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, 2017
					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	$	1,283	1985	2001
218 Albuquerque, NM		—		1,696		3,891		530		1,696		4,421		6,117		1,728	2008	2005
219 Albuquerque, NM		—		1,950		8,910		207		1,950		9,117		11,067		3,460	1982	2005
220 Albuquerque, NM		—		2,463		7,647		9		2,463		7,656		10,119		2,890	1970	2005
042 Altoona, IA		—		105		2,309		444		105		2,753		2,858		1,854	1973	1996
252 Amarillo, TX		—		844		—		7,925		844		7,925		8,769		1,624	2013	2011
214 Aransas Pass, TX		—		154		1,276		589		154		1,865		2,019		835	2008	2004
247 Arlington, TX		—		1,016		13,649		—		1,016		13,649		14,665		3,469	2007	2011
171 Atlanta, GA		—		175		1,282		3		175		1,285		1,460		735	1968	1999
040 Atmore, AL		—		131		2,877		196		131		3,073		3,204		1,927	1974	1996
221 Beaumont, TX		—		370		1,141		106		370		1,247		1,617		514	1950	2005
213 Beeville, TX		—		186		1,197		70		186		1,267		1,453		463	1974	2004
007 Bradenton, FL		—		330		2,720		160		330		2,880		3,210		2,036	2012	1993
256 Brownwood, TX		—		164		6,336		—		164		6,336		6,500		1,145	2011	2012
043 Carroll, IA		—		47		1,033		213		47		1,246		1,293		837	1969	1996
177 Chesapeake, VA		—		388		3,469		2,777		388		6,246		6,634		3,206	2017	1995
257 Cincinnati, OH		—		1,890		25,110		—		1,890		25,110		27,000		3,119	2009	2012
125 Clovis, NM		—		561		5,539		307		561		5,846		6,407		2,447	2006	2001
129 Clovis, NM		—		598		5,902		59		598		5,961		6,559		2,518	1995	2001
268 Coldspring, KY		—		2,050		21,496		—		2,050		21,496		23,546		3,158	2014	2012
253 Colton, CA		—		2,342		15,158		—		2,342		15,158		17,500		2,652	1990	2011
211 Commerce City, CO		—		236		3,217		167		236		3,384		3,620		1,452	1964	2004
212 Commerce City, CO		—		161		2,160		95		161		2,255		2,416		947	1967	2004
246 Crowley, TX		—		2,247		14,276		—		2,247		14,276		16,523		3,459	2007	2011
235 Daleville, VA		—		279		8,382		—		279		8,382		8,661		2,231	2005	2010
258 Dayton, OH		—		373		26,627		—		373		26,627		27,000		3,330	2010	2012
168 Des Moines, IA		—		115		2,096		1,433		115		3,529		3,644		2,034	1972	1999
196 Dresden, TN		—		31		1,529		1,073		31		2,602		2,633		996	2014	2000
298 Forth Worth, TX		—		2,785		7,546		—		2,785		7,546		10,331		906	1998	2015
026 Gardendale, AL		—		100		7,550		2,084		100		9,634		9,734		5,539	2011	1996
185 Gardner, KS		—		896		4,478		4,150		896		8,628		9,524		3,560	2011	1999
248 Granbury, TX		—		836		6,693		—		836		6,693		7,529		2,288	2008	2011
044 Granger, IA		—		62		1,356		221		62		1,577		1,639		1,031	1979	1996
205 Grapevine, TX		—		431		1,449		188		431		1,637		2,068		880	1974	2002
172 Griffin, GA		—		500		2,900		—		500		2,900		3,400		1,635	1969	1999
250 Hewitt, TX		—		1,780		8,220		99		1,780		8,319		10,099		1,570	2008	2011
194 Holyoke, CO		—		211		1,513		283		211		1,796		2,007		1,053	1963	2000
051 Houston, TX		—		365		3,769		1,598		365		5,367		5,732		3,383	1968	1996
054 Houston, TX		—		202		4,458		1,426		202		5,884		6,086		3,849	2007	1996
055 Houston, TX		—		202		4,458		1,359		202		5,817		6,019		3,730	2008	1996
208 Jacksonville, FL		—		486		1,981		30		486		2,011		2,497		941	1987	2002
045 Jefferson, IA		—		86		1,883		296		86		2,179		2,265		1,406	1972	1996
008 Lecanto, FL		—		351		2,665		2,737		351		5,402		5,753		3,597	2012	1993
300 Mansfield, TX		—		2,890		13,110		—		2,890		13,110		16,000		936	2015	2016
053 Mesa, AZ		—		305		6,909		1,876		305		8,785		9,090		5,387	1996	1996
226 Mesa, AZ		—		1,095		2,330		4,673		1,095		7,003		8,098		1,161	2016	2006
242 Mission, TX		—		1,111		16,602		—		1,111		16,602		17,713		3,588	2004	2010
041 Montgomery, AL		—		242		5,327		115		242		5,442		5,684		3,480	1974	1996
115 Nacogdoches, TX		—		100		1,738		168		100		1,906		2,006		1,124	1973	1997
233 Nacogdoches, TX		—		394		7,456		268		394		7,724		8,118		1,885	1991	2010
249 Nacogdoches, TX		—		1,015		11,109		—		1,015		11,109		12,124		3,143	2007	2011
245 Newberry, SC		—		439		4,639		608		439		5,247		5,686		1,577	1995	2011
244 Newberry, SC		—		919		5,454		131		919		5,585		6,504		1,463	2001	2011
046 Norwalk, IA		—		47		1,033		239		47		1,272		1,319		864	1975	1996
176 Olathe, KS		—		520		1,872		313		520		2,185		2,705		1,342	1968	1999
251 Pasadena, TX		—		1,155		14,345		522		1,155		14,867		16,022		2,564	2005	2011
210 Phoenix, AZ		—		334		3,383		456		334		3,839		4,173		1,765	1982	2004
193 Phoenix, AZ		—		300		9,703		92		300		9,795		10,095		5,349	1985	2000
047 Polk City, IA		—		63		1,376		153		63		1,529		1,592		1,006	1976	1996
094 Portland, OR		—		100		1,925		2,652		100		4,577		4,677		2,930	2007	1997
254 Red Oak, TX		—		1,427		17,173		—		1,427		17,173		18,600		2,964	2002	2012
124 Richland Hills, TX		—		144		1,656		427		144		2,083		2,227		1,114	1976	2001
197 Ripley, TN		—		20		985		1,638		20		2,623		2,643		975	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, 2017
					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	$	2,546	1975	2001
081 Sacramento, CA		—		220		2,929		1,481		220		4,410		4,630		2,145	2015	1997
085 Salina, KS		—		100		1,153		628		100		1,781		1,881		1,158	1985	1997
281 Slinger, WI		—		464		13,482		—		464		13,482		13,946		1,508	2014	2015
234 St. Petersburg, FL		—		1,070		7,930		500		1,070		8,430		9,500		1,882	1988	2010
243 Stephenville, TX		—		670		10,117		500		670		10,617		11,287		2,332	2009	2010
225 Tacoma, WA		—		723		6,401		901		723		7,302		8,025		2,916	2009	2006
178 Tappahannock, VA		—		375		1,327		397		375		1,724		2,099		1,464	1978	1995
270 Trinity, FL		—		1,653		12,748		—		1,653		12,748		14,401		1,719	2008	2013
192 Tucson, AZ		—		276		8,924		112		276		9,036		9,312		4,929	1992	2000
299 Weatherford, TX		—		836		11,902		—		836		11,902		12,738		1,166	1996	2015
236 Wytheville, VA		—		647		12,167		—		647		12,167		12,814		4,122	1996	2010
Skilled Nursing Properties		—		50,627		475,181		51,721		50,627		526,902		577,529		164,221
Assisted Living Properties:
077 Ada, OK		—		100		1,650		—		100		1,650		1,750		886	1996	1996
136 Arlington, OH		—		629		6,973		—		629		6,973		7,602		2,866	1993	2001
105 Arvada, CO		—		100		2,810		6,960		100		9,770		9,870		2,590	2014	1997
304 Athens, GA		—		1,056		13,326		—		1,056		13,326		14,382		581	2016	2016
063 Athens, TX		—		96		1,510		104		96		1,614		1,710		876	1995	1996
269 Aurora, CO		—		850		8,583		—		850		8,583		9,433		1,165	2014	2013
260 Aurora, CO		—		831		10,071		—		831		10,071		10,902		1,516	1999	2012
203 Bakersfield, CA		—		834		11,986		812		834		12,798		13,632		5,806	2002	2001
117 Beatrice, NE		—		100		2,173		151		100		2,324		2,424		1,141	1997	1997
137 Bexley, OH		—		306		4,196		—		306		4,196		4,502		1,725	1992	2001
277 Burr Ridge, IL		—		1,400		11,102		—		1,400		11,102		12,502		791	2016	2014
278 Castle Rock, CO		—		759		9,041		—		759		9,041		9,800		621	2012	2014
160 Central, SC		—		100		2,321		—		100		2,321		2,421		1,000	1998	1999
263 Chatham, NJ		—		5,365		36,399		—		5,365		36,399		41,764		5,248	2002	2012
307 Clovis, CA		—		2,542		19,126		—		2,542		19,126		21,668		275	2014	2017
308 Clovis, CA		—		3,054		14,172		—		3,054		14,172		17,226		196	2016	2017
279 Corpus Christi, TX		—		880		11,440		—		880		11,440		12,320		716	2016	2015
292 De Forest, WI		—		485		5,568		7		485		5,575		6,060		422	2006	2015
057 Dodge City, KS		—		84		1,666		4		84		1,670		1,754		954	1995	1995
083 Durant, OK		—		100		1,769		—		100		1,769		1,869		933	1997	1997
107 Edmond, OK		—		100		1,365		526		100		1,891		1,991		978	1996	1997
155 Erie, PA		—		850		7,477		—		850		7,477		8,327		3,704	1998	1999
163 Ft. Collins, CO		—		100		2,961		3,405		100		6,366		6,466		1,996	2014	1999
170 Ft. Collins, CO		—		100		3,400		4,622		100		8,022		8,122		2,221	2014	1999
132 Ft. Meyers, FL		—		100		2,728		9		100		2,737		2,837		1,372	1998	1998
229 Ft. Worth, TX		—		333		4,385		1,028		333		5,413		5,746		1,916	2009	2008
100 Fremont ,OH		—		100		2,435		86		100		2,521		2,621		1,287	1997	1997
267 Frisco, TX		—		1,000		5,154		—		1,000		5,154		6,154		746	2014	2012
296 Glenview, IL				2,800		11,313		—		2,800		11,313		14,113		35	2017	2015
167 Goldsboro, NC		—		100		2,385		1		100		2,386		2,486		957	1998	1999
056 Great Bend, KS		—		80		1,570		21		80		1,591		1,671		1,007	1995	1995
102 Greeley, CO		—		100		2,310		270		100		2,580		2,680		1,332	1997	1997
284 Green Bay, WI		—		1,660		19,079		152		1,660		19,231		20,891		1,438	2004	2015
164 Greenville, NC		—		100		2,478		2		100		2,480		2,580		1,118	1998	1999
062 Greenville, TX		—		42		1,565		84		42		1,649		1,691		898	1995	1996
161 Greenwood, SC		—		100		2,638		—		100		2,638		2,738		1,216	1998	1999
241 Gulf Breeze, FL		—		720		3,780		261		720		4,041		4,761		963	2000	2010
295 Jacksonville, FL		—		1,389		12,756		—		1,389		12,756		14,145		760	2015	2015
066 Jacksonville, TX		—		100		1,900		77		100		1,977		2,077		1,078	1996	1996
310 Kansas City, MO				1,072		15,552		—		1,072		15,552		16,624		64	2017	2017
285 Kenosha, WI		—		936		12,361		76		936		12,437		13,373		803	2008	2015
255 Littleton, CO		—		1,882		8,248		—		1,882		8,248		10,130		1,317	2013	2012
268 Littleton, CO		—		1,200		8,688		—		1,200		8,688		9,888		1,306	2014	2013
148 Longmont, CO		—		100		2,640		—		100		2,640		2,740		1,313	1998	1998
060 Longview, TX		—		38		1,568		127		38		1,695		1,733		922	1995	1995
261 Louisville, CO		—		911		11,703		—		911		11,703		12,614		1,724	2000	2012
301 Louisville, KY		—		1,021		13,157		—		1,021		13,157		14,178		586	2016	2016
114 Loveland, CO		—		100		2,865		270		100		3,135		3,235		1,603	1997	1997
068 Lufkin, TX		—		100		1,950		94		100		2,044		2,144		1,105	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, 2017
					Building and	to				Building and				Accum		Construction/	Acquisition
	Encumbrances		Land		improvements	acquisition		Land		improvements		Total(1)		deprec.		renovation date	date
061 Marshall, TX		—		38	1,568		534		38		2,102		2,140		1,172	1995	1995
293 McHenry, IL		—		1,289	28,976		53		1,289		29,029		30,318		2,107	2005	2015
058 McPherson, KS		—		79	1,571		4		79		1,575		1,654		997	1994	1995
239 Merritt Island, FL		—		550	8,150		100		550		8,250		8,800		1,867	2004	2010
104 Millville, NJ		—		100	2,825		667		100		3,492		3,592		1,516	1997	1997
286 Milwaukee, WI		—		818	8,014		36		818		8,050		8,868		609	2007	2015
231 Monroeville, PA		—		526	5,334		435		526		5,769		6,295		1,537	1997	2009
280 Murrells Inlet, SC		—		2,490	14,185		—		2,490		14,185		16,675		651	2016	2015
294 Murrieta, CA		—		2,022	11,136		—		2,022		11,136		13,158		554	2016	2015
289 Neenah, WI		—		694	20,839		142		694		20,981		21,675		1,456	1991	2015
166 New Bern, NC		—		100	2,427		1		100		2,428		2,528		993	1998	1999
118 Newark, OH		—		100	2,435		236		100		2,671		2,771		1,270	1997	1997
143 Niceville, FL		—		100	2,680		—		100		2,680		2,780		1,333	1998	1998
095 Norfolk, NE		—		100	2,123		52		100		2,175		2,275		1,119	1997	1997
290 Oshkosh, WI		—		1,525	9,192		34		1,525		9,226		10,751		1,347	2009	2015
291 Oshkosh, WI		—		475	7,364		39		475		7,403		7,878		548	2005	2015
302 Overland Park, KS		—		2,297	11,882		203		2,297		12,085		14,382		582	2013	2016
232 Pittsburgh, PA		—		470	2,615		333		470		2,948		3,418		872	1994	2009
165 Rocky Mount, NC		—		100	2,494		1		100		2,495		2,595		1,050	1998	1999
141 Rocky River, OH		—		760	6,963		—		760		6,963		7,723		3,405	1998	1999
059 Salina, KS		—		79	1,571		4		79		1,575		1,654		997	1994	1995
084 San Antonio, TX		—		100	1,900		—		100		1,900		2,000		1,001	1997	1997
092 San Antonio, TX		—		100	2,055		—		100		2,055		2,155		1,077	1997	1997
288 Sheboygan, WI		—		1,168	5,382		131		1,168		5,513		6,681		453	2006	2015
149 Shelby, NC		—		100	2,805		2		100		2,807		2,907		1,395	1998	1998
312 Spartanburg, SC		—		254	9,906		—		254		9,906		10,160		—	1999	2017
150 Spring Hill, FL		—		100	2,650		—		100		2,650		2,750		1,318	1998	1998
103 Springfield, OH		—		100	2,035		270		100		2,305		2,405		1,187	1997	1997
162 Sumter, SC		—		100	2,351		—		100		2,351		2,451		1,038	1998	1999
140 Tallahassee, FL		—		100	3,075		—		100		3,075		3,175		1,533	1998	1998
098 Tiffin, OH		—		100	2,435		62		100		2,497		2,597		1,274	1997	1997
282 Tinley Park, IL		—		702	11,481		—		702		11,481		12,183		643	2016	2015
088 Troy, OH		—		100	2,435		559		100		2,994		3,094		1,458	1997	1997
080 Tulsa, OK		—		200	1,650		—		200		1,650		1,850		879	1997	1997
093 Tulsa, OK		—		100	2,395		—		100		2,395		2,495		1,252	1997	1997
238 Tupelo, MS		—		1,170	8,230		30		1,170		8,260		9,430		1,970	2000	2010
075 Tyler, TX		—		100	1,800		—		100		1,800		1,900		964	1996	1996
202 Vacaville, CA		—		1,662	11,634		1,141		1,662		12,775		14,437		5,770	2002	2001
091 Waco, TX		—		100	2,235		—		100		2,235		2,335		1,170	1997	1997
096 Wahoo, NE		—		100	2,318		50		100		2,368		2,468		1,219	1997	1997
108 Watauga, TX		—		100	1,668		—		100		1,668		1,768		868	1996	1997
287 Waukesha, WI		—		992	15,183		122		992		15,305		16,297		993	2009	2015
109 Weatherford, OK		—		100	1,669		592		100		2,261		2,361		1,166	1996	1997
309 West Chester, OH		—		2,355	13,553		—		2,355		13,553		15,908		196	2017	2017
276 Westminster, CO		—		1,425	9,575		—		1,425		9,575		11,000		1,093	2015	2013
110 Wheelersburg, OH		—		29	2,435		128		29		2,563		2,592		1,267	1997	1997
303 Wichita, KS		—		1,422	9,957		202		1,422		10,159		11,581		502	2011	2016
259 Wichita, KS		—		730	—		9,682		730		9,682		10,412		1,683	2013	2012
283 Wichita, KS		—		624	13,846		—		624		13,846		14,470		429	2016	2015
076 Wichita Falls, TX		—		100	1,850		—		100		1,850		1,950		991	1996	1996
120 Wichita Falls, TX		—		100	2,750		131		100		2,881		2,981		1,445	1997	1997
265 Williamstown, NJ		—		711	6,637		—		711		6,637		7,348		1,073	2000	2012
264 Williamstown, NJ		—		711	8,649		—		711		8,649		9,360		1,263	2000	2012
138 Worthington, OH		—		—	6,102		—		—		6,102		6,102		6,102	1993	2001
139 Worthington, OH		—		—	3,402		—		—		3,402		3,402		3,402	1995	2001
099 York, NE		—		100	2,318		70		100		2,388		2,488		1,220	1997	1997
Assisted Living Properties		—		67,572	679,003		35,195		67,572		714,198		781,770		141,349

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, 2017
					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		392		1,965		7,700		9,665			463	1990/1994	2015
Properties		—		1,965		7,308		392		1,965		7,700		9,665			463
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		—		2,908		7,308		392		2,908		7,700		10,608			463
Properties Under Development:
305 Union, KY		—		858		10,629		—		858		10,629		11,487			—	N/A	2016
311 Cedarburg, WI		—		818		2,160		—		818		2,160		2,978			—	N/A	2017
306 Oaklawn, IL		—		1,591		6,159		—		1,591		6,159		7,750			—	N/A	2016
Properties Under Development		—		3,267		18,948		—		3,267		18,948		22,215			—
	$	—	$	124,374	$	1,180,440	$	87,308	$	124,374	$	1,267,748	$	1,392,122	(2)	$	306,033

⁽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 20 years for building improvements and the respective lease term for acquired lease intangibles.

⁽²⁾

As of December 31, 2017, our aggregate cost for Federal income tax purposes was $1,408.

LTC PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

(in thousands)

Activity for the years ended December 31, 2017, 2016 and 2015 is as follows:


	For the Year Ended December 31,
	2017		2016		2015
Reconciliation of real estate:
Carrying cost:
Balance at beginning of period	$	1,301,563	$	1,198,686	$	949,838
Acquisitions		82,405		74,923		206,340
Improvements		25,800		49,134		33,463
Conversion of mortgage loans into owned properties		—		—		10,600
Capitalized interest		908		1,408		827
Other non-cash items (See Note 4)		—		2,460		2,882
Conveyed land (See Note 4)		—		—		(670)
Cost of real estate sold		(18,554)		(24,282)		(2,344)
Impairment on real estate for sale		—		(766)		(2,250)
Ending balance	$	1,392,122	$	1,301,563	$	1,198,686
Accumulated depreciation:
Balance at beginning of period	$	275,861	$	251,265	$	223,315
Depreciation expense		37,492		35,809		29,329
Cost of real estate sold		(7,320)		(11,213)		(1,379)
Ending balance	$	306,033	$	275,861	$	251,265