	October 19, 2021		40
Fresno, CA	Rehabilitation hospital		5,507		70,473		—		—		5,507		70,473		75,980		12,025		—		1991	August 30, 2019		40
Frome, UK	Behavioral health facility		3,065		18,571		—		—		3,065		18,571		21,636		2,357		—	(3)	1980	June 25, 2021		40
Frome, UK	Behavioral health facility		11,531		11,337		—		—		11,531		11,337		22,868		1,895		—	(3)	1700, 2015, 2017	June 25, 2021		40
Gainesborough, UK	Behavioral health facility		1,618		10,592		—		—		1,618		10,592		12,210		981		—	(3)	2008	April 14, 2023		40
Gardena, CA	Acute care general hospital		14,010		65,282		211		—		14,010		65,493		79,503		7,938		—	(3)	1966	July 6, 2021		40
Georgetown, TX	Behavioral health facility		4,569		22,858		10,561		—		4,569		33,419		37,988		3,208		—	(3)	2014	October 19, 2021		40
Gilbert, AZ	Behavioral health facility		4,790		45,933		9,647		—		4,790		55,580		60,370		5,272		—	(3)	2020	October 19, 2021		40
Glasgow, UK	Acute care general hospital		6,818		139,259		—		—		6,818		139,259		146,077		20,948		72,792		1983	January 9, 2020		40
Glasgow, UK	Behavioral health facility		1,512		16,531		—		—		1,512		16,531		18,043		2,016		—	(3)	1900, 1980	June 25, 2021		40
Gloucester, UK	Acute care general hospital		5,906		64,960		—		—		5,906		64,960		70,866		10,894		—	(3)	1990	August 16, 2019		40
Godalming, UK	Behavioral health facility		9,903		20,090		—		—		9,903		20,090		29,993		2,621		—	(3)	1796, 2007	June 25, 2021		40
Great Missenden, UK	Acute care general hospital		12,458		111,313		—		—		12,458		111,313		123,771		16,829		58,207		1981	January 9, 2020		40
Grefath, Germany	Rehabilitation hospital		1,277		3,222		—		—		1,277		3,222		4,499		642		—	(3)	1886, 1983	August 28, 2018		40
Guildford, UK	Acute care general hospital		7,283		38,556		—		—		7,283		38,556		45,839		5,835		23,155		1989	January 9, 2020		40
Halsall, UK	Acute care general hospital		2,132		32,980		—		—		2,132		32,980		35,112		5,546		—	(3)	1986	August 16, 2019		40
Harrow, UK	Acute care general hospital		40,647		42,777		—		—		40,647		42,777		83,424		6,505		—	(3)	1980	January 9, 2020		40
Hartsville, SC	Acute care general hospital		2,050		43,970		—		—		2,050		43,970		46,020		13,211		—	(3)	1999	August 31, 2015		34
Hassocks, UK	Behavioral health facility		5,805		30,350		—		—		5,805		30,350		36,155		4,198		—	(3)	1998	June 25, 2021		40
Hastings, PA	Acute care general hospital		603		8,834		—		—		603		8,834		9,437		2,179		—	(3)	1924	December 17, 2019		30
Hausman, TX	Acute care general hospital		1,500		8,957		—		—		1,500		8,957		10,457		2,856		—	(3)	2013	March 1, 2013		40
Heidelberg, Germany	Rehabilitation hospital		6,636		37,907		—		—		6,636		37,907		44,543		9,051		—	(3)	1885, 1991	June 22, 2016		40
Helotes, TX	Freestanding ER		1,900		5,115		—		—		1,900		5,115		7,015		1,258		—	(3)	2016	March 10, 2016		40
Helsinki, Finland	Acute care general hospital		4,347		71,714		1,164		—		4,347		72,878		77,225		6,896		—		1992, 2013	March 11, 2022		40
Hemel Hempstead, UK	Behavioral health facility		13,220		6,672		—		—		13,220		6,672		19,892		1,048		—	(3)	1901, 1990	June 25, 2021		40
Hialeah, FL	Acute care general hospital		18,802		105,316		4,784		—		18,802		110,100		128,902		12,422		—		1950	August 1, 2021		40


		Initial Costs				Additions Subsequent to Acquisition					Cost at December 31, 2025(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)
Hialeah, FL	Acute care general hospital		75,339		222,271		2,564			—		75,339		224,835		300,174		28,114		—		1969	August 1, 2021		40
Highland Hills, OH	Behavioral health facility		3,148		43,891		—			—		3,148		43,891		47,039		5,042		—	(3)	2015	October 19, 2021		40
Hinckley, UK	Behavioral health facility		2,610		17,786		—			—		2,610		17,786		20,396		2,167		—	(3)	1892, 2007	June 25, 2021		40
Hollywood, CA	Acute care general hospital		62,916		37,051		—			—		62,916		37,051		99,967		95		—		1962	August 23, 2019		34
Hook, UK	Behavioral health facility		5,732		10,918		—			—		5,732		10,918		16,650		1,447		—	(3)	1980	June 25, 2021		40
Hoover, AL	Freestanding ER		—		7,581		—			—		—		7,581		7,581		2,361		—	(3)	2015	May 1, 2015		34
Hoover, AL	Freestanding ER		—		1,034		296			—		—		1,330		1,330		388		—	(3)	2015	May 1, 2015		34
Hot Springs, AR	Acute care general hospital		5,622		59,432		21,221			—		5,622		80,653		86,275		21,530		—	(3)	1985	August 31, 2015		40
Houston, TX	Acute care general hospital		3,274		27,324		32,499			—		3,274		59,823		63,097		24,422		—		1960	August 10, 2007		40
Houston, TX	Behavioral health facility		6,063		19,881		2,565			—		6,063		22,446		28,509		2,806		—		2020	October 25, 2019		40
Houston, TX	Acute care general hospital		29,706		101,846		90,935			—		29,706		192,781		222,487		24,195		—		1940-1950	September 29, 2017		41
Houston, TX	Freestanding ER		950		3,996		—			—		950		3,996		4,946		924		—	(3)	2016	September 26, 2016		40
Huntington Park, CA	Acute care general hospital		3,935		6,103		—			—		3,935		6,103		10,038		829		—	(3)	1960-1969	July 6, 2021		40
Idaho Falls, ID	Acute care general hospital		1,822		37,467		72,789			—		1,822		110,256		112,078		23,598		—		2002	April 1, 2008		40
Idaho Falls, ID	Acute care general hospital		1,880		108,498		15,146			—		1,880		123,644		125,524		16,083		—	(3)	2020	December 19, 2017		40
Johnstown, PA	Acute care general hospital		8,877		247,158		—			—		8,877		247,158		256,035		50,152		—	(3)	1924	December 17, 2019		30
Kansas City, KS	Acute care general hospital		2,351		13,665		—			—		2,351		13,665		16,016		1,946		—	(3)	2017	June 10, 2019		50
Kansas City, MO	Acute care general hospital		10,497		64,419		—			—		10,497		64,419		74,916		17,920		—		1978	February 13, 2015		40
Katy, TX	Freestanding ER		1,491		2,870		—			—		1,491		2,870		4,361		904		—		2016	October 10, 2016		40
Kuhlungsborn, Germany	Rehabilitation hospital		7,138		18,355		—			—		7,138		18,355		25,493		1,354		—	(3)	1998	June 1, 2023		40
Kuopio, Finland	Acute care general hospital		1,364		46,129		—			—		1,364		46,129		47,493		4,622		—		2017	March 11, 2022		29
Lafayette, IN	Rehabilitation hospital		800		14,968		(25	)		—		800		14,943		15,743		4,816		—	(3)	2013	February 1, 2013		40
Lafayette, IN	Behavioral health facility		2,829		10,795		—			—		2,829		10,795		13,624		1,504		—	(3)	2012	October 19, 2021		40
Lander, WY	Acute care general hospital		757		42,849		—			—		757		42,849		43,606		6,869		—	(3)	1983	December 17, 2019		40
Lauderdale Lakes, FL	Acute care general hospital		10,657		150,313		2,168			—		10,657		152,481		163,138		18,902		—		1975	August 1, 2021		40
League City, TX	Freestanding ER		1,244		3,901		—			—		1,244		3,901		5,145		1,024		—		2015	June 19, 2015		40
Leawood, KS	Acute care general hospital		2,513		13,938		—			—		2,513		13,938		16,451		1,972		—	(3)	2017	June 10, 2019		50
Leeds, UK	Behavioral health facility		2,413		10,078		—			—		2,413		10,078		12,491		1,267		—	(3)	1990	June 25, 2021		40
Lewiston, ID	Acute care general hospital		5,389		75,435		—			—		5,389		75,435		80,824		22,108		—	(3)	1922	May 1, 2017		40
London, UK	Acute care general hospital		9,252		60,527		—			—		9,252		60,527		69,779		9,111		40,474		1984	January 9, 2020		40
London, UK	Behavioral health facility		38,386		54,940		—			—		38,386		54,940		93,326		4,554		—	(3)	1811, 2014	December 9, 2022		40
London, UK	Acute care general hospital		3,477		4,390		—			—		3,477		4,390		7,867		669		—	(3)	1987	January 9, 2020		40
London, UK	Behavioral health facility		30,627		15,847		—			—		30,627		15,847		46,474		1,497		—	(3)	1790, 1992, 2014	December 9, 2022		40
London, UK	Acute care general hospital		13,179		86,016		—			—		13,179		86,016		99,195		12,913		44,446		1977	January 9, 2020		40
London, UK	Behavioral health facility		6,521		16,570		—			—		6,521		16,570		23,091		2,051		—	(3)	1900, 1960	June 25, 2021		40


		Initial Costs				Additions Subsequent to Acquisition				Cost at December 31, 2025(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		14,617		7,208		—		—		14,617		7,208		21,825		928		—	(3)	1992	June 25, 2021		40
Los Angeles, CA	Acute care general hospital		12,562		40,164		394		—		12,562		40,558		53,120		4,680		—	(3)	1972	July 6, 2021		40
Los Angeles, CA	Acute care general hospital		10,579		62,948		—		—		10,579		62,948		73,527		144		—		1955	August 23, 2019		37
Lubbock, TX	Rehabilitation hospital		1,376		28,292		3,648		—		1,376		31,940		33,316		8,342		—	(3)	2008	June 16, 2015		40
Malaga, SP	Acute care general hospital		796		12,469		—		—		796		12,469		13,265		1,167		—		2018	April 29, 2022		40
Mandeville, LA	Freestanding ER		2,800		5,370		—		—		2,800		5,370		8,170		1,231		—	(3)	2016	October 28, 2016		40
Marrero, LA	Freestanding ER		1,517		5,801		—		—		1,517		5,801		7,318		1,378		—	(3)	2016	July 15, 2016		40
McKinney, TX	Freestanding ER		2,441		4,060		—		—		2,441		4,060		6,501		1,421		—		2015	July 31, 2015		30
McKinney, TX	Behavioral health facility		2,934		31,068		—		—		2,934		31,068		34,002		1,399		—	(3)	2024	October 19, 2021		40
McMinnville, OR	Acute care general hospital		5,000		97,900		—		—		5,000		97,900		102,900		24,113		—	(3)	1996	August 31, 2015		41
Melton Mowbray, UK	Behavioral health facility		6,035		16,916		—		—		6,035		16,916		22,951		2,177		—	(3)	1990	June 25, 2021		40
Mesa, AZ	Acute care general hospital		6,140		99,275		4,152		—		6,140		103,427		109,567		32,867		—		2007	September 26, 2013		40
Mesa, AZ	Acute care general hospital		2,604		16,400		—		—		2,604		16,400		19,004		1,556		—		2019	April 18, 2022		40
Meyersdale, PA	Acute care general hospital		390		4,280		—		—		390		4,280		4,670		1,096		—	(3)	1960	December 17, 2019		30
Miami, FL	Acute care general hospital		44,400		107,203		3,444		—		44,400		110,647		155,047		14,913		—		1955	August 1, 2021		40
Miami, FL	Acute care general hospital		20,430		30,276		10,947		—		20,430		41,223		61,653		3,276		—		1958, 1962, 1988, 2016	April 25, 2022		40
Milton Keynes, UK	Acute care general hospital		5,552		37,956		—		—		5,552		37,956		43,508		5,731		—	(3)	1983	January 9, 2020		40
Monmouth, UK	Behavioral health facility		16,413		12,227		—		—		16,413		12,227		28,640		1,859		—	(3)	2017	June 25, 2021		40
Montclair, NJ	Acute care general hospital		7,900		99,640		577		—		8,477		99,640		108,117		29,917		—	(3)	1920-2000	April 1, 2014		40
New Braunfels, TX	Rehabilitation hospital		1,853		10,622		—		—		1,853		10,622		12,475		1,402		—	(3)	2011	February 29, 2012		40
New Orleans, LA	Freestanding ER		2,850		6,125		—		—		2,850		6,125		8,975		1,416		—	(3)	2016	September 23, 2016		40
Newark, NJ	Acute care general hospital		32,957		24,553		—		—		32,957		24,553		57,510		3,294		—		1919, 1920-2003	May 2, 2016		40
Newburgh, IN	Behavioral health facility		1,215		7,212		—		—		1,215		7,212		8,427		908		—	(3)	2010	October 19, 2021		40
Northland, MO	Long term acute care hospital		834		17,182		—		—		834		17,182		18,016		6,408		—	(3)	2007	February 14, 2011		40
Norwalk, CA	Acute care general hospital		2,811		5,940		—		—		2,811		5,940		8,751		835		—	(3)	1959, 1995	July 6, 2021		40
Norwalk, CA	Acute care general hospital		7,946		30,465		7,104		—		7,946		37,569		45,515		4,158		—	(3)	1958-1978	July 6, 2021		40
Norwalk, CA	Acute care general hospital		6,982		14,308		—		—		6,982		14,308		21,290		36		—		1954	August 23, 2019		37
Norwood, MA	Acute care general hospital		6,860		—		—		—		6,860		—		6,860		—		—		N/A	June 27, 2018		46
Nottingham, UK	Acute care general hospital		5,242		48,637		—		—		5,242		48,637		53,879		7,398		34,690		1983	January 9, 2020		40
Nottingham, UK	Behavioral health facility		10,596		9,483		—		—		10,596		9,483		20,079		1,401		—	(3)	2000	June 25, 2021		40
Nottingham, UK	Behavioral health facility		10,754		3,436		—		—		10,754		3,436		14,190		432		—	(3)	1980	June 25, 2021		40
Odessa, TX	Acute care general hospital		6,217		123,518		16,600		—		6,217		140,118		146,335		27,772		—		1973-2004	September 29, 2017		41
Ogden, UT	Rehabilitation hospital		1,759		16,414		—		—		1,759		16,414		18,173		4,846		—	(3)	2014	March 1, 2014		40
Oklahoma City, OK	Behavioral health facility		3,641		3,047		—		—		3,641		3,047		6,688		647		—	(3)	2017	October 19, 2021		40
Olathe, KS	Behavioral health facility		6,882		57,056		18,873		—		6,882		75,929		82,811		6,778		—	(3)	2015	October 19, 2021		40
Olathe, KS	Acute care general hospital		3,485		14,484		—		—		3,485		14,484		17,969		2,071		—		2018	June 10, 2019		50
Orpington, UK	Acute care general hospital		10,942		45,210		—		—		10,942		45,210		56,152		6,846		26,061		1987	January 9, 2020		40
Ottumwa, IA	Acute care general hospital		2,377		48,697		—		—		2,377		48,697		51,074		10,869		—	(3)	1950	December 17, 2019		30
Oulu, Finland	Acute care general hospital		3,376		47,789		—		—		3,376		47,789		51,165		4,848		—		2017	March 11, 2022		40
Overland Park, KS	Acute care general hospital		2,974		14,405		—		—		2,974		14,405		17,379		2,070		—		2017	June 10, 2019		50


		Initial Costs				Additions Subsequent to Acquisition				Cost at December 31, 2025(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)
Overland Park, KS	Acute care general hospital		3,191		14,263		—		—		3,191		14,263		17,454		2,152		—	(3)	2019	June 10, 2019		50
Overlook, TX	Acute care general hospital		2,452		9,666		7		—		2,452		9,673		12,125		3,112		—	(3)	2012	February 1, 2013		40
Palestine, TX	Acute care general hospital		1,848		95,257		—		—		1,848		95,257		97,105		14,978		—	(3)	1988	December 17, 2019		40
Pasco, WA	Acute care general hospital		2,594		13,195		—		—		2,594		13,195		15,789		3,306		—	(3)	1920	August 31, 2018		30
Pearland, TX	Freestanding ER		1,075		3,577		—		—		1,075		3,577		4,652		1,013		—	(3)	2014	September 8, 2014		40
Petersburg, VA	Rehabilitation hospital		1,302		9,121		—		—		1,302		9,121		10,423		3,990		—		2006	July 1, 2008		40
Phoenix, AZ	Acute care general hospital		5,773		—		—		—		5,773		—		5,773		—		—		N/A	September 29, 2017		—
Poole, UK	Acute care general hospital		2,461		40,625		—		—		2,461		40,625		43,086		7,102		13,804		1996	April 3, 2019		40
Poplar Bluff, MO	Acute care general hospital		2,659		38,694		—		—		2,659		38,694		41,353		17,125		—	(3)	1980	April 22, 2008		40
Port Arthur, TX	Acute care general hospital		11,432		76,746		6,877		—		11,432		83,623		95,055		25,305		—		2005	September 26, 2013		40
Port Huron, MI	Acute care general hospital		2,531		14,252		—		—		2,531		14,252		16,783		4,869		—		1953, 1973-1983	December 31, 2015		30
Post Falls, ID	Rehabilitation hospital		417		12,175		1,905		—		767		13,730		14,497		4,128		—	(3)	2013	December 31, 2013		40
Preston, UK	Behavioral health facility		9,251		33,685		—		—		9,251		33,685		42,936		3,583		—	(3)	1850, 2018, 2021	June 25, 2021		40
Princes Risborough, UK	Acute care general hospital		2,601		—		—		—		2,601		—		2,601		—		—		N/A	January 9, 2020		40
Raleigh, NC	Behavioral health facility		3,469		27,514		—		—		3,469		27,514		30,983		3,402		—	(3)	2018	October 19, 2021		40
Reading, UK	Acute care general hospital		36,829		48,872		—		—		36,829		48,872		85,701		8,085		—	(3)	1990	August 16, 2019		40
Reading, UK	Acute care general hospital		27,515		88,165		—		—		27,515		88,165		115,680		11,241		23,813		2012	December 18, 2020		40
Redding, CA	Long term acute care hospital		1,856		25,586		—		—		1,856		25,586		27,442		77		—		1991	November 17, 2025		30
Remscheid, Germany	Rehabilitation hospital		1,116		2,689		—		—		1,116		2,689		3,805		523		—	(3)	1951, 1983	August 28, 2018		40
Richmond, TX	Behavioral health facility		5,380		6,155		10,815		—		5,380		16,970		22,350		1,382		—	(3)	2014	October 19, 2021		40
Richmond, VA	Long term acute care hospital		1,289		10,071		—		—		1,289		10,071		11,360		2,065		—		1989	August 30, 2019		40
Riverton, WY	Acute care general hospital		1,163		29,647		—		—		1,163		29,647		30,810		5,513		—	(3)	1983	December 17, 2019		36
Roaring Springs, PA	Acute care general hospital		1,446		9,549		—		—		1,446		9,549		10,995		2,432		—	(3)	1924	December 17, 2019		30
Rochdale, MA	Long term acute care hospital		654		3,368		—		—		654		3,368		4,022		625		—		1989	August 30, 2019		40
Rochdale, MA	Acute care general hospital		67		344		—		—		67		344		411		64		—		1989	August 30, 2019		40
Rochdale, UK	Acute care general hospital		3,786		43,135		—		—		3,786		43,135		46,921		6,530		23,581		1965	January 9, 2020		40
Roeland Park, KS	Acute care general hospital		1,569		15,103		—		—		1,569		15,103		16,672		2,116		—	(3)	2018	June 10, 2019		50
Romford, UK	Behavioral health facility		5,667		9,278		—		—		5,667		9,278		14,945		1,317		—	(3)	1980	June 25, 2021		40
Rosenberg, TX	Freestanding ER		1,217		4,505		—		—		1,217		4,505		5,722		1,126		—		2016	January 15, 2016		40
Rowley, UK	Acute care general hospital		3,078		19,371		—		—		3,078		19,371		22,449		3,359		—	(3)	1986	August 16, 2019		40
Royston, UK	Behavioral health facility		7,127		21,220		—		—		7,127		21,220		28,347		3,007		—	(3)	1906, 1970	June 25, 2021		40
San Antonio, TX	Acute care general hospital		7,061		10,851		7,982		—		7,061		18,833		25,894		6,730		—		1978-2002	September 29, 2017		41
San Antonio, TX	Freestanding ER		2,988		4,801		—		—		2,988		4,801		7,789		1,090		—	(3)	2016	December 9, 2016		40
San Antonio, TX	Freestanding ER		351		3,952		—		—		351		3,952		4,303		1,160		—	(3)	2014	January 1, 2014		40
San Antonio, TX	Acute care general hospital		2,248		5,880		—		—		2,248		5,880		8,128		1,936		—	(3)	2012	October 2, 2012		40
San Antonio, TX	Freestanding ER		2,310		4,253		—		—		2,310		4,253		6,563		975		—	(3)	2016	October 27, 2016		40
San Bernardino, CA	Acute care general hospital		2,209		37,498		—		—		2,209		37,498		39,707		6,488		—		1993	August 30, 2019		40
					—


		Initial Costs				Additions Subsequent to Acquisition				Cost at December 31, 2025(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		1,979		18,981		—		—		1,979		18,981		20,960		2,083		—		2015	October 21, 2021		40
Sharon, PA	Acute care general hospital		6,179		9,066		8,513		—		6,179		17,579		23,758		4,430		—		1950-1980	May 1, 2017		41
Shawnee, KS	Acute care general hospital		3,076		14,945		—		—		3,076		14,945		18,021		2,440		—		2018	June 10, 2019		50
Sheffield, UK	Acute care general hospital		7,000		47,222		—		—		7,000		47,222		54,222		7,188		34,458		2008	January 9, 2020		40
Sherman, TX	Acute care general hospital		3,363		10,931		—		—		3,363		10,931		14,294		4,962		—		1913, 1960-2010	October 31, 2014		40
Southampton, UK	Behavioral health facility		6,821		20,030		—		—		6,821		20,030		26,851		2,792		—	(3)	1820, 1985	June 25, 2021		40
Spartanburg, SC	Rehabilitation hospital		1,135		15,717		—		—		1,135		15,717		16,852		4,866		—	(3)	2013	August 1, 2013		40
Stirling, UK	Acute care general hospital		1,116		20,651		—		—		1,116		20,651		21,767		2,428		9,691		1992	July 6, 2021		40
Stockton, CA	Rehabilitation hospital		2,717		50,681		—		—		2,717		50,681		53,398		3,379		—	(3)	2021	November 23, 2020		40
Surrey, UK	Behavioral health facility		15,926		9,663		—		—		15,926		9,663		25,589		1,007		—	(3)	1950, 2014	December 9, 2022		40
Swindon, UK	Acute care general hospital		5,639		63,265		—		—		5,639		63,265		68,904		9,546		33,219		1984	January 9, 2020		40
Tadley, UK	Behavioral health facility		22,140		20,174		—		—		22,140		20,174		42,314		2,982		—	(3)	2020	June 25, 2021		40
Tempe, AZ	Acute care general hospital		6,050		10,986		5,239		—		6,050		16,225		22,275		3,843		—		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		1,922		4,524		—		—		1,922		4,524		6,446		1,103		—	(3)	2016	March 28, 2016		40
Toledo, OH	Rehabilitation hospital		1,103		17,740		—		—		1,103		17,740		18,843		4,324		—	(3)	2016	April 1, 2016		40
Tomball, TX	Long term acute care hospital		1,299		16,185		—		—		1,299		16,185		17,484		8,684		—		2005	December 21, 2010		40
Torquay, UK	Acute care general hospital		3,155		37,831		—		—		3,155		37,831		40,986		6,177		—	(3)	1981	August 16, 2019		40
Turku, Finland	Acute care general hospital		1,285		61,920		—		—		1,285		61,920		63,205		6,046		—		2018	March 11, 2022		40
Usk, UK	Behavioral health facility		1,831		32,837		—		—		1,831		32,837		34,668		3,207		—	(3)	1770, 1850, 1980	June 25, 2021		40
Valencia, SP	Acute care general hospital		11,841		74,006		—		—		11,841		74,006		85,847		8,710		—		2017	December 2, 2021		40
Valencia, SP	Acute care general hospital		27,603		25,848		—		—		27,603		25,848		53,451		1,240		—		1960, 2024	May 6, 2022		40
Vancouver, WA	Behavioral health facility		9,313		12,505		—		—		9,313		12,505		21,818		1,222		—	(3)	2018	October 19, 2021		40
Van Nuys, CA	Behavioral health facility		8,041		18,436		—		—		8,041		18,436		26,477		48		—		1958	August 23, 2019		35
Viseu, Portugal	Acute care general hospital		2,697		30,733		—		—		2,697		30,733		33,430		5,243		—		2016	November 28, 2019		37
Warren, OH	Acute care general hospital		5,385		47,466		10,492		—		5,385		57,958		63,343		14,060		—		1982	May 1, 2017		41
Warren, OH	Rehabilitation hospital		2,417		15,857		1,737		—		2,417		17,594		20,011		4,367		—		1922-2000	May 1, 2017		46
West Chester, OH	Behavioral health facility		3,670		61,338		—		—		3,670		61,338		65,008		7,058		—	(3)	2013	October 19, 2021		40
West Midlands, UK	Behavioral health facility		2,035		7,581		—		—		2,035		7,581		9,616		579		—	(3)	2013	April 14, 2023		40
West Monroe, LA	Acute care general hospital		11,702		69,433		19,116		—		12,254		87,997		100,251		25,540		—		1962	September 26, 2013		40
Wichita, KS	Rehabilitation hospital		1,019		16,881		—		—		1,019		16,881		17,900		8,131		—		1992	April 4, 2008		40
Willenhall, UK	Behavioral health facility		7,715		17,212		—		—		7,715		17,212		24,927		2,094		—	(3)	2000	June 25, 2021		40
Winchester, UK	Acute care general hospital		6,865		10,877		—		—		6,865		10,877		17,742		1,683		11,033		1911	January 9, 2020		40
Windsor, UK	Acute care general hospital		12,896		110,846		—		—		12,896		110,846		123,742		16,670		—	(3)	1955	January 9, 2020		40
Woking, UK	Behavioral health facility		7,663		4,954		—		—		7,663		4,954		12,617		683		—	(3)	1800, 2020	June 25, 2021		40
Worthing, UK	Acute care general hospital		7,108		31,908		—		—		7,108		31,908		39,016		4,827		18,509		1994	January 9, 2020		40
York, UK	Behavioral health facility		3,924		7,137		—		—		3,924		7,137		11,061		549		—	(3)	2008	April 14, 2023		40
York, UK	Behavioral health facility		22,899		75,966		—		—		22,899		75,966		98,865		9,030		—	(3)	1900, 1980	June 25, 2021		40
Youngstown, OH	Acute care general hospital		3,555		3,565		488		—		3,555		4,053		7,608		2,823		—		1929-2003	May 1, 2017		41
		$	1,786,342	$	8,594,759	$	421,829	$	—	$	1,787,821	$	9,015,109	$	10,802,930	$	1,438,594	$	850,779

(1)

The aggregate cost for federal income tax purposes is $12.0 billion.

(2)

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

(3)

Equity in the legal entity holding this property is pledged as collateral for the 7.000% Senior Secured Notes due 2032 and the 8.500% Senior Secured Notes due 2032.

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, 2025				December 31, 2024				December 31, 2023
COST
Balance at beginning of period	$	10,086,493			$	11,813,175			$	12,300,524
Acquisitions		73,973				—				143,882
Transfers from construction in progress		—				79,385				72,791
Additions		42,326				73,523				87,873
Dispositions		(249,587	)			(1,492,320	)			(874,519	)
Impairments		29,906				(276,572	)			(67,671	)
Other		819,819		(4)		(110,698	)	(4)		150,295		(4)
Balance at end of period	$	10,802,930		(5)	$	10,086,493		(5)	$	11,813,175		(5)

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


	December 31, 2025			December 31, 2024				December 31, 2023
ACCUMULATED DEPRECIATION
Balance at beginning of period	$	1,239,897		$	1,227,619			$	1,008,340
Depreciation		235,053			242,802				270,816
Depreciation on disposed property		(74,103	)		(220,435	)			(73,765	)
Other		37,747			(10,089	)			22,228
Balance at end of period	$	1,438,594		$	1,239,897		(6)	$	1,227,619

(4)

Includes foreign currency fluctuations for all years. In addition, the 2025 column includes approximately $500 million of real estate related to the six California facilities previously operated by Prospect and classified as financing leases.

(5)

Excludes approximately $530 million, $420 million, and $400 million of construction and building improvements in progress reflected in buildings and improvements at December 31, 2025, 2024 and 2023, respectively. Includes $52.2 million of land and building cost reflected in real estate held for sale at December 31, 2024.

(6)

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