SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

(in thousands)


							Costs
							capitalized		Gross amount at which carried at
			Initial cost to company				subsequent		December 31, 2015
					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	$	1,033	1985	2001
218 Albuquerque, NM		—		1,696		3,891		530		1,696		4,421		6,117		1,503	2008	2005
219 Albuquerque, NM		—		1,950		8,910		207		1,950		9,117		11,067		3,038	1982	2005
220 Albuquerque, NM		—		2,463		7,647		9		2,463		7,656		10,119		2,545	1970	2005
042 Altoona, IA		—		105		2,309		444		105		2,753		2,858		1,720	1973	1996
252 Amarillo, TX		—		844		—		7,925		844		7,925		8,769		930	2013	2011
214 Aransas Pass, TX		—		154		1,276		589		154		1,865		2,019		730	2008	2004
247 Arlington, TX		—		1,016		13,649		—		1,016		13,649		14,665		2,448	2007	2011
171 Atlanta, GA		—		175		1,282		3		175		1,285		1,460		709	1968	1999
040 Atmore, AL		—		131		2,877		196		131		3,073		3,204		1,760	1974	1996
221 Beaumont, TX		—		370		1,141		106		370		1,247		1,617		462	1950	2005
213 Beeville, TX		—		186		1,197		70		186		1,267		1,453		404	1974	2004
215 Benbrook, TX		—		480		2,121		102		480		2,223		2,703		798	1976	2005
007 Bradenton, FL		—		330		2,720		160		330		2,880		3,210		1,880	2012	1993
256 Brownwood, TX		—		164		6,336		—		164		6,336		6,500		729	2011	2012
043 Carroll, IA		—		47		1,033		213		47		1,246		1,293		776	1969	1996
177 Chesapeake, VA		—		388		3,469		1,097		388		4,566		4,954		2,918	2007	1995
257 Cincinnati, OH		—		1,890		25,110		—		1,890		25,110		27,000		1,967	2009	2012
125 Clovis, NM		—		561		5,539		307		561		5,846		6,407		2,163	2006	2001
129 Clovis, NM		—		598		5,902		59		598		5,961		6,559		2,232	1995	2001
268 Cold Spring, KY		—		2,050		21,496		—		2,050		21,496		23,546		1,145	2014	2012
253 Colton, CA		—		2,342		15,158		—		2,342		15,158		17,500		1,792	1990	2011
211 Commerce City, CO		—		236		3,217		167		236		3,384		3,620		1,299	1964	2004
212 Commerce City, CO		—		161		2,160		95		161		2,255		2,416		843	1967	2004
246 Crowley, TX		—		2,247		14,276		—		2,247		14,276		16,523		2,419	2007	2011
235 Daleville, VA		—		279		8,382		—		279		8,382		8,661		1,691	2005	2010
258 Dayton, OH		—		373		26,627		—		373		26,627		27,000		2,101	2010	2012
196 Dresden, TN		—		31		1,529		1,073		31		2,602		2,633		797	2014	2000
298 Fort Worth, TX		—		2,785		7,546		—		2,785		7,546		10,331		36	1998	2015
185 Gardner, KS		—		896		4,478		4,150		896		8,628		9,524		3,129	2011	1999
248 Granbury, TX		—		836		6,693		—		836		6,693		7,529		1,645	2008	2011
044 Granger, IA		—		62		1,356		221		62		1,577		1,639		948	1979	1996
205 Grapevine, TX		—		431		1,449		188		431		1,637		2,068		817	1974	2002
172 Griffin, GA		—		500		2,900		—		500		2,900		3,400		1,484	1969	1999
250 Hewitt, TX		—		1,780		8,220		99		1,780		8,319		10,099		1,078	2008	2011
051 Houston, TX		—		365		3,769		1,598		365		5,367		5,732		3,133	1968	1996
054 Houston, TX		—		202		4,458		1,426		202		5,884		6,086		3,548	2007	1996
055 Houston, TX		—		202		4,458		1,359		202		5,817		6,019		3,432	2008	1996
208 Jacksonville, FL		—		486		1,981		30		486		2,011		2,497		853	1987	2002
045 Jefferson, IA		—		86		1,883		296		86		2,179		2,265		1,289	1972	1996
008 Lecanto, FL		—		351		2,665		2,737		351		5,402		5,753		3,321	2012	1993
053 Mesa, AZ		—		305		6,909		1,876		305		8,785		9,090		4,898	1996	1996
226 Mesa, AZ		—		1,095		2,330		1,240		1,095		3,570		4,665		740	1979	2006
242 Mission, TX		—		1,111		16,602		—		1,111		16,602		17,713		2,546	2004	2010
041 Montgomery, AL		—		242		5,327		115		242		5,442		5,684		3,184	1974	1996
115 Nacogdoches, TX		—		100		1,738		168		100		1,906		2,006		1,045	1973	1997
233 Nacogdoches, TX		—		394		7,456		268		394		7,724		8,118		1,442	1991	2010
249 Nacogdoches, TX		—		1,015		11,109		—		1,015		11,109		12,124		2,225	2007	2011
046 Norwalk, IA		—		47		1,033		239		47		1,272		1,319		788	1975	1996
176 Olathe, KS		—		520		1,872		313		520		2,185		2,705		1,225	1968	1999
251 Pasadena, TX		—		1,155		14,345		522		1,155		14,867		16,022		1,667	2005	2011
210 Phoenix, AZ		—		334		3,383		456		334		3,839		4,173		1,607	1982	2004
193 Phoenix, AZ		—		300		9,703		92		300		9,795		10,095		4,846	1985	2000
047 Polk City, IA		—		63		1,376		153		63		1,529		1,592		928	1976	1996
094 Portland, OR		—		100		1,925		2,652		100		4,577		4,677		2,543	2007	1997
254 Red Oak, TX		—		1,427		17,173		—		1,427		17,173		18,600		1,933	2002	2012
124 Richland Hills, TX		—		144		1,656		427		144		2,083		2,227		1,028	1976	2001
197 Ripley, TN		—		20		985		1,638		20		2,623		2,643		724	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, 2015
					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	$	2,074	1975	2001
081 Sacramento, CA		—		220		2,929		1,481		220		4,410			4,630		1,775	2015	1997
085 Salina, KS		—		100		1,153		628		100		1,781			1,881		1,071	1985	1997
281 Slinger, WI		—		464		13,482		—		464		13,482			13,946		444	2014	2015
243 Stephenville TX		—		670		10,117		500		670		10,617			11,287		1,732	2009	2010
234 St. Petersburg, FL		—		1,070		7,930		500		1,070		8,430			9,500		1,418	1988	2010
225 Tacoma, WA		—		723		6,401		901		723		7,302			8,025		2,496	2009	2006
178 Tappahannock, VA		—		375		1,327		397		375		1,724			2,099		1,409	1978	1995
270 Trinity, FL		—		1,653		12,748		—		1,653		12,748			14,401		894	2008	2013
192 Tucson, AZ		—		276		8,924		112		276		9,036			9,312		4,465	1992	2000
209 Tyler, TX		—		300		3,071		22		300		3,093			3,393		1,033	1974	2004
299 Weatherford, TX		—		836		11,902		—		836		11,902			12,738		47	1996	2015
Skilled Nursing Properties		—		46,086		433,844		42,193		46,086		476,037			522,123		119,772
Assisted Living Properties:
077 Ada, OK		—		100		1,650		—		100		1,650			1,750		805	1996	1996
136 Arlington, OH		—		629		6,973		—		629		6,973			7,602		2,524	1993	2001
105 Arvada, CO		—		100		2,810		6,960		100		9,770			9,870		1,861	2014	1997
063 Athens, TX		—		96		1,510		50		96		1,560			1,656		778	1995	1996
269 Aurora, CO		—		850		8,583		—		850		8,583			9,433		400	2014	2013
260 Aurora, CO		—		831		10,071		—		831		10,071			10,902		910	1999	2012
203 Bakersfield, CA		—		834		11,986		812		834		12,798			13,632		5,166	2002	2001
117 Beatrice, NE		—		100		2,173		—		100		2,173			2,273		1,014	1997	1997
137 Bexley, OH		—		306		4,196		—		306		4,196			4,502		1,520	1992	2001
278 Castle Rock, CO		—		759		9,041		—		759		9,041			9,800		218	2012	2014
160 Central, SC		—		100		2,321		—		100		2,321			2,421		898	1998	1999
263 Chatham, NJ		—		5,365		36,399		—		5,365		36,399			41,764		3,149	2002	2012
240 Daytona Beach, FL		—		900		3,400		(1,992)		900		1,408	(2)		2,308		558	1996	2010
292 De Forest, WI		—		485		5,568		—		485		5,568			6,053		60	2006	2015
156 Denison, IA		—		100		2,713		—		100		2,713			2,813		1,210	1998	1998
057 Dodge City, KS		—		84		1,666		4		84		1,670			1,754		874	1995	1995
083 Durant, OK		—		100		1,769		—		100		1,769			1,869		847	1997	1997
107 Edmond, OK		—		100		1,365		526		100		1,891			1,991		885	1996	1997
122 Elkhart, IN		—		100		2,435		—		100		2,435			2,535		1,118	1997	1997
155 Erie, PA		—		850		7,477		—		850		7,477			8,327		3,357	1998	1999
100 Fremont ,OH		—		100		2,435		—		100		2,435			2,535		1,143	1997	1997
267 Frisco, TX		—		1,000		5,154		—		1,000		5,154			6,154		286	2014	2012
163 Fort Collins, CO		—		100		2,961		3,405		100		6,366			6,466		1,471	2014	1999
170 Fort Collins, CO		—		100		3,400		4,622		100		8,022			8,122		1,642	2014	1999
132 Fort Meyers, FL		—		100		2,728		9		100		2,737			2,837		1,237	1998	1998
230 Fort Wayne, IN		—		594		3,461		731		594		4,192			4,786		939	1996	2009
229 Fort Worth, TX		—		333		4,385		1,028		333		5,413			5,746		1,635	2009	2008
167 Goldsboro, NC		—		100		2,385		1		100		2,386			2,486		859	1998	1999
056 Great Bend, KS		—		80		1,570		21		80		1,591			1,671		917	1995	1995
102 Greeley, CO		—		100		2,310		270		100		2,580			2,680		1,205	1997	1997
284 Green Bay, WI		—		1,660		19,079		—		1,660		19,079			20,739		231	2004	2015
164 Greenville, NC		—		100		2,478		2		100		2,480			2,580		1,005	1998	1999
062 Greenville, TX		—		42		1,565		29		42		1,594			1,636		804	1995	1996
161 Greenwood, SC		—		100		2,638		—		100		2,638			2,738		1,092	1998	1999
241 Gulf Breeze, FL		—		720		3,780		256		720		4,036			4,756		664	2000	2010
295 Jacksonville, FL		—		1,389		12,756		—		1,389		12,756			14,145		84	2015	2015
066 Jacksonville, TX		—		100		1,900		26		100		1,926			2,026		968	1996	1996
285 Kenosha, WI		—		936		12,361		—		936		12,361			13,297		114	2008	2015
255 Littleton, CO		—		1,882		8,248		—		1,882		8,248			10,130		732	2013	2012
268 Littleton, CO		—		1,200		8,688		—		1,200		8,688			9,888		537	2014	2013
148 Longmont, CO		—		100		2,640		—		100		2,640			2,740		1,183	1998	1998
060 Longview, TX		—		38		1,568		78		38		1,646			1,684		814	1995	1995
261 Louisville, CO		—		911		11,703		—		911		11,703			12,614		1,034	2000	2012
114 Loveland, CO		—		100		2,865		270		100		3,135			3,235		1,449	1997	1997
068 Lufkin, TX		—		100		1,950		36		100		1,986			2,086		987	1996	1996

LTC PROPERTIES, INC.

SCHEDULE III


						Costs
						capitalized		Gross amount at which carried at
			Initial cost to company			subsequent		December 31, 2015
					Building and	to				Building and				Accum		Construction/	Acquisition
	Encumbrances		Land		improvements	acquisition		Land		improvements		Total(1)		deprec.		renovation date	date
119 Madison, IN		—		100	2,435		—		100		2,435		2,535		1,133	1997	1997
061 Marshall, TX		—		38	1,568		479		38		2,047		2,085		1,051	1995	1995
293 McHenry, IL		—		1,289	28,976		—		1,289		28,976		30,265		300	2005	2015
058 McPherson, KS		—		79	1,571		4		79		1,575		1,654		908	1994	1995
239 Merritt Island, FL		—		550	8,150		88		550		8,238		8,788		1,338	2004	2010
104 Millville, NJ		—		100	2,825		—		100		2,825		2,925		1,323	1997	1997
286 Milwaukee, WI		—		818	8,014		—		818		8,014		8,832		86	2007	2015
231 Monroeville, PA		—		526	5,334		435		526		5,769		6,295		1,150	1997	2009
289 Neenah, WI		—		694	20,839		—		694		20,839		21,533		209	1991	2015
166 New Bern, NC		—		100	2,427		1		100		2,428		2,528		892	1998	1999
118 Newark, OH		—		100	2,435		—		100		2,435		2,535		1,133	1997	1997
123 Newport Richey, FL		—		100	5,845		664		100		6,509		6,609		3,366	1995	1998
074 Newport, OR		—		621	2,050		—		621		2,050		2,671		1,290	1996	1996
143 Niceville, FL		—		100	2,680		—		100		2,680		2,780		1,201	1998	1998
095 Norfolk, NE		—		100	2,123		—		100		2,123		2,223		1,004	1997	1997
290 Oshkosh, WI		—		1,525	9,192		—		1,525		9,192		10,717		192	2009	2015
291 Oshkosh, WI		—		475	7,364		—		475		7,364		7,839		77	2005	2015
232 Pittsburgh, PA		—		470	2,615		333		470		2,948		3,418		646	1994	2009
165 Rocky Mount, NC		—		100	2,494		1		100		2,495		2,595		943	1998	1999
141 Rocky River, OH		—		760	6,963		—		760		6,963		7,723		3,078	1998	1999
059 Salina, KS		—		79	1,571		4		79		1,575		1,654		908	1994	1995
084 San Antonio, TX		—		100	1,900		—		100		1,900		2,000		908	1997	1997
092 San Antonio, TX		—		100	2,055		—		100		2,055		2,155		977	1997	1997
288 Sheboygan, WI		—		1,168	5,382		—		1,168		5,382		6,550		64	2006	2015
149 Shelby, NC		—		100	2,805		2		100		2,807		2,907		1,257	1998	1998
150 Spring Hill, FL		—		100	2,650		—		100		2,650		2,750		1,188	1998	1998
103 Springfield, OH		—		100	2,035		270		100		2,305		2,405		1,074	1997	1997
162 Sumter, SC		—		100	2,351		—		100		2,351		2,451		933	1998	1999
140 Tallahassee, FL		—		100	3,075		—		100		3,075		3,175		1,381	1998	1998
098 Tiffin, OH		—		100	2,435		—		100		2,435		2,535		1,143	1997	1997
088 Troy, OH		—		100	2,435		306		100		2,741		2,841		1,292	1997	1997
080 Tulsa, OK		—		200	1,650		—		200		1,650		1,850		798	1997	1997
093 Tulsa, OK		—		100	2,395		—		100		2,395		2,495		1,135	1997	1997
238 Tupelo, MS		—		1,170	8,230		30		1,170		8,260		9,430		1,422	2000	2010
075 Tyler, TX		—		100	1,800		—		100		1,800		1,900		876	1996	1996
202 Vacaville, CA		—		1,662	11,634		1,141		1,662		12,775		14,437		5,095	2002	2001
091 Waco, TX		—		100	2,235		—		100		2,235		2,335		1,060	1997	1997
096 Wahoo, NE		—		100	2,318		—		100		2,318		2,418		1,089	1997	1997
108 Watauga, TX		—		100	1,668		—		100		1,668		1,768		786	1996	1997
287 Waukesha, WI		—		992	15,183		—		992		15,183		16,175		139	2009	2015
109 Weatherford, OK		—		100	1,669		592		100		2,261		2,361		1,055	1996	1997
276 Westminster, CO		—		1,425	9,575		—		1,425		9,575		11,000		320	2015	2013
110 Wheelersburg, OH		—		29	2,435		—		29		2,435		2,464		1,133	1997	1997
259 Wichita, KS		—		730	—		9,682		730		9,682		10,412		871	2013	2012
076 Wichita Falls, TX		—		100	1,850		82		100		1,932		2,032		900	1996	1996
120 Wichita Falls, TX		—		100	2,750		—		100		2,750		2,850		1,287	1997	1997
265 Williamstown, NJ		—		711	6,637		—		711		6,637		7,348		644	2000	2012
264 Williamstown, NJ		—		711	8,649		—		711		8,649		9,360		758	2000	2012
138 Worthington, OH		—		—	6,102		—		—		6,102		6,102		5,287	1993	2001
139 Worthington, OH		—		—	3,402		—		—		3,402		3,402		2,959	1995	2001
099 York, NE		—		100	2,318		—		100		2,318		2,418		1,089	1997	1997
Assisted Living Properties		—		44,096	496,208		31,258		44,096		527,466		571,562		112,332
Range of Care Properties:
199 Brownsville, TX		—		302	1,856		835		302		2,691		2,993		970	2010	2004
168 Des Moines, IA		—		115	2,096		1,433		115		3,529		3,644		1,875	1972	1999
26A Gardendale, AL		—		100	7,550		2,084		100		9,634		9,734		4,878	2011	1996
194 Holyoke, CO		—		211	1,513		283		211		1,796		2,007		987	1963	2000
245 Newberry, SC		—		439	4,639		608		439		5,247		5,686		1,112	1995	2011
244 Newberry, SC		—		919	5,454		131		919		5,585		6,504		1,034	2001	2011
236 Wytheville, VA		—		647	12,692		—		647		12,692		13,339		3,174	1996	2010
Range of Care Properties		—		2,733	35,800		5,374		2,733		41,174		43,907		14,030

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, 2015
					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		—		1,965		7,308		9,273			36	1994	2015
159 Trenton, NJ		—		100		6,000		3,170		100		9,170		9,270			5,095	1998	1998
Properties		—		2,065		13,308		3,170		2,065		16,478		18,543			5,131
Land:
271 Howell, MI		—		420		—		—		420		—		420			—	N/A	2013
275 Yale, MI		—		73		—		—		73		—		73			—	N/A	2013
999 Milford, MI		—		450		—		—		450		—		450			—	N/A	2014
Land		—		943		—		—		943		—		943			—
Other Properties		—		3,008		13,308		3,170		3,008		16,478		19,486			5,131
Properties Under Development:
277 Burr Ridge, IL		—		1,400		8,068		—		1,400		8,068		9,468			—	N/A	2014
279 Corpus Christi, TX		—		880		10,086		—		880		10,086		10,966			—	N/A	2015
296 Glenview, IL		—		2,800		690		—		2,800		690		3,490			—	N/A	2015
280 Murrells Inlet, SC		—		2,490		3,558		—		2,490		3,558		6,048			—	N/A	2015
294 Murrieta, CA		—		2,022		2,702		—		2,022		2,702		4,724			—	N/A	2015
282 Tinley Park, IL		—		702		3,987		—		702		3,987		4,689			—	N/A	2015
283 Wichita, KS		—		624		1,599		—		624		1,599		2,223			—	N/A	2015
Properties Under Development		—		10,918		30,690		—		10,918		30,690		41,608			—
	$	—	$	106,841	$	1,009,850	$	81,995	$	106,841	$	1,091,845	$	1,198,686	(3)	$	251,265

⁽¹⁾

Depreciation is computed principally by the straight‑line method for financial reporting purposes which generally range of a life from 3 to 15 years for furniture and equipment, 35 to 50 years for buildings, 10 to 20 years for building improvements and the respective lease term for acquired lease intangibles.

⁽²⁾

Subsequent to December 31, 2015, we entered into a contingent purchase and sale agreement to sell a 48-unit assisted living community in Florida for $1,750. Accordingly, we recorded an impairment charge of $2,250 to write the property down to its estimated sale price at December 31, 2015.

⁽³⁾

As of December 31, 2015, our aggregate cost for Federal income tax purposes was $1,217,219.

LTC PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

(in thousands)

Activity for the years ended December 31, 2015, 2014 and 2013 is as follows:


	For the Year Ended December 31,
	2015		2014		2013
Reconciliation of real estate:
Carrying cost:
Balance at beginning of period	$	949,838	$	937,617	$	900,095
Acquisitions		206,340		11,650		19,040
Improvements		33,463		48,102		30,597
Conversion of mortgage loans into owned properties		10,600		—		—
Capitalized interest		827		1,506		932
Other non-cash items (See Note 4)		2,882		304		479
Conveyed land (See Note 4)		(670)		—		—
Cost of real estate sold		(2,344)		(49,341)		(13,526)
Impairment on real estate for sale		(2,250)		—		—
Ending balance	$	1,198,686	$	949,838	$	937,617
Accumulated depreciation:
Balance at beginning of period	$	223,315	$	218,700	$	198,548
Depreciation expense		29,329		25,424		24,568
Cost of real estate sold		(1,379)		(20,809)		(4,416)
Ending balance	$	251,265	$	223,315	$	218,700