LTC PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

(in thousands)


							Costs
							capitalized		Gross amount at which carried at
			Initial cost to company				subsequent		December 31, 2018
					Building and		to				Building and				Accum		Construction/	Acquisition
	Encumbrances		Land		improvements		acquisition		Land		improvements		Total(1)		deprec.		renovation date	date
Skilled Nursing Properties:
134 Alamogordo, NM	$	—	$	210	$	2,593	$	641	$	210	$	3,234	$	3,444	$	1,408	1985	2001
218 Albuquerque, NM		—		1,696		3,891		530		1,696		4,421		6,117		1,841	2008	2005
219 Albuquerque, NM		—		1,950		8,910		207		1,950		9,117		11,067		3,670	1982	2005
220 Albuquerque, NM		—		2,463		7,647		9		2,463		7,656		10,119		3,062	1970	2005
042 Altoona, IA		—		105		2,309		444		105		2,753		2,858		1,920	1973	1996
252 Amarillo, TX		—		844		—		7,925		844		7,925		8,769		1,871	2013	2011
214 Aransas Pass, TX		—		154		1,276		589		154		1,865		2,019		888	2008	2004
247 Arlington, TX		—		1,016		13,649		—		1,016		13,649		14,665		3,801	2007	2011
221 Beaumont, TX		—		370		1,141		106		370		1,247		1,617		541	1950	2005
213 Beeville, TX		—		186		1,197		70		186		1,267		1,453		493	1974	2004
007 Bradenton, FL		—		330		2,720		160		330		2,880		3,210		2,112	2012	1993
256 Brownwood, TX		—		164		6,336		—		164		6,336		6,500		1,354	2011	2012
043 Carroll, IA		—		47		1,033		213		47		1,246		1,293		867	1969	1996
177 Chesapeake, VA		—		388		3,469		2,777		388		6,246		6,634		3,395	2017	1995
257 Cincinnati, OH		—		1,890		25,110		—		1,890		25,110		27,000		3,694	2009	2012
125 Clovis, NM		—		561		5,539		307		561		5,846		6,407		2,588	2006	2001
129 Clovis, NM		—		598		5,902		59		598		5,961		6,559		2,662	1995	2001
268 Coldspring, KY		—		2,050		21,496		—		2,050		21,496		23,546		4,091	2014	2012
253 Colton, CA		—		2,342		15,158		—		2,342		15,158		17,500		3,082	1990	2011
211 Commerce City, CO		—		236		3,217		167		236		3,384		3,620		1,529	1964	2004
212 Commerce City, CO		—		161		2,160		95		161		2,255		2,416		999	1967	2004
246 Crowley, TX		—		2,247		14,276		—		2,247		14,276		16,523		3,841	2007	2011
235 Daleville, VA		—		279		8,382		—		279		8,382		8,661		2,421	2005	2010
258 Dayton, OH		—		373		26,627		—		373		26,627		27,000		3,945	2010	2012
168 Des Moines, IA		—		115		2,096		1,433		115		3,529		3,644		2,114	1972	1999
196 Dresden, TN		—		31		1,529		1,073		31		2,602		2,633		1,095	2014	2000
298 Forth Worth, TX		—		2,785		7,546		—		2,785		7,546		10,331		1,341	1998	2015
026 Gardendale, AL		—		100		7,550		2,084		100		9,634		9,734		5,863	2011	1996
185 Gardner, KS		—		896		4,478		4,150		896		8,628		9,524		3,773	2011	1999
248 Granbury, TX		—		836		6,693		—		836		6,693		7,529		2,473	2008	2011
044 Granger, IA		—		62		1,356		221		62		1,577		1,639		1,072	1979	1996
205 Grapevine, TX		—		431		1,449		188		431		1,637		2,068		912	1974	2002
172 Griffin, GA		—		500		2,900		—		500		2,900		3,400		1,711	1969	1999
250 Hewitt, TX		—		1,780		8,220		99		1,780		8,319		10,099		1,815	2008	2011
194 Holyoke, CO		—		211		1,513		283		211		1,796		2,007		1,085	1963	2000
051 Houston, TX		—		365		3,769		1,598		365		5,367		5,732		3,508	1968	1996
054 Houston, TX		—		202		4,458		1,426		202		5,884		6,086		3,996	2007	1996
055 Houston, TX		—		202		4,458		1,359		202		5,817		6,019		3,880	2008	1996
045 Jefferson, IA		—		86		1,883		296		86		2,179		2,265		1,464	1972	1996
008 Lecanto, FL		—		351		2,665		2,737		351		5,402		5,753		3,735	2012	1993
300 Mansfield, TX		—		2,890		13,110		—		2,890		13,110		16,000		1,424	2015	2016
053 Mesa, AZ		—		305		6,909		1,876		305		8,785		9,090		5,632	1996	1996
226 Mesa, AZ		—		1,095		2,330		4,673		1,095		7,003		8,098		1,407	2016	2006
242 Mission, TX		—		1,111		16,602		—		1,111		16,602		17,713		4,014	2004	2010
115 Nacogdoches, TX		—		100		1,738		168		100		1,906		2,006		1,164	1973	1997
233 Nacogdoches, TX		—		394		7,456		268		394		7,724		8,118		2,077	1991	2010
249 Nacogdoches, TX		—		1,015		11,109		—		1,015		11,109		12,124		3,451	2007	2011
245 Newberry, SC		—		439		4,639		608		439		5,247		5,686		1,744	1995	2011
244 Newberry, SC		—		919		5,454		131		919		5,585		6,504		1,634	2001	2011
046 Norwalk, IA		—		47		1,033		239		47		1,272		1,319		895	1975	1996
176 Olathe, KS		—		520		1,872		313		520		2,185		2,705		1,393	1968	1999
251 Pasadena, TX		—		1,155		14,345		522		1,155		14,867		16,022		3,012	2005	2011
210 Phoenix, AZ		—		334		3,383		456		334		3,839		4,173		1,844	1982	2004
193 Phoenix, AZ		—		300		9,703		92		300		9,795		10,095		5,601	1985	2000
047 Polk City, IA		—		63		1,376		153		63		1,529		1,592		1,046	1976	1996
094 Portland, OR		—		100		1,925		3,152		100		5,077		5,177		3,166	2007	1997
254 Red Oak, TX		—		1,427		17,173		—		1,427		17,173		18,600		3,479	2002	2012
124 Richland Hills, TX		—		144		1,656		427		144		2,083		2,227		1,155	1976	2001
197 Ripley, TN		—		20		985		1,638		20		2,623		2,643		1,101	2014	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, 2018
					Building and		to				Building and				Accum		Construction/	Acquisition
	Encumbrances		Land		improvements		acquisition		Land		improvements		Total(1)		deprec.		renovation date	date
133 Roswell, NM	$	—	$	568	$	5,235	$	1,396	$	568	$	6,631	$	7,199	$	2,782	1975	2001
081 Sacramento, CA		—		220		2,929		1,481		220		4,410		4,630		2,330	2015	1997
085 Salina, KS		—		100		1,153		628		100		1,781		1,881		1,201	1985	1997
281 Slinger, WI		—		464		13,482		—		464		13,482		13,946		2,040	2014	2015
234 St. Petersburg, FL		—		1,070		7,930		500		1,070		8,430		9,500		2,084	1988	2010
243 Stephenville, TX		—		670		10,117		500		670		10,617		11,287		2,627	2009	2010
225 Tacoma, WA		—		723		6,401		901		723		7,302		8,025		3,105	2009	2006
178 Tappahannock, VA		—		375		1,327		397		375		1,724		2,099		1,487	1978	1995
270 Trinity, FL		—		1,653		12,748		—		1,653		12,748		14,401		2,131	2008	2013
192 Tucson, AZ		—		276		8,924		112		276		9,036		9,312		5,162	1992	2000
299 Weatherford, TX		—		836		11,902		—		836		11,902		12,738		1,726	1996	2015
236 Wytheville, VA		—		647		12,167		—		647		12,167		12,814		4,370	1996	2010
Skilled Nursing Properties	$	—	$	49,593	$	463,714	$	51,877	$	49,593	$	515,591	$	565,184	$	172,196
Assisted Living Properties:
077 Ada, OK		—		100		1,650		—		100		1,650		1,750		926	1996	1996
105 Arvada, CO		—		100		2,810		6,960		100		9,770		9,870		2,955	2014	1997
304 Athens, GA		—		1,056		13,326		—		1,056		13,326		14,382		948	2016	2016
063 Athens, TX		—		96		1,510		104		96		1,614		1,710		929	1995	1996
269 Aurora, CO		—		850		8,583		—		850		8,583		9,433		1,548	2014	2013
260 Aurora, CO		—		831		10,071		—		831		10,071		10,902		1,819	1999	2012
203 Bakersfield, CA		—		834		11,986		812		834		12,798		13,632		6,115	2002	2001
117 Beatrice, NE		—		100		2,173		183		100		2,356		2,456		1,211	1997	1997
277 Burr Ridge, IL		—		1,400		11,102		—		1,400		11,102		12,502		1,229	2016	2014
278 Castle Rock, CO		—		759		9,041		—		759		9,041		9,800		823	2012	2014
160 Central, SC		—		100		2,321		—		100		2,321		2,421		1,050	1998	1999
263 Chatham, NJ		—		5,365		36,399		—		5,365		36,399		41,764		6,297	2002	2012
307 Clovis, CA		—		2,542		19,126		—		2,542		19,126		21,668		824	2014	2017
308 Clovis, CA		—		3,054		14,172		—		3,054		14,172		17,226		587	2016	2017
279 Corpus Christi, TX		—		880		11,440		—		880		11,440		12,320		1,166	2016	2015
292 De Forest, WI		—		485		5,568		8		485		5,576		6,061		594	2006	2015
057 Dodge City, KS		—		84		1,666		4		84		1,670		1,754		994	1995	1995
083 Durant, OK		—		100		1,769		—		100		1,769		1,869		977	1997	1997
107 Edmond, OK		—		100		1,365		526		100		1,891		1,991		1,024	1996	1997
163 Ft. Collins, CO		—		100		2,961		3,405		100		6,366		6,466		2,258	2014	1999
170 Ft. Collins, CO		—		100		3,400		4,622		100		8,022		8,122		2,510	2014	1999
132 Ft. Meyers, FL		—		100		2,728		9		100		2,737		2,837		1,440	1998	1998
229 Ft. Worth, TX		—		333		4,385		1,028		333		5,413		5,746		1,916	2009	2008
315 Ft. Worth, TX		—		1,534		11,099		—		1,534		11,099		12,633		158	2014	2018
100 Fremont ,OH		—		100		2,435		106		100		2,541		2,641		1,363	1997	1997
267 Frisco, TX		—		1,000		5,154		—		1,000		5,154		6,154		977	2014	2012
314 Frisco, TX		—		2,216		10,417		—		2,216		10,417		12,633		152	2015	2018
296 Glenview, IL				2,800		14,248		—		2,800		14,248		17,048		568	2017	2015
167 Goldsboro, NC		—		100		2,385		1		100		2,386		2,486		1,006	1998	1999
056 Great Bend, KS		—		80		1,570		21		80		1,591		1,671		1,052	1995	1995
102 Greeley, CO		—		100		2,310		270		100		2,580		2,680		1,395	1997	1997
284 Green Bay, WI		—		1,660		19,079		356		1,660		19,435		21,095		2,015	2004	2015
164 Greenville, NC		—		100		2,478		2		100		2,480		2,580		1,175	1998	1999
062 Greenville, TX		—		42		1,565		84		42		1,649		1,691		947	1995	1996
161 Greenwood, SC		—		100		2,638		—		100		2,638		2,738		1,278	1998	1999
241 Gulf Breeze, FL		—		720		3,780		261		720		4,041		4,761		1,093	2000	2010
295 Jacksonville, FL		—		1,389		12,756		39		1,389		12,795		14,184		1,098	2015	2015
066 Jacksonville, TX		—		100		1,900		77		100		1,977		2,077		1,137	1996	1996
310 Kansas City, MO				1,072		15,552		—		1,072		15,552		16,624		448	2017	2017
285 Kenosha, WI		—		936		12,361		165		936		12,526		13,462		1,155	2008	2015
255 Littleton, CO		—		1,882		8,248		—		1,882		8,248		10,130		1,548	2013	2012
268 Littleton, CO		—		1,200		8,688		—		1,200		8,688		9,888		1,690	2014	2013
148 Longmont, CO		—		100		2,640		—		100		2,640		2,740		1,378	1998	1998
060 Longview, TX		—		38		1,568		127		38		1,695		1,733		978	1995	1995
261 Louisville, CO		—		911		11,703		—		911		11,703		12,614		2,069	2000	2012

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, 2018
						Building and	to				Building and				Accum		Construction/	Acquisition
	Encumbrances		Land			improvements	acquisition		Land		improvements		Total(1)		deprec.		renovation date	date
301 Louisville, KY	$	—	$	1,021	$	13,157	$	—	$	1,021	$	13,157	$	14,178		937	2016	2016
114 Loveland, CO		—		100		2,865		270		100		3,135		3,235		1,681	1997	1997
068 Lufkin, TX		—		100		1,950		94		100		2,044		2,144		1,167	1996	1996
061 Marshall, TX		—		38		1,568		534		38		2,102		2,140		1,235	1995	1995
293 McHenry, IL		—		1,289		28,976		123		1,289		29,099		30,388		2,978	2005	2015
058 McPherson, KS		—		79		1,571		4		79		1,575		1,654		1,041	1994	1995
316 Medford, OR		—		750		13,650		—		750		13,650		14,400		144	1984	2018
239 Merritt Island, FL		—		550		8,150		100		550		8,250		8,800		2,107	2004	2010
104 Millville, NJ		—		100		2,825		708		100		3,533		3,633		1,631	1997	1997
286 Milwaukee, WI		—		818		8,014		56		818		8,070		8,888		861	2007	2015
231 Monroeville, PA		—		526		5,334		435		526		5,769		6,295		1,714	1997	2009
280 Murrells Inlet, SC		—		2,490		14,185		—		2,490		14,185		16,675		1,207	2016	2015
294 Murrieta, CA		—		2,022		11,136		—		2,022		11,136		13,158		993	2016	2015
289 Neenah, WI		—		694		20,839		212		694		21,051		21,745		2,028	1991	2015
166 New Bern, NC		—		100		2,427		1		100		2,428		2,528		1,044	1998	1999
118 Newark, OH		—		100		2,435		275		100		2,710		2,810		1,351	1997	1997
143 Niceville, FL		—		100		2,680		—		100		2,680		2,780		1,399	1998	1998
095 Norfolk, NE		—		100		2,123		165		100		2,288		2,388		1,191	1997	1997
306 Oak Lawn, IL		—		1,591		13,772		—		1,591		13,772		15,363		281	2018	2016
290 Oshkosh, WI		—		1,525		9,192		108		1,525		9,300		10,825		1,930	2009	2015
291 Oshkosh, WI		—		475		7,364		40		475		7,404		7,879		776	2005	2015
302 Overland Park, KS		—		1,951		11,882		259		1,951		12,141		14,092		958	2013	2016
232 Pittsburgh, PA		—		470		2,615		333		470		2,948		3,418		972	1994	2009
165 Rocky Mount, NC		—		100		2,494		1		100		2,495		2,595		1,103	1998	1999
059 Salina, KS		—		79		1,571		4		79		1,575		1,654		1,041	1994	1995
084 San Antonio, TX		—		100		1,900		—		100		1,900		2,000		1,048	1997	1997
092 San Antonio, TX		—		100		2,055		—		100		2,055		2,155		1,128	1997	1997
288 Sheboygan, WI		—		1,168		5,382		180		1,168		5,562		6,730		660	2006	2015
149 Shelby, NC		—		100		2,805		2		100		2,807		2,907		1,464	1998	1998
312 Spartanburg, SC		—		254		9,906		1,035		254		10,941		11,195		407	1999	2017
150 Spring Hill, FL		—		100		2,650		—		100		2,650		2,750		1,383	1998	1998
103 Springfield, OH		—		100		2,035		270		100		2,305		2,405		1,244	1997	1997
162 Sumter, SC		—		100		2,351		—		100		2,351		2,451		1,091	1998	1999
140 Tallahassee, FL		—		100		3,075		—		100		3,075		3,175		1,608	1998	1998
098 Tiffin, OH		—		100		2,435		94		100		2,529		2,629		1,346	1997	1997
282 Tinley Park, IL		—		702		11,481		—		702		11,481		12,183		1,076	2016	2015
088 Troy, OH		—		100		2,435		593		100		3,028		3,128		1,548	1997	1997
080 Tulsa, OK		—		200		1,650		—		200		1,650		1,850		919	1997	1997
093 Tulsa, OK		—		100		2,395		—		100		2,395		2,495		1,311	1997	1997
238 Tupelo, MS		—		1,170		8,230		30		1,170		8,260		9,430		2,203	2000	2010
075 Tyler, TX		—		100		1,800		—		100		1,800		1,900		1,008	1996	1996
202 Vacaville, CA		—		1,662		11,634		1,141		1,662		12,775		14,437		6,098	2002	2001
091 Waco, TX		—		100		2,235		—		100		2,235		2,335		1,225	1997	1997
096 Wahoo, NE		—		100		2,318		119		100		2,437		2,537		1,293	1997	1997
108 Watauga, TX		—		100		1,668		—		100		1,668		1,768		908	1996	1997
287 Waukesha, WI		—		992		15,183		187		992		15,370		16,362		1,435	2009	2015
109 Weatherford, OK		—		100		1,669		592		100		2,261		2,361		1,222	1996	1997
309 West Chester, OH		—		2,355		13,553		—		2,355		13,553		15,908		587	2017	2017
276 Westminster, CO		—		1,425		9,575		—		1,425		9,575		11,000		1,480	2015	2013
110 Wheelersburg, OH		—		29		2,435		239		29		2,674		2,703		1,344	1997	1997
303 Wichita, KS		—		1,422		9,957		221		1,422		10,178		11,600		828	2011	2016
259 Wichita, KS		—		730		—		9,682		730		9,682		10,412		2,057	2013	2012
283 Wichita, KS		—		624		13,846		—		624		13,846		14,470		837	2016	2015
076 Wichita Falls, TX		—		100		1,850		—		100		1,850		1,950		1,036	1996	1996
120 Wichita Falls, TX		—		100		2,750		131		100		2,881		2,981		1,526	1997	1997
265 Williamstown, NJ		—		711		6,637		—		711		6,637		7,348		1,287	2000	2012
264 Williamstown, NJ		—		711		8,649		—		711		8,649		9,360		1,516	2000	2012
099 York, NE		—		100		2,318		78		100		2,396		2,496		1,289	1997	1997
Assisted Living Properties	$	—	$	70,772	$	695,763	$	37,486	$	70,772	$	733,249	$	804,021		142,002

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, 2018
					Building and		to				Building and					Accum		Construction/	Acquisition
	Encumbrances		Land		improvements		acquisition		Land		improvements		Total(1)			deprec.		renovation date	date
Other:
Properties:
297 Las Vegas, NV		—		1,965		7,308		849		1,965		8,157		10,122			677	1990/1994	2015
Properties		—		1,965		7,308		849		1,965		8,157		10,122			677
Land:
271 Howell, MI		—		420		—		—		420		—		420			—	N/A	2013
272 Milford, MI		—		450		—		—		450		—		450			—	N/A	2014
275 Yale, MI		—		73		—		—		73		—		73			—	N/A	2013
Land		—		943		—		—		943		—		943			—
Other Properties		—		2,908		7,308		849		2,908		8,157		11,065			677
Properties Under Development:
305 Union, KY		—		858		19,057		—		858		19,057		19,915			—	N/A	2016
311 Cedarburg, WI		—		924		15,741		—		924		15,741		16,665			—	N/A	2017
313 Medford, OR		—		636		3,970		—		636		3,970		4,606			—	N/A	2018
Properties Under Development		—		2,418		38,768		—		2,418		38,768		41,186			—
	$	—	$	125,691	$	1,205,553	$	90,212	$	125,691	$	1,295,765	$	1,421,456	(2)	$	314,875

(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 50 years for buildings, 10 to 15 years for site improvements, 10 to 20 years for building improvements and the respective lease term for acquired lease intangibles.

(2)

As of December 31, 2018, our aggregate cost for Federal income tax purposes was $1,435,334.

LTC PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

(in thousands)

Activity for the years ended December 31, 2018, 2017 and 2016 is as follows:


	For the Year Ended December 31,
	2018		2017		2016
Reconciliation of real estate:
Carrying cost:
Balance at beginning of period	$	1,392,122	$	1,301,563	$	1,198,686
Acquisitions		40,408		82,405		74,923
Improvements		38,528		25,800		49,134
Capitalized interest		1,248		908		1,408
Other non-cash items (See Note 4)		—		—		2,460
Cost of real estate sold		(50,850)		(18,554)		(24,282)
Impairment on real estate for sale		—		—		(766)
Ending balance	$	1,421,456	$	1,392,122	$	1,301,563
Accumulated depreciation:
Balance at beginning of period	$	306,033	$	275,861	$	251,265
Depreciation expense		37,416		37,492		35,809
Cost of real estate sold		(28,574)		(7,320)		(11,213)
Ending balance	$	314,875	$	306,033	$	275,861