Schedule III

Universal Health Realty Income Trust

Real Estate and Accumulated Depreciation — December 31, 2017

(amounts in thousands)

										Gross amount at										Date of
										which carried										Completion of
	Initial Cost									at end of period								Accumulated		Construction,
Description	Encumbrance (c.)		Land		Building & Improv.		Adjustments to Basis (a.)			Land		Building & Improvements		CIP		Total		Depreciation as of Dec. 31, 2017		Acquisition or Significant improvement	Date Acquired	Average Depreciable Life
Inland Valley Regional Medical Center Wildomar, California		—	$	2,050	$	10,701	$	14,596		$	2,050	$	25,297			$	27,347	$	13,307	2007	1986	43 Years
McAllen Medical Center McAllen, Texas		—		4,720		31,442		10,189			6,281		40,070				46,351		27,221	1994	1986	42 Years
Wellington Regional Medical Center West Palm Beach, Florida		—		1,190		14,652		17,370			1,663		31,549				33,212		19,485	2006	1986	42 Years
HealthSouth Deaconess Rehabilitation Hospital Evansville, Indiana		—		500		6,945		1,062			500		8,007				8,507		5,678	1993	1989	40 Years
Kindred Chicago Central Hospital Central Chicago, Illinois		—		158		6,404		1,838			158		8,242				8,400		8,242	1993	1986	25 Years
Family Doctor’s Medical Office Building Shreveport, Louisiana		—		54		1,526		494			54		2,020				2,074		1,045	1991	1995	45 Years
Kelsey-Seybold Clinic at King’s Crossing Kingwood, Texas (d.)		—		439		1,618		(1,618	)		439		—				439		—	1995	1995	45 Years
Professional Buildings at King’s Crossing Kingwood, Texas (d.)		—		439		1,837		(1,837	)		439		—				439		—	1995	1995	45 Years
Chesterbrook Academy Audubon, Pennsylvania		—		307		996		—			307		996				1,303		477	1996	1996	45 Years
Chesterbrook Academy New Britain, Pennsylvania		—		250		744		—			250		744				994		360	1991	1996	45 Years
Chesterbrook Academy Uwchlan, Pennsylvania		—		180		815		—			180		815				995		392	1992	1996	45 Years
Chesterbrook Academy Newtown, Pennsylvania		—		195		749		—			195		749				944		362	1992	1996	45 Years
The Southern Crescent Center I (b.)		—		1,130		5,092		(2,271	)		1,130		2,821				3,951		2,493	1994	1996	45 Years
The Southern Crescent Center II (b.) Riverdale, Georgia		—		—		—		5,040			806		4,234				5,040		2,494	2000	1998	35 Years
The Cypresswood Professional Center Spring, Texas (e.)		—		573		3,842		(3,004	)		573		838				1,411		507	1997	1997	35 Years
701 South Tonopah Building Las Vegas, Nevada (f.)		—		—		1,579		68			—		1,647				1,647		1,150	1999	1999	25 Years
Danbury Medical Plaza Danbury, Connecticut		—		1,151		5,176		826			1,151		6,002				7,153		3,560	2000	2000	30 Years
Vibra Hospital of Corpus Christi Corpus Christi, Texas		2,624		1,104		5,508		—			1,104		5,508				6,612		1,557	2008	2008	35 Years
Apache Junction Medical Plaza Apache Junction, AZ		—		240		3,590		1,159			240		4,749				4,989		1,317	2004	2004	30 Years
Auburn Medical Office Building II Auburn, WA (g.)		—		—		10,200		176			—		10,376				10,376		2,058	2009	2009	36 Years
BRB Medical Office Building Kingwood, Texas		6,126		430		8,970		39			430		9,009				9,439		1,764	2010	2010	37 Years
Centennial Hills Medical Office Building Las Vegas, NV (f.)		9,764		—		19,890		1,880			—		21,770		38		21,808		4,612	2006	2006	34 Years
Desert Springs Medical Plaza Las Vegas, NV		—		1,200		9,560		1,339			1,200		10,899		100		12,199		2,680	1998	1998	30 Years
700 Shadow Lane & Goldring MOBs Las Vegas, NV		6,059		400		11,300		3,539			400		14,839		12		15,251		3,554	2003	2003	30 Years
Spring Valley Hospital MOB I Las Vegas, NV (f.)		—		—		9,500		1,063			—		10,563		19		10,582		2,317	2004	2004	35 Years

Schedule III

Universal Health Realty Income Trust

Real Estate and Accumulated Depreciation — December 31, 2017 (continued)

(amounts in thousands)

									Gross amount at										Date of
									which carried										Completion of
	Initial Cost								at end of period								Accumulated		Construction,
Description	Encumbrance (c.)		Land		Building & Improv.		Adjustments to Basis (a.)		Land		Building & Improvements		CIP		Total		Depreciation as of Dec. 31, 2017		Acquisition or Significant improvement	Date Acquired	Average Depreciable Life
Spring Valley Hospital MOB II Las Vegas, NV (f.)		—		—		9,800		503		—		10,303				10,303		2,282	2006	2006	34 Years
Summerlin Hospital MOB I Las Vegas, NV		—		460		15,440		1,460		460		16,900		48		17,408		3,988	1999	1999	30 Years
Summerlin Hospital MOB II Las Vegas, NV		—		370		16,830		1,446		370		18,276		13		18,659		4,326	2000	2000	30 Years
Summerlin Hospital MOB III Las Vegas, NV (f.)		13,199		—		14,900		2,161		—		17,061				17,061		3,260	2009	2009	36 Years
Emory at Dunwoody Building Dunwoody, GA		—		782		3,455		—		782		3,455				4,237		789	2011	2011	35 Years
Forney Medical Plaza Forney, TX		—		910		11,960		55		910		12,015				12,925		3,026	2011	2011	35 Years
Lake Pointe Medical Arts Building Rowlett, TX		—		1,100		9,000		31		1,100		9,031	1			10,132		1,992	2011	2011	35 Years
Tuscan Professional Building Irving, TX		4,519		1,100		12,525		1,214		1,100		13,739				14,839		2,715	2011	2011	35 Years
Peace Health Medical Clinic Bellingham, WA		—		1,900		24,910		—		1,900		24,910				26,810		5,024	2012	2012	35 Years
Northwest Texas Professional Office Tower Amarillo, TX (f.)		—		—		7,180		—		—		7,180				7,180		1,208	2012	2012	35 Years
Ward Eagle Office Village Farmington Hills, MI		—		220		3,220		—		220		3,220				3,440		526	2013	2013	35 Years
5004 Poole Road MOB Denison, TX		—		96		529		—		96		529				625		81	2013	2013	35 Years
Desert Valley Medical Center Phoenix, AZ		4,946		2,280		4,624		479		2,280		5,103		80		7,463		757	1996	1996	30 Years
Hanover Emergency Center Mechanicsville, VA		—		1,300		6,224		—		1,300		6,224				7,524		699	2014	2014	35 Years
Haas Medical Office Park Ottumwa, IA (g.)		—		—		3,571		—		—		3,571				3,571		343	2015	2015	35 Years
South Texas ER at Mission Mission, TX		—		1,441		4,696		—		1,441		4,696				6,137		458	2015	2015	35 Years
North Valley Medical Plaza Phoenix, AZ		—		930		6,929		612		930		7,541	796			9,267		1,004	2010	2010	30 Years
Northwest Medical Center at Sugar Creek Bentonville, AR		—		1,100		2,870		—		1,100		2,870				3,970		366	2014	2014	35 Years
The Children’s Clinic at Springdale Springdale, AR		—		610		1,570		—		610		1,570				2,180		225	2014	2014	35 Years
Rosenberg Children’s Medical Plaza Phoenix, AZ (g.)		7,968		—		23,302		34		—		23,336				23,336		2,682	2001	2001	35 Years
Phoenix Children’s East Valley Care Center Phoenix, AZ		9,400		1,050		10,900		—		1,050		10,900				11,950		1,250	2006	2006	35 Years
Palmdale Medical Plaza Palmdale, CA (f.)		—		—		10,555		1,745		—		12,300		8		12,308		1,638	2008	2008	34 Years
Piedmont-Roswell Physician Center Sandy Springs, GA		—		2,338		2,128		—		2,338		2,128				4,466		243	2015	2015	30 Years
Piedmont-Vinings Physician Center Vinings, GA		—		1,348		2,418		—		1,348		2,418				3,766		267	2015	2015	30 Years
Santa Fe Professional Plaza Scottsdale, AZ		—		1,090		1,960		359		1,090		2,319		1		3,410		360	1999	1999	30 Years
Sierra San Antonio Medical Plaza Fontana, CA (g.)		—		—		11,538		514		—		12,052	10			12,062		1,560	2006	2006	30 Years
Vista Medical Terrace & Sparks MOB Sparks, NV (f.)		4,130		—		9,276		608		—		9,884		39		9,923		1,760	2008	2008	30 Years
South Texas ER at Weslaco Weslaco ,TX		—		1,749		4,879		—		1,749		4,879				6,628		485	2015	2015	35 Years
Chandler Corporate Center III Chandler, AZ		—		2,328		14,131		—		2,328		14,131				16,459		1,042	2016	2016	35 Years
Frederick Crestwood MOB Frederick, MD		—		2,265		18,731		—		2,265		18,731				20,996		939	2016	2016	35 Years
Madison Professional Office Building Madison, AL		—		2,296		6,411		—		2,296		6,411				8,707		473	2016	2016	35 Years
Tenaya Medical Office Building Las Vegas, NV		7,007		3,032		10,602		—		3,032		10,602				13,634		444	2016	2016	35 Years
Hendserson Medical Plaza Henderson, NV (f.)		—		—		10,718		—		—		10,718		6,287		17,005		412	2017	2017	35 Years
Hamburg Medical Building Hamburg, PA		—		696		3,406		—		696		3,406				4,102		64	2017	2017	35 Years
Las Palmas Del Sol Emergency Center - West El Paso, TX		—		801		5,029		—		801		5,029				5,830		59	2017	2017	35 Years
TOTALS	$	75,742	$	50,302	$	478,853	$	63,169	$	53,142	$	539,182	$	7,452	$	599,776	$	153,379

a.	Consists of costs subsequent to acquisition that were capitalized, divested or written down in connection with asset impairments and hurricane related damage.

b.	During 2008, a $4.6 million provision for asset impairment was recorded in connection with the real estate assets of Southern Crescent Center I & Southern Crescent Center II.

c.	Consists of outstanding balances as of December 31, 2017 on third-party debt that is non-recourse to us.

d.	Carrying value of depreciable assets were written down to zero as a result of substantial damage from Hurricane Harvey during the third quarter of 2017.

e.	Carrying value of depreciable assets were written down as a result of substantial damage from Hurricane Harvey during the third quarter of 2017.

f.	At December 31, 2017, we are the lessee with a UHS-related party on a ground lease for land.

g.	At December 31, 2017, we are the lessee with a third party on a ground lease for land.

UNIVERSAL HEALTH REALTY INCOME TRUST

NOTES TO SCHEDULE III

DECEMBER 31, 2017

(amounts in thousands)

(1) RECONCILIATION OF REAL ESTATE PROPERTIES

The following table reconciles the Real Estate Properties from January 1, 2015 to December 31, 2017:

	2017			2016			2015
Balance at January 1,	$	585,828		$	511,657		$	486,589
Additions (a.)		12,492			14,186			4,972
Acquisitions		9,931			60,031			24,568
Disposals/Divestitures (b.)		(8,475	)		(46	)		(4,472	)
Balance at December 31,	$	599,776		$	585,828		$	511,657

(2) RECONCILIATION OF ACCUMULATED DEPRECIATION

The following table reconciles the Accumulated Depreciation from January 1, 2015 to December 31, 2017:

	2017			2016			2015
Balance at January 1,	$	138,588		$	121,161		$	106,480
Disposals/Divestitures (b.)		(4,896	)		(9	)		(1,568	)
Depreciation expense		19,687			17,436			16,249
Balance at December 31,	$	153,379		$	138,588		$	121,161

(a)

Included in the additions during 2017 and 2016, were $3.0 million and $9.5 million, respectively, related to Henderson Medical Plaza, which was completed and opened during 2017.

(b)

2017 includes property damage write-downs resulting from substantial damage from Hurricane Harvey during the third quarter of 2017, as discussed in Note 10 to the consolidated financial statements – Impact of Hurricane Harvey.