WELL 10-K Fiscal year ended Dec. 31, 2020

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Principles of Consolidation

The consolidated financial statements include the accounts of our wholly-owned subsidiaries and joint venture (“JV”) entities that we control, through voting rights or other means. All material intercompany transactions and balances have been eliminated in consolidation. At inception of JV transactions, we identify entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and determine which business enterprise is the primary beneficiary of its operations. A VIE is broadly defined as an entity where either (i) the equity investors as a group, if any, do not have a controlling financial interest, or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. We consolidate investments in VIEs when we are determined to be the primary beneficiary. Accounting Standards Codification Topic 810, Consolidations (“ASC 810”), requires enterprises to perform a qualitative approach to determining whether or not a VIE will need to be consolidated. This evaluation is based on an enterprise’s ability to direct and influence the activities of a VIE that most significantly impact that entity’s economic performance. For investments in JVs, U.S. GAAP may preclude consolidation by the sole general partner in certain circumstances based on the type of rights held by the limited partner(s). We assess the limited partners’ rights and their impact on our consolidation conclusions, and we reassess if there is a change to the terms or in the exercisability of the rights of the limited partners, the sole general partner increases or decreases its ownership of limited partnership interests, or there is an increase or decrease in the number of outstanding limited partnership interests. We similarly evaluate the rights of managing members of limited liability companies.

Revenue Recognition

For our Triple-net and Outpatient Medical segments, a significant source of our revenue is generated through leasing arrangements. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. Leases in our Outpatient Medical portfolio typically include some form of operating expense reimbursement by the tenant. Certain payments made to operators are treated as lease incentives and amortized as a reduction of revenue over the lease term.

For our Seniors Housing Operating segment, revenue from resident fees and services is predominantly service-based, and generally is recognized monthly as services are provided. Agreements with residents generally have a term of one year and are cancellable by the resident with 30 days’ notice. Management contracts are present in some of our joint venture agreements to provide asset and property management, leasing, marketing and other services.

Interest income on loans is recognized as earned based upon the principal amount outstanding subject to an evaluation of collectability risk.

We recognize gains on the disposition of real estate when the recognition criteria have been met, generally at the time the risks and rewards and title have transferred and we no longer have substantial continuing involvement with the real estate sold. We recognize losses from disposition of real estate when known.

Cash and Cash Equivalents

Cash and cash equivalents consist of all highly liquid investments with an original maturity of three months or less.

Restricted Cash

Restricted cash primarily consists of amounts held by lenders to provide future payments for real estate taxes, insurance, tenant and capital improvements, amounts held in escrow relating to transactions we are entitled to receive over a period of time as outlined in the escrow agreement and net proceeds from property sales that were executed as tax-deferred dispositions under Internal Revenue Code (“IRC”) Section 1031.

---

Deferred Loan Expenses

Deferred loan expenses are costs incurred by us in connection with the issuance, assumption and amendments of debt arrangements. Deferred loan expenses related to debt instruments, excluding the primary unsecured credit facility, are recorded as a reduction of the related debt liability. Deferred loan expenses related to the primary unsecured credit facility are included in other assets. We amortize these costs over the term of the debt using the straight-line method, which approximates the effective interest method.

Investments in Unconsolidated Entities

Investments in entities that we do not consolidate but have the ability to exercise significant influence over operating and financial policies are reported under the equity method of accounting. Under the equity method, our share of the investee’s earnings or losses is included in our consolidated results of operations. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the entity interest inclusive of transaction costs. To the extent that our cost basis is different from the basis reflected at the entity level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in our share of equity in earnings of the entity. We evaluate our equity method investments for impairment based upon a comparison of the estimated fair value of the equity method investment to its carrying value. When we determine a decline in the estimated fair value of such an investment below its carrying value is other-than-temporary, an impairment is recorded.

Equity Securities

Equity securities are measured at fair value with gains and losses recognized in loss (gain) on derivatives and financial instruments, net in the Consolidated Statements of Comprehensive Income.

Redeemable Noncontrolling Interests

Certain noncontrolling interests are redeemable at fair value. Accordingly, we record the carrying amount of the noncontrolling interests at the greater of (i) the initial carrying amount, increased or decreased for the noncontrolling interest’s share of net income or loss and its share of other comprehensive income or loss, and dividends or (ii) the redemption value. If it is probable that the interests will be redeemed in the future, we accrete the carrying value to the redemption value over the period until expected redemption, currently a weighted-average period of approximately two years. In accordance with ASC 810, the redeemable noncontrolling interests are classified outside of permanent equity, as a mezzanine item, on the balance sheet. At December 31, 2020, the current redemption value of redeemable noncontrolling interests exceeded the carrying value of $ 343,490,000 by $ 15,696,000 .

We entered into certain DownREIT partnerships which give a real estate seller the ability to exchange its property on a tax deferred basis for equity membership interests (“OP units”). The OP units may be redeemed any time following the first anniversary of the date of issuance at the election of the holders for one share of our common stock per unit or, at our option, cash.

Real Property Owned

Real estate acquisitions are generally classified as asset acquisitions for which we record tangible assets and identifiable intangible assets and liabilities at cost on a relative fair value basis. Liabilities assumed and any associated noncontrolling interests are reflected at fair value. Tangible assets primarily consist of land, buildings and improvements.

Identifiable intangible assets and liabilities consist primarily of the above or below market component of in-place leases and the value associated with the presence of in-place leases. The value allocable to the above or below market component of the acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above market leases are included in acquired lease intangibles and below market leases are included in other liabilities on the balance sheet and are amortized to rental income over the remaining terms of the respective leases or lease-up period.

The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship values for in-place tenants based on management’s evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics considered by management in allocating these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The total amount of other intangible assets acquired is further allocated to in-place lease values for in-place residents with such value representing (i) value associated with lost revenue related to tenant reimbursable operating costs that would be incurred in an assumed re-leasing period, and (ii) value associated with lost rental revenue from existing leases during an assumed re-leasing period. This intangible asset is amortized over the remaining life of the lease or the assumed re-leasing period.

---

Real property developed by us is recorded at cost, including the capitalization of construction period interest. These properties are depreciated on a straight-line basis over their estimated useful lives which range from 15 to 40 years for buildings and 5 to 15 years for improvements. We consider costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and, accordingly, such costs are reflected as investment activities in our Consolidated Statement of Cash Flows.

The net book value of long-lived assets is reviewed quarterly on a property by property basis to determine if facts and circumstances suggest that the assets may be impaired or that the depreciable life may need to be changed. We consider external factors relating to each asset and the existence of a master lease which may link the cash flows of an individual asset to a larger portfolio of assets leased to the same tenant. If these factors and the projected undiscounted cash flows of the assets over the remaining depreciation period indicate that the assets will not be recoverable, the carrying value is reduced to the estimated fair market value. In addition, we are exposed to the risks inherent in concentrating investments in real estate, and in particular, the seniors housing and health care industries. A downturn in the real estate industry could adversely affect the value of our properties and our ability to sell properties for a price or on terms acceptable to us. Additionally, properties that meet the held for sale criteria are recorded at the lesser of fair value less costs to sell or the carrying value.

Expenditures for repairs and maintenance are expensed as incurred.

Capitalization of Construction Period Interest

We capitalize interest costs associated with funds used for the construction of properties owned by us. The amount capitalized is based upon the balance outstanding during the construction period using the rate of interest which approximates our company-wide cost of financing. Our interest expense reflected in the Consolidated Statements of Comprehensive Income has been reduced by the amounts capitalized.

Loans Receivable

Loans receivable are recorded on our Consolidated Balance Sheets in real estate loans receivable, net of credit allowance, or for non-real estate loans receivable, in receivables and other assets. Real estate loans receivable consists of mortgage loans and other real estate loans which are primarily collateralized by a first, second or third mortgage lien, a leasehold mortgage on, or an assignment of the partnership interest in, the related properties, corporate guarantees and/or personal guarantees. Non-real estate loans are generally corporate loans with no real estate backing. Interest income on loans is recognized as earned based upon the principal amount outstanding subject to an evaluation of collectability risks.

In Substance Real Estate Investments

We provide loans to third parties for the acquisition, development and construction of real estate. Under these arrangements, it is possible that we will participate in the expected residual profits of the project through the sale, refinancing or acquisition of the property. We evaluate the characteristics of each arrangement, including its risks and rewards, to determine whether they are more similar to those associated with a loan or an investment in real estate. Arrangements with characteristics implying loan classification are presented as real estate loans receivable and result in the recognition of interest income. Arrangements with characteristics implying real estate joint ventures are treated as in substance real estate investments and presented as investments in unconsolidated entities and are accounted for using the equity method. The classification of each arrangement as either a real estate loan receivable or investment in unconsolidated entity involves judgment and relies on various factors, including market conditions, amount and timing of expected residual profits, credit enhancements in the form of guarantees, estimated fair value of the collateral, and significance of borrower equity in the project, among others. The classification of such arrangements is performed at inception, and periodically reassessed when significant changes occur in the circumstances or conditions described above.

Allowance for Credit Losses on Loans Receivable

The allowance for credit losses on loans receivable is maintained at a level believed adequate to absorb potential losses in our loans receivable. The determination of the credit allowance is based on a quarterly evaluation of all outstanding loans, including general economic conditions and estimated collectability of loan payments. We evaluate the collectability of our loans receivable based on a combination of credit quality indicators, including, but not limited to, payment status, historical loan charge-offs, financial strength of the borrower and guarantors, and nature, extent, and value of the underlying collateral. A loan is considered to have deteriorated credit quality when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreement. For those loans we identified as having deteriorated credit quality we determine the amount of credit loss on an individual basis. Placement on non-accrual status may be required. Consistent with this definition, all loans on non-accrual status are deemed to have deteriorated credit q uality. To the extent circumstances improve and the risk of collectability is diminished, we may return these loans to income accrual status. While a loan is on non-accrual status, any cash receipts are applied against the outstanding principal balance. For the remaining loans we assess credit loss on a collective pool basis and use our historical loss experience for similar loans to determine the reserve for credit losses.

---

Goodwill

Goodwill is tested annually for impairment and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount, including goodwill, exceeds the reporting unit’s fair value and the implied fair value of goodwill is less than the carrying amount of that goodwill. We have not had any goodwill impairments.

Fair Value of Derivative Instruments

Derivatives are recorded at fair value on the balance sheet as assets or liabilities. The valuation of derivative instruments requires us to make estimates and judgments that affect the fair value of the instruments. Fair values of our derivatives are estimated by pricing models that consider the forward yield curves and discount rates. The fair value of our forward exchange contracts are estimated by pricing models that consider foreign currency spot rates, forward trade rates and discount rates. Such amounts and the recognition of such amounts are subject to estimates that may change in the future. See Note 12 for additional information.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilitie s consist of the following (in thousands):

						Year Ended December 31,
						2020						2019
Accounts payable						$	101,592					$	58,646
Accrued interest						112,202						104,548
Other accrued expenses						41,471						71,860
Unearned revenues						115,411						183,011
Taxes payable						99,916						97,094
Other liabilities						571,002						494,323
Total						$	1,041,594					$	1,009,482

Federal Income Tax

We have elected to be treated as a REIT under the applicable provisions of the IRC, commencing with our first taxable year, and made no provision for U.S. federal income tax purposes prior to our acquisition of our taxable REIT subsidiaries (“TRSs”). As a result of these as well as subsequent acquisitions, we now record income tax expense or benefit with respect to certain of our entities that are taxed as TRSs under provisions similar to those applicable to regular corporations and not under the REIT provisions. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our consolidated financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes a change in our judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes a change in our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. See Note 19 for additional information.

Foreign Currency

Certain of our subsidiaries’ functional currencies are the local currencies of their respective countries. We translate the results of operations of our foreign subsidiaries into U.S. Dollars using average rates of exchange in effect during the period, and we translate balance sheet accounts using exchange rates in effect at the end of the period. We record resulting currency translation adjustments in accumulated other comprehensive income, a component of stockholders’ equity, on our Consolidated Balance Sheets.

Earnings Per Share

Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares outstanding for the period adjusted for non-vested shares of restricted stock. The computation of diluted earnings per share is similar to basic earnings per share, except that the number of shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. Additionally, net income (loss) allocated to OP units (discussed above) has been included in the numerator and redeemable common stock related to the OP units have been included in the denominator for the purpose of computing diluted earnings per share.

---

Reclassifications

C ertain amounts in prior years have been reclassified to conform to current year presentation.

Impact of COVID-19 Pandemic

The extent to which the COVI D-19 pandemic impacts our operations and those of our operators and tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact and the direct and indirect economic effects of the pandemic and containment measures, among others. The COVID-19 pandemic could have material and adverse effects on our financial condition, results of operations and cash flows in the future, including but not limited to, the following:

• Our Seniors Housing Operating revenues are dependent on occupancy. Declines in occupancy are expected due to heightened move-in criteria and screening, as well as increased mortality rates among seniors. Occupancy within our total Seniors Housing Operating portfolio has declined as follows (unaudited):

						Feb.						Mar.						Apr.						May						Jun.						Jul.						Aug.						Sep.						Oct.						Nov.						Dec.
Spot occupancy (1)						85.6		%				84.9		%				82.6		%				80.9		%				79.9		%				79.3		%				78.7		%				78.4		%				78.0		%				77.3		%				76.2		%
Sequential occupancy change												( 0.7 )		%				( 2.3 )		%				( 1.7 )		%				( 1.0 )		%				( 0.6 )		%				( 0.6 )		%				( 0.3 )		%				( 0.4 )		%				( 0.7 )		%				( 1.1 )		%

(1) Spot occupancy represents approximate month end occupancy for properties in operation as of February 29, 2020, including unconsolidated properties but excluding acquisitions, dispositions and development conversions since this date.

• Increased Seniors Housing Operating expenses are expected to continue until the pandemic subsides. We experienced incremental operational costs, net of reimbursements, of $ 78,792,000 related to consolidated properties for the year ended December 31, 2020, included in property operating expenses. These expenses were incurred as a result of the introduction of public health measures and other regulations affecting our properties, as well as additional health and safety measures adopted by us and our operators related to the COVID-19 pandemic, including increases in labor and property cleaning expenses and expenditures related to our efforts to procure personal protective equipment ("PPE") and supplies, net of reimbursements. Certain new expenses incurred since the start of the pandemic may continue on an ongoing basis as part of new health and safety protocols.

• In 2020 applications were made for amounts under Phase 2 and Phase 3 of the Provider Relief Fund related to our Seniors Housing Operating portfolio following the announcement from the Department of Health and Human Services that it expanded the eligibility of the Coronavirus Aid Relief, and Economic Security Act (“CARES Act”) Provider Relief Fund to include assisted living facilities. During the fourth quarter, we received Provider Relief Funds of approximately $ 9 million which was recognized as a reduction to property operating expenses. To date in 2021, we have received approximately $ 34 million of Provider Relief Funds.

• Our Triple-net operators are experiencing similar occupancy declines and expense increases, however, long-term/post-acute care facilities are generally experiencing a higher degree of occupancy declines. These factors may impact our Triple-net operators' ability to pay rent and contractual obligations. Many of our Triple-net operators have received funds under the CARES Act Paycheck Protection Program. In addition, operators of long-term/post-acute care facilities have generally received funds from Phase 1 of the Provider Relief Fund and operators of assisted living facilities are receiving funds from Phase 2 of the Provider Relief Fund. Accordingly, collection of Triple-net rent due during the COVID-19 pandemic to date (from March to December) has generally been consistent with historical collection rates and no significant rent concessions or deferrals have been made.

• Outpatient Medical rent collections through March were generally consistent with pre COVID-19 levels. During the second quarter we executed short term rent deferrals with certain Outpatient Medical tenants which in most cases were required to be repaid by year end. Since then we have collected approximately 99 % of Outpatient Medical rent due in the second half of the year, with uncollected amounts primarily attributable to local jurisdictions with COVID-19 related ordinances providing temporary rent relief to tenants. Furthermore, collections of deferred rent due under executed deferrals was over 99 %. To the extent that deferred rent is not repaid as expected, or the prolonged impact of the COVID-19 pandemic causes operators or tenants to seek further modifications of their lease agreements, we may recognize reductions in revenue and increases in uncollectible receivables.

• Assessing properties for potential impairment involves subjectivity in determining if impairment indicators are present and in estimating the future undiscounted cash flows or estimated fair value of the asset. Key assumptions are made in these assessments including the estimation of future rental revenues, occupancy, operating expenses, capitalization rates and the ability and intent to hold the respective asset. All of these assumptions are significantly affected by our expectations of future market or economic conditions and can be highly impacted by the uncertainty of the COVID-19 pandemic. We will continue to evaluate the assumptions used in these analyses, changes to which may result in impairments in future periods.

---

• The determination of the allowance for credit losses is based on our evaluation of collectability of our loans receivable and includes review of factors such as delinquency status, historical loan charge-offs, financial strength of the borrower and guarantors and the value of the underlying collateral. Reduced economic activity severely impacts our borrowers' businesses, financial conditions and liquidity and may hinder their ability to make contractual payments to us, leading to an increase in loans deemed to have deteriorated credit which could result in an increase in the provision for loan losses.

New Accounting Standards

• On January 1, 2020, we adopted ASU 2016-13, “Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). This standard requires a new forward-looking “expected loss” model to be used for receivables, held-to-maturity debt, loans, and other instruments. In November 2018, the FASB issued an amendment excluding operating lease receivables accounted for under the new leases standard from the scope of the new credit losses standard. ASU 2016-13 primarily impacts our measurement for credit losses related to our real estate and non-real estate loans receivable. In conjunction with our adoption of ASU 2016-13 , we recorded a $ 5,212,000 increase to our allowance for credit losses on loans receivable (both real estate and non-real estate) with a corresponding adjustment to cumulative net income related to the change in accounting principle. See Note 7 for further details.

• At the FASB's April 8, 2020 Board meeting, the staff acknowledged that the economics of lease concessions that result from a global pandemic may not be aligned with the underlying premise of the modification framework in ASC 842, under which the concession would be recognized over the remainder of the lease term. In a Q&A document, the FASB provided entities with COVID-19 related lease concessions an option to either (1) apply the modification framework for these concessions in accordance with ASC 842 as applicable or (2) account for concessions as if they were made under the enforceable rights included in the original agreement as long as total cash flows resulting from the modified contract are substantially the same or less than cash flows in the original contract. Due to the continuing adverse economic conditions caused by the COVID-19 pandemic, certain tenants and operators have requested rent relief, most often in the form of a short-term rent deferral. Not all requests result in modification of agreements, nor do we intend to forgo our contractual rights under our lease agreements. We evaluate each rent relief request on an individual basis. To date, the majority of rent deferral agreements resulted in two months of full or partial rent relief to be repaid by the end of the year unless local ordinances mandate otherwise. We have elected to apply the accounting relief provided by the FASB to such short-term rent deferrals, and will account for such deferrals as if no change had been made to the original lease contract.

• In August 2020, the FASB issued ASU 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. This ASU simplifies accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies the diluted earnings per share calculation in certain areas and provides updated disclosure requirements. We are currently evaluating the guidance and the impact it may have on our consolidated financial statements.

---

The following is a summary of our real property investment activity by segment for the periods presented (in thousands):

						Year Ended December 31, 2020
						Seniors Housing Operating						Triple-net						Outpatient Medical						Total
Land and land improvements						$	55,000					$	16,876					$	45,590					$	117,466
Buildings and improvements						527,189						73,855						179,004						780,048
Acquired lease intangibles						28,668						—						24,718						53,386
Total net real estate assets						610,857						90,731						249,312						950,900
Receivables and other assets						746						—						268						1,014
Total assets acquired (1)						611,603						90,731						249,580						951,914
Accrued expenses and other liabilities						( 1,650 )						—						( 962 )						( 2,612 )
Total liabilities assumed						( 1,650 )						—						( 962 )						( 2,612 )
Noncontrolling interests (2)						( 45,546 )						—						—						( 45,546 )
Cash disbursed for acquisitions						564,407						90,731						248,618						903,756
Construction in progress additions						134,945						45,256						39,833						220,034
Less: Capitalized interest						( 10,389 )						( 3,209 )						( 3,874 )						( 17,472 )
Accruals (3)						( 1,226 )						—						—						( 1,226 )
Cash disbursed for construction in progress						123,330						42,047						35,959						201,336
Capital improvements to existing properties						107,379						76,625						60,985						244,989
Total cash invested in real property, net of cash acquired						$	795,116					$	209,403					$	345,562					$	1,350,081

(1) Excludes $ 580,000 of unrestricted and restricted cash acquired.

(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests.

(3) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, off-set by amounts paid in the current period.

						Year Ended December 31, 2019
						Seniors Housing Operating						Triple-net						Outpatient Medical						Total
Land and land improvements						$	154,470					$	24,097					$	293,933					$	472,500
Buildings and improvements						1,518,748						203,282						1,954,928						3,676,958
Acquired lease intangibles						76,009						—						183,921						259,930
Real property held for sale						17,435						—						—						17,435
Construction in progress						36,174						—						—						36,174
Right of use assets, net						—						—						58,377						58,377
Total net real estate assets						1,802,836						227,379						2,491,159						4,521,374
Receivables and other assets						15,634						—						1,586						17,220
Total assets acquired (1)						1,818,470						227,379						2,492,745						4,538,594
Secured debt						( 194,408 )						—						( 206,754 )						( 401,162 )
Lease liabilities						—						—						( 47,740 )						( 47,740 )
Accrued expenses and other liabilities						( 12,024 )						—						( 32,893 )						( 44,917 )
Total liabilities assumed						( 206,432 )						—						( 287,387 )						( 493,819 )
Noncontrolling interests (2)						( 67,987 )						( 4,015 )						( 1,201 )						( 73,203 )
Non-cash acquisition related activity (3)						( 11,889 )						—						—						( 11,889 )
Cash disbursed for acquisitions						1,532,162						223,364						2,204,157						3,959,683
Construction in progress additions						227,018						61,414						60,884						349,316
Less: Capitalized interest						( 8,889 )						( 2,385 )						( 3,998 )						( 15,272 )
Accruals (4)						—						—						( 1,035 )						( 1,035 )
Cash disbursed for construction in progress						218,129						59,029						55,851						333,009
Capital improvements to existing properties						260,413						17,426						50,985						328,824
Total cash invested in real property, net of cash acquired						$	2,010,704					$	299,819					$	2,310,993					$	4,621,516

(1) Excludes $ 2,090,000 of unrestricted and restricted cash acquired.

(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests.

(3) Relates to the acquisition of assets previously recognized as investments in unconsolidated entities.

(4) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, off-set by amounts paid in the current period.

---

						Year Ended December 31, 2018
						Seniors Housing Operating						Triple-net						Outpatient Medical						Total
Land and land improvements						$	51,440					$	413,588					$	77,239					$	542,267
Buildings and improvements						621,731						2,242,884						478,740						3,343,355
Acquired lease intangibles						69,504						9,690						50,813						130,007
Real property held for sale						—						396,265						22,032						418,297
Total net real estate assets						742,675						3,062,427						628,824						4,433,926
Receivables and other assets						1,492						1,354						1,185						4,031
Total assets acquired (1)						744,167						3,063,781						630,009						4,437,957
Secured debt						( 134,752 )						—						( 169,156 )						( 303,908 )
Accrued expenses and other liabilities						( 18,463 )						( 13,199 )						( 14,896 )						( 46,558 )
Total liabilities assumed						( 153,215 )						( 13,199 )						( 184,052 )						( 350,466 )
Noncontrolling interests (2)						( 14,390 )						( 512,741 )						—						( 527,131 )
Cash disbursed for acquisitions						576,562						2,537,841						445,957						3,560,360
Construction in progress additions						82,621						55,558						26,565						164,744
Less: Capitalized interest						( 3,190 )						( 2,238 )						( 2,477 )						( 7,905 )
Accruals (3)						—						—						( 339 )						( 339 )
Cash disbursed for construction in progress						79,431						53,320						23,749						156,500
Capital improvements to existing properties						201,001						10,046						55,136						266,183
Total cash invested in real property, net of cash acquired						$	856,994					$	2,601,207					$	524,842					$	3,983,043

(1) Excludes $ 395,397,000 of unrestricted and restricted cash acquired.

(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests.

(3) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, off-set by amounts paid in the current period.

Acquisition of Quality Care Properties

On July 26, 2018, we completed the acquisition of Quality Care Properties Inc. ("QCP"), with QCP shareholders receiving $ 20.75 of cash for each share of QCP common stock and all existing QCP debt was repaid upon closing. Prior to the acquisition, ProMedica Health System ("ProMedica") completed the acquisition of HCR ManorCare. Immediately following the acquisition of QCP, we formed an 80 / 20 joint venture with ProMedica to own the real estate associated with the 218 seniors housing properties leased to ProMedica under a lease agreement with the following key terms: (i) 15 -year absolute triple-net master lease with three 5 -year renewal options; (ii) initial annual cash rent of $ 179 million with a year one escalator of 1.375 % and 2.75 % annual escalators thereafter; and (iii) full corporate guarantee of ProMedica. Additionally, we acquired 59 seniors housing properties classified as held for sale and leased to ProMedica under a non-yielding lease, 12 seniors housing properties and one surgery center classified as held for sale and leased to operators under existing triple-net leases, 14 seniors housing properties leased to operators under existing triple-net leases and one multi-tenant medical office building leased to various tenants. The aggregate consideration to acquire the QCP shares and repay outstanding QCP debt was approximately $ 3.5 billion.

We concluded that the QCP acquisition met the definition of an asset acquisition under ASU 2017-01, "Clarifying the Definition of a Business". The following table presents the purchase price calculation and the allocation to assets acquired and liabilities assumed based upon their relative fair value:

(In thousands)
Land and land improvements						$	417,983
Buildings and improvements						2,253,451
Acquired lease intangibles						12,820
Real property held for sale						418,297
Cash and cash equivalents						381,913
Restricted cash						4,981
Receivables and other assets						1,354
Total assets acquired						3,490,799
Accrued expenses and other liabilities						( 13,199 )
Total liabilities assumed						( 13,199 )
Noncontrolling interests						( 512,741 )
Net assets acquired						$	2,964,859

---

Construction Activity

The following is a summary of the construction projects that were placed into service and began generating revenues during the periods presented (in thousands):

						Year Ended
						December 31, 2020						December 31, 2019						December 31, 2018
Development projects:
Seniors Housing Operating						$	93,188					$	28,117					$	86,931
Triple-net						75,149						—						90,055
Outpatient Medical						43,493						21,006						11,358
Total development projects						211,830						49,123						188,344
Expansion projects						48,600						—						20,029
Total construction in progress conversions						$	260,430					$	49,123					$	208,373

The following is a summary of our real estate intangibles, excluding those classified as held for sale, as of the dates indicated (dollars in thousands):

						December 31, 2020						December 31, 2019
Assets:
In place lease intangibles						$	1,406,705					$	1,513,836
Above market tenant leases						52,621						59,540
Lease commissions						40,704						43,675
Gross historical cost						1,500,030						1,617,051
Accumulated amortization						( 1,177,513 )						( 1,181,158 )
Net book value						$	322,517					$	435,893
Weighted-average amortization period in years						10.5						10.3
Liabilities:
Below market tenant leases						$	77,851					$	99,035
Accumulated amortization						( 40,871 )						( 49,390 )
Net book value						$	36,980					$	49,645
Weighted-average amortization period in years						8.3						8.6

The following is a summary of real estate intangible amortization income (expense) for the periods presented (in thousands):

						Year Ended December 31,
						2020						2019						2018
Rental income related to (above)/below market tenant leases, net						$	1,710					$	508					$	( 1,269 )
Amortization related to in place lease intangibles and lease commissions						( 121,004 )						( 135,047 )						( 122,515 )

The future estimated aggregate amortization of intangible assets and liabilities is as follows for the periods presented (in thousands):

						Assets						Liabilities
2021						$	78,160					$	7,993
2022						43,726						7,320
2023						34,071						5,158
2024						26,524						3,049
2025						21,324						2,482
Thereafter						118,712						10,978
Totals						$	322,517					$	36,980

---

We periodically sell properties for various reasons, including favorable market conditions, the exercise of tenant purchase options or reduction of concentrations (e.g. property type, relationship or geography). At December 31, 2020, four Seniors Housing Operating, one Triple-net and ten Outpatient Medical properties with an aggregate net real estate balance of $ 216,613,000 were classified as held for sale for which we expect gross sales proceeds of approximately $ 276,363,000 . In addition to the real property balances held for sale, net other assets and (liabilities) of $ 35,811,000 are included in the Consolidated Balance Sheets related to held for sale properties.

During the year ended December 31, 2020, we recorded impairment charges of $ 87,873,000 related to 15 Seniors Housing Operating and one Triple-net properties which were disposed of or classified as held for sale for which the carrying value exceeded the fair values, less estimated costs to sell. Additionally, during the year ended December 31, 2020, we recorded $ 47,735,000 of impairment charges related to six Seniors Housing Operating and four Triple-net properties that were held for use in which the carrying value exceed the fair value. The following is a summary of our real property disposition activity for the periods presented (in thousands):

						Year Ended
						December 31, 2020						December 31, 2019						December 31, 2018
Real estate dispositions:
Seniors Housing Operating						$	1,289,769					$	1,232,816					$	36,627
Triple-net						51,666						667,632						835,093
Outpatient Medical						1,755,864						482						253,397
Total dispositions						3,097,299						1,900,930						1,125,117
Gain (loss) on real estate dispositions, net						1,088,455						748,041						415,575
Net other assets (liabilities) disposed						114,274						1,679						1,178
Proceeds from real estate dispositions						$	4,300,028					$	2,650,650					$	1,541,870

Operating results attributable to properties sold or classified as held for sale which do not meet the definition of discontinued operations, are not reclassified on our Consolidated Statements of Comprehensive Income. The following represents the activity related to these properties for the periods presented (in thousands):

						Year Ended December 31,
						2020						2019						2018
Revenues:
Total revenues						$	257,089					$	712,529					$	916,896
Expenses:
Interest expense						6,665						18,506						18,801
Property operating expenses						134,119						375,327						495,770
Provision for depreciation						55,114						138,041						189,909
Total expenses						195,898						531,874						704,480
Income (loss) from real estate dispositions, net						$	61,191					$	180,655					$	212,416

We lease land, buildings, office space and certain equipment. Many of our leases include a renewal option to extend the term from one to 25 years or more. Renewal options that we are reasonably certain to exercise are recognized in our right-of-use assets and lease liabilities. As most of our leases do not provide a rate implicit in the lease agreement, we use our incremental borrowing rate available at lease commencement to determine the present value of lease payments. The incremental borrowing rates were determined using our longer term borrowing rates (actual pricing through 30 years, as well as other longer-term market rates).

We sublease certain real estate to a third party. Our sublease portfolio consists of a finance lease for seven buildings which are subleased to Genesis Healthcare.

---

The components of lease expense were as follows for the periods presented (in thousands):

												Year Ended
						Classification						December 31, 2020						December 31, 2019
Operating lease cost: (1)
Real estate lease expense						Property operating expenses						$	23,472					$	25,166
Non-real estate investment lease expense						General and administrative expenses						4,745						1,654
Finance lease cost:
Amortization of leased assets						Property operating expenses						8,203						7,795
Interest on lease liabilities						Interest expense						6,411						4,748
Sublease income						Rental income						( 4,173 )						( 4,173 )
Total												$	38,658					$	35,190

(1) Includes short-term leases which are immaterial .

Maturities of lease liabilities as of December 31, 2020 are as follows (in thousands):

						Operating Leases						Finance Leases
2021						$	20,316					$	8,777
2022						19,051						8,587
2023						19,082						69,439
2024						18,380						1,491
2025						15,575						1,459
Thereafter						910,134						107,674
Total lease payments						1,002,538						197,427
Less: Imputed interest						( 691,374 )						( 90,325 )
Total present value of lease liabilities						$	311,164					$	107,102

Supplemental balance sheet information related to leases was as follows for the periods presented (in thousands, except lease terms and discount rate):

			Classification						December 31, 2020						December 31, 2019
Right of use assets:
Operating leases - real estate			Right of use assets, net						$	310,017					$	374,217
Finance leases - real estate			Right of use assets, net						155,849						162,216
Real estate right of use assets, net									465,866						536,433
Operating leases - non-real estate investments			Receivables and other assets						9,624						12,474
Total right of use assets, net									$	475,490					$	548,907
Lease liabilities:
Operating leases									$	311,164					$	364,803
Financing leases									107,102						108,890
Total lease liabilities									$	418,266					$	473,693
Weighted average remaining lease term (years):
Operating leases									46.9						46.0
Finance leases									17.7						15.9
Weighted average discount rate:
Operating leases									5.02		%				5.00		%
Finance leases									5.16		%				5.18		%

---

Supplemental cash flow information related to leases was as follows for the periods indicated (in thousands):

									Year Ended
Cash Paid for Amounts Included in the Measurement of Lease Liabilities			Classification						December 31, 2020						December 31, 2019
Operating cash flows from operating leases			Decrease (increase) in receivables and other assets						$	9,323					$	6,397
Operating cash flows from operating leases			Increase (decrease) in accrued expenses and other liabilities						( 3,918 )						( 5,489 )
Operating cash flows from finance leases			Decrease (increase) in receivables and other assets						8,263						10,732
Financing cash flows from finance leases			Other financing activities						( 3,568 )						( 3,401 )

Substantially all of our operating leases in which we are the lessor contain escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. During the year ended December 31, 2020, we wrote off straight-line recent receivable balances of $ 146,508,000 relating to leases for which collection of substantially all contractual lease payments was no longer deemed probable. Included in such amounts was $ 91,025,000 relating to Genesis Healthcare whom noted substantial doubt as to their ability to continue as a going concern in August.

Leases in our Triple-net and Outpatient Medical portfolios typically include some form of operating expense reimbursement by the tenant. For the year ended December 31, 2020, we recognized $ 1,443,360,000 of rental income related to operating leases, of which $ 203,348,000 was for variable lease payments, which primarily represents the reimbursement of operating costs such as common area maintenance expenses, utilities, insurance and real estate taxes. For the year ended December 31, 2019, we recognized $ 1,588,400,000 of rental income related to operating leases, of which $ 200,564,000 was for variable lease payments.

The following table sets forth the future minimum lease payments receivable for leases in effect at December 31, 2020 (excluding properties in our Seniors Housing Operating portfolio and excluding any operating expense reimbursements) (in thousands):

2021						$	1,405,428
2022						1,390,915
2023						1,332,520
2024						1,306,595
2025						1,236,338
Thereafter						7,957,714
Totals						$	14,629,510

---

						Year Ended December 31,
						2020						2019
Mortgage loans						$	299,430					$	188,062
Other real estate loans						152,739						124,696
Allowance for credit losses on real estate loans receivable						( 8,797 )						( 42,376 )
Real estate loans receivable, net of credit allowance						443,372						270,382
Non-real estate loans						455,508						362,850
Allowance for credit losses on non-real estate loans receivable						( 215,239 )						( 25,996 )
Non-real estate loans receivable, net of credit allowance (1)						240,269						336,854
Total loans receivable, net of credit allowance						$	683,641					$	607,236

(1) Included in receivables and other assets on the Consolidated Balance Sheets.

During the year ended December 31, 2020, the real estate collateral associated with one loan was released, therefore, the principal balance of $ 86,411,000 and related allowance for credit losses of $ 42,376,000 was reclassified to non-real estate loans.

The following is a summary of our loan activity for the periods presented (in thousands):

						Year Ended
						December 31, 2020						December 31, 2019						December 31, 2018
Advances on loans receivable:
Investments in new loans						$	224,078					$	46,824					$	77,289
Draws on existing loans						23,465						72,875						34,759
Net cash advances on loans receivable						247,543						119,699						112,048
Receipts on loans receivable:
Loan payoffs						15,677						118,703						144,700
Principal payments on loans						15,871						9,003						59,235
Net cash receipts on loans receivable						31,548						127,706						203,935
Net cash advances (receipts) on loans receivable						$	215,995					$	( 8,007 )					$	( 91,887 )

The following is a summary of our loans by credit loss category (in thousands):

			December 31, 2020
Loan category			Years of Origination			Loan Carrying Value			Allowance for Credit Loss			Net Loan Balance			No. of Loans
Deteriorated loans (1)			2007 - 2018			$	242,319		$	( 212,514 )		$	29,805		6
Collective loan pool			2007 - 2015			130,436			( 2,452 )			127,984			14
Collective loan pool			2016			126,465			( 2,381 )			124,084			4
Collective loan pool			2017			126,792			( 1,429 )			125,363			7
Collective loan pool			2018			19,923			( 374 )			19,549			1
Collective loan pool			2019			48,819			( 886 )			47,933			7
Collective loan pool			2020			212,923			( 4,000 )			208,923			9
Total loans						$	907,677		$	( 224,036 )		$	683,641		48

In 2019, we recognized a provision for loan losses of $ 18,690,000 to fully reserve for and eventually wrote off certain Triple-net real estate loans receivable that were no longer deemed collectible. During the year ended December 31, 2020, we recognized additional provision for loan losses of $ 88,201,000 as a result of the current collateral estimates for loans with deteriorated credit, primarily relating to our outstanding Genesis Healthcare loans. As of December 31, 2020, the total allowance for credit losses balance of $ 224,036,000 is deemed to be sufficient to abs orb expected losses relating to our loan portfolio. The following is a summary of the allowance for credit losses on loans receivable for the periods presented (in thousands):

---

						Year Ended December 31,
						2020						2019						2018
Balance at beginning of year						$	68,372					$	68,372					$	68,372
Adoption of ASU 2016-13						5,212						—						—
Provision for loan losses						94,436						18,690						—
Loan write-offs						( 7,000 )						( 18,690 )						—
Foreign currency translation						197						—						—
Reclassification of deferred gain as credit loss (1)						62,819						—						—
Balance at end of year						$	224,036					$	68,372					$	68,372
(1) During the year ended December 31, 2020, two loans receivable originated in 2016 to Genesis Healthcare with an aggregate carrying value of $ 62,753,000 were transferred to the deteriorated loan pool. In addition, deferred gains of $ 62,819,000 previously recorded in accrued expenses and other liabilities were reclassified to the allowance for credit losses.

The following is a summary of our deteriorated loans (in thousands):

						Year Ended December 31,
						2020						2019						2018
Balance of deteriorated loans at end of year (1)						$	242,319					$	188,018					$	189,272
Allowance for credit losses						( 212,514 )						( 68,372 )						( 68,372 )
Balance of deteriorated loans not reserved						$	29,805					$	119,646					$	120,900
Interest recognized on deteriorated loans (2)						18,937						16,235						17,241

(1) Balances include $ 3,623,000 , $ 2,534,000 and 2567000 of loans on non-accrual as of December 31, 2020, 2019 and 2018, respectively.

(2) Represents cash interest recognized in the period.

We participate in a number of joint ventures, which generally invest in seniors housing and health care real estate. The results of operations for these properties have been included in our consolidated results of operations from the date of acquisition by the joint ventures and are reflected in our Consolidated Statements of Comprehensive Income as income or loss from unconsolidated entities. The following is a summary of our investments in unconsolidated entities (dollars in thousands):

						Percentage Ownership (1)						December 31, 2020						December 31, 2019
Seniors Housing Operating						10 % to 65 %						$	653,057					$	463,741
Triple-net						10 % to 25 %						5,629						7,740
Outpatient Medical						15 % to 50 %						287,548						111,942
Total												$	946,234					$	583,423

(1) Includes ownership of investments classified as liabilities and excludes ownership of in-substance real estate.

We own 34 % o f Sunrise Senior Living Management, Inc. ("Sunrise"), who provides comprehensive property management and accounting services with respect to certain of our Seniors Housing Operating properties that Sunrise operates. We pay Sunrise annual management fees pursuant to long-term management agreements. Our management agreements have initial terms expiring throu gh December 2035 pl us, if applicable, optional renewal periods ranging from an additio nal 5 to 15 years depending on the property. The management fees payable to Sunrise under the management agreements include a fee based on a percentage of revenues generated by the applicable properties plus, if applicable, positive or negative adjustments based on specified performance targets. For the years ended December 31, 2020, 2019 and 2018, we recognized fees to Sunrise of $ 40,088,000 , $ 41,200,000 and $ 36,378,000 , respectively, which are reflected within property operating expenses in our Consolidated Statements of Comprehensive Income.

During the year ended December 31, 2019, we sold our interest in a Seniors Housing Operating joint venture and recognized a gain of $ 38,681,000 in income (loss) from unconsolidated entities in our Consolidated Statements of Comprehensive Income.

At December 31, 2020, the aggregate unamortized basis difference of our joint venture inve stments of $ 116,504,000 is primarily attributable to the difference between the amount for which we purchased our interest in the entity, inclu ding transaction costs, and the historical carrying value of the net assets of the joint venture. This difference is being amortized over the remaining useful life of the related properties and included in the reported amount of income from unconsolidated entities.

We have made loans totaling $ 333,934,000 related to eight properties as of December 31, 2020 for the development and construction of certain properties which are classified as in substance real estate investments. We believe that such borrowers typically represent variable interest entities (“VIE” or VIE’s”) in accordance with ASC 810 Consolidation. VIE’s are required to be consolidated by their Primary Beneficiary (“PB”) which is the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impacts the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We have concluded that we are not the PB of such

---

We use consolidated net operating income (“NOI”) as our credit concentration metric. See Note 18 for additional information and reconciliation. The following table summarizes certain information about our credit concentration for the year ended December 31, 2020, excluding our share of NOI in unconsolidated entities (dollars in thousands):

						Number of						Total						Percent of
Concentration by relationship: (1)						Properties						NOI						NOI (2)
Sunrise Senior Living (3)						165						$	257,558					13 %
ProMedica						215						212,593						11 %
Revera (3)						94						100,344						5 %
Avery Healthcare						60						75,863						4 %
Sagora Senior Living						31						67,399						3 %
Remaining portfolio						928						1,294,387						64 %
Totals						1,493						$	2,008,144					100 %

(1) Sunrise Senior Living and Revera are in our Seniors Housing Operating segment. ProMedica is in our Triple-net segment. Avery Healthcare and Sagora Senior Living are in both the Triple-net and Seniors Housing Operating segments.

(2) NOI with our top five relationships comprised 37 % of total NOI for the year ending December 31, 2019.

(3) Revera owns a controlling interest in Sunrise. For the year ended December 31, 2020, we recognized $ 1,147,146,000 of revenue from properties managed by Sunrise Senior Living.

At December 31, 2020, we had a primary unsecured credit facility with a consortiu m of 31 banks that includes a $ 3,000,000,000 unsecured revolving credit facility ($ 0 outstanding at December 31, 2020), a $ 500,000,000 unsecured term credit facility and a $ 250,000,000 Canadian-denominated unsecured term credit facility. We have an option, through an accordion feature, to upsize the unsecured revolving credit facility and the $ 500,000,000 unsecured term credit facility by up to an additional $ 1,000,000,000 , in the aggregate, and the $ 250,000,000 Canadian-denominated unsecured term credit facility by up to an additional $ 250,000,000 . The primary unsecured credit facility also allows us to borrow up to $ 1,000,000,000 i n alternate currencies ( none outstanding at December 31, 2020). Borrowings under the unsecured revolving credit facility are subject to interest payable at the applicable margin over LIBOR interest rate. The applicable margin is based on our debt ratings and was 0.825 % at December 31, 2020. In addition, we pay a facility fee quarterly to each bank based on the bank’s commitment amount. The facility fee depends on our debt ratings and was 0.15 % at December 31, 2020. The term credit facilities ma ture on July 19, 2023. The revolving credit facility is scheduled to mature on July 19, 2022 and can be extended for two successive terms of six months each at our o ption.

In January 2019, we established an unsecured commercial paper program. Under the terms of the program, we may issue unsecured commercial paper notes with maturities that vary, but do not exc eed 397 days from the date of issue, up to a maximum aggregate face or principal amount outstanding at any time of $ 1,000,000,000 ( none outstanding at December 31, 2020.

The following information relates to aggregate borrowings under the unsecured revolving credit facility and commercial paper program for the periods presented (dollars in thousands):

						Year Ended December 31,
						2020						2019						2018
Balance outstanding at year end						$	—					$	1,588,600					$	1,147,000
Maximum amount outstanding at any month end						$	2,100,000					$	2,880,000					$	2,148,000
Average amount outstanding (total of daily principal balances
divided by days in period)						$	497,014					$	1,376,813					$	950,581
Weighted-average interest rate (actual interest expense divided
by average borrowings outstanding)						2.09		%				2.84		%				3.07		%

---

unsecured notes are redeemable at our option, at any time in whole or from time to time in part, at a redemption price equal to the sum of (i) the principal amount of the notes (or portion of such notes) being redeemed plus accrued and unpaid interest thereon up to the redemption date and (ii) any “make-whole” amount due under the terms of the notes in connection with early redemptions. Redemptions and repurchases of debt, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. At December 31, 2020, the annual principal payments due on these debt obligations were as follows (in thousands):

						Senior Unsecured Notes (1,2)						Secured Debt (1,3)						Totals
2021						$	—					$	451,038					$	451,038
2022 (4)						870,000						460,892						1,330,892
2023 (5,6)						1,369,784						372,541						1,742,325
2024						1,350,000						183,345						1,533,345
2025						1,250,000						214,440						1,464,440
Thereafter (7,8,9)						6,669,749						695,817						7,365,566
Totals						$	11,509,533					$	2,378,073					$	13,887,606

(1) Amounts represent principal amounts due and do not include unamortized premiums/discounts, debt issuance costs, or other fair value adjustments as reflected on the Consolidated Balance Sheets.

(2) Annual interest rates range from 0.85 % to 6.50 %.

(3) Annual interest rates range from 0.09 % to 12.00 %. Carrying value of the properties securing the debt totaled $ 5,388,000,000 at December 31, 2020.

(4) Includes a $ 860,000,000 unsecured term credit facility. The loan matures on April 1, 2022 and bears interest at LIBOR plus 1.20 % ( 1.35 % at December 31, 2020).

(5) Includes a $ 250,000,000 Canadian-denominated unsecured term credit facility (approximately $ 196,032,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2020). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.9 % ( 1.37 % at December 31, 2020).

(6) Includes a $ 500,000,000 unsecured term credit facility. The loan matures on July 19, 2023 and bears interest at LIBOR plus 0.9 % ( 1.05 % at December 31, 2020).

(7) Includes a $ 300,000,000 Canadian-denominated 2.95 % senior unsecured notes due 2027 (approximately $ 235,239,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2020).

(8) Includes a £ 550,000,000 4.80 % senior unsecured notes due 2028 (approximately $ 751,410,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2020).

(9) Includes a £ 500,000,000 4.50 % senior unsecured notes due 2034 (approximately $ 683,100,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2020).

The following is a summary of our senior unsecured note principal activity during the periods presented (dollars in thousands):

						Year Ended
						December 31, 2020												December 31, 2019												December 31, 2018
												Weighted Avg.												Weighted Avg.												Weighted Avg.
						Amount						Interest Rate						Amount						Interest Rate						Amount						Interest Rate
Beginning balance						$	10,427,562					4.03 %						$	9,699,984					4.48 %						$	8,417,447					4.31 %
Debt issued						1,600,000						1.89 %						3,987,790						3.34 %						2,850,000						4.57 %
Debt extinguished						( 566,248 )						3.26 %						( 3,335,290 )						4.39 %						( 1,450,000 )						3.46 %
Foreign currency						48,219						4.35 %						75,078						4.22 %						( 117,463 )						4.16 %
Ending balance						$	11,509,533					3.67 %						$	10,427,562					4.03 %						$	9,699,984					4.48 %

The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands):

						Year Ended
						December 31, 2020												December 31, 2019												December 31, 2018
												Weighted Avg.												Weighted Avg.												Weighted Avg.
						Amount						Interest Rate						Amount						Interest Rate						Amount						Interest Rate
Beginning balance						$	2,993,342					3.63 %						$	2,485,711					3.90 %						$	2,618,408					3.76 %
Debt issued						62,055						2.55 %						343,696						3.11 %						45,447						3.40 %
Debt assumed						—						— %						385,145						4.34 %						292,887						4.64 %
Debt extinguished						( 632,288 )						2.21 %						( 230,108 )						4.35 %						( 306,553 )						5.36 %
Principal payments						( 62,707 )						3.63 %						( 54,325 )						3.75 %						( 56,288 )						3.91 %
Foreign currency						17,671						2.93 %						63,223						3.28 %						( 108,190 )						3.33 %
Ending balance						$	2,378,073					3.27 %						$	2,993,342					3.63 %						$	2,485,711					3.90 %

---

We are exposed to, among other risks, the impact of changes in foreign currency exchange rates as a result of our non-U.S. investments and interest rate risk related to our capital structure. Our risk management program is designed to manage the exposure and volatility arising from these risks, and utilizes foreign currency forward contracts, cross currency swap contracts, interest rate swaps, interest rate locks and debt issued in foreign currencies to offset a portion of these risks.

Foreign Currency Forward Contracts Designated as Cash Flow Hedges

For instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is deferred as a component of other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods, during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in earnings.

Cash Flow Hedges of Interest Rate Risk

We enter into interest rate swaps in order to maintain a capital structure containing targeted amounts of fixed and floating-rate debt and manage interest rate risk. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our fixed-rate payments. These interest rate swap agreements are used to hedge the variable cash flows associated with variable-rate debt.

Periodically, we enter into and designate interest rate locks to partially hedge the risk of changes in interest payments attributable to increases in the benchmark interest rate during the period leading up to the probable issuance of fixed-rate debt. We designate our interest rate locks as cash flow hedges. Gains and losses when we settle our interest rate locks are amortized into income over the life of the related debt, except where a material amount is deemed to be ineffective, which would be immediately reclassified to the Consolidated Statements of Comprehensive Income. Approximately $ 2,686,000 of losses, which are included in OCI, are expected to be reclassified into earnings in the next 12 months.

Foreign Currency Forward Contracts and Cross Currency Swap Contracts Designated as Net Investment Hedges

We use foreign currency forward and cross currency forward swap contracts to hedge a portion of the net investment in foreign subsidiaries against fluctuations in foreign exchange rates. For instruments that are designated and qualify as net investment hedges, the variability in the foreign currency to U.S. Dollar of the instrument is recorded as a cumulative translation adjustment component of OCI.

During the years ended December 31, 2020, 2019, and 2018 we settled certain net investment hedges necessitating cash payments of $ 1,988,000 and generating cash proceeds of $ 6,716,000 , and $ 70,897,000 , respectively. The balance of the cumulative translation adjustment will be reclassified to earnings if the hedged investment is sold or substantially liquidated.

Derivative Contracts Undesignated

We use foreign currency exchange contracts to manage existing exposures to foreign currency exchange risk. Gains and losses resulting from the changes in fair value of these instruments are recorded in interest expense on the Consolidated Statements of Comprehensive Income, and are substantially offset by net revaluation impacts on foreign currency denominated balance sheet exposures. In addition, we have several interest rate cap contracts related to variable rate secured debt agreements. Gains and losses resulting from the changes in fair values of these instruments are also recorded in interest expense.

The following presents the notional amount of derivatives and other financial instruments as of the dates indicated (in thousands):

---

						December 31, 2020						December 31, 2019
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars						$	625,000					$	725,000
Denominated in Pound Sterling						£	1,340,708					£	1,340,708
Financial instruments designated as net investment hedges:
Denominated in Canadian Dollars						$	250,000					$	250,000
Denominated in Pound Sterling						£	1,050,000					£	1,050,000
Interest rate swaps designated as cash flow hedges:
Denominated in U.S. Dollars (1)						$	450,000					$	1,188,250
Derivative instruments not designated:
Interest rate caps denominated in U.S. Dollars						$	26,137					$	405,819
Forward sales contracts denominated in Canadian Dollars						$	80,000					$	—
Forward purchase contracts denominated in Pound Sterling						£	—					£	( 125,000 )
Forward sales contracts denominated in Pound Sterling						£	—					£	125,000

(1) At December 31, 2020 the maximum maturity date was January 15, 2021.

The following presents the impact of derivative instruments on the Consolidated Statements of Comprehensive Income for the periods presented (in thousands):

												Year Ended
Description						Location						December 31, 2020						December 31, 2019						December 31, 2018
Gain (loss) on derivative instruments designated as hedges recognized in income						Interest expense						$	22,698					$	26,419					$	12,271
Gain (loss) on derivative instruments not designated as hedges recognized in income						Interest expense						$	( 5,982 )					$	( 2,310 )					$	5,233
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI						OCI						$	( 134,369 )					$	( 131,120 )					$	211,390

The following is a summary of our stockholders’ equity capital accounts as of the dates indicated:

						December 31, 2020						December 31, 2019
Preferred Stock, $ 1.00 par value:
Authorized shares						50,000,000						50,000,000
Issued shares						—						—
Outstanding shares						—						—
Common Stock, $ 1.00 par value:
Authorized shares						700,000,000						700,000,000
Issued shares						419,124,469						411,550,857
Outstanding shares						417,400,602						410,256,615

Preferred Stock

The following is a summary of our preferred stock activity during the periods presented:

---

						Year Ended
						December 31, 2020												December 31, 2019												December 31, 2018
												Weighted Avg.												Weighted Avg.												Weighted Avg.
						Shares						Dividend Rate						Shares						Dividend Rate						Shares						Dividend Rate
Beginning balance						—						— %						14,369,965						6.50 %						14,370,060						6.50 %
Shares converted						—						— %						( 14,369,965 )						6.50 %						( 95 )						6.50 %
Ending balance						—						— %						—						— %						14,369,965						6.50 %

During the year ended December 31, 2019, we converted all of the outstanding Series I Preferred Stock. Each share was converted into 0.8857 shares of common stock.

Common Stock

In February 2019, we entered into an amended and restated equity distribution agreement whereby we can offer and sell up to $ 1,500,000,000 aggregate amount of our common stock ("Equity Shelf Program"). The Equity Shelf Program also allows us to enter into forward sale agreements. During the year ended December 31, 2020, we physically settled all of our outstanding forward sale agreements for cash proceeds of $ 576,196,000 . A s of December 31, 2020, we had $ 499,341,000 of remaining capacity under the Equity Shelf Program.

On May 1, 2020, our Board of Directors authorized a share repurchase program whereby we may repurchase up to $ 1 billion of common stock through December 31, 2021 (the "Repurchase Program"). Under this authorization, we are not required to purchase shares but may choose to do so in the open market or through private transactions at times and amounts based on our evaluation of market conditions and other factors. We expect to finance any share repurchases under the Repurchase Program using available cash and may use proceeds from borrowings or debt offerings. During the year ended December 31, 2020, we repurchased 201,947 shares at an average price of $ 37.89 per share.

The following is a summary of our common stock activity during the periods indicated (dollars in thousands, except average price amounts):

						Shares Issued						Average Price						Gross Proceeds						Net Proceeds
2018 Dividend reinvestment plan issuances						6,529,417						$	65.55					$	428,009					$	423,075
2018 Option exercises						56,960						42.66						2,430						2,430
2018 Equity Shelf Program issuances						5,241,349						69.95						366,640						364,070
2018 Preferred stock conversions						83												—						—
2018 Stock incentive plans, net of forfeitures						115,243												—						—
2018 Totals						11,943,052												$	797,079					$	789,575
2019 Dividend reinvestment plan issuances						5,798,979						$	77.18					$	447,559					$	443,929
2019 Option exercises						10,736						51.32						551						551
2019 Equity Shelf Program issuances						7,855,956						78.15						613,948						611,645
2019 Preferred stock conversions						12,712,452												—						—
2019 Stock incentive plans, net of forfeitures						203,889												—						—
2019 Totals						26,582,012												$	1,062,058					$	1,056,125
2020 Dividend reinvestment plan issuances						264,153						$	72.33					$	19,105					$	19,105
2020 Option exercises						251						47.81						12						12
2020 Equity Shelf Program issuances						6,799,978						86.48						588,072						576,196
2020 Stock incentive plans, net of forfeitures						281,552												—						—
2020 Totals						7,345,934												$	607,189					$	595,313

Dividends

During the year ended December 31, 2020, we declared a reduced cash dividend beginning with the quarter ended March 31, 2020. Please refer to Note 19 for information related to federal income tax of dividends. The following is a summary of our dividend payments (in thousands, except per share amounts):

---

						Year Ended
						December 31, 2020												December 31, 2019												December 31, 2018
						Per Share						Amount						Per Share						Amount						Per Share						Amount
Common Stock						$	2.7000					$	1,120,187					$	3.4800					$	1,404,977					$	3.4800					$	1,300,141
Series I Preferred Stock						—						—						—						—						3.2500						46,704
Totals												$	1,120,187											$	1,404,977											$	1,346,845

Accumulated Other Comprehensive Income

The following is a summary of accumulated other comprehensive income/(loss) for the periods presented (in thousands):

						December 31, 2020						December 31, 2019
Foreign currency translation						$	( 621,792 )					$	( 719,814 )
Derivative and financial instruments designated as hedges						473,288						607,657
Total accumulated other comprehensive loss						$	( 148,504 )					$	( 112,157 )

Our 2016 Long-Term Incentive Plan (“2016 Plan”) authorizes up to 10,000,000 shares of common stock to be issued at the discretion of the Compensation Committee of the Board of Directors. Our non-employee directors, officers and key employees are eligible to participate in the 2016 Plan. The 2016 Plan allows for the issuance of, among other things, stock options, stock appreciation rights, restricted stock, deferred stock units, performance units, and dividend equivalent rights. Vesting periods for options, deferred stock units and restricted shares generally range from three to four years . Options expire ten years from the date of grant.

Under our long-term incentive plan, certain restricted stock awards are market, performance and time-based. For market and performance based awards, we will grant a target number of restricted stock units, with the ultimate award determined by the total shareholder return and operating performance metrics, measured in each case over a measurement period of three years . Thes e award s vest after the end of the performance periods. The expected term represents the period from the grant date to the end of the performance period. Compensation expense for these performance grants is measured based on the probability of achievement of certain performance goals and is recognized over the performance period. For the portion of the grant for which the award is determined by the operating performance metrics, the compensation cost is based on the grant date closing price and management’s estimate of corporate achievement of the financial metrics. If the estimated number of performance based restricted stock to be earned changes, an adjustment will be recorded to recognize the accumulated difference between the revised and previous estimates. For the portion of the grant determined by the total shareholder return, management used a Monte Carlo model to assess the fair value and compensation cost. Forfeitures are accounted for as they occur.

For the years ended December 31, 2020, 2019 and 2018, we recognized stock compensation expense (a component of general and administrative expenses, property operating expenses, and other expenses) of $ 28,318,000 , $ 25,047,000 , and $ 27,646,000 , respectively.

Restricted Stock

The fair value of the restricted stock is equal to the market price of the company’s common stock on the date of grant and is amortized over the vesting periods. As of December 31, 2020, there was $ 20,900,000 of total unrecognized compensation expense related to unvested restricted stock that is expected to be recognized over a weighted-average period of two years . The following table summarizes information about non-vested restricted stock incentive awards as of and for the year ended December 31, 2020:

						Restricted Stock
						Number of Shares (000's)						Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2019						1,106						$	70.26
Vested						( 580 )						71.36
Granted						274						88.24
Forfeited or Expired						( 395 )						83.01
Non-vested at December 31, 2020						405						$	69.35

---

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level valuation hierarchy exists for disclosures of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined below:

• Level 1 - Quoted prices in active markets for identical assets or liabilities.

• Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

• Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:

Mortgage Loans, Other Real Estate Loans and Non-real Estate Loans Receivable — The fair value of mortgage loans, other real estate loans and non-real estate loans receivable is generally estimated by using Level 2 and Level 3 inputs such as discounting the estimated future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.

Cash and Cash Equivalents and Restricted Cash — The carrying amount approximates fair value.

Equity Securities — Equity securities are recorded at their fair value based on Level 1 publicly available trading prices.

Borrowings Under Primary Unsecured Credit Facility and Commercial Paper Program — The carrying amount of the primary unsecured credit facility and commercial paper program approximates fair value because the borrowings are interest rate adjustable.

Senior Unsecured Notes — The fair value of the senior unsecured notes payable was estimated based on Level 1 publicly available trading prices. The carrying amount of the variable rate senior unsecured notes approximates fair value because they are interest rate adjustable.

---

Secured Debt — The fair value of fixed rate secured debt is estimated using Level 2 inputs by discounting the estimated future cash flows using the current rates at which similar loans would be made with similar credit ratings and for the same remaining maturities. The carrying amount of variable rate secured debt approximates fair value because the borrowings are interest rate adjustable.

Foreign Currency Forward Contracts, Interest Rate Swaps and Cross Currency Swaps — Foreign currency forward contracts, interest rate swaps and cross currency swaps are recorded in other assets or other liabilities on the balance sheet at fair value that is derived from observable market data, including yield curves and foreign exchange rates (all of our derivatives are Level 2).

Redeemable OP Unitholder Interests — Our redeemable OP unitholder interests are recorded on the balance sheet at fair value using Level 2 inputs unless the fair value is below the initial amount in which case the redeemable OP unitholder interests are recorded at the initial amount adjusted for distributions to the unitholders and income or loss attributable to the unitholders. The fair value is measured using the closing price of our common stock, as units may be redeemed at the election of the holder for cash or, at our option, one share of our common stock per unit, subject to adjustment in certain circumstances.

The carrying amounts and estimated fair values of our financial instruments are as follows as of the dates presented (in thousands):

						December 31, 2020												December 31, 2019
						Carrying						Fair						Carrying						Fair
						Amount						Value						Amount						Value
Financial assets:
Mortgage loans receivable						$	293,752					$	297,207					$	145,686					$	150,217
Other real estate loans receivable						149,620						152,211						124,696						128,512
Equity securities						4,636						4,636						15,685						15,685
Cash and cash equivalents						1,545,046						1,545,046						284,917						284,917
Restricted cash						475,997						475,997						100,849						100,849
Non-real estate loans receivable						240,269						255,724						336,854						379,239
Foreign currency forward contracts, interest rate swaps and cross currency swaps						4,668						4,668						18,554						18,554
Financial liabilities:
Borrowings under unsecured credit facility and commercial paper program						$	—					$	—					$	1,587,597					$	1,587,597
Senior unsecured notes						11,420,790						13,093,926						10,336,513						11,400,571
Secured debt						2,377,930						2,451,782						2,990,962						3,041,893
Foreign currency forward contracts, interest rate swaps and cross currency swaps						118,054						118,054						53,601						53,601
Redeemable OP unitholder interests						$	116,240					$	115,346					$	121,440					$	121,440

Items Measured at Fair Value on a Recurring Basis

The market approach is utilized to measure fair value for our financial assets and liabilities reported at fair value on a recurring basis. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The following summarizes items measured at fair value on a recurring basis (in thousands):

						Fair Value Measurements as of December 31, 2020
						Total						Level 1						Level 2						Level 3
Equity securities						$	4,636					$	4,636					$	—					$	—
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)						( 113,386 )						—						( 113,386 )						—
Totals						$	( 108,750 )					$	4,636					$	( 113,386 )					$	—

(1) Please see Note 12 for additional information.

Items Measured at Fair Value on a Nonrecurring Basis

In addition to items that are measured at fair value on a recurring basis, we also have assets and liabilities on our balance sheet that are measured at fair value on a nonrecurring basis that are not included in the tables above. Assets, liabilities and noncontrolling interests that are measured at fair value on a nonrecurring basis include those acquired or assumed. Asset

---

We invest in seniors housing and health care real estate. We evaluate our business and make resource allocations on our three operating segments: Seniors Housing Operating, Triple-net and Outpatient Medical. Our Seniors Housing Operating properties include seniors apartments, assisted living, independent living/continuing care retirement communities, independent supportive living communities (Canada), care homes with and without nursing (U.K.) and combinations thereof that are generally owned and/or operated through RIDEA structures (see Note 19). Our Triple-net properties include the property types described above as well as long-term/post-acute care facilities. Under the Triple-net segment, we invest in seniors housing and health care real estate through acquisition and financing of primarily single tenant properties. Properties acquired are primarily leased under triple-net leases and we are not involved in the management of the property. Our Outpatient Medical properties are typically leased to multiple tenants and generally require a certain level of property management by us.

We evaluate performance based upon consolidated NOI of each segment. We define NOI as total revenues, including tenant reimbursements, less property operating expenses. We believe NOI provides investors relevant and useful information as it measures the operating performance of our properties at the property level on an unleveraged basis. We use NOI to make decisions about resource allocations and to assess the property level performance of our properties.

Non-segment revenue consists mainly of other income. Non-segment assets consist of corporate assets including cash, deferred loan expenses and corporate offices and equipment among others. Non-property specific revenues and expenses are not allocated to individual segments in determining NOI.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2). The results of operations for all acquisitions described in Note 3 are included in our consolidated results of operations from the acquisition dates and are components of the appropriate segments. There are no intersegment sales or transfers.

Summary information for the reportable segments (which excludes unconsolidated entities) during the years ended December 31, 2020, 2019 and 2018 is as follows (in thousands):

---

---

---

Year Ended December 31, 2018:						Seniors Housing Operating						Triple-net						Outpatient Medical						Non-segment / Corporate						Total
Resident fees and services						$	3,234,852					$	—					$	—					$	—					$	3,234,852
Rental income						—						828,865						551,557						—						1,380,422
Interest income						578						54,926						310						—						55,814
Other income						5,024						17,173						4,939						2,275						29,411
Total revenues						3,240,454						900,964						556,806						2,275						4,700,499
Property operating expenses						2,255,432						915						176,670						—						2,433,017
Consolidated net operating income						985,022						900,049						380,136						2,275						2,267,482
Depreciation and amortization						529,449						235,480						185,530						—						950,459
Interest expense						69,060						14,225						7,051						436,256						526,592
General and administrative expenses						—						—						—						126,383						126,383
Loss (gain) on derivatives and financial instruments, net						—						( 4,016 )						—						—						( 4,016 )
Loss (gain) on extinguishment of debt, net						110						( 32 )						11,928						4,091						16,097
Impairment of assets						7,599						107,980						—						—						115,579
Other expenses (1)						6,624						90,975			(1)			7,570						7,729						112,898
Income (loss) from continuing operations before income taxes and other items						372,180						455,437						168,057						( 572,184 )						423,490
Income tax (expense) benefit						—						—						—						( 8,674 )						( 8,674 )
Income (loss) from unconsolidated entities						( 28,142 )						21,938						5,563						—						( 641 )
Gain (loss) on real estate dispositions, net						( 2,245 )						196,589						221,231						—						415,575
Income (loss) from continuing operations						341,793						673,964						394,851						( 580,858 )						829,750
Net income (loss)						$	341,793					$	673,964					$	394,851					$	( 580,858 )					$	829,750

(1) Represents non-capitalizable transaction costs of $ 81,116,000 primarily related to a joint venture transaction with an existing seniors housing operator including the conversion of properties from Triple-net to Seniors Housing Operating and termination/restructuring of preexisting relationships.

Our portfolio of properties and other investments are located in the United States, the United Kingdom and Canada. Revenues and assets are attributed to the country in which the property is physically located. The following is a summary of geographic information for the periods presented (dollars in thousands):

						Year Ended
						December 31, 2020												December 31, 2019												December 31, 2018
Revenues:						Amount (1)						%						Amount						%						Amount						%
United States						$	3,720,155					80.8		%				$	4,205,492					82.1		%				$	3,777,960					80.4		%
United Kingdom						451,399						9.8		%				452,698						8.8		%				452,956						9.6		%
Canada						434,413						9.4		%				463,116						9.1		%				469,583						10.0		%
Total						$	4,605,967					100.0		%				$	5,121,306					100.0		%				$	4,700,499					100.0		%
						As of
						December 31, 2020												December 31, 2019
Assets:						Amount						%						Amount						%
United States						$	26,658,659					82.1		%				$	27,513,911					82.4		%
United Kingdom						3,352,549						10.3		%				3,405,388						10.2		%
Canada						2,472,434						7.6		%				2,461,452						7.4		%
Total						$	32,483,642					100.0		%				$	33,380,751					100.0		%

---

We elected to be taxed as a REIT commencing with our first taxable year. To qualify as a REIT for federal income tax purposes, at least 90% of taxable income (excluding 100% of net capital gains) must be distributed to stockholders. REITs that do not distribute a certain amount of taxable income in the current year are also subject to a 4% federal excise tax. The main differences between undistributed net income for federal income tax purposes and financial statement purposes are the recognition of straight-line rent for reporting purposes, basis differences in acquisitions, recording of impairments, differing useful lives and depreciation and amortization methods for real property and the provision for loan losses for reporting purposes versus bad debt expense for tax purposes.

Cash distributions paid to common stockholders, for federal income tax purposes, are as follows for the periods presented:

						Year Ended December 31,
						2020						2019						2018
Per share:
Ordinary dividend (1)						$	1.6389					$	2.6937					$	2.1988
Long-term capital gain/(loss) (2)						1.0611						0.7863						1.1153
Return of capital						—						—						0.1659
Totals						$	2.7000					$	3.4800					$	3.4800

(1) For the years ended December 31, 2020, 2019 and 2018, includes Section 199A dividends of $ 1.6389 , $ 2.6937 and $ 2.1988 respectively.

(2) For the years ended December 31, 2020, 2019 and 2018, includes Unrecaptured SEC. 1250 Gains of $ 0.3458 , $ 0.2835 and $ 0.3822 , respectively.

Our consolidated provision for income tax expense (benefit) is as follows for the periods presented (in thousands):

						Year Ended December 31,
						2020						2019						2018
Current tax expense						$	11,358					$	12,594					$	15,850
Deferred tax benefit						( 1,390 )						( 9,637 )						( 7,176 )
Income tax expense (benefit)						$	9,968					$	2,957					$	8,674

REITs generally are not subject to U.S. federal income taxes on that portion of REIT taxable income or capital gain that is distributed to stockholders. For the tax year ended December 31, 2020, as a result of ownership of investments in Canada and the U.K., we were subject to foreign income taxes under the respective tax laws of these jurisdictions.

The provision for income taxes for the year ended December 31, 2020 primarily relates to state taxes, foreign taxes, and taxes based on income generated by entities that are structured as TRSs. For the tax years ended December 31, 2020, 2019 and 2018, the foreign tax provision/(benefit) amount included in the consolidated provision for income taxes was $ 5,777,000 , ($ 3,892,000 ) and $ 9,804,000 , respectively.

A reconciliation of income taxes, which is computed by applying the federal corporate tax rate for the years ended December 31, 2020, 2019 and 2018, to the income tax expense/(benefit) is as follows for the periods presented (in thousands):

						Year Ended December 31,
						2020						2019						2018
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interests and income taxes						$	220,252					$	280,005					$	176,069
Increase (decrease) in valuation allowance (1)						85,881						3,465						28,309
Tax at statutory rate on earnings not subject to federal income taxes						( 300,196 )						( 311,224 )						( 206,937 )
Foreign permanent depreciation						1,504						9,260						8,110
Other differences						2,527						21,451						3,123
Totals						$	9,968					$	2,957					$	8,674

(1) Excluding purchase price accounting.

Each TRS and foreign entity subject to income taxes is a tax paying component for purposes of classifying deferred tax assets and liabilities. The tax effects of taxable and deductible temporary differences, as well as tax asset/(liability) attributes, are summarized as follows for the periods presented (in thousands):

---

						Year Ended December 31,
						2020						2019						2018
Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets and the treatment of interests and certain costs						$	( 24,085 )					$	( 13,064 )					$	( 2,533 )
Operating loss and interest deduction carryforwards						196,634						127,525						98,713
Expense accruals and other						72,459						43,056						48,804
Valuation allowances						( 244,938 )						( 159,057 )						( 155,592 )
Net deferred tax assets (liabilities)						$	70					$	( 1,540 )					$	( 10,608 )

On the basis of the evaluations performed as required by the codification, valuation allowances totaling $ 244,938,000 were recorded on U.S. taxable REIT subsidiaries as well as entities in other jurisdictions to limit the deferred tax assets to the amount that we believe is more likely than not realizable. However, the amount of the deferred tax asset considered realizable could be adjusted if (i) estimates of future taxable income during the carryforward period are reduced or increased or (ii) objective negative evidence in the form of cumulative losses is no longer present (and additional weight may be given to subjective evidence such as our projections for growth). The valuation allowance rollforward is summarized as follows for the periods presented (in thousands):

						Year Ended December 31,
						2020						2019						2018
Beginning balance						$	159,057					$	155,592					$	127,283
Expense (benefit)						85,881						3,465						28,309
Ending balance						$	244,938					$	159,057					$	155,592

As a result of certain acquisitions, we are subject to corporate level taxes for any related asset dispositions that may occur during the five-year period immediately after such assets were owned by a C corporation (“built-in gains tax”). The amount of income potentially subject to this special corporate level tax is generally equal to the lesser of (i) the excess of the fair value of the asset over its adjusted tax basis as of the date it became a REIT asset, or (ii) the actual amount of gain. Some but not all gains recognized during this period of time could be offset by available net operating losses and capital loss carryforwards. During the year ended December 31, 2017, we acquired certain additional assets with built-in gains as of the date of acquisition that could be subject to the built-in gains tax if disposed of prior to the expiration of the applicable five-year period. We have not recorded a deferred tax liability as a result of the potential built-in gains tax based on our intentions with respect to such properties and available tax planning strategies.

Given the applicable statute of limitations, we generally are subject to audit by the Internal Revenue Service (“IRS”) for the year ended December 31, 2017 and subsequent years. The statute of limitations may vary in the states in which we own properties or conduct business. We do not expect to be subject to audit by state taxing authorities for any year prior to the year ended December 31, 2016. We are also subject to audit by the Canada Revenue Agency and provincial authorities generally for periods subsequent to May 2016 related to entities acquired or formed in connection with acquisitions, and by the U.K.’s HM Revenue & Customs for periods subsequent to August 2014 related to entities acquired or formed in connection with acquisitions.

At December 31, 2020, we had a net operating loss (“NOL”) carryforward related to the REIT of $ 351,254,000 . Due to our uncertainty regarding the realization of certain deferred tax assets, we have not recorded a deferred tax asset related to NOLs generated by the REIT. These amounts can be used to offset future taxable income (and/or taxable income for prior years if an audit determines that tax is owed), if any. The REIT will be entitled to utilize NOLs and tax credit carryforwards only to the extent that REIT taxable income exceeds our deduction for dividends paid. The NOL carryforwards generated through December 31, 2018 will expire through 2038. Beginning with the tax years after December 31, 2017, the law eliminates the NOL carryback period for REITs, replaces the 20-year NOL carryforward period with an indefinite carryforward period and, with respect to tax years beginning after 2020, limits the use of NOLs to 80% of taxable income.

At December 31, 2020 and 2019, we had an NOL carryforward related to Canadian entities of $ 262,345,000 and $ 195,791,000 respectively. These Canadian losses have a 20-year carryforward period. At December 31, 2020 and 2019, we had an NOL carryforward related to U.K. entities of $ 207,085,000 and $ 209,776,000 respectively. These U.K. losses do not have a finite carryforward period.

The CARES Act, among its economic stimulus provisions, includes a number of tax provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carrybacks, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. Certain of these provisions may impact the provision for taxes in our consolidated financial statements, including in particular the provision allowing for the carryback of net operating losses which would be applicable to our TRSs. We have made a reasonable estimate of the tax impact to us of the CARES Act in our consolidated financial

---

The following is a summary of our unaudited quarterly results of operations for the years ended December 31, 2020 and 2019 (in thousands, except per share data). The sum of individual quarterly amounts may not agree to the annual amounts included in the Consolidated Statements of Comprehensive Income due to rounding.

						Year Ended December 31, 2020
						1st Quarter						2nd Quarter						3rd Quarter						4th Quarter
Revenues						$	1,258,602					$	1,188,475					$	1,036,874					$	1,122,016
Net income (loss) attributable to common stockholders						$	310,284					$	179,246					$	325,585					$	163,729
Net income (loss) attributable to common stockholders per share:
Basic						$	0.76					$	0.43					$	0.78					$	0.39
Diluted (1)						$	0.75					$	0.42					$	0.77					$	0.39
						Year Ended December 31, 2019
						1st Quarter						2nd Quarter						3rd Quarter						4th Quarter
Revenues						$	1,272,245					$	1,320,106					$	1,266,133					$	1,262,822
Net income (loss) attributable to common stockholders						$	280,470					$	137,762					$	589,876					$	224,324
Net income (loss) attributable to common stockholders per share:
Basic						$	0.72					$	0.34					$	1.46					$	0.55
Diluted (1)						$	0.71					$	0.34					$	1.45					$	0.55
(1) Includes adjustment to the numerator for income (loss) attributable to OP unitholders.

We have entered into joint ventures to own certain seniors housing and outpatient medical assets which are deemed to be VIEs. We have concluded that we are the primary beneficiary of these VIEs based on a combination of operational control of the joint venture and the rights to receive residual returns or the obligation to absorb losses arising from the joint ventures. Except for capital contributions associated with the initial joint venture formations, the joint ventures have been and are expected to be funded from the ongoing operations of the underlying properties. Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs in the aggregate (in thousands):

						December 31, 2020						December 31, 2019
Assets:
Net real estate investments						$	454,333					$	960,093
Cash and cash equivalents						15,547						27,522
Receivables and other assets						11,171						14,586
Total assets (1)						$	481,051					$	1,002,201
Liabilities and equity:
Secured debt						$	165,671					$	460,117
Lease liabilities						1,325						1,326
Accrued expenses and other liabilities						14,997						22,215
Total equity						299,058						518,543
Total liabilities and equity						$	481,051					$	1,002,201

(1) Note that assets of the consolidated VIEs can only be used to settle obligations relating to such VIEs. Liabilities of the consolidated VIEs represent claims against the specific assets of the VIEs.

---

---

---

---

---

---

---

---

---

---

---

---

Welltower Inc.
Schedule III
Real Estate and Accumulated Depreciation
December 31, 2020
(Dollars in thousands)
												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Seniors Housing Operating:
Adderbury, UK						$	—					$	2,144					$	12,549					$	1,178					$	2,296					$	13,575					$	1,478					2015						2017						Banbury Road
Albertville, AL						—						170						6,203						1,079						176						7,276						2,233						2010						1999						151 Woodham Dr.
Alexandria, VA						—						8,280						50,914						411						8,280						51,325						3,881						2016						2018						5550 Cardinal Place
Altrincham, UK						—						4,244						25,187						4,252						4,700						28,983						7,942						2012						2009						295 Hale Road
Amherst, NY						—						1,136						10,522						806						1,136						11,328						1,371						2019						2013						1880 Sweet Home Road
Amherstview, ON						—						473						4,446						804						527						5,196						1,213						2015						1974						4567 Bath Road
Anderson, SC						—						710						6,290						1,159						710						7,449						4,147						2003						1986						311 Simpson Rd.
Ankeny, IA						—						1,129						10,270						116						1,146						10,369						1,241						2016						2012						1275 SW State Street
Apple Valley, CA						—						480						16,639						1,893						486						18,526						5,658						2010						1999						11825 Apple Valley Rd.
Arlington, TX						—						1,660						37,395						3,860						1,660						41,255						12,160						2012						2000						1250 West Pioneer Parkway
Arlington, VA						—						8,385						31,198						15,809						8,393						46,999						18,499						2017						1992						900 N Taylor Street
Arlington, VA						—						—						2,338						1,742						76						4,004						550						2018						1992						900 N Taylor Street
Arnprior, ON						—						788						6,283						1,098						863						7,306						2,015						2013						1991						15 Arthur Street
Atlanta, GA						—						2,058						14,914						3,825						2,080						18,717						12,682						1997						1999						1460 S Johnson Ferry Rd.
Atlanta, GA						—						2,100						20,603						1,872						2,206						22,369						5,546						2014						2000						1000 Lenox Park Blvd NE
Austin, TX						—						880						9,520						2,717						885						12,232						6,580						1999						1998						12429 Scofield Farms Dr.
Austin, TX						—						1,560						21,413						853						1,574						22,252						4,204						2014						2013						11330 Farrah Lane
Austin, TX						—						4,200						74,850						1,744						4,200						76,594						12,324						2015						2014						4310 Bee Caves Road
Bagshot, UK						—						4,960						29,881						8,525						5,499						37,867						10,118						2012						2009						14 - 16 London Road
Ballston Spa, NY						—						5,532						17,823						173						5,532						17,996						62						2020						2019						2000 Carlton Hollow Way
Banstead, UK						—						6,695						55,113						13,868						7,468						68,208						17,976						2012						2005						Croydon Lane
Basingstoke, UK						—						3,420						18,853						2,820						3,787						21,306						3,945						2014						2012						Grove Road
Basking Ridge, NJ						—						2,356						37,710						1,776						2,395						39,447						10,183						2013						2002						404 King George Road
Bassett, UK						—						4,874						32,304						10,899						5,411						42,666						12,448						2013						2006						111 Burgess Road
Bath, UK						—						2,696						11,876						1,321						2,888						13,005						1,413						2015						2017						Clarks Way, Rush Hill
Baton Rouge, LA						12,930						790						29,436						1,366						886						30,706						7,788						2013						2009						9351 Siegen Lane
Beaconsfield, UK						—						5,566						50,952						6,670						6,175						57,013						14,248						2013						2009						30-34 Station Road
Beaconsfield, QC						—						1,149						17,484						2,113						1,310						19,436						6,210						2013						2008						505 Elm Avenue
Beavercreek, OH						—						981						11,187						—						981						11,187						345						2019						2020						2475 Lillian Lane
Bee Cave, TX						—						1,820						21,084						727						1,832						21,799						3,286						2016						2014						14058 A Bee Cave Parkway
Bellevue, WA						—						2,800						19,004						2,734						2,816						21,722						6,821						2013						1998						15928 NE 8th Street
Bellingham, WA						—						1,500						19,861						1,920						1,507						21,774						6,629						2010						1996						4415 Columbine Dr.
Bellingham, WA						—						—						—						18,529						1,290						17,239						6						2020						1999						848 W Orchard Dr
Belmont, CA						—						—						35,300						2,576						178						37,698						10,196						2013						2002						1010 Alameda de Las Pulgas
Bethel Park, PA						—						1,626						12,947						—						1,626						12,947						775						2019						2019						631 McMurray Road
Bethesda, MD						—						—						45,309						1,395						3						46,701						11,970						2013						2009						8300 Burdett Road
Bethesda, MD						—						—						—						69,551						3,513						66,038						3,225						2016						2018						4925 Battery Lane

(Dollars in thousands)
												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Seniors Housing Operating:
Bethesda, MD						—						—						45						893						—						938						351						2013						2009						8300 Burdett Road
Bethesda, MD						—						—						212						926						—						1,138						642						2013						2009						8300 Burdett Road
Birmingham, UK						—						4						19,646						148						152						19,646						5,292						2013						2006						5 Church Road, Edgbaston
Birmingham, UK						—						1,480						13,014						1,799						1,639						14,654						1,668						2015						2016						47 Bristol Road South
Birmingham, UK						—						2,807						11,313						2,156						3,108						13,168						1,466						2015						2016						134 Jockey Road
Blainville, QC						—						2,077						8,902						1,648						2,340						10,287						3,589						2013						2008						50 des Chateaux Boulevard
Bloomfield Hills, MI						—						2,000						35,662						1,437						2,133						36,966						9,457						2013						2009						6790 Telegraph Road
Boca Raton, FL						32,270						6,565						111,247						26,328						6,991						137,149						28,424						2018						1994						6343 Via De Sonrise Del Sur
Boise, ID						—						2,220						18,881						1,830						2,220						20,711						2,419						2019						1999						10250 W Smoke Ranch Drive
Borehamwood, UK						—						5,367						41,937						6,100						5,983						47,421						12,648						2012						2003						Edgwarebury Lane
Bothell, WA						—						1,350						13,439						6,986						1,827						19,948						4,434						2015						1988						10605 NE 185th Street
Boulder, CO						—						2,994						27,458						2,490						3,064						29,878						9,331						2013						2003						3955 28th Street
Bournemouth, UK						—						5,527						42,547						6,334						6,143						48,265						12,456						2013						2008						42 Belle Vue Road
Braintree, MA						—						—						41,290						1,282						100						42,472						11,224						2013						2007						618 Granite Street
Brampton, ON						40,728						10,196						59,989						5,359						10,906						64,638						14,535						2015						2009						100 Ken Whillans Drive
Brandon, MS						—						1,220						10,241						867						1,220						11,108						2,945						2010						1999						140 Castlewoods Blvd
Bremerton, WA						—						—						—						26,732						2,417						24,315						7						2020						1999						966 Oyster Bay Ct
Brentwood, UK						—						8,537						45,869						6,786						9,454						51,738						5,881						2016						2013						London Road
Brick, NJ						—						1,170						17,372						1,797						1,213						19,126						5,383						2010						1998						515 Jack Martin Blvd
Brick, NJ						—						690						17,125						5,933						695						23,053						5,412						2010						1999						1594 Route 88
Bridgewater, NJ						—						1,730						48,201						2,992						1,774						51,149						13,166						2010						1999						2005 Route 22 West
Brockport, NY						—						1,500						23,355						142						1,642						23,355						4,552						2015						1999						90 West Avenue
Brockville, ON						4,301						484						7,445						1,110						533						8,506						1,754						2015						1996						1026 Bridlewood Drive
Brookfield, WI						—						1,300						12,830						227						1,300						13,057						2,511						2012						2013						1105 Davidson Road
Broomfield, CO						—						4,140						44,547						14,643						10,140						53,190						20,993						2013						2009						400 Summit Blvd
Brossard, QC						10,233						5,499						31,854						3,463						5,813						35,003						8,694						2015						1989						2455 Boulevard Rome
Buckingham, UK						—						2,979						13,880						2,521						3,327						16,053						3,035						2014						1883						Church Street
Buffalo Grove, IL						—						2,850						49,129						4,325						2,850						53,454						13,701						2012						2003						500 McHenry Road
Burbank, CA						—						4,940						43,466						4,846						4,940						48,312						13,352						2012						2002						455 E. Angeleno Avenue
Burbank, CA						18,476						3,610						50,817						4,315						3,610						55,132						8,536						2016						1985						2721 Willow Street
Burke, VA						—						—						—						52,550						2,575						49,975						2,496						2016						2018						9617 Burke Lake Road
Burleson, TX						—						3,150						10,437						702						3,150						11,139						1,986						2012						2014						621 Old Highway 1187
Burlingame, CA						—						—						62,786						141						—						62,927						8,886						2016						2015						1818 Trousdale Avenue
Burlington, ON						17,594						1,309						19,311						2,676						1,433						21,863						5,769						2013						1990						500 Appleby Line
Burlington, MA						—						2,443						34,354						1,671						2,578						35,890						9,969						2013						2005						24 Mall Road
Burlington, WA						—						877						15,030						915						877						15,945						1,833						2019						1999						410 S Norris St
Burlington, WA						—						768						7,622						568						768						8,190						1,090						2019						1996						112 / 210 North Skagit Street
Bushey, UK						—						12,690						36,482						3,763						13,594						39,341						2,890						2015						2018						Elton House, Elton Way
Calgary, AB						10,958						2,252						37,415						4,441						2,481						41,627						11,250						2013						2003						20 Promenade Way SE
Calgary, AB						12,398						2,793						41,179						4,674						3,049						45,597						12,073						2013						1998						80 Edenwold Drive NW
Calgary, AB						9,876						3,122						38,971						4,837						3,452						43,478						11,351						2013						1998						150 Scotia Landing NW
Calgary, AB						21,132						3,431						28,983						4,317						3,718						33,013						7,963						2013						1989						9229 16th Street SW
Calgary, AB						24,841						2,385						36,776						5,754						2,595						42,320						8,175						2015						2006						2220-162nd Avenue SW

(Dollars in thousands)
												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Seniors Housing Operating:
Camberley, UK						—						2,654						5,736						20,037						5,947						22,480						2,847						2014						2016						Fernhill Road
Camberley, UK						—						9,974						39,168						3,791						10,684						42,249						4,098						2016						2017						Pembroke Broadway
Camillus, NY						—						2,071						11,149						766						2,071						11,915						1,442						2019						2016						3877 Milton Avenue
Cardiff, UK						—						3,191						12,566						3,576						3,559						15,774						4,779						2013						2007						127 Cyncoed Road
Cardiff by the Sea, CA						35,133						5,880						64,711						5,313						5,880						70,024						20,409						2011						2009						3535 Manchester Avenue
Carmichael, CA						24,155						2,440						41,959						1,935						2,440						43,894						2,893						2019						2014						4717 Engle Road
Carol Stream, IL						—						1,730						55,048						4,076						1,730						59,124						16,036						2012						2001						545 Belmont Lane
Carrollton, TX						—						4,280						31,444						1,513						4,280						32,957						6,058						2013						2010						2105 North Josey Lane
Cary, NC						—						740						45,240						986						742						46,224						10,734						2013						2009						1206 West Chatham Street
Cary, NC						—						6,112						70,008						10,053						6,155						80,018						13,977						2018						1999						300 Kildaire Woods Drive
Cedar Hill, TX						—						—						—						26,503						1,958						24,545						127						2020						2020						1240 East Pleasant Run
Cedar Park, TX						—						1,750						15,664						775						1,750						16,439						1,929						2016						2015						800 C-Bar Ranch Trail
Cerritos, CA						—						—						27,494						7,051						—						34,545						8,444						2016						2002						11000 New Falcon Way
Charlottesville, VA						—						4,651						91,468						17,155						4,651						108,623						18,492						2018						1991						2610 Barracks Road
Chatham, ON						382						1,098						12,462						4,231						1,272						16,519						4,229						2015						1965						25 Keil Drive North
Chelmsford, MA						—						1,040						10,951						4,744						1,123						15,612						5,392						2003						1997						4 Technology Dr.
Chertsey, UK						—						9,566						25,886						3,241						10,247						28,446						2,645						2015						2018						Bittams Lane
Chesterfield, MO						—						1,857						48,366						1,684						1,917						49,990						12,277						2013						2001						1880 Clarkson Road
Chesterton, IN						—						2,980						37,496						1,246						2,980						38,742						216						2020						2019						700 Dickinson Rd
Chorleywood, UK						—						5,636						43,191						8,343						6,268						50,902						14,586						2013						2007						High View, Rickmansworth Road
Chula Vista, CA						—						2,072						22,163						1,506						2,186						23,555						6,264						2013						2003						3302 Bonita Road
Church Crookham, UK						—						2,591						14,215						2,512						2,890						16,428						3,855						2014						2014						2 Bourley Road
Cincinnati, OH						—						1,750						11,287						79						1,750						11,366						723						2019						2019						732 Clough Pike Road
Citrus Heights, CA						—						2,300						31,876						2,353						2,300						34,229						10,753						2010						1997						7418 Stock Ranch Rd.
Claremont, CA						—						2,430						9,928						2,019						2,515						11,862						3,635						2013						2001						2053 North Towne Avenue
Clay, NY						—						1,316						10,734						734						1,316						11,468						1,357						2019						2014						8547 Morgan Road
Cleburne, TX						—						520						5,369						7						520						5,376						1,960						2006						2007						402 S Colonial Drive
Cohasset, MA						—						2,485						26,147						2,174						2,500						28,306						7,753						2013						1998						125 King Street (Rt 3A)
Colleyville, TX						—						1,050						17,082						53						1,050						17,135						1,848						2016						2013						8100 Precinct Line Road
Colorado Springs, CO						—						800						14,756						2,060						1,034						16,582						4,791						2013						2001						2105 University Park Boulevard
Colts Neck, NJ						—						780						14,733						3,216						1,269						17,460						4,808						2010						2002						3 Meridian Circle
Columbus, IN						—						610						3,190						—						610						3,190						940						2010						1998						2564 Foxpointe Dr.
Conroe, TX						—						980						7,771						27						980						7,798						2,423						2009						2010						903 Longmire Road
Coos Bay, OR						—						—						—						9,416						864						8,552						5						2020						1996						192 Norman Ave.
Coos Bay, OR						—						—						—						12,151						1,792						10,359						6						2020						2006						1855 Ocean Blvd SE
Coquitlam, BC						8,721						3,047						24,567						3,352						3,344						27,622						8,403						2013						1990						1142 Dufferin Street
Crystal Lake, IL						—						875						12,461						1,678						971						14,043						4,359						2013						2001						751 E Terra Cotta Avenue
Dallas, TX						—						6,330						114,794						2,606						6,330						117,400						20,125						2015						2013						3535 N Hall Street
Decatur, GA						—						—						—						31,336						1,946						29,390						8,285						2013						1998						920 Clairemont Avenue
Denver, CO						—						1,450						19,389						4,606						1,450						23,995						5,701						2012						1997						4901 South Monaco Street
Denver, CO						—						2,910						35,838						6,259						2,910						42,097						11,184						2012						2007						8101 E Mississippi Avenue
Denver, CO						—						5,402						105,307						8,008						5,402						113,315						10,003						2019						2014						1500 Little Raven St
Denver, CO						—						—						—						24,301						1,989						22,312						153						2020						2017						2979 Uinta Street

(Dollars in thousands)
												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Seniors Housing Operating:
Dix Hills, NY						—						3,808						39,014						2,279						3,959						41,142						10,964						2013						2003						337 Deer Park Road
Dollard-Des-Ormeaux, QC						—						1,957						14,431						1,878						2,185						16,081						5,908						2013						2008						4377 St. Jean Blvd
Dresher, PA						8,380						1,900						10,664						1,361						1,914						12,011						4,397						2013						2006						1650 Susquehanna Road
Dublin, OH						—						1,169						25,345						157						1,169						25,502						3,903						2016						2015						4175 Stoneridge Lane
East Amherst, NY						—						1,626						10,765						863						1,626						11,628						1,501						2019						2015						8040 Roll Road
East Meadow, NY						—						69						45,991						2,003						127						47,936						12,498						2013						2002						1555 Glen Curtiss Boulevard
East Setauket, NY						—						4,920						37,354						2,102						4,986						39,390						10,360						2013						2002						1 Sunrise Drive
Eastbourne, UK						—						4,145						33,744						4,798						4,604						38,083						10,244						2013						2008						6 Upper Kings Drive
Edgbaston, UK						—						2,720						13,969						2,142						3,012						15,819						1,792						2014						2015						Speedwell Road
Edgewater, NJ						—						4,561						25,047						1,896						4,564						26,940						7,439						2013						2000						351 River Road
Edison, NJ						—						1,892						32,314						3,634						1,943						35,897						11,562						2013						1996						1801 Oak Tree Road
Edmonds, WA						—						1,650						24,449						9,428						1,765						33,762						5,802						2015						1976						21500 72nd Avenue West
Edmonds, WA						—						—						—						30,883						2,891						27,992						6						2020						2000						180 2nd Ave S
Edmonton, AB						7,871						1,589						29,819						4,079						1,782						33,705						9,321						2013						1999						103 Rabbit Hill Court NW
Edmonton, AB						10,332						2,063						37,293						4,931						2,257						42,030						13,320						2013						1968						10015 103rd Avenue NW
El Dorado Hills, CA						—						5,190						52,112						156						5,190						52,268						1,762						2017						2019						2020 Town Center West Way
Encino, CA						—						5,040						46,255						5,986						5,040						52,241						13,879						2012						2003						15451 Ventura Boulevard
Englishtown, NJ						—						690						12,520						2,335						860						14,685						4,353						2010						1997						49 Lasatta Ave
Epsom, UK						—						20,159						34,803						6,798						22,324						39,436						4,528						2016						2014						450-458 Reigate Road
Erie, PA						—						1,455						8,324						792						1,455						9,116						1,292						2019						2013						4400 East Lake Road
Esher, UK						—						5,783						48,361						10,235						6,427						57,952						14,454						2013						2006						42 Copsem Lane
Everett, WA						—						—						—						9,923						638						9,285						4						2020						1998						524 75th St SE
Fairfield, NJ						—						3,120						43,868						2,447						3,255						46,180						12,090						2013						1998						47 Greenbrook Road
Fairfield, CA						—						1,460						14,040						5,375						1,460						19,415						7,797						2002						1998						3350 Cherry Hills St.
Fairfield, OH						—						1,416						12,627						294						1,416						12,921						991						2019						2018						520 Patterson Boulevard
Fareham, UK						—						3,408						17,970						2,900						3,800						20,478						4,373						2014						2012						Redlands Lane
Florence, AL						—						353						13,049						1,243						385						14,260						4,370						2010						1999						3275 County Road 47
Flossmoor, IL						—						1,292						9,496						2,112						1,339						11,561						3,959						2013						2000						19715 Governors Highway
Folsom, CA						—						1,490						32,754						101						1,490						32,855						6,212						2015						2014						1574 Creekside Drive
Fort Wayne, IN						—						—						—						46,548						3,637						42,911						183						2020						2018						3715 Union Chapel Rd
Fort Worth, TX						—						7,131						52,680						2,365						7,131						55,045						5,260						2019						2017						3401 Amador Drive
Fort Worth, TX						—						—						—						21,446						2,538						18,908						529						2020						2020						3401 Amador Drive
Fort Worth, TX						—						2,080						27,888						5,314						2,080						33,202						9,741						2012						2001						2151 Green Oaks Road
Fort Worth, TX						—						1,740						19,799						766						1,740						20,565						3,011						2016						2014						7001 Bryant Irvin Road
Fremont, CA						—						3,400						25,300						6,190						3,456						31,434						11,995						2005						1987						2860 Country Dr.
Fresno, CA						23,376						2,459						33,023						1,755						2,459						34,778						2,543						2019						2014						5605 North Gates Avenue
Frome, UK						—						2,720						14,813						2,569						3,012						17,090						3,321						2014						2012						Welshmill Lane
Fullerton, CA						—						1,964						19,989						1,277						1,998						21,232						5,885						2013						2008						2226 North Euclid Street
Gahanna, OH						—						772						11,214						1,920						787						13,119						3,672						2013						1998						775 East Johnstown Road
Gardnerville, NV						—						1,143						10,831						2,203						1,164						13,013						9,346						1998						1999						1565-A Virginia Ranch Rd.
Gig Harbor, WA						—						1,560						15,947						2,347						1,583						18,271						5,298						2010						1994						3213 45th St. Court NW
Gilbert, AZ						14,200						2,160						28,246						2,255						2,206						30,455						10,058						2013						2008						580 S. Gilbert Road
Glen Cove, NY						—						4,594						35,236						2,432						4,643						37,619						11,444						2013						1998						39 Forest Avenue

(Dollars in thousands)
												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Seniors Housing Operating:
Glenview, IL						—						2,090						69,288						4,924						2,090						74,212						20,009						2012						2001						2200 Golf Road
Golden Valley, MN						3,600						1,520						33,513						1,609						1,634						35,008						8,973						2013						2005						4950 Olson Memorial Highway
Granbury, TX						—						2,040						30,670						746						2,040						31,416						8,060						2011						2009						100 Watermark Boulevard
Grimsby, ON						—						636						5,617						947						694						6,506						1,441						2015						1991						84 Main Street East
Grosse Pointe Woods, MI						—						950						13,662						913						950						14,575						3,693						2013						2006						1850 Vernier Road
Grosse Pointe Woods, MI						—						1,430						31,777						1,284						1,435						33,056						8,353						2013						2005						21260 Mack Avenue
Grove City, OH						36,420						3,575						85,764						966						3,498						86,807						6,373						2018						2017						3717 Orders Road
Guildford, UK						—						5,361						56,494						7,236						5,940						63,151						15,926						2013						2006						Astolat Way, Peasmarsh
Gurnee, IL						—						890						27,931						2,610						935						30,496						7,606						2013						2002						500 North Hunt Club Road
Haddonfield, NJ						—						520						16,363						641						527						16,997						2,848						2011						2015						132 Warwick Road
Hamburg, NY						—						967						10,014						821						967						10,835						1,368						2019						2009						4600 Southwestern Blvd
Hamilton, OH						—						1,163						11,968						—						1,163						11,968						957						2019						2019						1740 Eden Park Drive
Hampshire, UK						—						4,172						26,035						3,658						4,632						29,233						7,764						2013						2006						22-26 Church Road
Happy Valley, OR						—						721						9,920						446						721						10,366						1,051						2019						1998						8915 S.E. Monterey
Haverford, PA						—						1,880						33,993						2,745						1,904						36,714						9,369						2010						2000						731 Old Buck Lane
Henderson, NV						—						1,190						11,600						1,144						1,253						12,681						4,488						2013						2008						1555 West Horizon Ridge Parkway
High Wycombe, UK						—						3,567						13,422						1,771						3,821						14,939						1,582						2015						2017						The Row Lane End
Highland Park, IL						—						2,820						15,832						890						2,820						16,722						3,511						2011						2012						1651 Richfield Avenue
Highland Park, IL						—						2,250						25,313						1,626						2,271						26,918						7,965						2013						2005						1601 Green Bay Road
Hindhead, UK						—						17,852						48,645						8,307						19,769						55,035						6,302						2016						2012						Portsmouth Road
Hingham, MA						—						1,440						32,292						408						1,444						32,696						6,220						2015						2012						1 Sgt. William B Terry Drive
Holbrook, NY						—						3,957						35,337						2,406						4,219						37,481						9,723						2013						2001						320 Patchogue Holbrook Road
Horley, UK						—						2,332						12,144						2,413						2,591						14,298						3,379						2014						2014						Court Lodge Road
Houston, TX						—						3,830						55,674						8,871						3,830						64,545						18,811						2012						1998						2929 West Holcombe Boulevard
Houston, TX						—						1,040						31,965						6,602						1,040						38,567						9,597						2012						1999						505 Bering Drive
Houston, TX						—						1,750						15,603						1,672						1,750						17,275						2,155						2016						2014						10120 Louetta Road
Houston, TX						—						960						15,420						—						960						15,420						8,350						2011						1995						10225 Cypresswood Dr
Howell, NJ						7,666						1,066						21,577						1,481						1,154						22,970						6,161						2010						2007						100 Meridian Place
Huntington Beach, CA						—						3,808						31,172						2,780						3,931						33,829						10,425						2013						2004						7401 Yorktown Avenue
Independence, MO						—						1,550						14,441						—						1,550						14,441						1,026						2019						2019						19301 East Eastland Ctr Ct
Jacksonville, FL						—						6,550						29,454						—						6,550						29,454						1,395						2019						2019						10520 Validus Drive
Johns Creek, GA						—						1,580						23,285						1,332						1,588						24,609						6,496						2013						2009						11405 Medlock Bridge Road
Johnson City, NY						—						1,407						11,862						876						1,407						12,738						1,556						2019						2013						1035 Anna Maria Drive
Kanata, ON						—						1,689						28,670						2,552						1,778						31,133						8,426						2012						2005						70 Stonehaven Drive
Kelowna, BC						4,965						2,688						13,647						2,552						2,935						15,952						4,895						2013						1999						863 Leon Avenue
Kennebunk, ME						—						2,700						30,204						5,668						3,304						35,268						14,599						2013						2006						One Huntington Common Drive
Kenner, LA						—						1,100						10,036						3,132						1,100						13,168						10,562						1998						2000						1600 Joe Yenni Blvd
Kennett Square, PA						—						1,050						22,946						918						1,104						23,810						6,138						2010						2008						301 Victoria Gardens Dr.
Kingston, ON						12,018						1,030						11,416						1,968						1,165						13,249						2,524						2015						1983						181 Ontario Street
Kingston upon Thames, UK						—						33,063						46,696						9,565						36,610						52,714						5,883						2016						2014						Coombe Lane West
Kingwood, TX						—						480						9,777						999						480						10,776						3,084						2011						1999						22955 Eastex Freeway
Kingwood, TX						—						1,683						24,207						2,495						1,683						26,702						4,596						2017						2012						24025 Kingwood Place
Kirkland, WA						—						1,880						4,315						2,248						1,880						6,563						2,334						2003						1996						6505 Lakeview Dr.

(Dollars in thousands)
												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Seniors Housing Operating:
Kitchener, ON						1,281						708						2,744						285						695						3,042						992						2013						1979						164 - 168 Ferfus Avenue
Kitchener, ON						3,253						1,093						4,454						1,248						1,186						5,609						2,804						2013						1964						290 Queen Street South
Kitchener, ON						12,138						1,341						13,939						5,013						1,498						18,795						4,293						2016						2003						1250 Weber Street E
Klamath Falls, OR						—						—						—						12,961						1,335						11,626						9						2020						2000						615 Washburn Way
La Palma, CA						—						2,950						16,591						1,312						2,996						17,857						4,940						2013						2003						5321 La Palma Avenue
Lackawanna, NY						—						1,015						5,280						478						1,015						5,758						826						2019						2002						133 Orchard Place
Lafayette Hill, PA						—						1,750						11,848						2,427						1,867						14,158						5,021						2013						1998						429 Ridge Pike
Laguna Hills, CA						—						12,820						75,926						19,497						12,820						95,423						21,737						2016						1988						24903 Moulton Parkway
Laguna Woods, CA						—						11,280						76,485						13,280						11,280						89,765						18,637						2016						1987						24441 Calle Sonora
Laguna Woods, CA						—						9,150						57,842						12,329						9,150						70,171						14,664						2016						1986						24962 Calle Aragon
Lake Havasu City, AZ						—						—						—						2,126						364						1,762						3						2020						2009						320 Lake Havasu Ave. N,
Lake Zurich, IL						—						1,470						9,830						2,867						1,470						12,697						4,766						2011						2007						550 America Court
Lancaster, CA						—						700						15,295						2,173						712						17,456						5,756						2010						1999						43051 15th St. West
Lancaster, NY						—						1,262						11,154						976						1,262						12,130						1,611						2019						2011						18 Pavement Road
Las Vegas, NV						—						—						—						46,049						5,144						40,905						2,514						2020						1999						1600 S Valley View Road
Las Vegas, NV						—						—						—						15,509						1,263						14,246						806						2020						2001						3300 Winterhaven Street
Las Vegas, NV						—						—						—						25,440						2,201						23,239						1,352						2020						1997						3210 S Sandhill Road
Laval, QC						21,939						2,105						32,161						6,328						2,250						38,344						5,879						2018						2005						269, boulevard Ste. Rose
Laval, QC						4,167						2,383						5,968						1,760						2,548						7,563						1,105						2018						1989						263, boulevard Ste. Rose
Lawrenceville, GA						—						1,500						29,003						833						1,529						29,807						8,040						2013						2008						1375 Webb Gin House Road
Leatherhead, UK						—						4,682						17,835						2,557						5,016						20,058						1,982						2015						2017						Rectory Lane
Leawood, KS						—						2,490						32,493						5,960						5,610						35,333						9,682						2012						1999						4400 West 115th Street
Lecanto, FL						—						200						6,900						481						218						7,363						3,089						2004						1986						2341 W. Norvell Bryant Hwy.
Lenexa, KS						9,700						826						26,251						1,511						927						27,661						7,971						2013						2006						15055 West 87th Street Parkway
Lincroft, NJ						—						9						19,958						1,933						131						21,769						5,983						2013						2002						734 Newman Springs Road
Linwood, NJ						—						800						21,984						2,050						861						23,973						6,397						2010						1997						432 Central Ave
Litchfield, CT						—						1,240						17,908						11,751						1,292						29,607						6,509						2010						1998						19 Constitution Way
Little Neck, NY						—						3,350						38,461						3,204						3,358						41,657						10,809						2010						2000						5515 Little Neck Pkwy.
Livingston, NJ						—						8,000						44,424						1,494						8,017						45,901						5,148						2015						2017						369 E Mt Pleasant Avenue
Lombard, IL						17,010						2,130						59,943						1,884						2,218						61,739						15,787						2013						2009						2210 Fountain Square Dr
London, UK						—						3,121						10,027						2,450						3,471						12,127						2,483						2014						2012						71 Hatch Lane
London, UK						—						7,691						16,797						2,029						8,238						18,279						2,248						2015						2016						6 Victoria Drive
London, UK						—						—						—						77,904						24,836						53,068						1,047						2017						2020						39-41 East Hill, Wandsworth
London, ON						—						987						8,228						1,414						1,105						9,524						2,117						2015						1989						760 Horizon Drive
London, ON						10,985						1,969						16,985						3,077						2,139						19,892						4,256						2015						1953						1486 Richmond Street North
London, ON						—						1,445						13,631						2,339						1,697						15,718						3,060						2015						1950						81 Grand Avenue
Longueuil, QC						8,891						3,992						23,711						4,942						4,411						28,234						6,240						2015						1989						70 Rue Levis
Longview, TX						—						610						5,520						6						610						5,526						2,022						2006						2007						311 E Hawkins Pkwy
Lorain, OH						—						1,394						12,960						23						1,394						12,983						763						2019						2018						5401 North Pointe Pkwy
Los Angeles, CA						56,950						—						114,438						8,201						—						122,639						34,914						2011						2009						10475 Wilshire Boulevard
Los Angeles, CA						—						3,540						19,007						3,979						3,540						22,986						6,560						2012						2001						2051 N. Highland Avenue
Los Angeles, CA						—						—						28,050						6,009						71						33,988						5,570						2016						2006						4061 Grand View Boulevard
Louisville, KY						—						2,420						20,816						3,043						2,420						23,859						6,878						2012						1999						4600 Bowling Boulevard

(Dollars in thousands)
												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Seniors Housing Operating:
Louisville, KY						13,650						1,600						20,326						1,150						1,600						21,476						6,154						2013						2010						6700 Overlook Drive
Louisville, CO						—						1,939						32,639						1,769						1,939						34,408						3,259						2019						2008						1336 E Hecla Drive
Louisville, CO						—						1,156						27,170						—						1,156						27,170						1,228						2019						2019						1800 Plaza Drive
Louisville, CO						—						2,584						52,320						6,311						2,584						58,631						6,825						2019						1999						1855 Plaza Drive
Louisville, CO						—						1,391						15,783						682						1,391						16,465						1,458						2019						1999						282 McCaslin Blvd
Louisville, CO						—						2,332						44,245						2,681						2,332						46,926						4,656						2019						2004						1331 E Hecla Drive
Lynnfield, MA						—						3,165						45,200						2,821						3,757						47,429						12,922						2013						2006						55 Salem Street
Mahwah, NJ						—						1,605						27,249						1,035						1,608						28,281						4,051						2012						2015						15 Edison Road
Malvern, PA						—						1,651						17,194						2,407						1,800						19,452						6,692						2013						1998						324 Lancaster Avenue
Mansfield, TX						—						660						5,251						22						660						5,273						1,945						2006						2007						2281 Country Club Dr
Manteca, CA						—						1,300						12,125						4,040						1,312						16,153						6,471						2005						1986						430 N. Union Rd.
Maple Ridge, BC						8,171						2,875						11,922						2,060						3,244						13,613						2,194						2015						2009						12241 224th Street
Marieville, QC						6,097						1,278						12,113						1,360						1,414						13,337						2,607						2015						2002						425 rue Claude de Ramezay
Markham, ON						50,027						3,727						48,939						5,609						4,002						54,273						17,577						2013						1981						7700 Bayview Avenue
Marlboro, NJ						—						2,222						14,888						1,619						2,268						16,461						4,821						2013						2002						3A South Main Street
Marlow, UK						—						9,068						39,720						3,958						9,714						43,032						5,502						2013						2014						210 Little Marlow Road
Marysville, WA						—						620						4,780						2,520						620						7,300						2,747						2003						1998						9802 48th Dr. N.E.
McKinney, TX						—						1,570						7,389						10						1,570						7,399						2,312						2009						2010						2701 Alma Rd.
Medicine Hat, AB						10,235						1,432						14,141						1,245						1,562						15,256						4,002						2015						1999						223 Park Meadows Drive SE
Medina, OH						—						1,708						12,049						457						1,708						12,506						1,164						2019						2017						699 North Huntington St
Melbourne, FL						—						7,070						48,257						44,815						7,070						93,072						28,795						2007						2009						7300 Watersong Lane
Melville, NY						—						4,280						73,283						7,588						4,332						80,819						20,582						2010						2001						70 Pinelawn Rd
Memphis, TN						—						1,800						17,744						2,960						1,800						20,704						7,011						2012						1999						6605 Quail Hollow Road
Menomonee Falls, WI						—						1,020						6,984						2,307						1,020						9,291						2,859						2006						2007						W128 N6900 Northfield Drive
Mesa, AZ						—						950						9,087						3,872						950						12,959						6,010						1999						2000						7231 E. Broadway
Metairie, LA						14,200						725						27,708						1,073						740						28,766						7,145						2013						2009						3732 West Esplanade Ave. S
Mill Creek, WA						—						10,150						60,274						4,074						10,179						64,319						21,876						2010						1998						14905 Bothell-Everett Hwy
Milton, ON						19,529						4,542						25,321						4,439						4,966						29,336						4,996						2015						2012						611 Farmstead Drive
Minnetonka, MN						—						920						29,344						1,269						964						30,569						7,644						2013						2006						18605 Old Excelsior Blvd.
Mission Viejo, CA						13,280						6,600						52,118						8,559						6,600						60,677						10,757						2016						1998						27783 Center Drive
Mississauga, ON						8,313						1,602						17,996						2,245						1,742						20,101						5,431						2013						1984						1130 Bough Beeches Boulevard
Mississauga, ON						2,802						873						4,655						703						949						5,282						1,540						2013						1978						3051 Constitution Boulevard
Mississauga, ON						26,739						3,649						35,137						4,763						4,004						39,545						10,655						2015						1988						1490 Rathburn Road East
Mississauga, ON						5,998						2,548						15,158						3,882						2,767						18,821						4,409						2015						1989						85 King Street East
Missoula, MT						—						550						7,490						919						553						8,406						3,210						2005						1998						3620 American Way
Mobberley, UK						—						5,146						26,665						4,409						5,728						30,492						9,758						2013						2007						Barclay Park, Hall Lane
Molalla, OR						—						—						—						5,468						1,210						4,258						4						2020						1998						835 E Main St
Monterey, CA						—						6,440						29,101						2,865						6,443						31,963						8,485						2013						2009						1110 Cass St.
Montgomery, MD						—						6,482						83,642						13,251						6,563						96,812						15,680						2018						1992						3701 International Dr
Montgomery Village, MD						—						3,530						18,246						7,178						4,291						24,663						11,086						2013						1993						19310 Club House Road
Montreal-Nord, QC						11,450						4,407						23,719						10,196						4,713						33,609						5,405						2018						1988						6700, boulevard Gouin Est
Moorestown, NJ						—						2,060						51,628						7,445						2,095						59,038						14,024						2010						2000						1205 N. Church St
Moose Jaw, SK						1,785						582						12,973						2,051						631						14,975						3,967						2013						2001						425 4th Avenue NW

(Dollars in thousands)
												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Seniors Housing Operating:
Morton Grove, IL						—						1,900						19,374						923						1,900						20,297						4,871						2010						2011						5520 N. Lincoln Ave.
Murphy, TX						—						1,950						19,182						816						1,950						19,998						2,919						2015						2012						304 West FM 544
Nacogdoches, TX						—						390						5,754						24						390						5,778						2,104						2006						2007						5902 North St
Naperville, IL						—						1,550						12,237						2,282						1,550						14,519						4,204						2012						2013						1936 Brookdale Road
Naperville, IL						—						1,540						28,204						1,531						1,593						29,682						8,163						2013						2002						535 West Ogden Avenue
Nashville, TN						—						3,900						35,788						4,426						3,900						40,214						12,856						2012						1999						4206 Stammer Place
Nepean, ON						5,395						1,575						5,770						1,240						1,735						6,850						2,404						2015						1988						1 Mill Hill Road
New Braunfels, TX						—						1,200						19,800						10,442						2,729						28,713						6,464						2011						2009						2294 East Common Street
Newbury, UK						—						2,850						12,796						2,074						3,156						14,564						1,717						2015						2016						370 London Road
Newmarket, UK						—						4,071						11,902						3,108						4,529						14,552						3,297						2014						2011						Jeddah Way
Newtown Square, PA						—						1,930						14,420						1,686						1,953						16,083						5,468						2013						2004						333 S. Newtown Street Rd.
North Tonawanda, NY						—						1,203						7,338						600						1,203						7,938						1,030						2019						2005						705 Sandra Lane
North Tustin, CA						—						2,880						18,059						1,037						3,044						18,932						4,630						2013						2000						12291 Newport Avenue
Oak Harbor, WA						—						739						7,670						448						739						8,118						955						2019						1998						171 SW 6th Ave
Oak Park, IL						—						1,250						40,383						3,088						1,250						43,471						12,055						2012						2004						1035 Madison Street
Oakdale, PA						—						1,882						11,941						880						1,882						12,821						1,599						2019						2017						7420 Steubenville Pike
Oakland, CA						—						3,877						47,508						3,619						4,117						50,887						13,960						2013						1999						11889 Skyline Boulevard
Oakton, VA						—						2,250						37,576						3,081						2,393						40,514						10,712						2013						1997						2863 Hunter Mill Road
Oakville, ON						5,533						1,252						7,382						1,157						1,415						8,376						2,411						2013						1982						289 and 299 Randall Street
Oakville, ON						8,867						2,134						29,963						4,327						2,324						34,100						9,491						2013						1994						25 Lakeshore Road West
Oakville, ON						4,647						1,271						13,754						2,153						1,391						15,787						3,939						2013						1988						345 Church Street
Ogden, UT						—						360						6,700						1,231						360						7,931						3,102						2004						1998						1340 N. Washington Blv.
Okotoks, AB						19,133						714						20,943						2,436						792						23,301						5,018						2015						2010						51 Riverside Gate
Orange, CA						35,726						8,021						65,189						3,238						8,021						68,427						4,046						2019						2018						630 The City Drive South
Oshawa, ON						6,609						841						7,570						1,302						946						8,767						2,445						2013						1991						649 King Street East
Ottawa, ON						9,476						1,341						15,425						3,391						1,472						18,685						3,179						2015						2001						110 Berrigan Drive
Ottawa, ON						17,834						3,454						23,309						3,872						3,806						26,829						9,183						2015						1966						2370 Carling Avenue
Ottawa, ON						20,373						4,256						39,141						3,116						4,551						41,962						7,496						2015						2005						751 Peter Morand Crescent
Ottawa, ON						7,076						2,103						18,421						5,833						2,331						24,026						4,164						2015						1989						1 Eaton Street
Ottawa, ON						13,466						2,963						26,424						4,433						3,263						30,557						5,313						2015						2008						691 Valin Street
Ottawa, ON						10,169						1,561						18,170						3,517						1,769						21,479						3,608						2015						2006						22 Barnstone Drive
Ottawa, ON						13,374						3,403						31,090						4,858						3,730						35,621						5,964						2015						2009						990 Hunt Club Road
Ottawa, ON						17,052						3,411						28,335						7,114						3,757						35,103						7,156						2015						2009						2 Valley Stream Drive
Ottawa, ON						2,750						724						4,710						721						786						5,369						1,564						2013						1995						1345 Ogilvie Road
Ottawa, ON						2,001						818						2,165						1,338						740						3,581						1,183						2013						1993						370 Kennedy Lane
Ottawa, ON						9,193						2,809						27,299						3,787						3,030						30,865						9,859						2013						1998						43 Aylmer Avenue
Ottawa, ON						4,427						1,156						9,758						1,386						1,283						11,017						2,928						2013						1998						1351 Hunt Club Road
Ottawa, ON						5,761						746						7,800						1,471						848						9,169						2,411						2013						1999						140 Darlington Private
Ottawa, ON						8,742						1,176						12,764						1,814						1,316						14,438						2,769						2015						1987						10 Vaughan Street
Outremont, QC						17,538						6,746						45,981						12,666						7,214						58,179						9,960						2018						1976						1000, avenue Rockland
Overland Park, KS						—						1,540						16,269						2,197						1,670						18,336						4,577						2012						1998						9201 Foster
Palestine, TX						—						180						4,320						1,328						180						5,648						2,083						2006						2005						1625 W. Spring St.
Palo Alto, CA						25,050						—						39,639						3,214						24						42,829						11,441						2013						2007						2701 El Camino Real

(Dollars in thousands)
												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Seniors Housing Operating:
Paramus, NJ						—						2,840						35,728						2,006						2,986						37,588						9,852						2013						1998						567 Paramus Road
Paris, TX						—						490						5,452						22						490						5,474						5,148						2005						2006						750 N Collegiate Dr
Parma, OH						—						1,533						9,203						701						1,533						9,904						1,254						2019						2016						11500 Huffman Road
Paso Robles, CA						—						1,770						8,630						2,748						1,770						11,378						4,685						2002						1998						1919 Creston Rd.
Peabody, MA						5,767						2,250						16,071						1,363						2,380						17,304						3,859						2013						1994						73 Margin Street
Pella, IA						—						870						6,716						218						886						6,918						1,408						2012						2002						2602 Fifield Road
Pembroke, ON						—						1,931						9,427						1,341						2,032						10,667						2,922						2012						1999						1111 Pembroke Street West
Pennington, NJ						—						1,380						27,620						1,557						1,507						29,050						7,227						2011						2000						143 West Franklin Avenue
Peoria, AZ						—						766						21,796						1,552						766						23,348						3,314						2018						2014						13391 N 94th Drive
Pittsburgh, PA						—						1,580						18,017						11,751						1,587						29,761						5,750						2013						2009						900 Lincoln Club Dr.
Placentia, CA						—						8,480						17,076						6,087						8,513						23,130						5,396						2016						1987						1180 N Bradford Avenue
Plainview, NY						—						3,066						19,901						1,261						3,182						21,046						5,342						2013						2001						1231 Old Country Road
Plano, TX						28,960						3,120						59,950						4,143						3,231						63,982						20,101						2013						2006						4800 West Parker Road
Plano, TX						—						1,750						15,390						1,545						1,750						16,935						2,292						2016						2014						3690 Mapleshade Lane
Playa Vista, CA						—						1,580						40,531						3,340						1,677						43,774						11,332						2013						2006						5555 Playa Vista Drive
Pleasanton, CA						—						—						—						52,006						3,676						48,330						2,838						2016						2017						5700 Pleasant Hill Road
Port Perry, ON						11,811						3,685						26,788						4,729						4,001						31,201						5,078						2015						2009						15987 Simcoe Street
Port St. Lucie, FL						—						8,700						47,230						21,304						8,700						68,534						21,013						2008						2010						10685 SW Stony Creek Way
Portage, MI						42,000						2,880						59,955						2,569						2,880						62,524						5,885						2019						2017						3951 W. Milham Ave.
Princeton, NJ						—						1,730						30,888						2,325						1,814						33,129						8,500						2011						2001						155 Raymond Road
Princeton, NJ						—						—						—						189						—						189						—						2020						2001						775 Mt Lucas Road
Purley, UK						—						7,365						35,161						5,941						8,218						40,249						11,730						2012						2005						21 Russell Hill Road
Puyallup, WA						—						1,150						20,776						2,348						1,156						23,118						7,047						2010						1985						123 Fourth Ave. NW
Quebec City, QC						7,816						2,420						21,977						4,060						2,588						25,869						3,705						2018						2000						795, rue Alain
Quebec City, QC						12,074						3,300						28,325						6,353						3,529						34,449						4,722						2018						1987						650 and 700, avenue Murray
Queensbury, NY						—						1,260						21,744						1,451						1,273						23,182						3,907						2015						1999						27 Woodvale Road
Rancho Cucamonga, CA						—						1,480						10,055						2,295						2,084						11,746						3,834						2013						2001						9519 Baseline Road
Rancho Palos Verdes, CA						—						5,450						60,034						6,368						5,450						66,402						17,880						2012						2004						5701 Crestridge Road
Randolph, NJ						29,300						1,540						46,934						2,416						1,718						49,172						12,543						2013						2006						648 Route 10 West
Red Deer, AB						12,346						1,247						19,283						3,064						1,368						22,226						4,375						2015						2004						3100 - 22 Street
Red Deer, AB						14,526						1,199						22,339						3,883						1,296						26,125						5,200						2015						2004						10 Inglewood Drive
Redding, CA						26,446						4,474						36,828						2,161						4,474						38,989						2,943						2019						2017						2150 Bechelli Lane
Regina, SK						5,975						1,485						21,148						2,613						1,705						23,541						6,840						2013						1999						3651 Albert Street
Regina, SK						5,983						1,244						21,036						2,612						1,357						23,535						6,124						2013						2004						3105 Hillsdale Street
Regina, SK						15,178						1,539						24,053						5,214						1,678						29,128						5,238						2015						1992						1801 McIntyre Street
Rehoboth Beach, DE						—						960						24,248						9,327						993						33,542						7,929						2010						1999						36101 Seaside Blvd
Reno, NV						—						1,060						11,440						1,529						1,060						12,969						5,138						2004						1998						5165 Summit Ridge Court
Ridgeland, MS						—						520						7,675						2,051						520						9,726						3,732						2003						1997						410 Orchard Park
Riviere-du-Loup, QC						2,733						592						7,601						1,592						694						9,091						1,704						2015						1956						35 des Cedres
Riviere-du-Loup, QC						12,015						1,454						16,848						5,728						1,847						22,183						5,068						2015						1993						230-235 rue Des Chenes
Rocky Hill, CT						—						1,090						6,710						4,381						1,132						11,049						3,613						2003						1996						60 Cold Spring Rd.
Rohnert Park, CA						—						6,500						18,700						4,467						6,546						23,121						9,016						2005						1986						4855 Snyder Lane
Romeoville, IL						—						854						12,646						61,940						6,197						69,243						20,699						2006						2010						605 S Edward Dr.

(Dollars in thousands)
												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Seniors Housing Operating:
Roseville, MN						—						1,540						35,877						1,318						1,648						37,087						9,191						2013						2002						2555 Snelling Avenue, North
Roseville, CA						—						3,300						41,652						6,978						3,300						48,630						9,235						2016						2000						5161 Foothills Boulevard
Roswell, GA						—						1,107						9,627						3,277						1,114						12,897						8,730						1997						1999						655 Mansell Rd.
Roswell, GA						—						2,080						6,486						3,577						2,380						9,763						2,377						2012						1997						75 Magnolia Street
Rowlett, TX						—						1,610						21,254						223						1,610						21,477						176						2020						2019						4205-4209 Dalrock Rd
Sabre Springs, CA						—						—						—						46,910						3,726						43,184						2,326						2016						2017						12515 Springhurst Drive
Sacramento, CA						—						940						14,781						1,759						952						16,528						4,994						2010						1978						6350 Riverside Blvd
Sacramento, CA						—						1,300						23,394						1,761						1,369						25,086						6,572						2013						2004						345 Munroe Street
Saint-Lambert, QC						33,489						10,259						61,903						9,649						11,208						70,603						18,472						2015						1989						1705 Avenue Victoria
Salem, OR						—						—						—						11,341						916						10,425						5						2020						1999						4452 Lancaster Dr NE
Salem, OR						—						—						—						10,531						1,227						9,304						5						2020						1997						4050 12th Street Cutoff SE
Salinas, CA						—						5,110						41,424						11,019						5,150						52,403						10,619						2016						1990						1320 Padre Drive
Salisbury, UK						—						2,720						15,269						2,299						3,012						17,276						3,176						2014						2013						Shapland Close
Salt Lake City, UT						—						1,360						19,691						946						1,360						20,637						7,187						2011						1986						1430 E. 4500 S.
San Antonio, TX						—						6,120						28,169						2,656						6,120						30,825						7,825						2010						2011						2702 Cembalo Blvd
San Antonio, TX						—						5,045						58,048						3,275						5,045						61,323						8,159						2017						2015						11300 Wild Pine
San Antonio, TX						—						11,686						69,620						3,634						11,686						73,254						6,766						2019						2016						6870 Heuermann Road
San Diego, CA						—						5,810						63,078						4,276						5,810						67,354						20,890						2012						2001						13075 Evening Creek Drive S
San Diego, CA						—						3,000						27,164						1,576						3,016						28,724						7,069						2013						2003						810 Turquoise Street
San Diego, CA						29,359						4,179						40,607						1,920						4,179						42,527						2,939						2019						2017						955 Grand Ave
San Francisco, CA						—						5,920						91,639						13,785						5,920						105,424						20,404						2016						1998						1550 Sutter Street
San Francisco, CA						—						11,800						77,214						10,544						11,800						87,758						16,961						2016						1923						1601 19th Avenue
San Gabriel, CA						—						3,120						15,566						1,204						3,165						16,725						4,715						2013						2005						8332 Huntington Drive
San Jose, CA						—						3,280						46,823						4,443						3,280						51,266						14,267						2012						2002						500 S Winchester Boulevard
San Jose, CA						—						11,900						27,647						5,369						11,966						32,950						6,795						2016						2002						4855 San Felipe Road
San Rafael, CA						—						1,620						27,392						4,109						1,860						31,261						5,333						2016						2001						111 Merrydale Road
San Ramon, CA						—						8,700						72,223						10,149						8,768						82,304						15,770						2016						1992						9199 Fircrest Lane
Sandy Springs, GA						—						2,214						8,360						1,541						2,220						9,895						3,551						2012						1997						5455 Glenridge Drive NE
Santa Monica, CA						15,820						5,250						28,340						1,166						5,266						29,490						7,717						2013						2004						1312 15th Street
Santa Rosa, CA						—						2,250						26,273						3,761						2,292						29,992						5,429						2016						2001						4225 Wayvern Drive
Saskatoon, SK						3,686						981						13,905						1,961						1,064						15,783						3,927						2013						1999						220 24th Street East
Saskatoon, SK						13,136						1,382						17,609						2,564						1,568						19,987						4,858						2013						2004						1622 Acadia Drive
Schaumburg, IL						—						2,460						22,863						1,454						2,497						24,280						7,172						2013						2001						790 North Plum Grove Road
Scottsdale, AZ						—						2,500						3,890						1,505						2,500						5,395						1,692						2008						1998						9410 East Thunderbird Road
Scranton, PA						—						875						10,562						695						875						11,257						1,288						2019						2014						1651 Dickson Avenue
Seal Beach, CA						—						6,204						72,954						3,165						6,271						76,052						23,111						2013						2004						3850 Lampson Avenue
Seattle, WA						—						5,190						9,350						2,031						5,199						11,372						4,231						2010						1962						11501 15th Ave NE
Seattle, WA						27,180						10,670						37,291						2,007						10,700						39,268						14,211						2010						2005						805 4th Ave N
Seattle, WA						—						1,150						19,887						2,790						1,153						22,674						4,109						2015						1995						11039 17th Avenue
Selbyville, DE						—						750						25,912						964						769						26,857						7,050						2010						2008						21111 Arrington Dr
Sevenoaks, UK						—						6,181						40,240						8,029						6,844						47,606						14,328						2012						2009						64 - 70 Westerham Road
Severna Park, MD						—						—						67,623						6,130						44						73,709						12,815						2016						1997						43 W McKinsey Road
Shelby Township, MI						13,180						1,040						26,344						1,477						1,110						27,751						7,250						2013						2006						46471 Hayes Road

(Dollars in thousands)
												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Seniors Housing Operating:
Sherman, TX						—						700						5,221						7						700						5,228						1,979						2005						2006						1011 E. Pecan Grove Rd.
Shrewsbury, NJ						—						2,120						38,116						2,750						2,151						40,835						10,565						2010						2000						5 Meridian Way
Sidcup, UK						—						7,446						56,570						8,847						8,272						64,591						19,813						2012						2000						Frognal Avenue
Silver Spring, MD						—						—						—						64,377						3,436						60,941						3,256						2016						2018						2201 Colston Drive
Simi Valley, CA						—						3,200						16,664						1,938						3,298						18,504						5,955						2013						2009						190 Tierra Rejada Road
Simi Valley, CA						—						5,510						51,406						8,517						5,510						59,923						12,238						2016						2003						5300 E Los Angeles Avenue
Solihull, UK						—						5,070						43,297						9,048						5,615						51,800						14,877						2012						2009						1270 Warwick Road
Solihull, UK						—						3,571						26,053						3,942						4,009						29,557						8,354						2013						2007						1 Worcester Way
Solihull, UK						—						1,851						10,585						2,023						2,049						12,410						1,547						2015						2016						Warwick Road
Sonning, UK						—						5,644						42,155						6,442						6,280						47,961						12,724						2013						2009						Old Bath Rd.
Sonoma, CA						—						1,100						18,400						4,807						1,109						23,198						8,685						2005						1988						800 Oregon St.
Sonoma, CA						—						2,820						21,890						3,292						2,827						25,175						4,594						2016						2005						91 Napa Road
South Jordan, UT						—						—						—						51,165						4,639						46,526						2,705						2020						2015						11289 Oakmond Rd
Southlake, TX						—						6,207						56,655						7,624						6,207						64,279						7,920						2019						2008						101 Watermere Drive
Spokane, WA						—						3,200						25,064						2,502						3,200						27,566						8,323						2013						2001						3117 E. Chaser Lane
Spokane, WA						—						2,580						25,342						2,298						2,580						27,640						7,353						2013						1999						1110 E. Westview Ct.
St. Albert, AB						9,268						1,145						17,863						2,257						1,285						19,980						6,301						2014						2005						78C McKenney Avenue
St. John's, NL						5,219						706						11,765						900						760						12,611						2,110						2015						2005						64 Portugal Cove Road
Stittsville, ON						4,057						1,175						17,397						2,258						1,346						19,484						4,876						2013						1996						1340 - 1354 Main Street
Stockport, UK						—						4,369						25,018						3,888						4,860						28,415						8,513						2013						2008						1 Dairyground Road
Stockton, CA						—						2,280						5,983						1,718						2,372						7,609						2,527						2010						1988						6725 Inglewood
Strongsville, OH						—						1,113						10,904						656						1,113						11,560						1,451						2019						2017						15100 Howe Road
Stuart, FL						—						5,276						23,980						730						5,276						24,710						1,762						2019						2019						2625 SE Cove Road
Studio City, CA						—						4,006						25,307						1,401						4,115						26,599						7,825						2013						2004						4610 Coldwater Canyon Avenue
Suffield, CT						—						4,416						31,176						2,392						4,416						33,568						3,369						2019						1998						7 Canal Road
Sugar Land, TX						—						960						31,423						1,184						960						32,607						9,638						2011						1996						1221 Seventh St
Sugar Land, TX						—						4,272						60,493						6,546						4,272						67,039						11,697						2017						2015						744 Brooks Street
Summit, NJ						—						3,080						14,152						506						3,080						14,658						3,817						2011						2001						41 Springfield Avenue
Sun City West, AZ						—						1,250						21,778						1,973						1,250						23,751						5,755						2012						1998						13810 West Sandridge Drive
Sunninghill, UK						—						11,632						42,233						4,116						12,460						45,521						4,347						2014						2017						Bagshot Road
Sunnyvale, CA						—						5,420						41,682						3,191						5,420						44,873						12,824						2012						2002						1039 East El Camino Real
Surrey, BC						6,069						3,605						18,818						3,107						3,907						21,623						7,209						2013						2000						16028 83rd Avenue
Surrey, BC						15,070						4,552						22,338						3,865						4,952						25,803						9,069						2013						1987						15501 16th Avenue
Sutton, UK						—						4,096						14,532						3,309						4,538						17,399						1,941						2015						2016						123 Westmead Road
Suwanee, GA						—						1,560						11,538						1,672						1,560						13,210						4,220						2012						2000						4315 Johns Creek Parkway
Sway, UK						—						4,145						15,508						3,024						4,643						18,034						4,402						2014						2008						Sway Place
Swift Current, SK						1,624						492						10,119						1,412						540						11,483						3,057						2013						2001						301 Macoun Drive
Sylvania, OH						—						1,205						11,988						—						1,205						11,988						730						2019						2019						4120 King Road
Syracuse, NY						—						1,418						11,617						863						1,418						12,480						1,544						2019						2011						6715 Buckley Road
Tacoma, WA						—						4,170						73,377						17,896						4,170						91,273						20,323						2016						1987						8201 6th Avenue
Taylor, PA						—						1,910						11,996						—						1,910						11,996						434						2019						2020						512 Oak St
The Woodlands, TX						—						480						12,379						663						480						13,042						3,755						2011						1999						7950 Bay Branch Dr
Toms River, NJ						—						1,610						34,627						1,518						1,695						36,060						9,559						2010						2005						1587 Old Freehold Rd

(Dollars in thousands)
												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Seniors Housing Operating:
Tonawanda, NY						—						1,542						13,280						1,252						1,542						14,532						1,927						2019						2011						300 Fries Road
Tonawanda, NY						—						2,436						12,507						1,428						2,436						13,935						1,991						2019						2009						285 Crestmount Avenue
Toronto, ON						18,270						2,927						20,713						4,407						3,209						24,838						4,394						2015						1900						54 Foxbar Road
Toronto, ON						7,502						5,082						25,493						4,045						5,531						29,089						7,178						2015						1988						645 Castlefield Avenue
Toronto, ON						12,566						2,008						19,620						1,826						2,123						21,331						4,384						2015						1999						4251 Dundas Street West
Toronto, ON						36,318						5,132						41,657						7,211						5,591						48,409						13,447						2015						1964						10 William Morgan Drive
Toronto, ON						7,586						2,480						7,571						1,381						2,693						8,739						2,385						2015						1971						123 Spadina Road
Toronto, ON						4,640						1,079						5,364						877						1,135						6,185						1,702						2013						1982						25 Centennial Park Road
Toronto, ON						7,273						2,513						19,695						2,668						2,763						22,113						5,163						2013						2002						305 Balliol Street
Toronto, ON						17,430						3,400						32,757						4,542						3,797						36,902						10,244						2013						1973						1055 and 1057 Don Mills Road
Toronto, ON						5,719						1,447						3,918						871						1,598						4,638						1,556						2013						1987						1340 York Mills Road
Toronto, ON						30,720						5,304						53,488						5,453						5,791						58,454						19,389						2013						1988						8 The Donway East
Torrance, CA						—						3,497						73,138						297						3,504						73,428						8,315						2016						2016						25535 Hawthorne Boulevard
Tucson, AZ						—						830						6,179						5,317						830						11,496						2,496						2012						1997						5660 N. Kolb Road
Tulsa, OK						—						1,330						21,285						2,094						1,362						23,347						9,163						2010						1986						8887 South Lewis Ave
Tulsa, OK						—						1,500						20,728						114						1,614						20,728						8,988						2010						1984						9524 East 71st St
Turlock, CA						—						2,266						12,869						1,122						2,266						13,991						1,748						2019						2001						3791 Crowell Road
Twinsburg, OH						—						1,042						8,343						543						1,042						8,886						1,162						2019						2016						3092 Kendal Lane
Tyler, TX						—						650						5,268						24						650						5,292						1,937						2006						2007						5550 Old Jacksonville Hwy.
Upland, CA						—						3,160						42,596						98						3,160						42,694						7,628						2015						2014						2419 North Euclid Avenue
Upper Providence, PA						—						1,900						28,195						489						1,906						28,678						4,254						2013						2015						1133 Black Rock Road
Upper St Claire, PA						—						1,102						13,455						1,668						1,153						15,072						4,718						2013						2005						500 Village Drive
Vacaville, CA						—						900						17,100						3,978						900						21,078						8,261						2005						1987						799 Yellowstone Dr.
Vallejo, CA						—						4,000						18,000						5,193						4,030						23,163						8,965						2005						1989						350 Locust Dr.
Vallejo, CA						—						2,330						15,407						1,667						2,330						17,074						5,368						2010						1990						2261 Tuolumne
Vancouver, WA						—						1,820						19,042						1,271						1,821						20,312						6,357						2010						2006						10011 NE 118th Ave
Vancouver, BC						—						7,282						6,572						2,428						7,787						8,495						5,968						2015						1974						2803 West 41st Avenue
Vancouver, WA						—						—						—						16,606						1,406						15,200						6						2020						2001						201 NW 78th St
Vankleek Hill, ON						542						389						2,960						628						426						3,551						1,072						2013						1987						48 Wall Street
Vaudreuil, QC						7,888						1,852						14,214						2,062						1,956						16,172						3,404						2015						1975						333 rue Querbes
Vero Beach, FL						—						2,930						40,070						26,571						2,930						66,641						28,297						2007						2003						7955 16th Manor
Victoria, BC						6,629						2,856						18,038						2,320						3,121						20,093						6,029						2013						1974						3000 Shelbourne Street
Victoria, BC						18,976						3,681						15,774						2,184						3,997						17,642						5,490						2013						1988						3051 Shelbourne Street
Victoria, BC						17,634						2,476						15,379						2,695						2,718						17,832						3,245						2015						1990						3965 Shelbourne Street
Virginia Water, UK						—						7,106						29,937						9,185						6,029						40,199						13,356						2012						2002						Christ Church Road
Voorhees, NJ						—						3,700						24,312						2,565						3,854						26,723						5,739						2012						2013						311 Route 73
Wall, NJ						—						1,650						25,350						3,045						1,694						28,351						7,011						2011						2003						2021 Highway 35
Walnut Creek, CA						—						3,700						12,467						3,583						3,808						15,942						5,189						2013						1998						2175 Ygnacio Valley Road
Walnut Creek, CA						—						10,320						100,890						18,335						10,320						119,225						24,385						2016						1988						1580 Geary Road
Washington, DC						—						4,000						69,154						3,369						4,021						72,502						18,471						2013						2004						5111 Connecticut Avenue NW
Watchung, NJ						—						1,920						24,880						2,084						2,058						26,826						6,743						2011						2000						680 Mountain Boulevard
Waterville, OH						—						—						—						48,130						2,566						45,564						217						2020						2018						1470 Pray Blvd
Waukee, IA						—						1,870						31,878						1,042						1,900						32,890						6,744						2012						2007						1650 SE Holiday Crest Circle

---

Welltower Inc.
Schedule III
Real Estate and Accumulated Depreciation
December 31, 2020
(Dollars in thousands)												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Triple-net:
Abilene, TX						$	—					$	950					$	20,987					$	11,660					$	950					$	32,647					$	4,299					2014						1998						6565 Central Park Boulevard
Abilene, TX						—						990						8,187						1,089						990						9,276						1,523						2014						1985						1250 East N 10th Street
Aboite Twp, IN						—						1,770						19,930						1,601						1,770						21,531						5,743						2010						2008						611 W County Line Rd South
Agawam, MA						—						880						16,112						2,134						880						18,246						8,903						2002						1993						1200 Suffield St.
Akron, OH						—						633						3,002						—						633						3,002						206						2018						1999						171 North Cleveland Massillon Road
Alexandria, VA						—						2,452						6,826						—						2,452						6,826						453						2018						1964						1510 Collingwood Road
Alhambra, CA						—						600						6,305						8,847						600						15,152						2,752						2011						1923						1118 N. Stoneman Ave.
Allen Park, MI						—						1,767						5,025						—						1,767						5,025						337						2018						1960						9150 Allen Road
Allentown, PA						—						494						11,845						—						494						11,845						775						2018						1995						5151 Hamilton Boulevard
Allentown, PA						—						1,491						4,822						—						1,491						4,822						331						2018						1988						1265 Cedar Crest Boulevard
Alma, MI						—						—						—						7,810						1,267						6,543						47						2020						2009						1320 Pine Ave
Ames, IA						—						330						8,870						7						330						8,877						2,553						2010						1999						1325 Coconino Rd.
Ann Arbor, MI						—						2,172						11,123						—						2,172						11,123						786						2018						1997						4701 East Huron River Drive
Annandale, VA						—						1,687						18,974						—						1,687						18,974						1,215						2018						2002						7104 Braddock Road
Arlington, VA						—						4,016						8,801						—						4,016						8,801						575						2018						1976						550 South Carlin Southprings Road
Asheboro, NC						—						290						5,032						312						290						5,344						2,388						2003						1998						514 Vision Dr.
Asheville, NC						—						204						3,489						—						204						3,489						2,019						1999						1999						4 Walden Ridge Dr.
Asheville, NC						—						280						1,955						532						280						2,487						1,137						2003						1992						308 Overlook Rd.
Atchison, KS						—						140						5,610						23						140						5,633						792						2015						2001						1301 N 4th St.
Austin, TX						—						1,691						5,005						—						1,691						5,005						436						2018						2000						11630 Four Iron Drive
Avon, IN						—						1,830						14,470						34						1,830						14,504						4,349						2010						2004						182 S Country RD. 550E
Avon, IN						—						900						19,444						—						900						19,444						3,464						2014						2013						10307 E. CR 100 N
Avon, CT						—						2,132						7,624						—						2,132						7,624						610						2018						2000						100 Fisher Drive
Azusa, CA						—						570						3,141						7,430						570						10,571						3,607						1998						1953						125 W. Sierra Madre Ave.
Bad Axe, MI						—						—						—						7,289						1,317						5,972						48						2020						2010						150 Meadow Lane
Baldwin City, KS						—						190						4,810						55						190						4,865						701						2015						2000						321 Crimson Ave
Baltimore, MD						—						4,306						4,303						—						4,306						4,303						308						2018						1978						6600 Ridge Road
Baltimore, MD						—						3,069						3,148						—						3,069						3,148						240						2018						1996						4669 Falls Road
Barberton, OH						—						1,307						9,310						—						1,307						9,310						605						2018						1979						85 Third Street
Bartlesville, OK						—						100						1,380						—						100						1,380						892						1996						1995						5420 S.E. Adams Blvd.
Battle Creek, MI						—						857						1,821						—						857						1,821						168						2018						1965						200 Roosevelt Avenue East
Bay City, MI						—						633						2,619						—						633						2,619						194						2018						1968						800 Mulholland Street
Bedford, PA						—						637						4,432						—						637						4,432						341						2018						1965						136 Donahoe Manor Road
Belmont, CA						—						3,000						23,526						1,728						3,000						25,254						7,611						2011						1971						1301 Ralston Avenue
Belvidere, NJ						—						2,001						26,191						—						2,001						26,191						1,614						2019						2009						1 Brookfield Ct
Benbrook, TX						—						1,550						13,553						2,747						1,550						16,300						3,667						2011						1984						4242 Bryant Irvin Road
Berkeley, CA						11,689						3,050						32,677						5,008						3,050						37,685						6,816						2016						1966						2235 Sacramento Street
Bethel Park, PA						—						1,700						16,007						—						1,700						16,007						5,149						2007						2009						5785 Baptist Road
Bethel Park, PA						—						1,008						6,740						—						1,008						6,740						469						2018						1986						60 Highland Road
Bethesda, MD						—						2,218						6,869						—						2,218						6,869						440						2018						1974						6530 Democracy Boulevard

(Dollars in thousands)												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Triple-net:
Bethlehem, PA						—						1,191						16,887						—						1,191						16,887						1,053						2018						1979						2021 Westgate Drive
Bethlehem, PA						—						1,143						13,588						—						1,143						13,588						852						2018						1982						2029 Westgate Drive
Beverly Hills, CA						—						6,000						13,385						203						6,000						13,588						2,101						2014						2000						220 N Clark Drive
Bexleyheath, UK						—						3,750						10,807						1,564						4,153						11,968						1,931						2014						1996						35 West Street
Bingham Farms, MI						—						781						15,671						—						781						15,671						1,013						2018						1999						24005 West 13 Mile Road
Birmingham, UK						—						1,647						14,853						1,772						1,824						16,448						2,447						2015						2010						Clinton Street, Winson Green
Birmingham, UK						—						1,591						19,092						2,222						1,762						21,143						3,100						2015						2010						Braymoor Road, Tile Cross
Birmingham, UK						—						1,462						9,056						1,129						1,619						10,028						1,515						2015						2010						Clinton Street, Winson Green
Birmingham, UK						—						1,184						10,085						1,211						1,312						11,168						1,650						2015						1997						122 Tile Cross Road, Garretts Green
Bloomington, IN						—						670						17,423						—						670						17,423						2,641						2015						2015						363 S. Fieldstone Boulevard
Boca Raton, FL						—						2,200						4,974						—						2,200						4,974						419						2018						1994						7225 Boca Del Mar Drive
Boca Raton, FL						—						2,826						4,061						—						2,826						4,061						306						2018						1984						375 Northwest 51st Street
Boulder, CO						—						3,601						21,364						—						3,601						21,364						1,477						2018						1990						2800 Palo Parkway
Bournemouth, UK						—						2,668						16,470						—						2,668						16,470						576						2019						2017						Poole Lane
Boynton Beach, FL						—						2,138						10,201						—						2,138						10,201						721						2018						1991						3600 Old Boynton Road
Boynton Beach, FL						—						2,804						14,222						—						2,804						14,222						918						2018						1984						3001 South Congress Avenue
Bracknell, UK						—						4,081						11,470						684						4,372						11,863						1,048						2014						2017						Crowthorne Road North
Bradenton, FL						—						252						3,298						—						252						3,298						2,145						1996						1995						6101 Pointe W. Blvd.
Bradenton, FL						—						480						9,953						113						480						10,066						2,244						2012						2000						2800 60th Avenue West
Braintree, MA						—						170						7,157						1,290						170						8,447						8,447						1997						1968						1102 Washington St.
Braintree, UK						—						—						13,296						1,428						—						14,724						2,458						2014						2009						Meadow Park Tortoiseshell Way
Brecksville, OH						—						990						19,353						—						990						19,353						3,434						2014						2011						8757 Brecksville Road
Brick, NJ						—						1,290						25,247						1,330						1,290						26,577						6,627						2011						2000						458 Jack Martin Blvd.
Bridgewater, NJ						—						1,800						31,810						1,678						1,800						33,488						8,322						2011						2001						680 US-202/206 North
Bristol, UK						—						—						—						22,876						4,382						18,494						1,433						2015						2017						339 Badminton Road
Bristol, UK						—						2,337						13,416						—						2,337						13,416						639						2017						2019						Avon Valley Care Home, Tenniscourt Road
Brooks, AB						1,662						376						4,951						464						408						5,383						934						2014						2000						951 Cassils Road West
Bucyrus, OH						—						1,119						2,611						—						1,119						2,611						207						2018						1976						1170 West Mansfield Street
Burleson, TX						—						670						13,985						2,457						670						16,442						3,898						2011						1988						300 Huguley Boulevard
Burlington, NC						—						280						4,297						849						280						5,146						2,277						2003						2000						3619 S. Mebane St.
Burlington, NC						—						460						5,467						110						460						5,577						2,530						2003						1997						3615 S. Mebane St.
Burlington, NJ						—						1,700						12,554						501						1,700						13,055						4,074						2011						1965						115 Sunset Road
Burlington, NJ						—						1,170						19,205						172						1,170						19,377						5,206						2011						1994						2305 Rancocas Road
Burnaby, BC						7,069						7,623						13,844						1,839						8,273						15,033						2,646						2014						2006						7195 Canada Way
Calgary, AB						14,118						2,341						42,768						3,912						2,541						46,480						7,760						2014						1971						1729-90th Avenue SW
Calgary, AB						23,452						4,569						70,199						6,378						4,958						76,188						12,605						2014						2001						500 Midpark Way SE
Camp Hill, PA						—						517						3,596						—						517						3,596						240						2018						1970						1700 Market Street
Canonsburg, PA						—						911						4,828						—						911						4,828						352						2018						1986						113 West McMurray Road
Canton, OH						—						300						2,098						—						300						2,098						1,214						1998						1998						1119 Perry Dr., N.W.
Canton, MI						—						1,399						16,966						—						1,399						16,966						1,093						2018						2005						7025 Lilley Road
Cape Coral, FL						—						530						3,281						—						530						3,281						1,629						2002						2000						911 Santa Barbara Blvd.
Cape Coral, FL						7,925						760						18,868						110						760						18,978						4,296						2012						2009						831 Santa Barbara Boulevard
Cape May Court House, NJ						—						1,440						17,002						1,775						1,440						18,777						3,303						2014						1990						144 Magnolia Drive
Carlisle, PA						—						978						8,204						—						978						8,204						562						2018						1987						940 Walnut Bottom Road
Carmel, IN						—						1,700						19,491						1						1,700						19,492						3,070						2015						2015						12315 Pennsylvania Street

(Dollars in thousands)												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Triple-net:
Carmel, IN						—						1,583						6,069						—						1,583						6,069						447						2018						1985						12999 North Pennsylvania Street
Carmel, IN						—						—						2,296						—						—						2,296						140						2018						1985						12999 North Pennsylvania Street
Carrollton, TX						—						2,010						19,549						—						2,010						19,549						2,254						2014						2016						2645 East Trinity Mills Road
Cary, NC						—						1,500						4,350						1,366						1,500						5,716						2,956						1998						1996						111 MacArthur
Castleton, IN						—						920						15,137						—						920						15,137						2,801						2014						2013						8405 Clearvista Lake
Cedar Grove, NJ						—						2,850						27,737						20						2,850						27,757						7,524						2011						1970						536 Ridge Road
Cedar Rapids, IA						—						596						9,352						—						596						9,352						592						2018						1965						1940 1st Avenue Northeast
Centerville, OH						—						920						3,958						—						920						3,958						388						2018						1997						1001 E. Alex Bell Road
Chagrin Falls, OH						—						832						10,837						—						832						10,837						731						2018						1999						8100 East Washington Street
Chambersburg, PA						—						1,373						8,862						—						1,373						8,862						629						2018						1976						1070 Stouffer Avenue
Chapel Hill, NC						—						354						2,646						1,201						354						3,847						1,667						2002						1997						100 Lanark Rd.
Charleston, SC						—						1,333						5,554						—						1,333						5,554						374						2018						1982						1137 Sam Rittenberg Boulevard
Charleston, WV						—						440						17,575						306						440						17,881						4,635						2011						1998						1000 Association Drive, North Gate Business Park
Chatham, VA						—						320						14,039						—						320						14,039						2,595						2014						2009						100 Rorer Street
Cherry Hill, NJ						—						1,416						9,871						—						1,416						9,871						693						2018						1997						2700 Chapel Avenue West
Chester, VA						—						1,320						18,127						—						1,320						18,127						3,318						2014						2009						12001 Iron Bridge Road
Chevy Chase, MD						—						4,515						8,685						—						4,515						8,685						574						2018						1964						8700 Jones Mill Road
Chickasha, OK						—						85						1,395						—						85						1,395						896						1996						1996						801 Country Club Rd.
Chillicothe, OH						—						1,145						8,994						—						1,145						8,994						590						2018						1977						1058 Columbus Street
Cincinnati, OH						—						912						14,010						—						912						14,010						934						2018						2000						6870 Clough Pike
Citrus Heights, CA						—						5,207						31,715						—						5,207						31,715						1,989						2018						1988						7807 Upland Way
Claremore, OK						—						155						1,427						6,130						155						7,557						1,970						1996						1996						1605 N. Hwy. 88
Clarksville, TN						—						330						2,292						—						330						2,292						1,322						1998						1998						2183 Memorial Dr.
Clayton, NC						—						520						15,733						—						520						15,733						2,636						2014						2013						84 Johnson Estate Road
Clevedon, UK						—						2,838						16,927						2,122						3,142						18,745						3,128						2014						1994						18/19 Elton Road
Cloquet, MN						—						340						4,660						120						340						4,780						1,239						2011						2006						705 Horizon Circle
Cobham, UK						—						9,808						24,991						3,737						10,861						27,675						5,364						2013						2013						Redhill Road
Colchester, CT						—						980						4,860						544						980						5,404						1,828						2011						1986						59 Harrington Court
Colorado Springs, CO						—						4,280						62,168						—						4,280						62,168						8,523						2015						2008						1605 Elm Creek View
Colorado Springs, CO						—						1,730						25,493						693						1,730						26,186						3,548						2016						2016						2818 Grand Vista Circle
Columbia, TN						—						341						2,295						—						341						2,295						1,324						1999						1999						5011 Trotwood Ave.
Columbia, SC						—						1,699						2,319						—						1,699						2,319						170						2018						1968						2601 Forest Drive
Columbia Heights, MN						—						825						14,175						163						825						14,338						3,496						2011						2009						3807 Hart Boulevard
Concord, NC						—						550						3,921						416						550						4,337						1,959						2003						1997						2452 Rock Hill Church Rd.
Concord, NH						—						1,760						43,179						634						1,760						43,813						11,371						2011						1994						239 Pleasant Street
Concord, NH						—						720						3,041						340						720						3,381						1,099						2011						1926						227 Pleasant Street
Congleton, UK						—						2,036						5,120						768						2,254						5,670						917						2014						1994						Rood Hill
Coppell, TX						—						1,550						8,386						228						1,550						8,614						1,872						2012						2013						1530 East Sandy Lake Road
Corby, UK						—						1,228						5,144						881						1,240						6,013						595						2017						1997						25 Rockingham Road
Costa Mesa, CA						—						2,050						19,969						969						2,050						20,938						6,446						2011						1965						350 West Bay St
Coventry, UK						—						1,962						13,830						1,695						2,172						15,315						2,349						2015						2014						1 Glendale Way
Crawfordsville, IN						—						720						17,239						1,426						720						18,665						3,344						2014						2013						517 Concord Road
Dallastown, PA						—						1,377						16,797						—						1,377						16,797						1,121						2018						1979						100 West Queen Street
Danville, VA						—						410						3,954						1,032						410						4,986						2,182						2003						1998						149 Executive Ct.
Danville, VA						—						240						8,436						—						240						8,436						1,577						2014						1996						508 Rison Street

(Dollars in thousands)												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Triple-net:
Daphne, AL						—						2,880						8,670						384						2,880						9,054						2,143						2012						2001						27440 County Road 13
Davenport, IA						—						566						2,017						—						566						2,017						138						2018						1966						815 East Locust Street
Davenport, IA						—						910						20,038						—						910						20,038						1,300						2018						2008						3800 Commerce Blvd.
Dayton, OH						—						1,188						5,412						—						1,188						5,412						385						2018						1977						1974 North Fairfield Road
Dearborn Heights, MI						—						1,197						3,394						—						1,197						3,394						266						2018						1964						26001 Ford Road
Decatur, GA						—						1,413						13,796						—						1,413						13,796						857						2018						1977						2722 North Decatur Road
Delray Beach, FL						—						1,158						13,572						—						1,158						13,572						912						2018						1998						16150 Jog Road
Delray Beach, FL						—						2,125						11,840						—						2,125						11,840						818						2018						1998						16200 Jog Road
Denton, TX						—						1,760						8,305						216						1,760						8,521						2,320						2010						2011						2125 Brinker Rd
Denver, CO						—						3,222						24,804						—						3,222						24,804						1,547						2018						1988						290 South Monaco Parkway
Derby, UK						—						2,359						8,539						776						2,527						9,147						1,220						2014						2015						Rykneld Road
Dover, DE						—						600						22,266						141						600						22,407						5,944						2011						1984						1080 Silver Lake Blvd.
Dowagiac, MI						—						—						—						2,603						825						1,778						21						2020						2006						29601 Amerihost Dr
Droitwich, UK						—						—						—						16,380						3,895						12,485						—						2018						2020						Mulberry Tree Hill
Dublin, OH						—						1,393						2,911						—						1,393						2,911						237						2018						2014						4075 W. Dublin-Granville Road
Dubuque, IA						—						568						8,902						—						568						8,902						564						2018						1971						901 West Third Street
Dunedin, FL						—						1,883						13,325						—						1,883						13,325						849						2018						1983						870 Patricia Avenue
Durham, NC						—						1,476						10,659						3,085						1,476						13,744						12,561						1997						1999						4434 Ben Franklin Blvd.
Eagan, MN						15,890						2,260						31,643						300						2,260						31,943						4,397						2015						2004						3810 Alder Avenue
East Brunswick, NJ						—						1,380						34,229						1,093						1,380						35,322						8,636						2011						1998						606 Cranbury Rd.
Eastbourne, UK						—						4,071						24,438						3,062						4,508						27,063						4,457						2014						1999						Carew Road
Easton, PA						—						1,109						7,500						—						1,109						7,500						651						2018						2015						4100 Freemansburg Avenue
Easton, PA						—						1,430						13,396						—						1,430						13,396						898						2018						1981						2600 Northampton Street
Easton, PA						—						1,620						10,049						—						1,620						10,049						796						2018						2000						4100 Freemansburg Avenue
Eden, NC						—						390						4,877						86						390						4,963						2,277						2003						1998						314 W. Kings Hwy.
Edmond, OK						—						410						8,388						—						410						8,388						1,988						2012						2001						15401 North Pennsylvania Avenue
Edmond, OK						—						1,810						14,849						3,260						1,810						18,109						2,931						2014						1985						1225 Lakeshore Drive
Edmond, OK						—						1,650						25,167						1,700						1,650						26,867						2,824						2014						2017						2709 East Danforth Road
Elizabeth City, NC						—						200						2,760						2,197						200						4,957						2,487						1998						1999						400 Hastings Lane
Elk Grove Village, IL						—						1,344						7,073						—						1,344						7,073						496						2018						1995						1940 Nerge Road Elk
Elk Grove Village, IL						—						3,733						18,745						—						3,733						18,745						1,163						2018						1988						1920 Nerge Road
Encinitas, CA						—						1,460						7,721						1,987						1,460						9,708						4,656						2000						1988						335 Saxony Rd.
Englewood, NJ						—						930						4,514						26						930						4,540						1,354						2011						1966						333 Grand Avenue
Escondido, CA						—						1,520						24,024						785						1,520						24,809						7,574						2011						1987						1500 Borden Rd
Eureka, KS						—						50						3,950						71						50						4,021						568						2015						1994						1820 E River St
Everett, WA						—						1,400						5,476						—						1,400						5,476						3,080						1999						1999						2015 Lake Heights Dr.
Exton, PA						—						3,600						27,267						—						3,600						27,267						2,086						2017						2018						501 Thomas Jones Way
Fairfax, VA						—						1,827						17,304						—						1,827						17,304						1,171						2018						1997						12469 Lee Jackson Mem Highway
Fairfax, VA						—						4,099						17,614						—						4,099						17,614						1,166						2018						1990						12475 Lee Jackson Memorial Highway
Fairhope, AL						—						570						9,119						112						570						9,231						2,164						2012						1987						50 Spring Run Road
Fall River, MA						—						620						5,829						4,856						620						10,685						5,967						1996						1973						1748 Highland Ave.
Fanwood, NJ						—						2,850						55,175						1,467						2,850						56,642						13,649						2011						1982						295 South Ave.
Faribault, MN						—						780						11,539						300						780						11,839						1,578						2015						2003						828 1st Street NE
Farmington, CT						—						1,693						10,455						—						1,693						10,455						722						2018						1997						45 South Road
Farnborough, UK						—						2,036						5,737						834						2,254						6,353						998						2014						1980						Bruntile Close, Reading Road

(Dollars in thousands)												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Triple-net:
Fayetteville, PA						—						2,150						20,173						—						2,150						20,173						4,633						2015						1991						6375 Chambersburg Road
Fayetteville, NY						—						410						3,962						500						410						4,462						2,187						2001						1997						5125 Highbridge St.
Findlay, OH						—						200						1,800						—						200						1,800						1,104						1997						1997						725 Fox Run Rd.
Fishers, IN						—						1,500						14,500						21						1,500						14,521						4,357						2010						2000						9745 Olympia Dr.
Fishersville, VA						—						788						2,101						3						788						2,104						908						2018						1998						83 Crossroad Lane
Flint, MI						—						1,271						18,050						—						1,271						18,050						1,135						2018						1969						3011 North Center Road
Florence, NJ						—						300						2,978						—						300						2,978						1,474						2002						1999						901 Broad St.
Flourtown, PA						—						1,800						14,830						266						1,800						15,096						4,159						2011						1908						350 Haws Lane
Flower Mound, TX						—						1,800						8,414						253						1,800						8,667						2,066						2011						2012						4141 Long Prairie Road
Floyd, VA						—						680						3,618						4						680						3,622						679						2018						1979						237 Franklin Pike Rd SE
Flushing, MI						—						690						1,701						—						690						1,701						178						2018						1999						640 Sunnyside Drive
Flushing, MI						—						1,415						8,533						—						1,415						8,533						588						2018						1967						540 Sunnyside Drive
Forest City, NC						—						320						4,497						208						320						4,705						2,113						2003						1999						493 Piney Ridge Rd.
Fort Ashby, WV						—						330						19,566						356						330						19,922						5,139						2011						1980						Diane Drive, Box 686
Fort Collins, CO						—						3,680						58,608						—						3,680						58,608						8,009						2015						2007						4750 Pleasant Oak Drive
Fort Collins, CO						—						890						4,532						4						890						4,536						561						2018						1965						1005 East Elizabeth
Fort Worth, TX						—						450						13,615						5,086						450						18,701						5,411						2010						2011						425 Alabama Ave.
Fountain Valley, CA						—						5,259						9,375						—						5,259						9,375						619						2018						1988						11680 Warner Avenue
Franconia, NH						—						360						11,320						70						360						11,390						3,062						2011						1971						93 Main Street
Fredericksburg, VA						—						1,000						20,000						2,161						1,000						22,161						8,448						2005						1999						3500 Meekins Dr.
Fredericksburg, VA						—						1,130						23,202						—						1,130						23,202						4,022						2014						2010						140 Brimley Drive
Ft. Myers, FL						—						1,110						10,559						—						1,110						10,559						717						2018						1999						15950 McGregor Boulevard
Ft. Myers, FL						—						2,139						18,235						—						2,139						18,235						1,210						2018						1990						1600 Matthew Drive
Ft. Myers, FL						—						2,502						9,741						—						2,502						9,741						782						2018						2000						13881 Eagle Ridge Drive
Gainesville, FL						—						—						—						31,462						2,374						29,088						964						2016						2018						3605 NW 83rd Street
Galesburg, IL						—						1,708						3,839						—						1,708						3,839						258						2018						1964						280 East Losey Street
Gardner, KS						—						200						2,800						93						200						2,893						433						2015						2000						869 Juniper Terrace
Gastonia, NC						—						470						6,129						55						470						6,184						2,826						2003						1998						1680 S. New Hope Rd.
Gastonia, NC						—						310						3,096						85						310						3,181						1,497						2003						1994						1717 Union Rd.
Gastonia, NC						—						400						5,029						624						400						5,653						2,385						2003						1996						1750 Robinwood Rd.
Geneva, IL						—						1,502						16,193						—						1,502						16,193						1,071						2018						2000						2388 Bricher Road
Georgetown, TX						—						200						2,100						—						200						2,100						1,278						1997						1997						2600 University Dr., E.
Gig Harbor, WA						—						3,000						4,461						—						3,000						4,461						362						2018						1990						3309 45th Street Court Northwest
Glen Ellyn, IL						—						1,496						6,634						—						1,496						6,634						488						2018						2001						2S706 Park Boulevard
Granbury, TX						—						2,550						2,940						777						2,550						3,717						1,015						2012						1996						916 East Highway 377
Granger, IN						—						1,670						21,280						2,401						1,670						23,681						6,248						2010						2009						6330 North Fir Rd
Grapevine, TX						—						2,220						17,648						112						2,220						17,760						2,451						2013						2014						4545 Merlot Drive
Greeley, CO						—						1,077						18,051						—						1,077						18,051						1,877						2017						2009						5300 West 29th Street
Greensboro, NC						—						330						2,970						643						330						3,613						1,669						2003						1996						5809 Old Oak Ridge Rd.
Greensboro, NC						—						560						5,507						1,390						560						6,897						3,072						2003						1997						4400 Lawndale Dr.
Greenville, MI						—						—						—						5,831						1,490						4,341						41						2020						2016						1515 Meijer Dr
Greenville, SC						—						310						4,750						252						310						5,002						2,143						2004						1997						23 Southpointe Dr.
Greenville, SC						—						1,751						8,771						—						1,751						8,771						596						2018						1966						600 Sulphur Springs Road
Greenville, SC						—						947						1,445						—						947						1,445						164						2018						1976						601 Sulphur Springs Road
Greenville, NC						—						290						4,393						328						290						4,721						2,097						2003						1998						2715 Dickinson Ave.

(Dollars in thousands)												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Triple-net:
Greenwood, IN						—						1,550						22,770						81						1,550						22,851						6,128						2010						2007						2339 South SR 135
Grosse Pointe, MI						—						867						2,385						—						867						2,385						170						2018						1964						21401 Mack Avenue
Groton, CT						—						2,430						19,941						968						2,430						20,909						6,038						2011						1975						1145 Poquonnock Road
Hamilton, NJ						—						440						4,469						—						440						4,469						2,206						2001						1998						1645 Whitehorse-Mercerville Rd.
Hanahan, SC						—						1,934						3,986						—						1,934						3,986						322						2018						1989						1800 Eagle Landing Boulevard
Hanford, UK						—						1,382						9,829						1,204						1,530						10,885						2,131						2013						2012						Bankhouse Road
Harrisburg, PA						—						569						12,822						—						569						12,822						844						2018						2000						2625 Ailanthus Lane
Harrow, UK						—						7,402						8,266						1,683						8,197						9,154						1,538						2014						2001						177 Preston Hill
Hastings, MI						—						—						—						8,122						1,603						6,519						51						2020						2002						1821 N. East St
Hatboro, PA						—						—						28,112						1,771						—						29,883						7,692						2011						1996						3485 Davisville Road
Hatboro, PA						—						1,192						7,608						—						1,192						7,608						683						2018						2000						779 West County Line Road
Hatfield, UK						—						2,924						7,527						1,122						3,238						8,335						1,644						2013						2012						St Albans Road East
Hattiesburg, MS						—						450						13,469						—						450						13,469						3,467						2010						2009						217 Methodist Hospital Blvd
Hemet, CA						—						6,224						8,410						—						6,224						8,410						575						2018						1989						1717 West Stetson Avenue
Henry, IL						—						1,860						3,688						—						1,860						3,688						239						2018						1987						1650 Old Indian Town Road
Hermitage, TN						—						1,500						9,943						540						1,500						10,483						2,470						2011						2006						4131 Andrew Jackson Parkway
Herne Bay, UK						—						1,900						24,353						3,585						2,104						27,734						5,757						2013						2011						165 Reculver Road
Hiawatha, KS						—						40						4,210						29						40						4,239						619						2015						1996						400 Kansas Ave
Hickory, NC						—						290						987						374						290						1,361						696						2003						1994						2530 16th St. N.E.
High Point, NC						—						560						4,443						894						560						5,337						2,450						2003						2000						1568 Skeet Club Rd.
High Point, NC						—						370						2,185						464						370						2,649						1,265						2003						1999						1564 Skeet Club Rd.
High Point, NC						—						330						3,395						126						330						3,521						1,609						2003						1994						201 W. Hartley Dr.
High Point, NC						—						430						4,143						186						430						4,329						1,937						2003						1998						1560 Skeet Club Rd.
Highlands Ranch, CO						—						940						3,721						4,983						940						8,704						2,728						2002						1999						9160 S. University Blvd.
Hillsboro, OH						—						1,792						6,339						—						1,792						6,339						589						2018						1983						1141 Northview Drive
Hinckley, UK						—						2,159						4,194						682						2,391						4,644						1,003						2013						2013						Tudor Road
Hinsdale, IL						—						4,033						24,280						—						4,033						24,280						1,517						2018						1971						600 W Ogden Avenue
Hockessin, DE						—						1,120						6,308						1,247						1,120						7,555						1,385						2014						1992						100 Saint Claire Drive
Holton, KS						—						40						7,460						13						40						7,473						1,018						2015						1996						410 Juniper Dr
Homewood, IL						—						2,395						7,649						—						2,395						7,649						489						2018						1989						940 Maple Avenue
Howard, WI						—						579						32,122						3,072						633						35,140						3,268						2017						2016						2790 Elm Tree Hill
Huntingdon Valley, PA						—						1,150						3,728						—						1,150						3,728						355						2018						1993						3430 Huntingdon Pike
Hutchinson, KS						—						600						10,590						397						600						10,987						4,525						2004						1997						2416 Brentwood
Independence, VA						—						1,082						6,767						7						1,082						6,774						1,221						2018						1998						400 S Independence Ave
Indianapolis, IN						—						870						14,688						—						870						14,688						2,729						2014						2014						1635 N Arlington Avenue
Indianapolis, IN						—						1,105						6,642						—						1,105						6,642						428						2018						1979						8549 South Madison Avenue
Jackson, NJ						—						6,500						26,405						3,107						6,500						29,512						6,091						2012						2001						2 Kathleen Drive
Jacksonville, FL						—						750						25,231						115						750						25,346						2,963						2013						2014						5939 Roosevelt Boulevard
Jacksonville, FL						—						—						26,381						1,805						1,691						26,495						3,092						2013						2014						4000 San Pablo Parkway
Jacksonville, FL						—						1,752						2,552						—						1,752						2,552						173						2018						1989						3648 University Blvd South
Jacksonville, FL						—						2,182						9,488						—						2,182						9,488						689						2018						1980						8495 Normandy Blvd
Jefferson Hills, PA						—						2,265						13,614						—						2,265						13,614						1,309						2018						1997						380 Wray Large Road
Jersey Shore, PA						—						600						8,104						—						600						8,104						499						2018						1973						1008 Thompson Street
Kansas City, KS						—						700						20,115						—						700						20,115						2,890						2015						2015						8900 Parallel Parkway
Katy, TX						—						1,778						22,622						—						1,778						22,622						2,366						2017						2015						24802 Kingsland Boulevard

(Dollars in thousands)												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Triple-net:
Kensington, MD						—						1,753						18,621						—						1,753						18,621						1,186						2018						2002						4301 Knowles Avenue
Kenwood, OH						—						821						11,040						—						821						11,040						727						2018						2000						4580 East Galbraith Road
Kettering, OH						—						1,229						4,701						—						1,229						4,701						352						2018						1977						3313 Wilmington Pike
King of Prussia, PA						—						720						14,776						—						720						14,776						1,009						2018						1995						620 West Valley Forge Road
King of Prussia, PA						—						1,205						4,725						—						1,205						4,725						381						2018						1990						600 West Valley Forge Road
Kingsford, MI						—						1,362						10,594						—						1,362						10,594						727						2018						1968						1225 Woodward Avenue
Kingston, PA						—						986						5,710						—						986						5,710						382						2018						1974						200 Second Avenue
Kirkstall, UK						—						2,437						9,414						1,272						2,698						10,425						2,047						2013						2009						29 Broad Lane
Kokomo, IN						—						710						16,044						—						710						16,044						2,974						2014						2014						2200 S. Dixon Rd
Lacey, WA						—						2,582						18,175						—						2,582						18,175						1,175						2018						2012						4524 Intelco Loop SE
Lafayette, CO						—						1,420						20,192						—						1,420						20,192						3,143						2015						2015						329 Exempla Circle
Lafayette, IN						—						670						16,833						1						670						16,834						2,866						2015						2014						2402 South Street
Lakeway, TX						—						5,142						23,203						—						5,142						23,203						4,717						2007						2011						2000 Medical Dr
Lakewood, CO						—						2,160						28,091						62						2,160						28,153						5,037						2014						2010						7395 West Eastman Place
Lakewood Ranch, FL						—						650						6,714						1,988						650						8,702						1,939						2011						2012						8230 Nature's Way
Lakewood Ranch, FL						—						1,000						22,388						89						1,000						22,477						5,000						2012						2005						8220 Natures Way
Lancaster, PA						—						1,680						14,039						—						1,680						14,039						1,557						2015						2017						31 Millersville Road
Lancaster, PA						—						1,011						7,502						—						1,011						7,502						502						2018						1966						100 Abbeyville Road
Lapeer, MI						—						—						—						10,621						1,827						8,794						65						2020						2004						101 Devonshire Dr
Largo, FL						—						1,166						3,426						—						1,166						3,426						296						2018						1997						300 Highland Avenue Northeast
Las Vegas, NV						—						580						23,420						—						580						23,420						5,846						2011						2002						2500 North Tenaya Way
Laureldale, PA						—						1,171						14,420						—						1,171						14,420						931						2018						1980						2125 Elizabeth Avenue
Lawrence, KS						—						250						8,716						—						250						8,716						1,923						2012						1996						3220 Peterson Road
Lebanon, PA						—						728						10,367						—						728						10,367						733						2018						1998						100 Tuck Court
Lebanon, PA						—						1,214						5,960						—						1,214						5,960						473						2018						1980						900 Tuck Street
Lee, MA						—						290						18,135						926						290						19,061						9,316						2002						1998						600 & 620 Laurel St.
Leeds, UK						—						1,974						13,239						1,634						2,186						14,661						2,160						2015						2013						100 Grove Lane
Leicester, UK						—						3,060						24,410						2,950						3,388						27,032						5,645						2012						2010						307 London Road
Lenoir, NC						—						190						3,748						920						190						4,668						2,047						2003						1998						1145 Powell Rd., N.E.
Lethbridge, AB						1,245						1,214						2,750						347						1,317						2,994						674						2014						2003						785 Columbia Boulevard West
Lexana, KS						—						480						1,770						152						480						1,922						311						2015						1994						8710 Caenen Lake Rd
Lexington, NC						—						200						3,900						1,123						200						5,023						2,359						2002						1997						161 Young Dr.
Libertyville, IL						—						6,500						40,024						75						6,500						40,099						10,693						2011						2001						901 Florsheim Dr
Libertyville, IL						—						2,993						11,546						—						2,993						11,546						732						2018						1988						1500 South Milwaukee
Lichfield, UK						—						1,382						30,324						3,405						1,530						33,581						4,959						2015						2012						Wissage Road
Lillington, NC						—						470						17,579						—						470						17,579						3,140						2014						2013						54 Red Mulberry Way
Lillington, NC						—						500						16,451						—						500						16,451						2,759						2014						1999						2041 NC-210 N
Lincoln, NE						—						390						13,807						95						390						13,902						3,884						2010						2000						7208 Van Dorn St.
Lititz, PA						—						1,200						13,836						—						1,200						13,836						1,537						2015						2016						80 West Millport Road
Livermore, CA						—						4,100						24,996						79						4,100						25,075						3,910						2014						1974						35 Fenton Street
Livonia, MI						—						985						13,555						—						985						13,555						924						2018						1999						32500 Seven Mile Road
Livonia, MI						—						1,836						2,277						—						1,836						2,277						185						2018						1960						28550 Five Mile Road
Longwood, FL						—						1,260						6,445						—						1,260						6,445						1,742						2011						2011						425 South Ronald Reagan Boulevard
Los Angeles, CA						—						—						11,430						1,058						—						12,488						3,719						2008						1971						330 North Hayworth Avenue
Louisburg, KS						—						280						4,320						44						280						4,364						601						2015						1996						202 Rogers St

(Dollars in thousands)												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Triple-net:
Louisville, KY						—						490						10,010						2,768						490						12,778						5,419						2005						1978						4604 Lowe Rd
Loxley, UK						—						1,369						15,668						2,636						1,516						18,157						3,551						2013						2008						Loxley Road
Lutherville, MD						—						1,100						19,786						1,744						1,100						21,530						5,663						2011						1988						515 Brightfield Road
Lynchburg, VA						—						340						16,114						—						340						16,114						2,923						2014						2013						189 Monica Blvd
Lynchburg, VA						—						2,904						3,696						—						2,904						3,696						244						2018						1978						2200 Landover Place
Lynnwood, WA						—						2,302						5,632						—						2,302						5,632						378						2018						1987						3701 188th Street
Macomb, IL						—						1,586						4,058						—						1,586						4,058						260						2018						1966						8 Doctors Lane
Macungie, PA						—						960						29,033						84						960						29,117						7,618						2011						1994						1718 Spring Creek Road
Manalapan, NJ						—						900						22,624						760						900						23,384						5,745						2011						2001						445 Route 9 South
Manassas, VA						—						750						7,446						1,103						750						8,549						3,484						2003						1996						8341 Barrett Dr.
Mankato, MN						—						1,460						32,104						300						1,460						32,404						4,285						2015						2006						100 Dublin Road
Marietta, OH						—						1,149						9,373						—						1,149						9,373						614						2018						1977						5001 State Route 60
Marietta, GA						—						2,406						12,229						—						2,406						12,229						784						2018						1980						4360 Johnson Ferry Place
Marietta, PA						—						1,050						13,633						537						1,050						14,170						1,944						2015						1999						2760 Maytown Road
Marion, IN						—						720						9,604						—						720						9,604						2,465						2014						2012						614 W. 14th Street
Marion, IN						—						990						9,190						824						990						10,014						2,322						2014						1976						505 N. Bradner Avenue
Marion, OH						—						2,768						17,415						—						2,768						17,415						1,453						2018						2004						400 Barks Road West
Marlborough, UK						—						2,677						6,822						1,021						2,965						7,555						1,240						2014						1999						The Common
Martinsville, VA						—						349						—						—						349						—						—						2003						1900						Rolling Hills Rd. & US Hwy. 58
Matawan, NJ						—						1,830						20,618						166						1,830						20,784						5,370						2011						1965						625 State Highway 34
Matthews, NC						—						560						4,738						137						560						4,875						2,252						2003						1998						2404 Plantation Center Dr.
McHenry, IL						—						1,576						—						—						1,576						—						—						2006						1900						5200 Block of Bull Valley Road
McMurray, PA						—						1,440						15,805						3,894						1,440						19,699						4,738						2010						2011						240 Cedar Hill Dr
Medicine Hat, AB						2,046						932						5,566						564						1,012						6,050						1,082						2014						1999						65 Valleyview Drive SW
Mentor, OH						—						1,827						9,938						—						1,827						9,938						660						2018						1985						8200 Mentor Hills Drive
Mercerville, NJ						—						860						9,929						173						860						10,102						2,922						2011						1967						2240 White Horse- Merceville Road
Meriden, CT						—						1,300						1,472						233						1,300						1,705						961						2011						1968						845 Paddock Ave
Miamisburg, OH						—						786						3,232						—						786						3,232						303						2018						1983						450 Oak Ridge Boulevard
Middleburg Heights, OH						—						960						7,780						472						960						8,252						3,326						2004						1998						15435 Bagley Rd.
Middleton, WI						—						420						4,006						600						420						4,606						2,141						2001						1991						6701 Stonefield Rd.
Milton Keynes, UK						—						1,826						18,654						2,199						2,022						20,657						3,141						2015						2007						Tunbridge Grove, Kents Hill
Minnetonka, MN						—						2,080						24,360						1,806						2,080						26,166						6,883						2012						1999						500 Carlson Parkway
Mishawaka, IN						—						740						10,698						—						740						10,698						3,023						2014						2013						60257 Bodnar Blvd
Moline, IL						—						2,946						18,672						—						2,946						18,672						1,158						2018						1964						833 Sixteenth Avenue
Monmouth Junction, NJ						—						720						6,209						86						720						6,295						1,919						2011						1996						2 Deer Park Drive
Monroe, NC						—						470						3,681						839						470						4,520						2,050						2003						2001						918 Fitzgerald St.
Monroe, NC						—						310						4,799						922						310						5,721						2,585						2003						2000						919 Fitzgerald St.
Monroe, NC						—						450						4,021						386						450						4,407						1,955						2003						1997						1316 Patterson Ave.
Monroe Township, NJ						—						3,250						27,771						765						3,250						28,536						3,767						2015						1996						319 Forsgate Drive
Monroeville, PA						—						1,216						12,749						—						1,216						12,749						1,006						2018						1997						120 Wyngate Drive
Monroeville, PA						—						1,237						3,641						—						1,237						3,641						383						2018						1996						885 MacBeth Drive
Montgomeryville, PA						—						1,176						9,824						—						1,176						9,824						686						2018						1989						640 Bethlehem Pike
Montville, NJ						—						3,500						31,002						1,699						3,500						32,701						8,126						2011						1988						165 Changebridge Rd.
Moorestown, NJ						—						4,143						23,902						—						4,143						23,902						4,655						2012						2014						250 Marter Avenue
Morehead City, NC						—						200						3,104						1,787						200						4,891						2,483						1999						1999						107 Bryan St.

(Dollars in thousands)												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Triple-net:
Morrison, CO						—						2,720						16,261						17						2,720						16,278						1,983						2018						1974						150 Spring Street
Moulton, UK						—						1,695						12,510						2,079						1,711						14,573						1,368						2017						1995						Northampton Lane North
Mountainside, NJ						—						3,097						7,807						—						3,097						7,807						525						2018						1988						1180 Route 22
Mt. Pleasant, MI						—						—						—						8,330						1,863						6,467						57						2020						2013						2378 S. Lincoln Rd
Naperville, IL						—						3,470						29,547						62						3,470						29,609						8,046						2011						2001						504 North River Road
Naples, FL						—						1,222						10,639						—						1,222						10,639						749						2018						1998						6125 Rattlesnake Hammock Road
Naples, FL						—						1,672						23,119						—						1,672						23,119						1,813						2018						1993						1000 Lely Palms Drive
Naples, FL						—						1,854						12,398						—						1,854						12,398						786						2018						1987						3601 Lakewood Boulevard
Nashville, TN						—						4,910						29,590						—						4,910						29,590						9,905						2008						2007						15 Burton Hills Boulevard
Naugatuck, CT						—						1,200						15,826						199						1,200						16,025						4,382						2011						1980						4 Hazel Avenue
Needham, MA						—						1,610						12,667						—						1,610						12,667						5,960						2002						1994						100 West St.
New Lenox, IL						—						1,225						21,575						—						1,225						21,575						1,067						2019						2007						1023 South Cedar Rd
New Moston, UK						—						1,480						4,378						630						1,639						4,849						991						2013						2010						90a Broadway
Newark, DE						—						560						21,220						2,442						560						23,662						9,189						2004						1998						200 E. Village Rd.
Newcastle Under Lyme, UK						—						1,110						5,655						728						1,230						6,263						1,223						2013						2010						Hempstalls Lane
Newcastle-under-Lyme, UK						—						1,125						5,537						716						1,246						6,132						1,006						2014						1999						Silverdale Road
Newport News, VA						—						839						6,077						6						839						6,083						1,071						2018						1998						12997 Nettles Dr
Norman, OK						—						55						1,484						—						55						1,484						1,000						1995						1995						1701 Alameda Dr.
Norman, OK						—						1,480						33,330						—						1,480						33,330						7,285						2012						1985						800 Canadian Trails Drive
North Augusta, SC						—						332						2,558						—						332						2,558						1,467						1999						1998						105 North Hills Dr.
North Cape May, NJ						—						77						151						4,294						77						4,445						328						2015						1988						610 Town Bank Road
Northampton, UK						—						5,182						17,348						2,420						5,738						19,212						3,900						2013						2011						Cliftonville Road
Northampton, UK						—						2,013						6,257						889						2,230						6,929						1,068						2014						2014						Cliftonville Road
Northbrook, IL						—						1,298						13,337						—						1,298						13,337						866						2018						1999						3240 Milwaukee Avenue
Nuneaton, UK						—						3,325						8,983						1,321						3,682						9,947						1,944						2013						2011						132 Coventry Road
Nuthall, UK						—						1,628						6,263						848						1,803						6,936						1,055						2014						2014						172A Nottingham Road
Nuthall, UK						—						2,498						10,436						1,390						2,767						11,557						2,282						2013						2011						172 Nottingham Road
Oak Lawn, IL						—						2,418						5,426						—						2,418						5,426						350						2018						1977						9401 South Kostner Avenue
Oak Lawn, IL						—						3,876						7,985						—						3,876						7,985						534						2018						1960						6300 W 95th Street
Oakland, CA						—						4,760						16,143						282						4,760						16,425						2,808						2014						2002						468 Perkins Street
Ocala, FL						—						1,340						10,564						105						1,340						10,669						3,369						2008						2009						2650 SE 18TH Avenue
Oklahoma City, OK						—						590						7,513						—						590						7,513						2,589						2007						2008						13200 S. May Ave
Oklahoma City, OK						—						760						7,017						—						760						7,017						2,401						2007						2009						11320 N. Council Road
Oklahoma City, OK						—						—						—						17,862						1,590						16,272						563						2014						2016						2800 SW 131st Street
Olathe, KS						—						1,930						19,765						553						1,930						20,318						2,998						2016						2015						21250 W 151 Street
Omaha, NE						—						370						10,230						—						370						10,230						2,916						2010						1998						11909 Miracle Hills Dr.
Omaha, NE						—						380						8,769						—						380						8,769						2,641						2010						1999						5728 South 108th St.
Ona, WV						—						950						7,460						—						950						7,460						2,049						2015						2007						100 Weatherholt Drive
Oneonta, NY						—						80						5,020						—						80						5,020						1,697						2007						1996						1846 County Highway 48
Orange Park, FL						—						2,201						4,016						—						2,201						4,016						361						2018						1990						570 Wells Road
Orem, UT						—						2,150						24,107						—						2,150						24,107						3,264						2015						2014						250 East Center Street
Osage City, KS						—						50						1,700						142						50						1,842						311						2015						1996						1403 Laing St
Osawatomie, KS						—						130						2,970						136						130						3,106						477						2015						2003						1520 Parker Ave
Ottawa, KS						—						160						6,590						44						160						6,634						928						2015						2007						2250 S Elm St
Overland Park, KS						—						4,500						29,105						38,441						8,230						63,816						19,060						2010						1988						6101 W 119th St

(Dollars in thousands)												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Triple-net:
Overland Park, KS						—						410						2,840						92						410						2,932						469						2015						2004						14430 Metcalf Ave
Overland Park, KS						—						1,300						25,311						677						1,300						25,988						3,760						2016						2015						7600 Antioch Road
Owasso, OK						—						215						1,380						—						215						1,380						866						1996						1996						12807 E. 86th Place N.
Owensboro, KY						—						225						13,275						—						225						13,275						5,736						2005						1964						1205 Leitchfield Rd.
Owenton, KY						—						100						2,400						—						100						2,400						1,206						2005						1979						905 Hwy. 127 N.
Palm Beach Gardens, FL						—						2,082						6,622						—						2,082						6,622						490						2018						1991						11375 Prosperity Farms Road
Palm Coast, FL						—						870						10,957						102						870						11,059						3,352						2008						2010						50 Town Ct.
Palm Desert, CA						—						6,195						8,918						—						6,195						8,918						599						2018						1989						74350 Country Club Drive
Palm Harbor, FL						—						1,306						13,807						—						1,306						13,807						962						2018						1997						2895 Tampa Road
Palm Harbor, FL						—						3,281						22,450						—						3,281						22,450						1,535						2018						1990						2851 Tampa Road
Palos Heights, IL						—						1,225						12,453						—						1,225						12,453						795						2018						1999						7880 West College Drive
Palos Heights, IL						—						3,431						28,803						—						3,431						28,803						1,776						2018						1987						7850 West College Drive
Palos Heights, IL						—						2,590						7,644						—						2,590						7,644						490						2018						1996						11860 Southwest Hwy
Panama City Beach, FL						—						900						6,402						734						900						7,136						1,520						2011						2005						6012 Magnolia Beach Road
Paola, KS						—						190						5,610						59						190						5,669						809						2015						2000						601 N. East Street
Parma, OH						—						960						12,718						—						960						12,718						870						2018						1998						9205 Sprague Road
Parma, OH						—						1,833						10,314						—						1,833						10,314						794						2018						2006						9055 West Sprague Road
Paulsboro, NJ						—						3,264						8,023						—						3,264						8,023						555						2018						1987						550 Jessup Road
Paw Paw, MI						—						—						—						7,289						1,687						5,602						51						2020						2012						677 Hazen
Perrysburg, OH						—						1,456						5,431						—						1,456						5,431						379						2018						1973						10540 Fremont Pike
Perrysburg, OH						—						1,213						7,108						—						1,213						7,108						460						2018						1978						10542 Fremont Pike
Philadelphia, PA						—						2,930						10,433						3,536						2,930						13,969						4,088						2011						1952						1526 Lombard Street
Phillipsburg, NJ						—						800						21,175						238						800						21,413						5,858						2011						1992						290 Red School Lane
Phillipsburg, NJ						—						300						8,114						101						300						8,215						2,249						2011						1905						843 Wilbur Avenue
Pikesville, MD						—						—						2,487						—						—						2,487						151						2018						1998						8911 Reisterstown Road
Pikesville, MD						—						4,247						8,379						—						4,247						8,379						605						2018						1996						8909 Reisterstown Road
Pinehurst, NC						—						290						2,690						521						290						3,211						1,535						2003						1998						17 Regional Dr.
Piqua, OH						—						204						1,885						—						204						1,885						1,114						1997						1997						1744 W. High St.
Piscataway, NJ						—						3,100						33,501						—						3,100						33,501						3,315						2013						2017						10 Sterling Drive
Pittsburgh, PA						—						603						11,354						—						603						11,354						772						2018						1998						1125 Perry Highway
Pittsburgh, PA						—						1,005						15,160						—						1,005						15,160						992						2018						1997						505 Weyman Road
Pittsburgh, PA						—						1,140						3,164						—						1,140						3,164						209						2018						1962						550 South Negley Avenue
Pittsburgh, PA						—						994						3,789						—						994						3,789						356						2018						1986						2170 Rhine Street
Pittsburgh, PA						—						761						4,213						—						761						4,213						267						2018						1965						5609 Fifth Avenue
Pittsburgh, PA						—						1,480						9,712						—						1,480						9,712						718						2018						1986						1105 Perry Highway
Pittsburgh, PA						—						1,139						5,844						—						1,139						5,844						423						2018						1986						1848 Greentree Road
Pittsburgh, PA						—						1,750						8,572						6,320						1,750						14,892						4,061						2005						1998						100 Knoedler Rd.
Plainview, NY						—						3,990						11,969						1,713						3,990						13,682						3,719						2011						1963						150 Sunnyside Blvd
Plano, TX						—						1,840						20,152						560						1,840						20,712						2,802						2016						2016						3325 W Plano Parkway
Plattsmouth, NE						—						250						5,650						—						250						5,650						1,694						2010						1999						1913 E. Highway 34
Poole, UK						—						3,520						17,691						—						3,520						17,691						652						2019						2019						Kingsmill Road
Potomac, MD						—						1,448						14,622						—						1,448						14,622						939						2018						1994						10718 Potomac Tennis Lane
Potomac, MD						—						4,119						14,916						—						4,119						14,916						989						2018						1988						10714 Potomac Tennis Lane
Pottstown, PA						—						984						4,563						—						984						4,563						325						2018						1907						724 North Charlotte Street
Pottsville, PA						—						171						3,559						—						171						3,559						237						2018						1976						420 Pulaski Drive

(Dollars in thousands)												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Triple-net:
Prior Lake, MN						13,320						1,870						29,849						300						1,870						30,149						3,983						2015						2003						4685 Park Nicollet Avenue
Raleigh, NC						—						7,598						88,870						904						7,598						89,774						8,796						2008						2017						4030 Cardinal at North Hills St
Raleigh, NC						—						3,530						59,589						—						3,530						59,589						12,968						2012						2002						5301 Creedmoor Road
Raleigh, NC						—						2,580						16,837						—						2,580						16,837						3,901						2012						1988						7900 Creedmoor Road
Reading, PA						—						980						19,906						140						980						20,046						5,407						2011						1994						5501 Perkiomen Ave
Red Bank, NJ						—						1,050						21,275						1,158						1,050						22,433						5,431						2011						1997						One Hartford Dr.
Redondo Beach, CA						—						—						9,557						711						—						10,268						7,787						2011						1957						514 North Prospect Ave
Reidsville, NC						—						170						3,830						1,383						170						5,213						2,265						2002						1998						2931 Vance St.
Richardson, TX						—						1,468						12,975						—						1,468						12,975						867						2018						1999						410 Buckingham Road
Richmond, IN						—						700						14,222						393						700						14,615						2,142						2016						2015						400 Industries Road
Richmond, VA						—						3,261						17,974						—						3,261						17,974						1,141						2018						1990						1719 Bellevue Avenue
Richmond, VA						—						1,046						8,233						—						1,046						8,233						559						2018						1966						2125 Hilliard Road
Roanoke, VA						—						748						4,483						5						748						4,488						996						2018						1997						4355 Pheasant Ridge Rd
Rockford, MI						—						—						—						15,932						2,386						13,546						85						2020						2014						6070 Northland Dr
Rockville Centre, NY						—						4,290						20,310						1,379						4,290						21,689						5,552						2011						2002						260 Maple Ave
Rockwall, TX						—						2,220						17,650						112						2,220						17,762						2,508						2012						2014						720 E Ralph Hall Parkway
Romeoville, IL						—						1,895						—						—						1,895						—						—						2006						1900						Grand Haven Circle
Roseville, MN						—						2,140						24,679						100						2,140						24,779						3,318						2015						1989						2750 North Victoria Street
Rugeley, UK						—						1,900						10,262						1,306						2,104						11,364						2,351						2013						2010						Horse Fair
Ruston, LA						—						710						9,790						—						710						9,790						2,715						2011						1988						1401 Ezelle St
S Holland, IL						—						1,423						8,907						—						1,423						8,907						609						2018						1997						2045 East 170th Street
Salem, OR						—						449						5,171						1						449						5,172						2,949						1999						1998						1355 Boone Rd. S.E.
Salisbury, NC						—						370						5,697						390						370						6,087						2,700						2003						1997						2201 Statesville Blvd.
San Angelo, TX						—						260						8,800						425						260						9,225						3,797						2004						1997						2695 Valleyview Blvd.
San Angelo, TX						—						1,050						24,689						1,361						1,050						26,050						4,374						2014						1999						6101 Grand Court Road
San Antonio, TX						—						1,499						12,658						—						1,499						12,658						836						2018						2000						15290 Huebner Road
San Antonio, TX						—						—						17,303						—						—						17,303						9,129						2007						2007						8902 Floyd Curl Dr.
San Diego, CA						—						—						22,003						1,845						—						23,848						7,260						2008						1992						555 Washington St.
San Juan Capistrano, CA						—						1,390						6,942						1,506						1,390						8,448						3,880						2000						2001						30311 Camino Capistrano
Sand Springs, OK						—						910						19,654						—						910						19,654						4,376						2012						2002						4402 South 129th Avenue West
Sandusky, MI						—						—						—						7,706						967						6,739						45						2020						2008						70 W. Argyle Ave
Sarasota, FL						—						475						3,175						—						475						3,175						2,064						1996						1995						8450 McIntosh Rd.
Sarasota, FL						—						4,101						11,204						—						4,101						11,204						1,190						2018						1993						5401 Sawyer Road
Sarasota, FL						—						1,370						4,082						—						1,370						4,082						278						2018						1968						3250 12th Street
Sarasota, FL						—						2,792						11,173						—						2,792						11,173						737						2018						1993						5511 Swift Road
Sarasota, FL						—						3,360						19,140						—						3,360						19,140						4,684						2011						2006						6150 Edgelake Drive
Sarasota, FL						—						443						8,892						—						443						8,892						649						2018						1998						5509 Swift Road
Scranton, PA						—						440						17,609						—						440						17,609						3,029						2014						2005						2741 Blvd. Ave
Scranton, PA						—						320						12,144						1						320						12,145						2,082						2014						2013						2751 Boulevard Ave
Seminole, FL						—						1,165						8,975						—						1,165						8,975						634						2018						1998						9300 Antilles Drive
Seven Fields, PA						—						484						4,663						59						484						4,722						2,695						1999						1999						500 Seven Fields Blvd.
Sewell, NJ						—						3,127						14,090						—						3,127						14,090						1,059						2018						2010						378 Fries Mill Road
Shawnee, OK						—						80						1,400						—						80						1,400						903						1996						1995						3947 Kickapoo
Shelbyville, KY						—						630						3,870						630						630						4,500						1,789						2005						1965						1871 Midland Trail
Silver Spring, MD						—						1,469						10,392						—						1,469						10,392						687						2018						1995						2505 Musgrove Road

(Dollars in thousands)												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Triple-net:
Silver Spring, MD						—						4,678						11,679						—						4,678						11,679						823						2018						1990						2501 Musgrove Road
Silvis, IL						—						880						16,420						139						880						16,559						4,580						2010						2005						1900 10th St.
Sinking Spring, PA						—						1,393						19,842						—						1,393						19,842						1,296						2018						1982						3000 Windmill Road
Sittingbourne, UK						—						1,357						6,539						848						1,503						7,241						1,142						2014						1997						200 London Road
Smithfield, NC						—						290						5,680						508						290						6,188						2,632						2003						1998						830 Berkshire Rd.
Smithfield, NC						—						360						8,216						—						360						8,216						1,408						2014						1999						250 Highway 210 West
South Bend, IN						—						670						17,770						—						670						17,770						3,176						2014						2014						52565 State Road 933
South Point, OH						—						1,135						9,387						—						1,135						9,387						614						2018						1984						7743 County Road 1
Southampton, UK						—						1,519						16,041						1,250						1,627						17,183						1,506						2017						2013						Botley Road, Park Gate
Southbury, CT						—						1,860						23,613						958						1,860						24,571						6,218						2011						2001						655 Main St
Spokane, WA						—						2,649						11,699						—						2,649						11,699						774						2018						1985						6025 North Assembly Street
Springfield, IL						—						990						13,378						1,085						990						14,463						2,536						2014						2013						3089 Old Jacksonville Road
St. Louis, MO						—						1,890						12,390						837						1,890						13,227						3,365						2010						1963						6543 Chippewa St
St. Paul, MN						—						2,100						33,019						100						2,100						33,119						4,396						2015						1996						750 Mississippi River
Stafford, UK						—						2,009						8,238						730						2,152						8,825						1,009						2014						2016						Stone Road
Stamford, UK						—						1,820						3,238						543						2,015						3,586						603						2014						1998						Priory Road
Statesville, NC						—						150						1,447						377						150						1,824						827						2003						1990						2441 E. Broad St.
Statesville, NC						—						310						6,183						164						310						6,347						2,811						2003						1996						2806 Peachtree Place
Statesville, NC						—						140						3,627						53						140						3,680						1,676						2003						1999						2814 Peachtree Rd.
Staunton, VA						—						899						6,391						6						899						6,397						1,153						2018						1999						1410 N Augusta St
Sterling Heights, MI						—						790						10,784						—						790						10,784						718						2018						1996						11095 East Fourteen Mile Road
Sterling Heights, MI						—						1,583						15,634						—						1,583						15,634						1,057						2018						2013						38200 Schoenherr Road
Stillwater, OK						—						80						1,400						—						80						1,400						905						1995						1995						1616 McElroy Rd.
Stratford-upon-Avon, UK						—						790						14,508						1,643						874						16,067						2,370						2015						2012						Scholars Lane
Stroudsburg, PA						—						340						16,313						—						340						16,313						3,143						2014						2011						370 Whitestone Corner Road
Sunbury, PA						—						695						7,244						—						695						7,244						463						2018						1981						800 Court Street Circle
Sunnyvale, CA						—						4,946						22,123						—						4,946						22,123						1,408						2018						1990						1150 Tilton Drive
Superior, WI						—						1,020						13,735						6,159						1,020						19,894						4,005						2009						2010						1915 North 34th Street
Tacoma, WA						—						2,522						8,573						—						2,522						8,573						558						2018						1984						5601 South Orchard Southtreet
Tampa, FL						—						1,315						6,911						—						1,315						6,911						531						2018						1999						14950 Casey Road
Terre Haute, IN						—						1,370						18,016						—						1,370						18,016						2,990						2015						2015						395 8th Avenue
Texarkana, TX						—						192						1,403						—						192						1,403						880						1996						1996						4204 Moores Lane
The Villages, FL						—						1,035						7,446						—						1,035						7,446						1,551						2013						2014						2450 Parr Drive
Thomasville, GA						—						530						12,520						1,347						530						13,867						2,766						2011						2006						423 Covington Avenue
Three Rivers, MI						—						1,255						2,760						—						1,255						2,760						241						2018						1976						517 South Erie Southtreet
Tomball, TX						—						1,050						13,300						840						1,050						14,140						3,538						2011						2001						1221 Graham Dr
Toms River, NJ						—						3,466						23,311						—						3,466						23,311						1,742						2019						2006						1657 Silverton Rd
Tonganoxie, KS						—						310						3,690						76						310						3,766						593						2015						2009						120 W 8th St
Topeka, KS						—						260						12,712						—						260						12,712						2,923						2012						2011						1931 Southwest Arvonia Place
Towson, MD						—						1,715						13,111						—						1,715						13,111						865						2018						2000						8101 Bellona Avenue
Towson, MD						—						3,100						6,465						—						3,100						6,465						408						2018						1960						509 East Joppa Road
Towson, MD						—						4,527						3,126						—						4,527						3,126						249						2018						1970						7001 North Charles Street
Troy, MI						—						1,381						24,445						—						1,381						24,445						1,543						2018						2006						925 West South Boulevard
Troy, OH						—						200						2,000						4,254						200						6,254						2,513						1997						1997						81 S. Stanfield Rd.
Trumbull, CT						—						4,440						43,384						—						4,440						43,384						11,166						2011						2001						6949 Main Street

(Dollars in thousands)												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Triple-net:
Tulsa, OK						—						1,390						7,110						1,102						1,390						8,212						2,542						2010						1998						7220 S. Yale Ave.
Tulsa, OK						—						1,320						10,087						—						1,320						10,087						2,417						2011						2012						7902 South Mingo Road East
Tulsa, OK						—						1,100						27,007						2,233						1,100						29,240						3,182						2015						2017						18001 East 51st Street
Tulsa, OK						12,935						1,752						28,421						—						1,752						28,421						2,830						2017						2014						701 W 71st Street South
Tulsa, OK						—						890						9,410						—						890						9,410						836						2017						2009						7210 South Yale Avenue
Tustin, CA						—						840						15,299						537						840						15,836						4,448						2011						1965						240 East 3rd St
Twinsburg, OH						—						1,446						5,919						—						1,446						5,919						432						2018						2014						8551 Darrow Road
Union, KY						—						—						—						33,617						2,242						31,375						558						2018						2020						9255 US-42
Union, SC						—						1,932						2,372						—						1,932						2,372						242						2018						1981						709 Rice Avenue
Valparaiso, IN						—						112						2,558						—						112						2,558						1,326						2001						1998						2601 Valparaiso St.
Valparaiso, IN						—						108						2,962						—						108						2,962						1,519						2001						1999						2501 Valparaiso St.
Vancouver, WA						—						2,503						28,393						—						2,503						28,393						1,777						2018						2011						2811 N.E. 139th Street
Venice, FL						—						1,150						10,674						111						1,150						10,785						3,324						2008						2009						1600 Center Rd.
Venice, FL						—						2,246						10,094						—						2,246						10,094						710						2018						1997						1450 East Venice Avenue
Vero Beach, FL						—						263						3,187						—						263						3,187						1,626						2001						1999						420 4th Ct.
Vero Beach, FL						—						297						3,263						—						297						3,263						1,673						2001						1996						410 4th Ct.
Virginia Beach, VA						—						1,540						22,593						—						1,540						22,593						3,925						2014						1993						5520 Indian River Rd
Voorhees, NJ						—						1,800						37,299						671						1,800						37,970						10,209						2011						1965						2601 Evesham Road
Voorhees, NJ						—						3,100						25,950						26						3,100						25,976						6,004						2011						2013						113 South Route 73
Voorhees, NJ						—						2,193						6,990						—						2,193						6,990						511						2018						2006						1086 Dumont Circle
W Palm Beach, FL						—						1,175						8,294						—						1,175						8,294						595						2018						1996						2330 Village Boulevard
W Palm Beach, FL						—						1,921						5,731						—						1,921						5,731						397						2018						1996						2300 Village Boulevard
Wabash, IN						—						670						14,588						1						670						14,589						2,713						2014						2013						20 John Kissinger Drive
Waconia, MN						—						890						14,726						4,495						890						19,221						4,592						2011						2005						500 Cherry Street
Wake Forest, NC						—						200						3,003						2,084						200						5,087						2,531						1998						1999						611 S. Brooks St.
Wallingford, PA						—						1,356						6,487						—						1,356						6,487						483						2018						1930						115 South Providence Road
Walnut Creek, CA						—						4,358						18,407						—						4,358						18,407						1,202						2018						1997						1975 Tice Valley Boulevard
Walnut Creek, CA						—						5,394						39,084						—						5,394						39,084						2,426						2018						1990						1226 Rossmoor Parkway
Walsall, UK						—						1,184						8,562						1,047						1,312						9,481						1,481						2015						2015						Little Aston Road
Wamego, KS						—						40						2,510						57						40						2,567						372						2015						1996						1607 4th St
Wareham, MA						—						875						10,313						1,701						875						12,014						6,070						2002						1989						50 Indian Neck Rd.
Warren, NJ						—						2,000						30,810						1,337						2,000						32,147						7,798						2011						1999						274 King George Rd
Waterloo, IA						—						605						3,030						—						605						3,030						218						2018						1964						201 West Ridgeway Avenue
Wayne, NJ						—						1,427						15,674						—						1,427						15,674						1,301						2018						1998						800 Hamburg Turnpike
Wellingborough, UK						—						1,480						5,724						774						1,639						6,339						1,102						2015						2015						159 Northampton
West Bend, WI						—						620						17,790						38						620						17,828						4,256						2010						2011						2130 Continental Dr
West Des Moines, IA						—						828						5,103						—						828						5,103						372						2018						2006						5010 Grand Ridge Drive
West Milford, NJ						—						1,960						24,614						—						1,960						24,614						1,406						2019						2000						197 Cahill Cross Road
West Orange, NJ						—						1,347						19,389						—						1,347						19,389						1,507						2018						1998						510 Prospect Avenue
West Reading, PA						—						890						12,118						—						890						12,118						749						2018						1975						425 Buttonwood Street
Westerville, OH						—						740						8,287						4,146						740						12,433						10,835						1998						2001						690 Cooper Rd.
Westerville, OH						—						—						—						25,574						2,566						23,008						194						2017						2020						702 Polaris Parkway
Westerville, OH						—						1,420						5,371						—						1,420						5,371						369						2018						1982						1060 Eastwind Drive
Westerville, OH						—						1,582						10,279						—						1,582						10,279						719						2018						1980						215 Huber Village Boulevard
Westfield, IN						—						890						15,964						1						890						15,965						2,943						2014						2013						937 E. 186th Street

(Dollars in thousands)												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Triple-net:
Westlake, OH						—						855						11,963						—						855						11,963						805						2018						1997						28400 Center Ridge Road
Weston Super Mare, UK						—						2,517						7,054						1,028						2,787						7,812						1,535						2013						2011						141b Milton Road
Wheaton, MD						—						3,864						3,788						—						3,864						3,788						270						2018						1961						11901 Georgia Avenue
Whippany, NJ						—						1,571						14,977						—						1,571						14,977						1,014						2018						2000						18 Eden Lane
Whitehall, MI						—						—						—						8,434						1,645						6,789						54						2020						2012						6827 Whitehall Rd
Wichita, KS						—						1,400						11,000						—						1,400						11,000						5,732						2006						1997						505 North Maize Road
Wichita, KS						—						860						8,873						—						860						8,873						2,323						2011						2012						10604 E 13th Street North
Wichita, KS						12,300						630						19,747						—						630						19,747						4,352						2012						2009						2050 North Webb Road
Wichita, KS						—						260						2,240						129						260						2,369						346						2015						1992						900 N Bayshore Dr
Wichita, KS						—						900						10,134						—						900						10,134						2,504						2011						2012						10600 E 13th Street North
Wilkes-Barre, PA						—						570						2,301						686						570						2,987						1,035						2011						1992						300 Courtright Street
Wilkes-Barre, PA						—						753						3,456						—						753						3,456						272						2018						1970						1548 Sans Souci Parkway
Williamsburg, VA						—						1,187						5,728						6						1,187						5,734						1,069						2018						2000						1811 Jamestown Rd
Williamsport, PA						—						919						6,924						—						919						6,924						468						2018						1976						300 Leader Drive
Williamsport, PA						—						780						1,898						—						780						1,898						170						2018						1972						101 Leader Drive
Williamstown, KY						—						70						6,430						—						70						6,430						2,797						2005						1987						201 Kimberly Lane
Willoughby, OH						—						1,774						8,653						—						1,774						8,653						592						2018						1974						37603 Euclid Avenue
Wilmington, DE						—						800						9,494						114						800						9,608						2,769						2011						1970						810 S Broom Street
Wilmington, DE						—						1,376						13,450						—						1,376						13,450						892						2018						1998						700 1/2 Foulk Road
Wilmington, DE						—						2,843						36,948						—						2,843						36,948						2,356						2018						1988						5651 Limestone Road
Wilmington, DE						—						2,266						9,500						—						2,266						9,500						647						2018						1984						700 Foulk Road
Wilmington, NC						—						210						2,991						—						210						2,991						1,701						1999						1999						3501 Converse Dr.
Wilmington, NC						—						400						15,355						—						400						15,355						2,759						2014						2012						3828 Independence Blvd
Windsor, VA						—						1,148						6,514						7						1,148						6,521						1,213						2018						1999						23352 Courthouse Hwy
Winston-Salem, NC						—						360						2,514						509						360						3,023						1,406						2003						1996						2980 Reynolda Rd.
Winter Garden, FL						—						1,110						7,937						—						1,110						7,937						1,855						2012						2013						720 Roper Road
Winter Springs, FL						—						1,152						14,822						—						1,152						14,822						972						2018						1999						1057 Willa Springs Drive
Witherwack, UK						—						944						6,915						844						1,045						7,658						1,506						2013						2009						Whitchurch Road
Wolverhampton, UK						—						1,573						6,678						886						1,742						7,395						1,467						2013						2011						378 Prestonwood Road
Woodbury, MN						—						1,317						20,935						298						1,317						21,233						2,275						2017						2015						2195 Century Avenue South
Woodstock, VA						—						594						5,108						5						594						5,113						850						2018						2001						803 S Main St
Worcester, MA						—						3,500						54,099						—						3,500						54,099						15,931						2007						2009						101 Barry Road
Worcester, MA						—						2,300						9,060						6,000						2,300						15,060						5,708						2008						1993						378 Plantation St.
Yardley, PA						—						773						14,914						—						773						14,914						1,035						2018						1995						493 Stony Hill Road
Yardley, PA						—						1,561						9,439						—						1,561						9,439						779						2018						1990						1480 Oxford Valley Road
Yeadon, PA						—						1,075						10,690						—						1,075						10,690						681						2018						1963						14 Lincoln Avenue
York, PA						—						976						9,354						—						976						9,354						631						2018						1972						200 Pauline Drive
York, PA						—						1,050						4,210						—						1,050						4,210						336						2018						1983						2400 Kingston Court
York, PA						—						1,121						7,584						—						1,121						7,584						546						2018						1979						1770 Barley Road
York, UK						—						2,961						8,266						1,206						3,279						9,154						1,509						2014						2006						Rosetta Way, Boroughbridge Road
Youngsville, NC						—						380						10,689						—						380						10,689						1,870						2014						2013						100 Sunset Drive
Zephyrhills, FL						—						2,131						6,669						—						2,131						6,669						505						2018						1987						38220 Henry Drive
Zionsville, IN						—						1,610						22,400						1,691						1,610						24,091						6,410						2010						2009						11755 N Michigan Rd
Triple-net Total						$	123,652					$	905,073					$	7,397,004					$	596,731					$	957,163					$	7,941,645					$	1,432,228

---

Welltower Inc.
Schedule III
Real Estate and Accumulated Depreciation
December 31, 2020
(Dollars in thousands)
												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Outpatient Medical:
Addison, IL						$	5,455					$	102					$	18,842					$	137					$	102					$	18,979					$	1,151					2018						2012						303 West Lake Street
Agawam, MA						—						1,072						5,164						4						1,072						5,168						296						2019						2005						230-232 Main Street
Allen, TX						—						726						14,196						1,402						726						15,598						5,901						2012						2006						1105 N Central Expressway
Alpharetta, GA						—						1,862						—						—						1,862						—						—						2011						1900						940 North Point Parkway
Alpharetta, GA						—						773						18,902						642						773						19,544						7,940						2011						1993						3400-A Old Milton Parkway
Alpharetta, GA						—						1,769						36,152						460						1,769						36,612						16,249						2011						1999						3400-C Old Milton Parkway
Alpharetta, GA						—						476						14,694						323						476						15,017						6,282						2011						2003						11975 Morris Road
Alpharetta, GA						—						548						17,103						826						548						17,929						7,230						2011						2007						3300 Old Milton Parkway
Appleton, WI						6,897						1,881						8,866						7						1,881						8,873						399						2019						2004						5320 W Michael Drive
Appleton, WI						12,112						3,782						20,440						15						3,782						20,455						888						2019						2005						2323 N Casaloma Drive
Arcadia, CA						—						5,408						23,219						5,506						5,618						28,515						12,940						2006						1984						301 W. Huntington Drive
Arlington, TX						—						82						18,243						572						82						18,815						5,040						2012						2012						902 W. Randol Mill Road
Arlington Heights, IL						—						1,233						2,826						623						1,233						3,449						243						2020						1997						1632 W. Central Road
Atlanta, GA						—						1,947						24,248						2,465						2,172						26,488						9,774						2012						1984						975 Johnson Ferry Road
Atlanta, GA						—						—						43,425						1,841						—						45,266						15,310						2012						2006						5670 Peachtree-Dunwoody Road
Atlanta, GA						—						4,931						18,720						7,261						5,387						25,525						13,575						2006						1991						755 Mt. Vernon Hwy.
Austin, TX						—						1,066						10,112						—						1,066						10,112						1,354						2017						2017						5301-B Davis Lane
Austin, TX						—						1,688						6,784						—						1,688						6,784						613						2019						2015						5301-A Davis Lane
Baltimore, MD						—						4,490						31,222						22						4,490						31,244						1,169						2019						2014						1420 Key Highway
Bellaire, TX						—						5,572						72,478						6						5,572						72,484						3,576						2019						2007						5410 - 5420 WEST LOOP SOUTH
Bellevue, NE						—						—						16,680						10						—						16,690						6,415						2010						2010						2510 Bellevue Medical Center Drive
Bend, OR						—						16,516						30,338						3						16,516						30,341						2,248						2019						2001						1501 Northeast Medical Center Drive
Berkeley Heights, NJ						—						49,555						92,806						—						49,555						92,806						4,457						2019						1978						1 Diamond Hill Road
Beverly Hills, CA						—						20,766						40,730						3,508						20,766						44,238						9,079						2015						1946						9675 Brighton Way
Beverly Hills, CA						—						18,863						1,192						481						18,885						1,651						860						2015						1955						415 North Bedford
Beverly Hills, CA						—						19,863						31,690						1,996						19,863						33,686						6,519						2015						1946						416 North Bedford
Beverly Hills, CA						33,729						32,603						28,639						1,182						32,603						29,821						7,056						2015						1950						435 North Bedford
Beverly Hills, CA						78,272						52,772						87,366						2,111						52,764						89,485						16,264						2015						1989						436 North Bedford
Boca Raton, FL						—						109						34,002						4,320						214						38,217						16,237						2006						1995						9970 S. Central Park Blvd.
Boca Raton, FL						—						31						12,312						497						251						12,589						4,486						2012						1993						9960 S. Central Park Boulevard
Bridgeton, MO						—						450						21,221						1,917						450						23,138						8,603						2010						2006						12266 DePaul Dr
Bridgeton, MO						—						1,701						6,228						254						1,501						6,682						1,370						2017						2008						3440 De Paul Ln.
Burleson, TX						—						10						12,611						933						10						13,544						5,196						2011						2007						12001 South Freeway
Burnsville, MN						—						—						31,596						2,272						—						33,868						10,455						2013						2014						14101 Fairview Dr
Cary, NC						—						2,816						11,146						349						2,816						11,495						1,268						2019						2007						540 Waverly Place
Cedar Park, TX						—						132						23,753						6,338						132						30,091						5,076						2017						2014						1401 Medical Parkway, Building 2
Chapel Hill, NC						—						488						2,390						1						488						2,391						165						2019						2010						100 Perkins Drive

(Dollars in thousands)
												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Outpatient Medical:
Chapel Hill, NC						5,050						1,970						8,874						84						1,970						8,958						819						2018						2007						6011 Farrington Road
Chapel Hill, NC						5,050						1,970						8,925						5						1,970						8,930						924						2018						2007						6013 Farrington Road
Chapel Hill, NC						14,356						5,681						25,035						15						5,681						25,050						2,386						2018						2006						2226 North Carolina Highway 54
Charlotte, NC						—						10						24,796						86						10						24,882						2,652						2019						1971						1900 Randolph Road
Charlotte, NC						—						30						61,799						3,036						30						64,835						6,134						2019						1994						1918 Randolph Road
Charlotte, NC						—						40						40,606						1,259						40						41,865						3,884						2019						1989						1718 East Fourth Street
Charlotte, NC						—						1,746						8,645						609						1,746						9,254						1,197						2019						1998						309 South Sharon Amity Road
Chicopee, MA						—						6,078						15,842						102						6,078						15,944						973						2019						2005						444 Montgomery Street
Chula Vista, CA						—						1,045						22,252						372						1,045						22,624						2,201						2019						1973						480 4th Avenue
Chula Vista, CA						—						826						5,557						368						826						5,925						590						2019						1985						450 4th Avenue
Chula Vista, CA						—						1,114						15,459						1						1,114						15,460						965						2019						2008						971 Lane Ave
Chula Vista, CA						—						1,075						7,165						1						1,075						7,166						452						2019						2006						959 Lane Ave
Cincinnati, OH						—						537						10,122						187						537						10,309						1,039						2019						2001						4850 Red Bank Expressway
Cincinnati, OH						—						—						17,880						287						2						18,165						4,948						2012						2013						3301 Mercy Health Boulevard
Clarkson Valley, MO						—						—						35,592						—						—						35,592						15,581						2009						2010						15945 Clayton Rd
Clear Lake, TX						—						—						13,882						20						2,319						11,583						1,835						2013						2014						1010 South Ponds Drive
Clyde, NC						—						1,433						22,062						2						1,433						22,064						1,087						2019						2012						581 Leroy George Drive
Columbia, MO						—						438						12,949						58						438						13,007						1,536						2019						1994						1601 E. Broadway
Columbia, MO						—						488						16,033						524						488						16,557						1,702						2019						1999						1605 E. Broadway
Columbia, MO						—						199						23,403						14						199						23,417						2,095						2019						2007						1705 E. Broadway
Columbia, MD						—						23						33,885						3,227						9,353						27,782						10,012						2015						1982						5450 & 5500 Knoll N Dr.
Columbia, MD						—						2,333						19,232						1,884						2,333						21,116						6,749						2012						2002						10700 Charter Drive
Columbia, MD						—						12,159						72,636						595						12,159						73,231						6,135						2018						2009						10710 Charter Drive
Coon Rapids, MN						—						—						26,679						1,320						—						27,999						7,677						2013						2014						11850 Blackfoot Street NW
Costa Mesa, CA						20,411						22,033						24,332						1,087						22,033						25,419						5,963						2017						2007						1640 Newport Boulevard
Dade City, FL						—						1,211						5,511						—						1,211						5,511						1,873						2011						1998						13413 US Hwy 301
Dallas, TX						—						122						15,418						10						122						15,428						2,914						2013						2014						8196 Walnut Hill Lane
Dallas, TX						—						6,086						18,007						3,581						6,542						21,132						2,397						2018						2010						10740 North Central Expressway
Deerfield Beach, FL						—						2,408						7,809						793						2,540						8,470						3,859						2011						2001						1192 East Newport Center Drive
Delray Beach, FL						—						1,882						34,767						1,889						2,449						36,089						19,241						2006						1985						5130-5150 Linton Blvd.
Dunkirk, MD						—						259						2,458						33						259						2,491						321						2019						1997						10845 Town Center Blvd
Durham, NC						—						1,403						25,163						2						1,403						25,165						1,493						2019						2000						120 William Penn Plaza
Durham, NC						—						1,751						44,425						3						1,751						44,428						2,166						2019						2004						3916 Ben Fanklin Boulevard
El Paso, TX						—						677						17,075						1,633						677						18,708						9,338						2006						1997						2400 Trawood Dr.
Elgin, IL						—						1,634						9,443						1,355						1,634						10,798						558						2020						2004						745 Fletcher Drive
Elmhurst, IL						—						41						39,562						259						41						39,821						3,245						2018						2011						133 E Brush Hill Road
Elyria, OH						—						3,263						28,176						3						3,263						28,179						1,772						2019						2008						303 Chestnut Commons Drive
Escondido, CA						—						2,278						20,967						2						2,278						20,969						1,449						2019						1994						225 East 2nd Avenue
Everett, WA						—						4,842						26,010						64						4,842						26,074						9,697						2010						2011						13020 Meridian Ave. S.
Fenton, MO						—						958						27,461						132						958						27,593						9,230						2013						2009						1011 Bowles Avenue
Fenton, MO						—						369						13,911						198						369						14,109						3,931						2013						2009						1055 Bowles Avenue
Florham Park, NJ						—						8,578						61,779						—						8,578						61,779						5,858						2017						2017						150 Park Avenue
Flower Mound, TX						—						4,620						—						—						4,620						—						—						2014						1900						Medical Arts Drive

(Dollars in thousands)
												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Outpatient Medical:
Flower Mound, TX						—						737						9,276						429						737						9,705						2,336						2015						2014						2560 Central Park Avenue
Flower Mound, TX						—						4,164						27,027						1,414						4,164						28,441						7,366						2014						2012						4370 Medical Arts Drive
Fort Washington, PA						—						2,015						16,104						2,040						2,015						18,144						731						2020						1980						467 Pennsylvania Avenue
Fort Worth, TX						—						401						5,266						2,752						2,805						5,614						1,800						2014						2007						7200 Oakmont Boulevard
Fort Worth, TX						—						462						26,020						205						462						26,225						7,049						2012						2012						10840 Texas Health Trail
Frederick, MD						—						1,065						7,430						—						1,065						7,430						721						2019						1979						194 Thomas Johnson Drive
Frederick, MD						—						1,930						18,748						195						1,930						18,943						1,822						2019						2006						45 Thomas Johnson Drive
Fresno, CA						—						1,497						12,669						8						1,497						12,677						601						2019						2004						1105 E Spruce Ave
Frisco, TX						—						—						18,635						235						—						18,870						7,881						2007						2004						4401 Coit Road
Frisco, TX						—						—						15,309						2,588						—						17,897						7,619						2007						2004						4461 Coit Road
Gardendale, AL						4,184						1,150						8,162						231						1,150						8,393						880						2018						2005						2217 Decatur Highway
Garland, TX						—						4,952						32,718						—						4,952						32,718						2,392						2019						2018						7217 Telecome Parkway
Gastonia, NC						—						569						1,092						615						569						1,707						70						2019						2000						934 Cox Road
Gig Harbor, WA						—						80						30,810						1,332						80						32,142						6,057						2010						2009						11511 Canterwood Blvd. NW
Glendale, CA						—						70						44,354						163						70						44,517						2,749						2019						2008						1500 E Chevy Chase Drive
Gloucester, VA						—						2,128						9,169						40						2,128						9,209						947						2018						2008						5659 Parkway Drive
Grand Prairie, TX						—						981						6,086						—						981						6,086						2,702						2012						2009						2740 N State Hwy 360
Grapevine, TX						—						—						5,943						4,778						2,081						8,640						2,405						2014						2002						2040 W State Hwy 114
Grapevine, TX						—						3,365						15,669						3,089						3,365						18,758						5,311						2014						2002						2020 W State Hwy 114
Greenville, SC						—						1,567						5,167						585						1,790						5,529						1,192						2019						1987						10 Enterprise Boulevard
Harrisburg, NC						—						1,347						3,059						—						1,347						3,059						395						2019						2012						9550 Rocky River Road
Hattiesburg, MS						17,633						3,155						34,710						23						3,155						34,733						1,472						2019						2012						3688 Veterans Memorial Drive
Haymarket, VA						—						1,250						29,254						57						1,250						29,311						1,962						2019						2008						15195 Heathcote Blvd
Henderson, NV						—						2,587						5,654						1						2,587						5,655						381						2019						2002						2825 Siena Heights Drive
Henderson, NV						—						7,372						24,027						42						7,372						24,069						1,953						2019						2005						2845 Siena Heights Drive
Henderson, NV						—						5,492						18,718						214						5,492						18,932						1,303						2019						2005						2865 Siena Heights Drive
Highland, IL						—						—						8,834						51						—						8,885						2,197						2012						2013						12860 Troxler Avenue
Hopewell Junction, NY						—						2,164						5,333						9						2,164						5,342						230						2019						1999						10 Cranberry Drive
Hopewell Junction, NY						—						2,316						5,332						5						2,316						5,337						209						2019						2015						1955 NY-52
Houston, TX						—						9,943						—						—						9,943						—						9						2011						1900						F.M. 1960 & Northgate Forest Dr.
Houston, TX						—						2,988						18,018						365						2,988						18,383						499						2016						2019						13105 Wortham Center Drive
Houston, TX						—						5,837						33,109						1,370						5,837						34,479						14,193						2012						2005						15655 Cypress Woods Medical Dr.
Houston, TX						—						3,688						13,313						132						3,688						13,445						4,530						2012						2007						10701 Vintage Preserve Parkway
Houston, TX						—						1,099						1,604						81,406						12,815						71,294						19,648						2012						1998						2727 W Holcombe Boulevard
Houston, TX						3,644						377						13,660						583						377						14,243						1,494						2018						2011						20207 Chasewood Park Drive
Houston, TX						—						—						—						10,607						2,338						8,269						—						2020						2013						11476 Space Center Blvd
Howell, MI						—						2,000						13,928						805						2,000						14,733						2,146						2016						2017						1225 South Latson Road
Humble, TX						—						—						9,941						—						1,702						8,239						1,270						2013						2014						8233 N. Sam Houston Parkway E.
Huntersville, NC						—						—						42,143						60						—						42,203						3,328						2019						2004						10030 Gilead Road
Independence, MO						—						762						3,480						333						762						3,813						158						2020						2007						19401 East 37th Terrace Court South
Jackson, MI						—						668						17,294						—						668						17,294						5,519						2013						2009						1201 E Michigan Avenue
Jacksonville, FL						—						3,562						27,249						56						3,562						27,305						2,171						2019						2006						10475 Centurion Parkway North
Jacksonville, FL						—						1,113						10,970						1,082						1,113						12,052						539						2020						2000						5742 Booth Road

(Dollars in thousands)
												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Outpatient Medical:
Jefferson City, TN						—						109						16,453						3						109						16,456						1,366						2019						2001						120 Hospital Drive
Jonesboro, GA						—						567						16,329						1						567						16,330						1,304						2019						2009						7813 Spivey Station Boulevard
Jonesboro, GA						—						627						16,554						70						627						16,624						1,224						2019						2007						7823 Spivey Station Boulevard
Jupiter, FL						—						2,252						11,415						4,992						2,639						16,020						6,960						2006						2001						550 Heritage Dr.
Jupiter, FL						—						2,825						5,858						1,367						3,036						7,014						3,555						2007						2004						600 Heritage Dr.
Katy, TX						—						—						11,530						—						—						11,530						145						2019						2020						0 Grand Parkway & Morton Ranch Road
Katy, TX						—						2,025						7,557						1,255						2,025						8,812						325						2020						2016						21502 Merchants Way
Katy, TX						—						3,699						12,701						1,668						3,699						14,369						961						2020						2006						1331 West Grand Parkway North
Knoxville, TN						—						199						45,961						3						199						45,964						2,713						2019						2012						1926 Alcoa Highway
La Jolla, CA						—						12,855						32,658						1,932						12,869						34,576						8,509						2015						1989						4150 Regents Park Row
La Jolla, CA						—						9,425						26,525						627						9,440						27,137						5,951						2015						1988						4120 & 4130 La Jolla Village Drive
Lacey, WA						6,402						1,751						10,345						—						1,751						10,345						1,061						2018						1971						2555 Marvin Road Northeast
Lake St Louis, MO						—						240						14,249						337						240						14,586						5,879						2010						2008						400 Medical Dr
Lakeway, TX						—						2,801						—						—						2,801						—						—						2007						1900						Lohmans Crossing Road
Las Vegas, NV						—						433						4,928						—						433						4,928						2,222						2007						1997						1776 E. Warm Springs Rd.
Las Vegas, NV						—						2,319						4,612						1,602						2,319						6,214						3,160						2006						1991						2870 S. Maryland Pkwy.
Las Vegas, NV						—						4,180						20,064						2,913						4,180						22,977						823						2020						2017						9880 West Flamingo Road
Las Vegas, NV						—						5,864						22,502						3,070						5,864						25,572						858						2020						2017						4980 West Sahara Ave
Little Rock, AR						—						3,021						16,058						5,944						3,021						22,002						1,091						2019						2014						6119 Midtown Avenue
Los Alamitos, CA						—						39						18,340						24						39						18,364						7,584						2007						2003						3771 Katella Ave.
Lowell, MA						—						3,016						9,663						—						3,016						9,663						303						2011						2020						839 Merrimack Street
Loxahatchee, FL						—						1,637						5,048						1,324						1,719						6,290						3,141						2006						1997						12977 Southern Blvd.
Loxahatchee, FL						—						1,340						6,509						1,526						1,440						7,935						3,801						2006						1993						12989 Southern Blvd.
Loxahatchee, FL						—						1,553						4,694						1,938						1,650						6,535						3,171						2006						1994						12983 Southern Blvd.
Lubbock, TX						42,233						2,286						72,893						46						2,286						72,939						2,457						2019						2006						4515 Marsha Sharp Freeway
Lynbrook, NY						26,580						10,028						37,319						1,069						10,028						38,388						3,297						2018						1962						444 Merrick Road
Madison, WI						—						3,670						28,329						55						3,670						28,384						1,679						2019						2012						1102 South Park Street
Margate, FL						—						219						9,293						3						219						9,296						992						2019						2004						2960 N. State Rd 7
Marietta, GA						—						2,682						20,053						1,516						2,703						21,548						4,727						2016						2016						4800 Olde Towne Parkway
Mars, PA						—						1,925						8,307						1,132						1,925						9,439						492						2020						2006						6998 Crider Road
Matthews, NC						—						10						32,741						571						10						33,312						2,528						2019						1994						1450 Matthews Township Parkway
Menasha, WI						—						1,374						13,861						2,967						1,345						16,857						3,578						2016						1994						1550 Midway Place
Merced, CA						—						—						13,772						1,164						—						14,936						6,008						2009						2010						315 Mercy Ave.
Meridian, ID						—						3,206						27,107						18						3,206						27,125						1,588						2019						2009						3277 E Louise Drive
Mesa, AZ						—						3,158						5,588						1,122						3,158						6,710						218						2020						2016						1910 S. Gilbert Road
Mesa, AZ						—						3,889						5,816						1,257						3,889						7,073						247						2020						2016						1833 N. Power Road
Mission Hills, CA						22,797						—						42,276						6,914						4,791						44,399						12,014						2014						1986						11550 Indian Hills Road
Missouri City, TX						—						1,360						7,143						—						1,360						7,143						774						2015						2016						7010 Highway 6
Mobile, AL						15,447						2,759						25,180						13						2,759						25,193						1,980						2018						2003						6144 Airport Boulevard
Monroeville, PA						—						1,544						10,012						1,075						1,544						11,087						721						2020						1979						2550 Mosside Blvd
Moorestown, NJ						—						6						50,896						918						362						51,458						16,887						2011						2012						401 Young Avenue
Mount Juliet, TN						—						1,566						11,697						1,878						1,601						13,540						6,467						2007						2005						5002 Crossings Circle
Mount Kisco, NY						—						12,632						51,220						38						12,632						51,258						1,877						2019						1996						90 - 110 South Bedford Road

(Dollars in thousands)
												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Outpatient Medical:
Mount Vernon, IL						—						—						24,892						144						—						25,036						8,362						2011						2012						2 Good Samaritan Way
Murrieta, CA						—						3,800						—						—						3,800						—						—						2014						1900						28078 Baxter Rd.
Murrieta, CA						—						—						47,190						301						—						47,491						22,793						2010						2011						28078 Baxter Rd.
Myrtle Beach, SC						—						1,357						3,658						72						1,357						3,730						850						2019						1996						8170 Rourk Street
Nampa, ID						15,675						3,439						21,566						15						3,439						21,581						832						2019						2017						1510 12th Avenue
Newburgh, NY						—						9,213						32,354						25						9,213						32,379						1,041						2019						2015						1200 NY-300
Newburyport, MA						—						3,104						19,370						74						3,104						19,444						1,502						2019						2008						One Wallace Bashaw Jr. Way
Niagara Falls, NY						—						1,433						10,891						545						1,721						11,148						6,612						2007						1995						6932 - 6934 Williams Rd
Niagara Falls, NY						—						454						8,362						310						454						8,672						3,934						2007						2004						6930 Williams Rd
Norfolk, VA						—						1,138						26,989						—						1,138						26,989						2,342						2019						2014						155 Kingsley Lane
North Canton, OH						12,967						2,518						24,452						17						2,518						24,469						869						2019						2014						7442 Frank Avenue
North Easton, MA						—						2,336						19,876						13						2,336						19,889						966						2019						2007						15 Roche Brothers Way
North Easton, MA						—						2,882						15,999						12						2,882						16,011						752						2019						2008						31 Roche Brothers Way
Norwood, OH						—						1,017						6,638						29						1,017						6,667						513						2019						2006						4685 Forest Avenue
Novi, MI						—						895						36,944						16						895						36,960						2,681						2019						2008						26750 Providence Parkway
Oklahoma City, OK						—						216						18,762						187						216						18,949						5,982						2013						2008						535 NW 9th Street
Oxford, NC						—						478						4,971						—						478						4,971						339						2019						2011						107 East McClanahan Street
Pasadena, TX						—						1,700						8,009						158						1,700						8,167						1,532						2012						2013						5001 E Sam Houston Parkway S
Pearland, TX						—						1,500						11,253						6						1,500						11,259						2,021						2012						2013						2515 Business Center Drive
Pearland, TX						—						9,594						32,753						191						9,807						32,731						7,497						2014						2013						11511 Shadow Creek Parkway
Phoenix, AZ						—						199						3,853						131						199						3,984						349						2019						1980						9225 N 3rd Street
Phoenix, AZ						—						109						2,207						65						109						2,272						219						2019						1986						9327 North 3rd Street
Phoenix, AZ						—						229						5,867						21						229						5,888						653						2019						1994						9100 N 2nd Street
Phoenix, AZ						—						1,149						48,018						12,830						1,149						60,848						29,815						2006						1998						2222 E. Highland Ave.
Plano, TX						—						793						83,209						5,220						793						88,429						26,476						2012						2005						6020 West Parker Road
Plantation, FL						—						8,563						10,666						6,012						8,575						16,666						9,013						2006						1997						851-865 SW 78th Ave.
Port Orchard, WA						9,767						2,810						22,716						102						2,810						22,818						1,958						2018						1995						450 South Kitsap Boulevard
Porter, TX						—						3,746						15,119						—						3,746						15,119						346						2018						2019						25553 US Highway 59
Poughkeepsie, NY						—						2,144						36,880						252						2,144						37,132						1,178						2019						2008						2507 South Road
Poughkeepsie, NY						—						4,035						30,459						21						4,035						30,480						872						2019						2010						30 Columbia Street
Poughkeepsie, NY						—						6,513						27,863						21						6,513						27,884						901						2019						2006						600 Westage Drive
Poughkeepsie, NY						18,770						5,128						20,769						15						5,128						20,784						686						2019						2012						1910 South Road
Prince Frederick, MD						—						229						26,889						34						229						26,923						1,798						2019						2009						130 Hospital Road
Prince Frederick, MD						—						179						12,801						259						179						13,060						1,031						2019						1991						110 Hospital Road
Rancho Mirage, CA						—						7,292						15,141						14						7,292						15,155						828						2019						2005						72780 Country Club Drive
Redmond, WA						—						5,015						26,697						1,080						5,015						27,777						10,609						2010						2011						18100 NE Union Hill Rd.
Richmond, TX						—						2,000						9,118						4						2,000						9,122						1,084						2015						2016						22121 FM 1093 Road
Richmond, VA						—						2,969						26,697						1,482						3,090						28,058						10,687						2012						2008						7001 Forest Avenue
Rockwall, TX						—						132						17,197						448						132						17,645						5,281						2012						2008						3142 Horizon Road
Rolla, MO						—						1,931						47,639						1						1,931						47,640						16,641						2011						2009						1605 Martin Spring Drive
Rome, GA						—						99						29,597						725						99						30,322						3,235						2019						2005						330 Turner McCall Boulevard
Roseville, MN						—						2,963						20,169						59						2,963						20,228						1,064						2019						1994						1835 W County Road C
Roxboro, NC						—						368						2,477						—						368						2,477						171						2019						2000						799 Doctors Court

(Dollars in thousands)
												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Outpatient Medical:
San Antonio, TX						—						3,050						12,073						55						3,050						12,128						1,153						2016						2017						5206 Research Drive
San Antonio, TX						—						2,915						11,141						1,746						2,915						12,887						1,157						2019						2006						150 E Sonterra Blvd
Santa Clarita, CA						—						—						2,338						20,605						5,304						17,639						4,488						2014						1976						23861 McBean Parkway
Santa Clarita, CA						—						—						28,384						2,703						5,277						25,810						6,014						2014						1998						23929 McBean Parkway
Santa Clarita, CA						—						278						185						11,594						11,872						185						206						2014						1996						23871 McBean Parkway
Santa Clarita, CA						25,000						295						39,284						—						295						39,284						7,523						2014						2013						23803 McBean Parkway
Santa Clarita, CA						—						—						20,618						1,276						4,407						17,487						4,184						2014						1989						24355 Lyons Avenue
Seattle, WA						—						4,410						38,428						449						4,410						38,877						19,658						2010						2010						5350 Tallman Ave
Sewell, NJ						—						1,242						11,616						6						1,242						11,622						1,282						2018						2007						556 Egg Harbor Road
Shakopee, MN						5,115						509						11,350						15						509						11,365						4,895						2010						1996						1515 St Francis Ave
Shakopee, MN						8,617						707						18,089						195						773						18,218						6,179						2010						2007						1601 St Francis Ave
Shenandoah, TX						—						—						21,135						62						4,574						16,623						2,504						2013						2014						106 Vision Park Boulevard
Sherman Oaks, CA						—						—						32,186						3,591						3,121						32,656						8,361						2014						1969						4955 Van Nuys Boulevard
Silverdale, WA						12,846						3,451						21,176						12						3,451						21,188						1,838						2018						2004						2200 NW Myhre Road
Southlake, TX						—						3,000						—						—						3,000						—						—						2014						1900						Central Avenue
Southlake, TX						—						2,875						15,471						—						2,875						15,471						1,185						2019						2017						925 E. Southlake Boulevard
Southlake, TX						—						592						18,036						—						592						18,036						6,515						2012						2004						1545 East Southlake Boulevard
Southlake, TX						—						698						30,549						48						698						30,597						9,556						2012						2004						1545 East Southlake Boulevard
Springfield, MA						—						2,721						6,615						6						2,721						6,621						428						2019						2012						305 Bicentennial Highway
St Paul, MN						—						49						37,695						396						49						38,091						7,590						2014						2006						225 Smith Avenue N.
St. Paul, MN						—						2,706						39,507						392						2,701						39,904						15,060						2011						2007						435 Phalen Boulevard
Stockton, CA						11,436						4,966						16,844						13						4,966						16,857						797						2019						2009						2388 - 2488 N California Street
Suffern, NY						—						696						37,211						46						696						37,257						15,306						2011						2007						257 Lafayette Avenue
Suffolk, VA						—						1,566						11,511						293						1,620						11,750						5,486						2010						2007						5838 Harbour View Blvd.
Sugar Land, TX						—						3,543						15,532						—						3,543						15,532						7,054						2012						2005						11555 University Boulevard
Sycamore, IL						—						1,113						12,910						2,473						1,113						15,383						535						2020						2002						1630 Gateway Drive
Tacoma, WA						—						—						64,307						—						—						64,307						23,421						2011						2013						1608 South J Street
Tampa, FL						—						4,319						12,234						—						4,319						12,234						3,558						2011						2003						14547 Bruce B Downs Blvd
Tarzana, CA						—						6,115						15,510						1,868						6,115						17,378						1,085						2020						1986						5620 Wilbur Ave
Timonium, MD						—						8,829						12,568						247						8,850						12,794						1,869						2015						2017						2118 Greenspring Drive
Tustin, CA						—						3,345						541						223						3,345						764						384						2015						1976						14591 Newport Ave
Tustin, CA						—						3,361						12,039						3,530						3,361						15,569						3,981						2015						1985						14642 Newport Ave
Tyler, TX						60,479						2,903						114,853						72						2,903						114,925						3,795						2019						2013						1814 Roseland Boulevard
Van Nuys, CA						—						—						36,187						—						—						36,187						12,029						2009						1991						6815 Noble Ave.
Voorhees, NJ						—						6,404						24,251						1,832						6,477						26,010						11,369						2006						1997						900 Centennial Blvd.
Voorhees, NJ						—						6						96,075						907						99						96,889						33,093						2010						2012						200 Bowman Drive
Waco, TX						—						125						164						—						125						164						8						2018						1962						6612 Fish Pond Road
Waco, TX						—						35						113						—						35						113						6						2018						1961						6620 Fish Pond Rd
Waco, TX						14,046						2,250						28,632						346						2,250						28,978						2,479						2018						1981						601 Highway 6 West
Waco, TX						—						441						2,537						852						441						3,389						471						2018						2000						6600 Fish Pond Rd
Washington, PA						18,899						3,981						31,706						17						3,981						31,723						2,778						2018						2010						100 Trich Drive
Wausau, WI						—						2,050						12,175						—						2,050						12,175						1,658						2015						2017						1901 Westwood Center Boulevard
Waxahachie, TX						—						303						18,069						6						303						18,075						3,403						2016						2014						2460 N I-35 East

(Dollars in thousands)
												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation (1)						Year Acquired						Year Built						Address
Outpatient Medical:
Wellington, FL						—						107						16,933						2,490						326						19,204						8,355						2006						2000						10115 Forest Hill Blvd.
Wellington, FL						—						580						11,047						11						580						11,058						5,315						2007						2003						1395 State Rd. 7
Westlake Village, CA						8,000						2,553						15,851						157						2,553						16,008						1,904						2018						1975						1250 La Venta Drive
Westlake Village, CA						6,360						2,487						9,776						114						2,487						9,890						1,149						2018						1989						1220 La Venta Drive
Winston-Salem, NC						—						2,006						7,497						260						2,006						7,757						1,184						2019						1998						2025 Frontis Plaza
Woodbridge, VA						—						346						16,534						21						346						16,555						1,236						2018						2012						12825 Minnieville Road
Wyandotte, MI						—						581						8,023						773						581						8,796						312						2020						2002						1700 Biddle Ave
Yuma, AZ						—						1,592						10,185						4						1,592						10,189						1,116						2019						2004						2270 South Ridgeview Drive
Zephyrhills, FL						—						3,875						27,270						—						3,875						27,270						8,708						2011						1974						38135 Market Square Dr
Outpatient Medical Total						$	548,229					$	765,282					$	5,363,198					$	334,253					$	841,094					$	5,621,639					$	1,117,372

---

---

												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
						Encumbrances						Land & Land Improvements						Buildings & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Buildings & Improvements						Accumulated Depreciation
Summary:
Seniors Housing Operating						$	1,706,192					$	1,466,472					$	13,489,025					$	2,648,613					$	1,642,393					$	15,961,717					$	3,554,697
Triple-net						123,652						905,073						7,397,004						596,731						957,163						7,941,645						1,432,228
Outpatient Medical						548,229						765,282						5,363,198						334,253						841,094						5,621,639						1,117,372
Construction in progress						—						—						487,742						—						—						487,742						—
Total continuing operating properties						2,378,073						3,136,827						26,736,969						3,579,597						3,440,650						30,012,743						6,104,297
Assets held for sale						—						6,023						178,664						70,346						—						216,613						—
Total investments in real property owned						$	2,378,073					$	3,142,850					$	26,915,633					$	3,649,943					$	3,440,650					$	30,229,356					$	6,104,297

(1) Please see Note 2 to our consolidated financial statements for information regarding lives used for depreciation and amortization.

						Year Ended December 31,
						2020						2019						2018
												(in thousands)
Investment in real estate:
Beginning balance						$	36,027,915					$	33,590,388					$	30,581,948
Acquisitions and development						1,174,148						4,807,418						4,598,670
Improvements						242,147						328,824						266,183
Impairment of assets						( 135,608 )						( 28,074 )						( 71,336 )
Dispositions (1)						( 3,782,120 )						( 2,673,203 )						( 1,330,679 )
Foreign currency translation						143,524						187,853						( 454,398 )
Other (2)						—						( 185,291 )						—
Ending balance (3)						$	33,670,006					$	36,027,915					$	33,590,388
Accumulated depreciation:
Beginning balance						$	5,715,459					$	5,499,958					$	4,838,370
Depreciation and amortization expenses						1,038,437						1,027,073						950,459
Amortization of above market leases						5,217						5,752						6,375
Disposition and other (1)						( 684,395 )						( 772,273 )						( 205,562 )
Foreign currency translation						29,579						( 45,051 )						( 89,684 )
Ending balance						$	6,104,297					$	5,715,459					$	5,499,958

(1) Includes property dispositions and dispositions of leasehold improvements which are generally fully depreciated.

(2) Primarily relates to the adoption of ASC 842.

(3) The unaudited aggregate cost for tax purposes for real property equals $ 30,050,020,000 at December 31, 2020.

---

Welltower Inc.
Schedule IV - Mortgage Loans on Real Estate
December 31, 2020
																								(in thousands)
Location						Segment						Interest Rate						Final Maturity Date						Monthly Payment Terms						Prior Liens						Face Amount of Mortgages						Carrying Amount of Mortgages						Principal Amount of Loans Subject to Delinquent Principal or Interest
First mortgages relating to 1 property located in:
United Kingdom						Triple-net						7.25 %						3/15/2022						$	143					$	—					$	28,652					$	23,104					$	—
United Kingdom						Triple-net						8.53 %						7/7/2021						144						—						20,493						20,107						—
Pennsylvania						Triple-net						8.72 %						3/1/2022						108						—						15,530						14,795						—
North Carolina						Triple-net						7.83 %						12/18/2023						92						—						32,783						31,993						—
Texas						Outpatient Medical						7.86 %						1/19/2025						24						—						3,740						1,701						—
United Kingdom						Triple-net						8.50 %						2/1/2024						95						—						20,464						19,549						—
																														—						121,662						111,249						—
First mortgages relating to multiple properties located in:
United Kingdom						Outpatient Medical						7.10 %						8/20/2021						972						—						181,022						173,361						—
																														—						181,022						173,361						—
Second mortgages relating to 1 property located in:
Florida						Triple-net						10.27 %						10/21/2025						54						—						6,250						6,098						—
Florida						Seniors Housing Operating						10.14 %						8/15/2025						23						—						12,500						3,044						—
																														—						18,750						9,142						—
Totals																														$	—					$	321,434					$	293,752					$	—

						Year Ended December 31,
						2020						2019						2018
Reconciliation of mortgage loans:						(in thousands)
Balance at beginning of year						$	145,686					$	249,071					$	306,120
Additions:
New mortgage loans						193,505						—						25,290
Draws on existing loans						20,844						45,961						36,458
Total additions						214,349						45,961						61,748
Deductions:
Collections of principal						( 17,019 )						( 87,249 )						( 116,905 )
Loan balance transferred to non-real estate loans receivable						( 53,071 )						( 64,040 )						—
Change in allowance for credit losses and charge-offs						( 5,645 )						—						—
Other						( 329 )						—						—
Total deductions						( 76,064 )						( 151,289 )						( 116,905 )
Change in balance due to foreign currency translation						9,781						1,944						( 1,892 )
Balance at end of year						$	293,752					$	145,686					$	249,071