SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

(in thousands)


							Costs
							capitalized		Gross amount at which carried at
			Initial cost to company				subsequent		December 31, 2014
					Building and		to				Building and				Accum		Construction/	Acquisition
	Encumbrances		Land		improvement		acquisition		Land		improvement		Total(1)		deprec.		renovation date	date
Skilled Nursing Properties:
134 Alamogordo, NM	$	—	$	210	$	2,593	$	539	$	210	$	3,132	$	3,342	$	908	1985	2001
218 Albuquerque, NM		—		1,696		3,891		530		1,696		4,421		6,117		1,390	2008	2005
219 Albuquerque, NM		—		1,950		8,910		207		1,950		9,117		11,067		2,828	1982	2005
220 Albuquerque, NM		—		2,463		7,647		9		2,463		7,656		10,119		2,373	1970	2005
042 Altoona, IA		—		105		2,309		444		105		2,753		2,858		1,652	1973	1996
252 Amarillo, TX		—		844		—		7,925		844		7,925		8,769		558	2013	2011
214 Aransas Pass, TX		—		154		1,276		589		154		1,865		2,019		676	2008	2004
247 Arlington, TX		—		1,016		13,649		—		1,016		13,649		14,665		1,938	2007	2011
171 Atlanta, GA		—		175		1,282		3		175		1,285		1,460		679	1968	1999
040 Atmore, AL		—		131		2,877		196		131		3,073		3,204		1,677	1974	1996
221 Beaumont, TX		—		370		1,141		93		370		1,234		1,604		436	1950	2005
213 Beeville, TX		—		186		1,197		70		186		1,267		1,453		373	1974	2004
215 Benbrook, TX		—		480		2,121		102		480		2,223		2,703		749	1976	2005
007 Bradenton, FL		—		330		2,720		160		330		2,880		3,210		1,801	2002	1993
256 Brownwood, TX		—		164		6,336		—		164		6,336		6,500		521	2011	2012
043 Carroll, IA		—		47		1,033		213		47		1,246		1,293		746	1969	1996
177 Chesapeake, VA		—		388		3,469		1,097		388		4,566		4,954		2,785	2007	1995
257 Cincinnati, OH		—		1,890		25,110		—		1,890		25,110		27,000		1,391	2009	2012
125 Clovis, NM		—		561		5,539		307		561		5,846		6,407		2,022	2006	2001
129 Clovis, NM		—		598		5,902		59		598		5,961		6,559		2,088	1995	2001
268 Coldspring, KY				2,050		19,665		—		2,050		19,665		21,715		146	N/A	2012
253 Colton, CA		—		2,342		15,158		—		2,342		15,158		17,500		1,361	1990	2011
211 Commerce City, CO		—		236		3,217		167		236		3,384		3,620		1,223	1964	2004
212 Commerce City, CO		—		161		2,160		95		161		2,255		2,416		790	1967	2004
246 Crowley, TX		—		2,247		14,276		—		2,247		14,276		16,523		1,900	2007	2011
235 Daleville, VA		—		279		8,382		—		279		8,382		8,661		1,389	2005	2010
258 Dayton, OH		—		373		26,627		—		373		26,627		27,000		1,486	2010	2012
196 Dresden, TN		—		31		1,529		1,066		31		2,595		2,626		697	2002	2000
185 Gardner, KS		—		896		4,478		4,150		896		8,628		9,524		2,909	2011	1999
248 Granbury, TX		—		836		6,693		—		836		6,693		7,529		1,323	2008	2011
044 Granger, IA		—		62		1,356		221		62		1,577		1,639		907	1979	1996
205 Grapevine, TX		—		431		1,449		188		431		1,637		2,068		785	1974	2002
172 Griffin, GA		—		500		2,900		—		500		2,900		3,400		1,409	1969	1999
250 Hewitt, TX		—		1,780		8,220		99		1,780		8,319		10,099		832	2008	2011
054 Houston, TX		—		202		4,458		1,426		202		5,884		6,086		3,389	2007	1996
051 Houston, TX		—		365		3,769		1,598		365		5,367		5,732		3,006	1968	1996
055 Houston, TX		—		202		4,458		1,359		202		5,817		6,019		3,282	2008	1996
208 Jacksonville, FL		—		486		1,981		30		486		2,011		2,497		808	1987	2002
045 Jefferson, IA		—		86		1,883		296		86		2,179		2,265		1,231	1972	1996
008 Lecanto, FL		—		351		2,665		2,737		351		5,402		5,753		3,181	2006	1993
053 Mesa, AZ		—		305		6,909		1,876		305		8,785		9,090		4,653	1996	1996
226 Mesa, AZ		—		1,095		2,330		—		1,095		2,330		3,425		688	1979	2006
050 Midland, TX		—		33		2,285		26		33		2,311		2,344		1,318	1973	1996
242 Mission, TX		—		1,111		16,602		—		1,111		16,602		17,713		2,022	2004	2010
041 Montgomery, AL		—		242		5,327		115		242		5,442		5,684		3,036	1974	1996
115 Nacogdoches, TX		—		100		1,738		168		100		1,906		2,006		1,005	1973	1997
233 Nacogdoches, TX		—		394		7,456		268		394		7,724		8,118		1,197	1991	2010
249 Nacogdoches, TX		—		1,015		11,109		—		1,015		11,109		12,124		1,766	2007	2011
046 Norwalk, IA		—		47		1,033		239		47		1,272		1,319		750	1975	1996
176 Olathe, KS		—		520		1,872		313		520		2,185		2,705		1,160	1968	1999
251 Pasadena, TX		—		1,155		14,345		—		1,155		14,345		15,500		1,244	2005	2011
210 Phoenix, AZ		—		334		3,383		456		334		3,839		4,173		1,528	1982	2004
193 Phoenix, AZ		—		300		9,703		92		300		9,795		10,095		4,594	1985	2000
047 Polk City, IA		—		63		1,376		153		63		1,529		1,592		888	1976	1996
094 Portland, OR		—		100		1,925		2,652		100		4,577		4,677		2,349	2007	1997
254 Red Oak, TX		—		1,427		17,173		—		1,427		17,173		18,600		1,417	2002	2012
124 Richland Hills, TX		—		144		1,656		427		144		2,083		2,227		982	1976	2001
197 Ripley, TN		—		20		985		1,606		20		2,591		2,611		598	2007	2000

LTC PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

(in thousands)


								Costs
								capitalized			Gross amount at which carried at
			Initial cost to company					subsequent			December 31, 2014
					Building and			to						Building and					Accum			Construction/		Acquisition
	Encumbrances	Land		improvement			acquisition			Land			improvement			Total(1)		deprec.			renovation date		date
133 Roswell, NM	—		568			5,235			1,208			568			6,443		7,011			1,839		1975		2001
081 Sacramento, CA	—		220			2,929			—			220			2,929		3,149			1,618		1968		1997
085 Salina, KS	—		100			1,153			628			100			1,781		1,881			1,028		1985		1997
243 Stephenville TX	—		670			10,117			500			670			10,617		11,287			1,432		2009		2010
234 St. Petersburg, FL	—		1,070			7,930			500			1,070			8,430		9,500			1,164		1988		2010
225 Tacoma, WA	—		723			6,401			901			723			7,302		8,025			2,271		2009		2006
178 Tappahannock, VA	—		375			1,327			397			375			1,724		2,099			1,379		1978		1995
270 Trinity, FL	—		1,653			12,748			—			1,653			12,748		14,401			481		N/A		2013
192 Tucson, AZ	—		276			8,924			112			276			9,036		9,312			4,233		1992		2000
209 Tyler, TX	—		300			3,071			22			300			3,093		3,393			960		1974		2004
Skilled Nursing Properties	—		42,034			401,368			38,634			42,034			440,002		482,036			107,245
Assisted Living Properties:
077 Ada, OK	—		100			1,650			—			100			1,650		1,750			765		1996		1996
136 Arlington, OH	—		629			6,973			—			629			6,973		7,602			2,353		1993		2001
105 Arvada, CO	—		100			2,810			6,734			100			9,544		9,644			1,497		1997		1997
063 Athens, TX	—		96			1,510			1			96			1,511		1,607			736		1995		1996
269 Aurora, CO	—		850			8,111			—			850			8,111		8,961			27		N/A		2013
260 Aurora, CO	—		831			10,071			—			831			10,071		10,902			606		1999		2012
203 Bakersfield, CA	—		834			11,986			812			834			12,798		13,632			4,766		2002		2001
117 Beatrice, NE	—		100			2,173			—			100			2,173		2,273			960		1997		1997
137 Bexley, OH	—		306			4,196			—			306			4,196		4,502			1,417		1992		2001
278 Castle Rock, CO	—		759			9,041			—			759			9,041		9,800			17		N/A		2014
160 Central, SC	—		100			2,321			—			100			2,321		2,421			847		1998		1999
263 Chatham, NJ	—		5,365			36,399			—			5,365			36,399		41,764			2,099		2002		2012
240 Daytona Beach, FL	—		900			3,400			—			900			3,400		4,300			440		1996		2010
156 Denison, IA	—		100			2,713			—			100			2,713		2,813			1,143		1998		1998
057 Dodge City, KS	—		84			1,666			4			84			1,670		1,754			834		1995		1995
083 Durant, OK	—		100			1,769			—			100			1,769		1,869			804		1997		1997
107 Edmond, OK	—		100			1,365			526			100			1,891		1,991			839		1996		1997
122 Elkhart, IN	—		100			2,435			—			100			2,435		2,535			1,058		1997		1997
155 Erie, PA	—		850			7,477			—			850			7,477		8,327			3,184		1998		1999
100 Fremont ,OH	—		100			2,435			—			100			2,435		2,535			1,083		1997		1997
267 Frisco, TX	—		1,000			4,939			—			1,000			4,939		5,939			56		N/A		2012
163 Ft. Collins, CO	—		100			2,961			2,920			100			5,881		5,981			1,209		1998		1999
170 Ft. Collins, CO	—		100			3,400			2,324			100			5,724		5,824			1,353		1999		1999
132 Ft. Meyers, FL	—		100			2,728			9			100			2,737		2,837			1,170		1998		1998
230 Ft. Wayne, IN	—		594			3,461			731			594			4,192		4,786			767		1996		2009
229 Ft. Worth, TX	—		333			4,385			1,028			333			5,413		5,746			1,464		2009		2008
167 Goldsboro, NC	—		100			2,385			1			100			2,386		2,486			810		1998		1999
056 Great Bend, KS	—		80			1,570			21			80			1,591		1,671			872		1995		1995
102 Greeley, CO	—		100			2,310			270			100			2,580		2,680			1,141		1997		1997
164 Greenville, NC	—		100			2,478			2			100			2,480		2,580			948		1998		1999
062 Greenville, TX	—		42			1,565			—			42			1,565		1,607			762		1995		1996
161 Greenwood, SC	—		100			2,638			—			100			2,638		2,738			1,030		1998		1999
241 Gulf Breeze, FL	—		720			3,780			—			720			3,780		4,500			528		2000		2010
066 Jacksonville, TX	—		100			1,900			—			100			1,900		2,000			918		1996		1996

LTC PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

(in thousands)


						Costs
						capitalized		Gross amount at which carried at
			Initial cost to company			subsequent		December 31, 2014
					Building and	to				Building and				Accum		Construction/	Acquisition
	Encumbrances		Land		improvements	acquisition		Land		improvement		Total(1)		deprec.		renovation date	date
255 Littleton, CO		—		1,882	8,248		—		1,882		8,248		10,130		439	2013	2012
268 Littleton, CO		—		1,200	8,684		—		1,200		8,684		9,884		152	2013	2013
148 Longmont, CO		—		100	2,640		—		100		2,640		2,740		1,118	1998	1998
060 Longview, TX		—		38	1,568		1		38		1,569		1,607		769	1995	1995
261 Louisville, CO		—		911	11,703		—		911		11,703		12,614		690	2000	2012
114 Loveland, CO		—		100	2,865		270		100		3,135		3,235		1,371	1997	1997
068 Lufkin, TX		—		100	1,950		—		100		1,950		2,050		936	1996	1996
119 Madison, IN		—		100	2,435		—		100		2,435		2,535		1,073	1997	1997
061 Marshall, TX		—		38	1,568		451		38		2,019		2,057		997	1995	1995
058 McPherson, KS		—		79	1,571		4		79		1,575		1,654		863	1994	1995
239 Merritt Island, FL		—		550	8,150		—		550		8,150		8,700		1,076	2004	2010
104 Millville, NJ		—		100	2,825		—		100		2,825		2,925		1,253	1997	1997
231 Monroeville, PA		—		526	5,334		435		526		5,769		6,295		947	1997	2009
166 New Bern, NC		—		100	2,427		1		100		2,428		2,528		841	1998	1999
118 Newark, OH		—		100	2,435		—		100		2,435		2,535		1,073	1997	1997
123 Newport Richey, FL		—		100	5,845		664		100		6,509		6,609		3,181	1995	1998
074 Newport, OR		—		100	2,050		—		100		2,050		2,150		1,215	1996	1996
143 Niceville, FL		—		100	2,680		—		100		2,680		2,780		1,135	1998	1998
095 Norfolk, NE		—		100	2,123		—		100		2,123		2,223		952	1997	1997
232 Pittsburgh, PA		—		470	2,615		333		470		2,948		3,418		529	1994	2009
165 Rocky Mount, NC		—		100	2,494		1		100		2,495		2,595		890	1998	1999
141 Rocky River, OH		—		760	6,963		—		760		6,963		7,723		2,915	1998	1999
059 Salina, KS		—		79	1,571		4		79		1,575		1,654		863	1994	1995
084 San Antonio, TX		—		100	1,900		—		100		1,900		2,000		862	1997	1997
092 San Antonio, TX		—		100	2,055		—		100		2,055		2,155		926	1997	1997
149 Shelby, NC		—		100	2,805		2		100		2,807		2,907		1,188	1998	1998
150 Spring Hill, FL		—		100	2,650		—		100		2,650		2,750		1,123	1998	1998
103 Springfield, OH		—		100	2,035		270		100		2,305		2,405		1,017	1997	1997
162 Sumter, SC		—		100	2,351		—		100		2,351		2,451		881	1998	1999
140 Tallahassee, FL		—		100	3,075		—		100		3,075		3,175		1,305	1998	1998
098 Tiffin, OH		—		100	2,435		—		100		2,435		2,535		1,083	1997	1997
088 Troy, OH		—		100	2,435		306		100		2,741		2,841		1,225	1997	1997
080 Tulsa, OK		—		200	1,650		—		200		1,650		1,850		758	1997	1997
093 Tulsa, OK		—		100	2,395		—		100		2,395		2,495		1,076	1997	1997
238 Tupelo, MS		—		1,170	8,230		30		1,170		8,260		9,430		1,144	2000	2010
075 Tyler, TX		—		100	1,800		—		100		1,800		1,900		832	1996	1996
202 Vacaville, CA		—		1,662	11,634		1,141		1,662		12,775		14,437		4,697	2002	2001
091 Waco, TX		—		100	2,235		—		100		2,235		2,335		1,005	1997	1997
096 Wahoo, NE		—		100	2,318		—		100		2,318		2,418		1,032	1997	1997
108 Watauga, TX		—		100	1,668		—		100		1,668		1,768		746	1996	1997
109 Weatherford, OK		—		100	1,669		592		100		2,261		2,361		999	1996	1997
110 Wheelersburg, OH		—		29	2,435		—		29		2,435		2,464		1,073	1997	1997
259 Wichita, KS		—		730	—		9,682		730		9,682		10,412		465	2013	2012
076 Wichita Falls, TX		—		100	1,850		—		100		1,850		1,950		855	1996	1996
120 Wichita Falls, TX		—		100	2,750		—		100		2,750		2,850		1,215	1997	1997
265 Williamstown, NJ		—		711	6,637		—		711		6,637		7,348		429	2000	2012
264 Williamstown, NJ		—		711	8,649		—		711		8,649		9,360		505	2000	2012
138 Worthington, OH		—		—	6,102		—		—		6,102		6,102		4,843	1993	2001
139 Worthington, OH		—		—	3,402		—		—		3,402		3,402		2,717	1995	2001
099 York, NE		—		100	2,318		—		100		2,318		2,418		1,032	1997	1997
Assisted Living Properties		—		30,719	341,228		29,570		30,719		370,798		401,517		98,814
Range of Care Properties:
199 Brownsville, TX		—		302	1,856		835		302		2,691		2,993		878	2009	2004
168 Des Moines, IA(2)		—		115	2,096		1,433		115		3,529		3,644		1,795	1972	1999
26A Gardendale, AL		—		100	7,550		2,084		100		9,634		9,734		4,548	2009	1996

LTC PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

(in thousands)


							Costs
							capitalized		Gross amount at which carried at
			Initial cost to company				subsequent		December 31, 2014
					Building and		to				Building and					Accum		Construction/	Acquisition
	Encumbrances		Land		improvements		acquisition		Land		improvements		Total(1)			deprec.		renovation date	date
194 Holyoke, CO		—		211		1,513		283		211		1,796		2,007			955	1963	2000
245 Newberry, SC		—		439		4,639		608		439		5,247		5,686			867	1995	2011
244 Newberry, SC		—		919		5,454		131		919		5,585		6,504			818	2001	2011
236 Wytheville, VA		—		647		12,692		—		647		12,692		13,339			2,606	1996	2010
Range of Care Properties		—		2,733		35,800		5,374		2,733		41,174		43,907			12,467
Other:
School:
159 Trenton, NJ		—		100		6,000		3,170		100		9,170		9,270			4,789	1998	1998
School		—		100		6,000		3,170		100		9,170		9,270			4,789
Land:
271 Howell, MI		—		420		—		—		420		—		420			—	N/A	2013
273 Richmond, MI		—		380		—		—		380		—		380			—	N/A	2013
274 Rochester Hills, MI		—		290		—		—		290		—		290			—	N/A	2013
275 Yale, MI		—		73		—		—		73		—		73			—	N/A	2013
999 Milford, MI		—		450		—		—		450		—		450			—	N/A	2014
Land		—		1,613		—		—		1,613		—		1,613			—
Other Properties		—		1,713		6,000		3,170		1,713		9,170		10,883			4,789
Properties Under Development:
276 Westminster, CO		—		1,425		—		7,994		1,425		7,994		9,419			—	N/A	2013
999 Burr Ridge, IL		—		1,400		—		676		1,400		676		2,076			—	N/A	2014
Properties Under Development		—		2,825		—		8,670		2,825		8,670		11,495			—
	$	—	$	80,024	$	784,396	$	85,418	$	80,024	$	869,814	$	949,838	(2)	$	223,315

⁽¹⁾

Depreciation is computed principally by the straight‑line method for financial reporting purposes which generally range of a life from 5 to 15 years for furniture and equipment, 35 to 45 years for buildings, 10 to 20 years for building improvements and the respective lease term for acquired lease intangibles.

⁽²⁾

As of December 31, 2014, our aggregate cost for Federal income tax purposes was $965,043.

LTC PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

(in thousands)

Activity for the years ended December 31, 2014, 2013 and 2012 is as follows:


	For the Year Ended December 31,
	2014		2013		2012
Reconciliation of real estate:
Carrying cost:
Balance at beginning of period	$	937,617	$	900,095	$	725,031
Acquisitions		11,650		19,040		166,750
Improvements		49,912		32,008		11,219
Conversion of mortgage loans into owned properties		—		—		—
Impairment charges		—		—		—
Cost of real estate sold		(49,341)		(13,526)		(2,905)
Ending balance	$	949,838	$	937,617	$	900,095
Accumulated depreciation:
Balance at beginning of period	$	218,700	$	198,548	$	178,196
Depreciation expense		25,424		24,568		22,002
Conversion of mortgage loans into owned properties		—		—		—
Impairment charges		—		—		—
Cost of real estate sold		(20,809)		(4,416)		(1,650)
Ending balance	$	223,315	$	218,700	$	198,548