WELL 10-K Fiscal year ended Dec. 31, 2022

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Welltower Inc., an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. We invest with leading seniors housing operators, post-acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower Inc., a real estate investment trust (“REIT”), owns interests in properties concentrated in major, high-growth markets in the United States (“U.S.”), Canada and the United Kingdom (“U.K.”), consisting of seniors housing and post-acute communities and outpatient medical properties.

As of May 24, 2022, we are structured as an umbrella partnership REIT under which substantially all of our business is conducted through Welltower OP LLC, the day-to-day management of which is exclusively controlled by Welltower Inc. For additional information on the UPREIT reorganization, please see our Current Reports on Form 8-K filed with the SEC on March 7, 2022, April 1, 2022 and May 25, 2022. Unless stated otherwise or the context otherwise requires, references to "Welltower" mean Welltower Inc. and references to "Welltower OP" mean Welltower OP LLC. References to "we," "us" and "our" mean collectively Welltower, Welltower OP and those entities/subsidiaries owned or controlled by Welltower and/or Welltower OP. Welltower's weighted average ownership in Welltower OP was 99.855 % during the period ended December 31, 2022. As of December 31, 2022, Welltower owned 99.751 % of the issued and outstanding units of Welltower OP, with other investors owning the remaining 0.249 % of outstanding units. We adjust the noncontrolling members' interest at the end of each period to reflect their interest in the net assets of Welltower OP.

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 entities that we control, through voting rights or other means. All material intercompany transactions and balances have been eliminated in consolidation. At inception of 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 and the rights held by limited partners or non-managing members.

Revenue Recognition

For our Triple-net and Outpatient Medical segments, a significant source of our revenue is generated through leasing arrangements and accounted for under ASC 842, Leases ("ASC 842"). 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 under ASC 606, Revenue from Contracts with Customers. Agreements with residents generally have varying terms and are cancellable by the resident with 30 days’ notice. Within that reportable segment, we also recognize revenue from residential seniors apartment leases in accordance with ASC 842. Management contracts are present in some of our joint venture agreements to provide asset and property management, leasing, marketing and other services and are recognized monthly as services are provided.

Our Seniors Housing Operating segment also contains continuing care retirement communities, which operate as entrance fee communities. The entrance fee communities offer different contracts which vary in terms of how much of the entrance fee is considered to be refundable upon move-out, temporarily refundable until a period of time has passed, or nonrefundable. Refundable entrance fees are recorded as a payable within the accrued expenses and other liabilities line item of our Consolidated Balance Sheets. Nonrefundable entrance fees are recorded as deferred revenue within the same line item and are recognized into revenue over the estimated remaining stay of the resident. We use a third party actuarial expert to determine the estimated remaining stay of each resident based on demographic data.

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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 control transfers to the buyer, generally when consideration and title are exchanged and the risks and rewards of ownership transfer. We recognize losses from dispositions 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 receivables and 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. For earnings of equity method investments with pro rata distribution allocations, net income or loss is allocated between the partners in the joint venture based upon their respective stated ownership. In other instances, net income or loss may be allocated between the partners in the joint venture based on the hypothetical liquidation at book value method ("HLBV method"). Under the HLBV method, we recognize income and loss in each period based on the change in liquidation proceeds we would receive from a hypothetical liquidation of the underlying investment at book value.

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.

Welltower OP Noncontrolling Interests

Members of Welltower OP other than Welltower have the right under the limited liability company agreement to redeem their Class A Common Units ("OP Units") for shares of Welltower common stock or cash, at Welltower's sole discretion, as the initial member. Accordingly, we classify the non-Welltower OP Units held by such other members in permanent equity because Welltower may elect to issue shares of Welltower common stock to the non-Welltower members who choose to redeem their OP Units rather than using cash.

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 the interests are redeemable 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 four 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, 2022, the current redemption value of redeemable noncontrolling interests exceeded the carrying value of $ 384,443,000 by $ 65,575,000 .

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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 (“DownREIT Units”). The DownREIT 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.

C apitalization 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 or pledge 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 the risk of credit loss.

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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,
						2022						2021
Unearned revenue						$	432,941					$	335,891
Other liabilities						311,506						180,663
Accounts payable						216,732						174,798
Taxes payable						144,021						117,013
Other accrued expenses						135,944						135,042
Accrued payroll						120,713						141,694
Accrued interest						117,741						111,157
Derivative liabilities						55,727						39,296
Total						$	1,535,325					$	1,235,554

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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 and DownREIT Units (discussed above) has been included in the numerator and redeemable common stock related to the OP Units and DownREIT 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 & Government Assistance

The extent to which the COVID-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, the direct and indirect economic effects of the pandemic and containment measures, the impact of new variants, the effectiveness of vaccines, and the overall pace of recovery, 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.

Our Seniors Housing Operating revenues are dependent on occupancy. As of December 31, 2022, nearly all communities are open for new admissions and allowing visitors, in-person tours and communal dining and activities. Average occupancy is as follows (unaudited):

						Three Months Ended (1)
						March 31,						June 30,						September 30,						December 31,
2021						72.7		%				73.0		%				74.9		%				76.3		%
2022						76.3		%				77.1		%				78.0		%				78.3		%

(1) Average occupancy includes our minority ownership share related to unconsolidated properties and excludes the minority partners' noncontrolling ownership share related to consolidated properties. Also excludes land parcels and properties under development.

Property-level operating expenses associated with the COVID-19 pandemic related to our Seniors Housing Operating portfolio totaled $ 33,099,000 , $ 63,681,000 and $ 110,719,000 for the years ended December 31, 2022, 2021 and 2020, respectively. These expenses were incurred as a result 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

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equipment and supplies. We expect total Seniors Housing Operating expenses to remain elevated during the pandemic and potentially beyond as these additional health and safety measures become standard practice.

On March 27, 2020, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial aid to individuals, businesses, and state and local governments. During the years ended December 31, 2022, 2021 and 2020, we received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the COVID-19 pandemic, as well as under similar programs in the U.K. and Canada. Grant income is recognized when there is reasonable assurance that the grant will be received and the Company will comply with all conditions attached to the grant. For the years ended December 31, 2022, 2021 and 2020 we recognized $ 38,607,000 , $ 97,933,000 and $ 31,927,000 , respectively, of government grant income as a reduction to property operating expenses in our Consolidated Statements of Comprehensive Income. Additionally, for the years ended December 31, 2021 and 2020, we recognized $ 4,642,000 and $ 3,014,000 , respectively, of government grant income in other income in our Consolidated Statements of Comprehensive Income. The amount of qualifying expenditures and lost revenue exceeded grant income recognized and we believe we have complied and will continue to comply with all grant conditions. In the event of non-compliance, all such amounts received are subject to recapture.

Our Triple-net operators have experienced similar occupancy trends as our Seniors Housing Operating properties. Additionally, long-term/post-acute care facilities have generally experienced a higher degree of occupancy declines. These factors may continue to impact the ability of our Triple-net operators to make contractual rent payments to us in the future. Many of our Triple-net operators received funds under the CARES Act Paycheck Protection Program and Provider Relief Fund.

New Accounting Standards

• 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. The ASU is effective for public business entities beginning after December 15, 2021, including interim periods within those fiscal years. The adoption of this standard did not have a significant impact on our consolidated financial statements.

• In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which increases the transparency of government assistance including the disclosure of the types of assistance, an entity's accounting for assistance and the effect of the assistance on an entity's financial statements. The adoption of this standard did not have a material impact on our consolidated financial statements or disclosures.

• In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. An example of such reform is the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. Entities that make this optional expedient election would not have to remeasure the contracts at the modification date or reassess the accounting treatment if certain criteria are met and would continue applying hedge accounting for relationships affected by reference rate reform. In December 2022, the FASB extended the date for which this guidance can be applied from December 31, 2022 to December 31, 2024. We continue to monitor developments related to the LIBOR transition and identification of an alternative, market-accepted rate.

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

						Year Ended December 31, 2022
						Seniors Housing Operating						Triple-net						Outpatient Medical						Total
Land and land improvements						$	206,618					$	7,536					$	68,379					$	282,533
Buildings and improvements						2,067,051						59,248						253,358						2,379,657
Acquired lease intangibles						129,429						—						35,316						164,745
Construction in progress						108,141						—						—						108,141
Right of use assets, net						169						—						3,852						4,021
Total net real estate assets						2,511,408						66,784						360,905						2,939,097
Receivables and other assets						14,406						—						501						14,907
Total assets acquired (1)						2,525,814						66,784						361,406						2,954,004
Secured debt						( 279,788 )						( 39,574 )						—						( 319,362 )
Lease liabilities						—						—						( 3,852 )						( 3,852 )
Accrued expenses and other liabilities						( 112,962 )						( 1,428 )						( 1,414 )						( 115,804 )
Total liabilities acquired						( 392,750 )						( 41,002 )						( 5,266 )						( 439,018 )
Noncontrolling interests (2)						( 115,112 )						( 4 )						( 1,095 )						( 116,211 )
Non-cash acquisition related activity (3)						( 64,975 )						( 27,780 )						—						( 92,755 )
Cash disbursed for acquisitions						1,952,977						( 2,002 )						355,045						2,306,020
Construction in progress additions						489,001						83,368						91,662						664,031
Less: Capitalized interest						( 24,432 )						( 4,210 )						( 1,849 )						( 30,491 )
Accruals (4)						( 4,621 )						—						2,818						( 1,803 )
Cash disbursed for construction in progress						459,948						79,158						92,631						631,737
Capital improvements to existing properties						352,099						48,052						75,865						476,016
Total cash invested in real property, net of cash acquired						$	2,765,024					$	125,208					$	523,541					$	3,413,773

(1) Excludes $ 6,563,000 of unrestricted and restricted cash acquired.

(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests. For the year ended December 31, 2022, 1,227,000 OP Units were issued as a component of funding for certain transactions.

(3) Relates to the acquisition of assets previously financed as loans receivable and 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.

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						Year Ended December 31, 2021
						Seniors Housing Operating						Triple-net						Outpatient Medical						Total
Land and land improvements						$	449,335					$	88,839					$	64,843					$	603,017
Buildings and improvements						2,347,609						809,328						313,864						3,470,801
Acquired lease intangibles						264,589						—						24,751						289,340
Right of use assets, net						77,455						—						—						77,455
Total net real estate assets						3,138,988						898,167						403,458						4,440,613
Receivables and other assets						6,096						411						3,534						10,041
Total assets acquired (1)						3,145,084						898,578						406,992						4,450,654
Lease liabilities						( 138,126 )						—						—						( 138,126 )
Accrued expenses and other liabilities						( 191,454 )						( 8,703 )						( 266 )						( 200,423 )
Total liabilities acquired						( 329,580 )						( 8,703 )						( 266 )						( 338,549 )
Noncontrolling interests (2)						( 4,942 )						( 6,449 )						( 16,540 )						( 27,931 )
Cash disbursed for acquisitions						2,810,562						883,426						390,186						4,084,174
Construction in progress additions						322,050						77,412						42,464						441,926
Less: Capitalized interest						( 13,834 )						( 3,078 )						( 2,440 )						( 19,352 )
Accruals (3)						35						—						( 4,646 )						( 4,611 )
Cash disbursed for construction in progress						308,251						74,334						35,378						417,963
Capital improvements to existing properties						197,829						37,345						47,414						282,588
Total cash invested in real property, net of cash acquired						$	3,316,642					$	995,105					$	472,978					$	4,784,725

(1) Excludes $ 4,201,000 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, 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 acquired						( 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.

Holiday Retirement Acquisition

On July 30, 2021, we acquired a portfolio of 85 seniors housing properties owned by Holiday Retirement for $ 1,576,600,000 , which are included in our Seniors Housing Operating segment and in the table above for the year ended December 31, 2021. Atria Senior Living assumed operations of the portfolio following its acquisition of the Holiday Retirement management company pursuant to an incentive-based management agreement. As part of this transaction, a wholly owned subsidiary

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assumed the leasehold interest in a 26 property portfolio and subsequently purchased eight of the leased properties and one of the properties was sold by the landlord, National Health Investors ("NHI"), and removed from the master lease. Effective April 1, 2022, our leasehold interest related to the remaining 17 properties was terminated as a result of the transition or sale of the properties by NHI as part of an agreement to resolve outstanding litigation. In conjunction with the agreement, a wholly owned subsidiary and the lessee on the master lease agreed to release $ 6,883,000 of cash to the landlord, which represents the net cash flow generated from the properties since we assumed the leasehold interest. Additionally, in conjunction with the lease termination, during the year ended December 31, 2022, we recognized $ 58,621,000 in other income on our Consolidated Statements of Comprehensive Income from the derecognition of the right of use asset and related liability.

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):

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

						December 31, 2022						December 31, 2021
Assets:
In place lease intangibles						$	1,817,580					$	1,681,533
Above market tenant leases						57,203						53,964
Lease commissions						70,675						54,131
Gross historical cost						1,945,458						1,789,628
Accumulated amortization						( 1,484,048 )						( 1,286,259 )
Net book value						$	461,410					$	503,369
Weighted-average amortization period in years						7.6						5.5
Liabilities:
Below market tenant leases						$	77,985					$	74,909
Accumulated amortization						( 52,701 )						( 45,291 )
Net book value						$	25,284					$	29,618
Weighted-average amortization period in years						8.4						8.2

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

						Year Ended December 31,
						2022						2021						2020
Rental income related to (above)/below market tenant leases, net						$	1,551					$	1,680					$	1,710
Amortization related to in place lease intangibles and lease commissions						( 217,187 )						( 115,579 )						( 121,004 )

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

						Assets						Liabilities
2023						$	163,759					$	6,073
2024						94,771						3,854
2025						42,068						2,908
2026						45,006						2,435
2027						37,012						1,888
Thereafter						78,794						8,126
Totals						$	461,410					$	25,284

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, 2022, three Seniors Housing Operating, seven Triple-net and one Outpatie nt Medical properties, with an aggregate net real estate balance of $ 133,058,000 , were classified as held for sale. In addition to the real property balances, lease liabilities of $ 66,711,000 and net other assets and (liabilities) of $( 4,136,000 ) were included in the Consolidated Balance Sheets related to the held for sale properties. Expected gross sales proceeds related to the held for sale properties are approximately $ 198,954,000 .

During the year ended December 31, 2022, we recorded impairment charges of $ 13,146,000 related to one Seniors Housing Operating property which was classified as held for sale for which the carrying value exceeded the estimated fair values less costs to sell. Additionally, during 2022 we recorded impairment charges of $ 4,356,000 related to two Triple-net properties and one Outpatient Medical property, which were held for use for which the carrying value exceeded the fair values. During the year ended December 31, 2021, we recorded impairment charges of $ 19,567,000 related to four Triple-net properties and one Outpatient Medical property, which were disposed of or classified as held for sale. Additionally, we recorded $ 31,540,000 of impairment charges related to two Seniors Housing Operating properties and two Triple-net properties that were held for use. 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. 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.

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

						Year Ended
						December 31, 2022						December 31, 2021						December 31, 2020
Real estate dispositions:
Seniors Housing Operating						$	85,413					$	112,837					$	1,289,769
Triple-net						89,827						486,369						51,666
Outpatient Medical						393						229,660						1,755,864
Total net book value of dispositions						175,633						828,866						3,097,299
Gain (loss) on real estate dispositions, net						16,043						235,375						1,088,455
Net other assets (liabilities) disposed						7,820						6,081						114,274
Proceeds from real estate dispositions						$	199,496					$	1,070,322					$	4,300,028

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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,
						2022						2021						2020
Revenues:
Total revenues						$	19,892					$	78,277					$	302,719
Expenses:
Interest expense						3,409						3,595						11,061
Property operating expenses						12,713						17,740						148,702
Provision for depreciation						1,285						25,575						104,960
Total expenses						17,407						46,910						264,723
Income (loss) from real estate dispositions, net						$	2,485					$	31,367					$	37,996

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 generally use our incremental borrowing rate available at lease commencement, underlying collateral for the lease and the ability to borrow against that collateral on a secured basis 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 a long-term/ post-acute care operator.

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

												Year Ended December 31,
						Classification						2022						2021						2020
Operating lease cost: (1)
Real estate lease expense						Property operating expenses						$	22,150					$	22,642					$	23,472
Non-real estate investment lease expense						General and administrative expenses						5,794						4,596						4,745
Finance lease cost:
Amortization of leased assets						Property operating expenses						6,837						8,105						8,203
Interest on lease liabilities						Interest expense						6,164						6,574						6,411
Sublease income						Rental income						( 11,487 )						( 8,687 )						( 4,173 )
Total												$	29,458					$	33,230					$	38,658

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

Maturities of lease liabilities as of December 31, 2022 are as follows (in thousands):

						Operating Leases						Financing Leases
2023						$	20,279					$	72,218
2024						19,444						3,791
2025						16,112						1,800
2026						15,516						1,790
2027						15,834						1,748
Thereafter						876,054						125,142
Total lease payments						963,239						206,489
Less: Imputed interest						( 660,879 )						( 93,025 )
Total present value of lease liabilities						$	302,360					$	113,464

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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, 2022						December 31, 2021
Right of use assets:
Operating leases - real estate			Right of use assets, net						$	287,984					$	367,068
Financing leases - real estate			Right of use assets, net						35,958						155,728
Real estate right of use assets, net									323,942						522,796
Operating leases - non-real estate investments			Receivables and other assets						10,119						9,627
Financing leases - held for sale (1)			Real property held for sale, net of accumulated depreciation						116,453						—
Total right of use assets, net									$	450,514					$	532,423
Lease liabilities:
Operating leases									$	302,360					$	434,261
Financing leases									113,464						111,683
Total lease liabilities									$	415,824					$	545,944
Weighted average remaining lease term (years):
Operating leases									46.0						36.6
Financing leases									19.8						19.8
Weighted average discount rate:
Operating leases									5.56		%				9.72		%
Financing leases									5.01		%				5.06		%

(1) At December 31, 2022, financing leases at seven properties were classified as held for sale.

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

									Year Ended December 31,
			Classification						2022						2021						2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			Decrease (increase) in receivables and other assets						$	8,805					$	9,081					$	9,323
Operating cash flows from operating leases			Increase (decrease) in accrued expenses and other liabilities						( 5,570 )						( 6,008 )						( 3,918 )
Operating cash flows from financing leases			Decrease (increase) in receivables and other assets						8,672						8,336						8,263
Financing cash flows from financing leases			Other financing activities						( 2,255 )						( 3,578 )						( 3,568 )

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 years ended December 31, 2021 and 2020, we reserved for previously recognized straight-line rent receivable balances of $ 49,241,000 and $ 146,508,000 through rental income, relating to leases for which collection of substantially all contractual lease payments was no longer deemed probable. Included in the 2020 amount was $ 91,025,000 related to Genesis Healthcare ("Genesis") whom noted substantial doubt as to their ability to continue as a going concern.

Leases in our Triple-net and Outpatient Medical portfolios typically include some form of operating expense reimbursement by the tenant. Rental income related to operating leases and the corresponding 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 periods indicated were as follows (in thousands):

						Year Ended December 31,
						2022						2021						2020
Fixed income from operating leases						$	1,258,238					$	1,193,837					$	1,240,012
Variable lease income						193,548						180,858						203,348

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For the majority of our Seniors Housing Operating segment, revenue from resident fees and services is predominantly service-based, and as such, resident agreements are accounted for under ASC 606. Within that reportable segment, we also recognize revenue from residential seniors apartment leases in accordance with ASC 842. The amount of revenue related to these leases was $ 410,749,000 , $ 194,078,000 and $ 58,053,000 for the years ended December 31, 2022, 2021 and 2020, respectively.

The following table sets forth the future minimum lease payments receivable for leases in effect at December 31, 2022 (excluding properties in our Seniors Housing Operating portfolio and excluding any operating expense reimbursements) (in thousands):

2023						$	1,176,306
2024						1,150,604
2025						1,118,044
2026						1,074,809
2027						1,018,400
Thereafter						8,802,365
Totals						$	14,340,528

Loans receivable are recorded on our Consolidated Balance Sheets in real estate loans receivable, net of allowance for credit losses, or for non-real estate loans receivable, in receivables and other assets, net of allowance for credit losses.

Accrued interest receivable was $ 22,878,000 and $ 26,659,000 as of December 31, 2022 and December 31, 2021, respectively, and is included in receivables and other assets on the Consolidated Balance Sheets. The following is a summary of our loans receivable (in thousands):

						Year Ended December 31,
						2022						2021
Mortgage loans						$	707,464					$	889,556
Other real estate loans						195,566						194,477
Allowance for credit losses on real estate loans receivable						( 12,186 )						( 15,352 )
Real estate loans receivable, net of credit allowance						890,844						1,068,681
Non-real estate loans						441,231						375,060
Allowance for credit losses on non-real estate loans receivable						( 152,063 )						( 151,433 )
Non-real estate loans receivable, net of credit allowance						289,168						223,627
Total loans receivable, net of credit allowance						$	1,180,012					$	1,292,308

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

						Year Ended
						December 31, 2022						December 31, 2021						December 31, 2020
Advances on loans receivable						$	156,045					$	997,449					$	247,543
Less: Receipts on loans receivable						196,310						343,260						31,548
Net cash advances (receipts) on loans receivable						$	( 40,265 )					$	654,189					$	215,995

During the year ended December 31, 2021, we provided £ 540 million (approximately $ 750,330,000 based on the Sterling/ U.S. Dollar exchange rate as of the date of funding) of senior loan financing and a £ 30 million delayed facility for working capital and capital expenditures to affiliates of Safanad, a global real estate and private equity firm, as part of the recapitalization of its investment in HC-One Group. The loan has a five-year term and is fully collateralized by the shares and assets of the HC-One Group, including its underlying portfolio of owned assets across the U.K. As part of the transaction, we received equity warrants which provide us the right to participate in the capital appreciation of HC-One Group above a designated price upon liquidation. See Note 12 for additional details.

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

			December 31, 2022
Loan category			Years of Origination			Loan Carrying Value			Allowance for Credit Loss			Net Loan Balance			No. of Loans
Deteriorated loans			2007 - 2018			$	174,841		$	( 148,438 )		$	26,403		3
Collective loan pool			2007 - 2017			202,762			( 2,754 )			200,008			12
Collective loan pool			2018			3,100			( 42 )			3,058			1
Collective loan pool			2019			23,278			( 316 )			22,962			4
Collective loan pool			2020			53,014			( 720 )			52,294			6
Collective loan pool			2021			754,530			( 10,193 )			744,337			18
Collective loan pool			2022			132,736			( 1,786 )			130,950			29
Total loans						$	1,344,261		$	( 164,249 )		$	1,180,012		73

In 2020, we recognized a provision for loan losses of $ 88,201,000 as a re sult of the current collateral estimates for loans with deteriorated credit, primarily relating to our outstanding loans to Genesis Healthcare ("Genesis"). During the year ended December 31, 2021, we entered into definitive agreements to substantially exit our operating relationship with Genesis primarily through the transition of 51 properties to other operators. To effectuate this transition, we agreed to provide Genesis a lease termination fee of $ 86 million upon successful transition of all properties, which will be used to immediately repay indebtedness to us. Additionally, upon achievement of certain restructuring milestones, we will reduce Genesis' indebtedness by an additional $ 170 million in exchange for an equity interest in Genesis. Upon conclusion of the aforementioned loan transactions, Genesis will have $ 167 million of indebtedness to us, exclusive of additional paid in kind interest, which will carry a maturity date of January 1, 2024. As of December 31, 2022, our total carrying value of Genesis loans receivable, net of allowances for credi t losses, was $ 168,949,000 .

The total allowance for credit losses is deemed to be sufficient to absorb 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,
						2022						2021						2020
Balance at beginning of year						$	166,785					$	224,036					$	68,372
Adoption of ASU 2016-13						—						—						5,212
Provision for loan losses, net (1)						( 1,394 )						7,270						94,436
Loan write-offs (2)						—						( 64,075 )						( 7,000 )
Foreign currency translation						( 1,142 )						( 446 )						197
Reclassification of deferred gain as credit loss (3)						—						—						62,819
Balance at end of year						$	164,249					$	166,785					$	224,036
(1) Excludes $ 11,714,000 related to the provision for loss on held-to-maturity debt securities.
(2) Includes $ 64,075,000 related to the Genesis lease terminations for the twelve months ended December 31, 2021.
(3) During the year ended December 31, 2020, two loans originated in 2016 to Genesis 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,
						2022						2021						2020
Balance of deteriorated loans at end of year						$	174,841					$	178,369					$	242,319
Allowance for credit losses						( 148,438 )						( 148,438 )						( 212,514 )
Balance of deteriorated loans not reserved						$	26,403					$	29,931					$	29,805
Interest recognized on deteriorated loans (1)						$	—					$	3,185					$	18,937

(1 Represents cash interest recognized in the period.

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We participate in a number of joint ventures, which generally invest in seniors housing and health care real estate. Our share of the results of operations for these properties has 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, 2022						December 31, 2021
Seniors Housing Operating						10 % to 65 %						$	1,171,307					$	830,647
Triple-net						10 % to 88 %						111,812						44,814
Outpatient Medical						15 % to 50 %						216,671						163,582
Total												$	1,499,790					$	1,039,043

(1) As of December 31, 2022 and includes ownership of investments classified as liabilities and excludes ownership of in-substance real estate.

We o wn 34 % of Sun rise 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. The majority of our management agreements have initial terms expiring in 2028 , plus, if applicable, optional renewal periods ranging from an additional 3 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, 2022, 2021 and 2020, we recognized fees to Sunrise of $ 27,660,000 , $ 37,052,000 and $ 37,569,000 , respectively, which are reflected within property operating expenses in our Consolidated Statements of Comprehensive Income.

A t December 31, 2022, the ag gregate unamortized basis difference of our joint venture inve stments of $ 131,746,000 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 related to 21 properties a s of December 31, 2022 fo r the development and construction of certain properties which are classified as in substance real estate investments and have a carrying value of $ 649,267,000 . We believe that such borrowers typically represent VIEs in accordance with ASC 810. VIEs are required to be consolidated by their primary beneficiary, 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 primary beneficiary of such borrowers, therefore, the loan arrangements were assessed based on among other factors, the amount and timing of expected residual profits, the estimated fair value of the collateral and the significance of the borrower’s equity in the project. Based on these assessments the arrangements have been classified as in substance real estate investments. We expect to fund an additional $ 171,851,000 related to these investments.

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, 2022, excluding our share of NOI in unconsolidated entities (dollars in thousands):

						Number of						Total						Percent of
Concentration by relationship: (1)						Properties						NOI						NOI (2)
ProMedica						58						$	240,128					10 %
Sunrise Senior Living (3)						109						158,576						7 %
Atria Senior Living (4)						97						145,252						6 %
HC-One Group (5)						1						86,667						4 %
Cogir Management Corporation						48						77,115						3 %
Remaining portfolio						1,430						1,594,107						70 %
Totals						1,743						$	2,301,845					100 %

(1) ProMedica and HC-One Group are in our Triple-net segment. Sunrise Senior Living ("Sunrise"), Atria Senior Living and Cogir Management Corporation are in our Seniors Housing Operating segment.

(2) NOI with o ur top five relationships comprised 34 % of total NOI for the year ending December 31, 2021.

(3) For the year ended December 31, 2022, we recognized $ 836,713,000 of revenue from properties managed by Sunrise.

(4) Inclusive of $ 58,621,000 of income recognized upon termination of a lease. See Note 3 for further details.

(5) In addition to the one property, HC-One Group is the borrower on a loan with a principal balance of £ 517,099,000 as of December 31, 2022. See Note 7 for further detail.

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In December 2022, ProMedica relinquished to Welltower its 15 % interest in 147 skilled nursing facilities previously owned by the Welltower/ProMedica joint venture in exchange for a lease modification, which relieved ProMedica from its lease obligation on the properties and amended the lease on the remaining 58 assisted living and memory care properties that continue to be held by the Welltower/ProMedica joint venture. The reduction of ProMedica's noncontrolling interest of $ 273,504,000 resulting from its relinquishment of the interest in the joint venture previously holding the 147 skilled nursing facilities is a non-cash financing activity excluded from our Consolidated Statement of Cash Flows. The 58 assisted living and memory care assets continue to be operated by ProMedica and backed by the existing guaranty.

Concurrently with the above, Welltower and Integra Healthcare Properties ("Integra") entered into master leases for the skilled nursing portfolio. Approximately 15 regional operators will enter into subleases with Integra to operate the properties. Also in December 2022, we sold to Integra a 15 % ownership interest in 54 of those skilled nursing facilities for approximately $ 73 million, with no gain recognized as the properties continue to be consolidated following the transaction. This transaction represents the initial tranche of the newly formed joint venture owned 85 % by Welltower and 15 % by Integra, which is anticipated to include the 147 skilled nursing facilities. In January 2023, Integra acquired a 15 % interest in 31 of the remaining 93 skilled nursing facilities for approximately $ 74 million, representing the second tranche of the WELL/Integra joint venture.

ProMedica NOI for the year ended December 31, 2022 was comprised of $ 59,687,000 relating to the 58 assisted living and memory care properties ( 3 % of total NOI) and $ 180,441,000 relating to the 147 skilled nursing properties ( 8 % of total NOI).

At December 31, 2022, we had a primary unsecured credit facility with a consortium of 31 banks that included a $ 4,000,000,000 unsecured revolving credit facility, a $ 1,000,000,000 unsecured term credit facility and a $ 250,000,000 Canadian-denominated unsecured term credit facility. The unsecured revolving credit facility is comprised of a $ 1,000,000,000 tranche that matures on June 4, 2026 ( none outstanding at December 31, 2022) and a $ 3,000,000,000 tranche that matures on June 4, 2025 ( none outstanding at December 31, 2022). The term credit facilities mature on July 19, 2026. Each tranche of the revolving facility and term loans may be extended for two successive terms of six months at our option. We have an option, through an accordion feature, to upsize the unsecured revolving credit facility and the $ 1,000,000,000 unsecured term credit facility by up to an additional $ 1,250,000,000 , 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 in alternate currencies ( none outstanding at December 31, 2022). Borrowings under the unsecured revolving credit facility are subject to interest payable at the applicable margin over the secured overnight financing rate ("SOFR") interest rate. Based on our current credit ratings, the loans under the unsecured revolving credit facility currently bear interest at 0.775 % over the adjusted SOFR rate at December 31, 2022. 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, 2022.

Under the terms of our commercial paper program, we may issue unsecured commercial paper notes with maturities that vary, but do not exceed 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, 2022).

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

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						Senior Unsecured Notes (1,2,3)						Secured Debt (1,4)						Totals
2023						$	—					$	627,672					$	627,672
2024						1,350,000						345,400						1,695,400
2025						1,260,000						267,117						1,527,117
2026						700,000						127,454						827,454
2027 (5,6)						1,906,444						184,491						2,090,935
Thereafter (7,8)						7,368,085						577,820						7,945,905
Totals						$	12,584,529					$	2,129,954					$	14,714,483

(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 2.05 % to 6.50 %.

(3) All senior unsecured notes, with the exception of the $ 300,000,000 Canadian-denominated 2.95 % senior unsecured notes due 2027 have been issued by Welltower OP and are fully and unconditionally guaranteed by Welltower. The $ 300,000,000 Canadian-denominated 2.95 % senior unsecured notes due 2027 have been issued through private placement by a wholly owned subsidiary of Welltower OP and are fully and unconditionally guaranteed by Welltower OP.

(4) Annual interest rates range from 1.25 % to 7.00 %. Carrying value of the properties securing the debt totaled $ 4,882,151,000 at December 31, 2022.

(5) Includes a $ 1,000,000,000 unsecured term loan and a $ 250,000,000 Canadian-denominated unsecured term loan (approximately $ 184,747,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2022). Both term loans mature on July 19, 2026 and may be extended for two successive terms of six months at our option. The loans bears interest at adjusted SOFR plus 0.85 % 5.29 % at December 31, 2022) and Canadian Dealer Offered Rate plus 0.85 % ( 5.56 % at December 31, 2022), respectively.

(6) Includes a $ 300,000,000 Canadian-denominated 2.95 % senior unsecured notes due 2027 (approximately $ 221,697,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2022).

(7) Includes a £ 550,000,000 4.80 % senior unsecured notes due 2028 (approximately $ 664,235,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2022).

(8) Includes a £ 500,000,000 4.50 % senior unsecured notes due 2034 (approximately $ 603,850,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2022).

Welltower, the parent entity that consolidates Welltower OP and all other subsidiaries, fully and unconditionally guarantees to each holder of all series of senior unsecured notes issued by Welltower OP that the principal of and premium, if any, and interest on the notes will be promptly paid in full when due, whether at the applicable maturity date, by acceleration or redemption or otherwise, and interest on the overdue principal of and interest on the notes, if any, if lawful, and all other obligations of Welltower OP to the holders of the notes will be promptly paid in full or performed. Welltower’s guarantees of such notes are its senior unsecured obligation and rank equally with all of Welltower’s other future unsecured senior indebtedness and guarantees from time to time outstanding. Welltower’s guarantees of such notes are effectively subordinated to all liabilities of its subsidiaries and to its secured indebtedness to the extent of the assets securing such indebtedness. Because Welltower conducts substantially all of its business through its subsidiaries, Welltower's ability to make required payments with respect to the guarantees depends on the financial results and condition of its subsidiaries and its ability to receive funds from its subsidiaries, whether by dividends, loans, distributions or other payments.

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

						Year Ended
						December 31, 2022												December 31, 2021												December 31, 2020
												Weighted Avg.												Weighted Avg.												Weighted Avg.
						Amount						Interest Rate (1)						Amount						Interest Rate						Amount						Interest Rate
Beginning balance						$	11,707,961					3.67 %						$	11,509,533					3.67 %						$	10,427,562					4.03 %
Debt issued						1,050,000						3.08 %						1,750,000						2.57 %						1,600,000						1.89 %
Debt extinguished						—						— %						( 1,533,752 )						2.42 %						( 566,248 )						3.26 %
Foreign currency						( 173,432 )						4.43 %						( 17,820 )						4.55 %						48,219						4.35 %
Ending balance						$	12,584,529					4.06 %						$	11,707,961					3.67 %						$	11,509,533					3.67 %

(1) Includes the impact of interest rate swaps and interest rate caps.

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

						Year Ended
						December 31, 2022												December 31, 2021												December 31, 2020
												Weighted Avg.												Weighted Avg.												Weighted Avg.
						Amount						Interest Rate (1)						Amount						Interest Rate						Amount						Interest Rate
Beginning balance						$	2,202,312					3.03 %						$	2,378,073					3.27 %						$	2,993,342					3.63 %
Debt issued						113,183						4.71 %						23,569						2.83 %						62,055						2.55 %
Debt assumed						328,096						5.86 %						—						— %						—						— %
Debt extinguished						( 399,066 )						5.54 %						( 132,031 )						5.86 %						( 632,288 )						2.21 %
Principal payments						( 58,114 )						3.48 %						( 65,587 )						3.40 %						( 62,707 )						3.63 %
Foreign currency						( 56,457 )						3.27 %						( 1,712 )						2.72 %						17,671						2.93 %
Ending balance						$	2,129,954					4.33 %						$	2,202,312					3.03 %						$	2,378,073					3.27 %

(1) Includes the impact of interest rate swaps and interest rate caps.

Our debt agreements contain various covenants, restrictions and events of default. Certain agreements require us to maintain certain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. As of December 31, 2022, we were in compliance in all material respects with all of the covenants under our debt agreements.

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 and Fair Value 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.

Interest rate swaps designated as fair value hedges involve the receipt of fixed amounts from a counterparty in exchange for our variable-rate payments. These interest rate swap agreements hedge the exposure to changes in the fair value of fixed-rate debt attributable to changes in the designated benchmark interest rate. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in earnings. We record the gain or loss on the hedged items in interest expense, the same line item as the offsetting loss or gain on the related interest rate swaps. In March 2022, we entered into a fixed to floating swap in connection with our March senior note issuance. The carrying amount of the notes, exclusive of the hedge, is $ 545,381,000 . The fair value of the swap as of December 31, 2022 was ($ 55,727,000 ) and was recorded as a derivative liability with an offset to senior unsecured notes on our Consolidated Balance Sheets.

Periodically, we enter into and designate interest rate locks to partially hedge the risk of changes in interest payments attributable to increases in the bench mark 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 earnings over the life of the related debt, except where a material amount is deemed to be ineffective, which would be immediately recognized in the Consolidated Statements of Comprehensive Income. Approximately $ 2,562,000 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.

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During the years ended December 31, 2022, 2021, and 2020 we settled certain net investment hedges generating cash proceeds of $ 61,853,000 , and $ 14,505,000 , and necessitating cash payments of $ 1,988,000 , 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.

Equity Warrants

We received equity warrants through our lending activities further described in Note 7, which were accounted for as loan origination fees. The warrants provide us the right to participate in the capital appreciation of HC-One Group real estate portfolio above a designated price upon liquidation and contain net settlement terms qualifying as derivatives under ASC Topic 815. The warrants are classified within receivables and other assets on our Consolidated Balance Sheets. These warrants are measured at fair value with changes in fair value being recognized within gain (loss) on derivatives and financial instruments in our Consolidated Statements of Comprehensive Income.

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

						December 31, 2022						December 31, 2021
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars						$	1,075,000					$	675,000
Denominated in Pound Sterling						£	1,890,708					£	1,904,708
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)						$	25,000					$	25,000
Interest rate swaps designated as fair value hedges:
Denominated in U.S. Dollars						$	550,000					$	—
Derivative instruments not designated:
Interest rate caps denominated in U.S. Dollars						$	26,137					$	26,137
Forward sales contracts denominated in Canadian Dollars						$	80,000					$	80,000

(1) At December 31, 2022 the maximum maturity date was November 1, 2023.

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, 2022						December 31, 2021						December 31, 2020
Gain (loss) on derivative instruments designated as hedges recognized in income						Interest expense						$	28,894					$	23,133					$	22,698
Gain (loss) on derivative instruments not designated as hedges recognized in income						Interest expense						$	4,255					$	( 433 )					$	( 5,982 )
Gain (loss) on equity warrants recognized in income						Gain (loss) on derivatives and financial instruments, net						$	( 6,837 )					$	10,361					$	—
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI						OCI						$	442,620					$	79,702					$	( 134,369 )

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

						December 31, 2022						December 31, 2021
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						492,283,488						448,998,438
Outstanding shares						490,508,937						447,239,477

Common Stock

In April 2022, we entered into an amended and restated equity distribution agreement whereby we can offer and sell up to $ 3,000,000,000 aggregate amount of our common stock ("ATM Program"). The ATM Program also allows us to enter into forward sale agreements. During the year ended December 31, 2022, we physically settled all of our outstanding forward sale agreements for cash proceeds of $ 3,667,691 ,000. As of December 31, 2022, we had $ 1,150,203,000 of remaining capacity under the ATM 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. On November 7, 2022, our Board of Directors approved a follow on share repurchase program for up to $ 3 billion of common stock (the "Stock Repurchase Program"). Under the Stock Repurchase Program, we are not required to purchase shares but may choose to do so in the open market or through pri vately-negotiated transactions, through block trades, by effecting a tender offer, by way of an accelerated share repurchase program, through the purchase of call options or the sale of put options, or otherwise, or by any combination of the foregoing. We expect to finance any share repurchases using available cash and may use proceeds from borrowings or debt offerings. The Stock Repurchase Program has no expiration date and does not obligate us to repurchase any specific number of shares. During the year ended December 31, 2020, we repurchased 201,947 shares at an average price of $ 37.89 per share. We did no t repurchase any shares of our common stock during the years ended December 31, 2021 or December 31, 2022.

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

						Shares Issued						Average Price						Gross Proceeds						Net Proceeds
2020 Dividend reinvestment plan issuances						264,153						$	72.33					$	19,105					$	19,105
2020 Option exercises						251						47.81						12						12
2020 ATM 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
2021 Option exercises						338						$	56.21					$	19					$	19
2021 ATM Program issuances						29,667,348						80.41						2,385,683						2,348,182
2021 Stock incentive plans, net of forfeitures						171,189												—						—
2021 Totals						29,838,875												$	2,385,702					$	2,348,201
2022 Option exercises						2,433						$	67.00					$	163					$	163
2022 ATM Program issuances						43,092,888						86.23						3,715,971						3,667,691
2022 Redemption of OP Units and DownREIT Units						5,498												—						—
2022 Stock incentive plans, net of forfeitures						168,641												—						—
2022 Totals						43,269,460												$	3,716,134					$	3,667,854

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Dividends

During the year ended December 31, 2020, we declared a reduced cash dividend beginning with the quarter ended March 31, 2020. P lease 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, 2022												December 31, 2021												December 31, 2020
						Per Share						Amount						Per Share						Amount						Per Share						Amount
Common stock						$	2.44					$	1,133,182					$	2.44					$	1,037,194					$	2.70					$	1,120,187

Accumulated Other Comprehensive Income

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

						December 31, 2022						December 31, 2021
Foreign currency translation						$	( 1,115,317 )					$	( 674,306 )
Derivative and financial instruments designated as hedges						995,610						552,990
Total accumulated other comprehensive income (loss)						$	( 119,707 )					$	( 121,316 )

In March 2022, our Board of Directors approved the 2022 Long-Term Plan ("2022 Plan"), which 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. Awards granted after March 28, 2022 will be issued out of the 2022 Plan. The awards granted under the 2016 Long-Term Incentive Plan continue to vest and options expire ten years from the date of grant. Our non-employee directors, officers and key employees are eligible to participate in the 2022 Plan. The 2022 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 five 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 to four years . Performance based awards 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 performance based awards 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 ("TSR"), management used a Monte Carlo model to assess the fair value and compensation cost. For time based awards, 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. For purposes of measuring stock-based compensation expense, we consider whether an adjustment to the observable market price is necessary to reflect material nonpublic information that is known to us at the time the award is granted. No adjustments were deemed necessary for the years ended December 31, 2022, 2021, or 2020. Forfeitures are accounted for as they occur.

The following table summarizes compensation expense recognized for the periods presented (in thousands):

						Year Ended December 31,
						2022						2021						2020
Stock options						$	2,378					$	1,088					$	—
Restricted stock						23,771						16,724						28,318
Total compensation expense						$	26,149					$	17,812					$	28,318

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Stock Options

The following is a summary of time-based stock option activity in 2022:

			Shares						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life (years)						Intrinsic Value ($000's)
Outstanding as of December 31, 2021			311,306						$	67.17
Options granted			256,716						86.23
Options exercised			( 2,433 )						67.17
Options forfeited			( 14,074 )						76.02
Options expired			—						—
Outstanding as of December 31, 2022			551,515						$	75.82					8.76						$	—
Exercisable as of December 31, 2022			75,383						$	67.17					8.50						$	—

The Company used the Black-Scholes Option Pricing model to determine the grant date fair value of time-based options. The weighted-average assumptions used are as follows:

			2022
Dividend yield			2.83 %
Estimated volatility (1)			32.84 %
Risk free rate			1.61 %
Expected life of options			6 years
Estimated fair value			$ 21.15

(1) Estimated volatility is using 50 % historical volatility and 50 % implied volatility.

As of December 31, 2022, there was $ 6,269,000 of total unrecognized compensation expense related to unvested time-based stock options that is expected to be recognized over a weighted-average period of three years .

During December 2021, we granted 832,356 performance-based stock options at a weighted average exercise price of $ 83.44 . During the year ended December 31, 2022, 7,140 options were forfeited resulting in 825,216 outstanding and non-vested options at December 31, 2022. The grant date fair value of $ 20.31 was estimated on the date of grant using the Black-Scholes option pricing model. These options have a performance condition based on a Funds From Operations goal measured over the performance period of January 1, 2022 to December 31, 2024. These awards vest over two years after the end of the performance period, with a portion vesting immediately at the end of the performance period. Compensation expense is measured based on the probability of achievement of the performance goal and is recognized over both the performance period and vesting period. At December 31, 2022, the performance goal is not probable of being achieved.

Restricted Stock

During January 2022, we granted 936,915 performance-based restricted stock awards under the terms of an Out Performance Program ("OPP"), all of which were outstanding and non-vested at December 31, 2022. The grant date fair value of $ 27.60 was estimated on the date of grant using a Monte Carlo model. These awards have performance conditions based on a Funds From Operations goal and absolute and relative TSR goals measured over the performance period of January 1, 2022 to December 31, 2025. These awards vest after the end of the performance period. Compensation expense is measured based on the probability of achievement of the performance goals and is recognized over the performance period. At December 31, 2022, the performance goals are not probable of being achieved.

The following is a summary of the status of our non-vested restricted stock (including market, performance, and time-based awards, and excluding OPP awards) as of December 31, 2022, and changes during the year ended December 31, 2022:

						Restricted Stock
						Number of Shares						Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2021						566,227						$	76.28
Vested						( 168,275 )						82.78
Granted						303,566						98.49
Change in awards based on performance (1)						120,959						82.42
Forfeited or expired						( 19,150 )						83.56
Non-vested at December 31, 2022						803,327						$	84.78

(1) Represents the change in number of market and performance based awards earned based on performance achievement.

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We used a Monte Carlo model to assess the compensation cost associated with the portion of the market awards granted for which achievement will be determined using total shareholder return measures. The model also considers a post-vesting holding period. The weighted-average assumptions used are as follows:

						2022
Dividend yield						2.83 %
Estimated volatility over the life of the plan (1)						26.31 % - 56.62 %
Risk free rate						0.08 % - 1.20 %
Estimated market based performance award value based on total shareholder return measure						$ 111.27

(1) Estimated volatility over the life of the plan is using 50 % historical volatility and 50 % implied volatility.

As of December 31, 2022, there was $ 27,943,000 of total unrecognized compensation expense related to unvested restricted stock that is expected to be recognized over a weighted-average period of two years .

Defined Contribution Plan

We sponsor a 401(k) plan which is available to substantially all U.S. employees. We match a percentage of employee contributions up to 5 % of an employee's wages and provide a discretionary profit sharing contribution calculated as a percentage of eligible compensation. We recognized expense of $ 3,984,000 , $ 3,477,000 and $ 3,323,000 during the years ended December 31, 2022, 2021 and 2020, respectively, related to this plan.

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):

						Year Ended December 31,
						2022						2021						2020
Numerator for basic earnings per share - net income attributable
to common stockholders						$	141,214					$	336,138					$	978,844
Adjustment for net income (loss) attributable to OP Units and DownREIT Units						165						( 3,020 )						( 6,146 )
Numerator for diluted earnings per share						$	141,379					$	333,118					$	972,698
Denominator for basic earnings per share - weighted average shares						462,185						424,976						415,451
Effect of dilutive securities:
Employee stock options						20						—						—
Non-vested restricted shares						1,058						447						519
OP Units and DownREIT Units						1,865						1,396						1,396
Employee stock purchase program						30						22						21
Dilutive potential common shares						2,973						1,865						1,936
Denominator for diluted earnings per share - adjusted weighted average shares						465,158						426,841						417,387
Basic earnings per share						$	0.31					$	0.79					$	2.36
Diluted earnings per share						$	0.30					$	0.78					$	2.33

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• 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.

Equity Warrants — The fair value of equity warrants is estimated using Level 3 inputs and includes data points such as enterprise value of the underlying HC-One Group real estate portfolio, marketability discount for private company warrants, dividend yield, volatility and risk-free rate. The enterprise value is driven by projected cash flows, weighted average cost of capital and a terminal capitalization rate.

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.

Redeemable DownREIT Unitholder Interests — Our redeemable DownREIT 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 DownREIT 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.

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

						December 31, 2022												December 31, 2021
						Carrying						Fair						Carrying						Fair
						Amount						Value						Amount						Value
Financial assets:
Mortgage loans receivable						$	697,906					$	739,159					$	877,102					$	932,552
Other real estate loans receivable						192,938						190,977						191,579						193,999
Equity securities						111						111						1,608						1,608
Cash and cash equivalents						631,681						631,681						269,265						269,265
Restricted cash						90,611						90,611						77,490						77,490
Non-real estate loans receivable						289,168						277,601						223,627						241,544
Foreign currency forward contracts, interest rate swaps and cross currency swaps						191,357						191,357						7,205						7,205
Equity warrants						30,436						30,436						41,909						41,909
Financial liabilities:
Borrowings under unsecured credit facility and commercial paper program						$	—					$	—					$	324,935					$	324,935
Senior unsecured notes						12,437,273						11,381,873						11,613,758						13,139,748
Secured debt						2,110,815						2,054,889						2,192,261						2,252,107
Foreign currency forward contracts, interest rate swaps and cross currency swaps						55,727						55,727						39,296						39,296
Redeemable DownREIT unitholder interests						$	75,355					$	75,355					$	153,098					$	153,098

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, 2022
						Total						Level 1						Level 2						Level 3
Equity securities						$	111					$	111					$	—					$	—
Equity warrants						30,436						—						—						30,436
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)						135,630						—						135,630						—
Totals						$	166,177					$	111					$	135,630					$	30,436

(1) Please see Note 12 for additional information.

The following table summarizes the change in fair value for equity warrants using unobservable Level 3 inputs for the years presented (in thousands):

						Years Ended
						December 31, 2022						December 31, 2021
Beginning balance						$	41,909					$	—
Warrants acquired						—						32,419
Mark-to-market adjustment						( 6,837 )						10,361
Foreign currency						( 4,636 )						( 871 )
Ending balance						$	30,436					$	41,909

The most significant assumptions utilized in the valuation of the equity warrants are the cash flows of the underlying HC-One Group enterprise, as well as the terminal capitalization rate of 10.5 %.

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 in 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 impairments (if applicable, see Note 5 for impairments of real property and Note 7 for impairments of loans receivable) are also measured at fair value on a nonrecurring basis. We have determined that the fair value measurements included in each of these

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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 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 interest income on cash investments recorded in 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. All inter-segment transactions are eliminated.

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Summary information for the reportable segments (which excludes unconsolidated entities) during the years ended December 31, 2022, 2021 and 2020 is as follows (in thousands):

Year Ended December 31, 2022:						Seniors Housing Operating						Triple-net						Outpatient Medical						Non-segment / Corporate						Total
Resident fees and services						$	4,173,711					$	—					$	—					$	—					$	4,173,711
Rental income						—						782,329						669,457						—						1,451,786
Interest income						7,867						142,402						302						—						150,571
Other income						63,839						6,776						8,998						4,934						84,547
Total revenues						4,245,417						931,507						678,757						4,934						5,860,615
Property operating expenses						3,292,045						44,483						205,997						16,245						3,558,770
Consolidated net operating income (loss)						953,372						887,024						472,760						( 11,311 )						2,301,845
Depreciation and amortization						854,800						215,887						239,681						—						1,310,368
Interest expense						34,833						963						18,078						475,645						529,519
General and administrative expenses						—						—						—						150,390						150,390
Loss (gain) on derivatives and financial instruments, net						—						8,334						—						—						8,334
Loss (gain) on extinguishment of debt, net						386						80						15						199						680
Provision for loan losses, net						1,039						9,289						( 8 )						—						10,320
Impairment of assets						13,146						3,595						761						—						17,502
Other expenses						66,026						13,043						2,537						20,064						101,670
Income (loss) from continuing operations before income taxes and other items						( 16,858 )						635,833						211,696						( 657,609 )						173,062
Income tax (expense) benefit						—						—						—						( 7,247 )						( 7,247 )
Income (loss) from unconsolidated entities						( 53,318 )						34,495						( 2,467 )						—						( 21,290 )
Gain (loss) on real estate dispositions, net						5,794						16,648						( 6,399 )						—						16,043
Income (loss) from continuing operations						( 64,382 )						686,976						202,830						( 664,856 )						160,568
Net income (loss)						$	( 64,382 )					$	686,976					$	202,830					$	( 664,856 )					$	160,568
Total assets						$	22,000,732					$	8,619,314					$	6,614,887					$	658,300					$	37,893,233

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Year Ended December 31, 2020:						Seniors Housing Operating						Triple-net						Outpatient Medical						Non-segment / Corporate						Total
Resident fees and services						$	3,074,022					$	—					$	—					$	—					$	3,074,022
Rental income						—						733,776						709,584						—						1,443,360
Interest income						618						62,625						5,913						—						69,156
Other income						7,223						4,903						4,522						2,781						19,429
Total revenues						3,081,863						801,304						720,019						2,781						4,605,967
Property operating expenses						2,326,311						53,183						214,948						3,381						2,597,823
Consolidated net operating income (loss)						755,552						748,121						505,071						( 600 )						2,008,144
Depreciation and amortization						544,462						232,604						261,371						—						1,038,437
Interest expense						54,901						9,477						17,579						432,431						514,388
General and administrative expenses						—						—						—						128,394						128,394
Loss (gain) on derivatives and financial instruments, net						—						11,049						—						—						11,049
Loss (gain) on extinguishment of debt, net						12,659						—						1,046						33,344						47,049
Provision for loan losses, net						671						90,563						3,202						—						94,436
Impairment of assets						100,741						34,867						—						—						135,608
Other expenses						14,265						22,923						8,218						24,929						70,335
Income (loss) from continuing operations before income taxes and other items						27,853						346,638						213,655						( 619,698 )						( 31,552 )
Income tax (expense) benefit						—						—						—						( 9,968 )						( 9,968 )
Income (loss) from unconsolidated entities						( 33,857 )						18,462						7,312						—						( 8,083 )
Gain (loss) on real estate dispositions, net						328,249						64,288						695,918						—						1,088,455
Income (loss) from continuing operations						322,245						429,388						916,885						( 629,666 )						1,038,852
Net income (loss)						$	322,245					$	429,388					$	916,885					$	( 629,666 )					$	1,038,852

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, 2022												December 31, 2021												December 31, 2020
Revenues:						Amount						%						Amount						%						Amount						%
United States						$	4,843,417					82.6		%				$	3,766,707					79.4		%				$	3,720,155					80.8		%
United Kingdom						558,308						9.5		%				552,650						11.7		%				451,399						9.8		%
Canada						458,890						7.9		%				422,758						8.9		%				434,413						9.4		%
Total						$	5,860,615					100.0		%				$	4,742,115					100.0		%				$	4,605,967					100.0		%
						Year Ended
						December 31, 2022												December 31, 2021												December 31, 2020
Resident fees and services:						Amount						%						Amount						%						Amount						%
United States						$	3,325,466					79.7		%				$	2,389,257					74.7		%				$	2,321,956					75.5		%
United Kingdom						401,195						9.6		%				396,610						12.4		%				327,687						10.7		%
Canada						447,050						10.7		%				411,356						12.9		%				424,379						13.8		%
Total						$	4,173,711					100.0		%				$	3,197,223					100.0		%				$	3,074,022					100.0		%
						As of
						December 31, 2022												December 31, 2021
Assets:						Amount						%						Amount						%
United States						$	31,740,907					83.8		%				$	28,595,703					81.9		%
United Kingdom						3,476,793						9.2		%				3,938,258						11.3		%
Canada						2,675,533						7.0		%				2,376,364						6.8		%
Total						$	37,893,233					100.0		%				$	34,910,325					100.0		%

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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,
						2022						2021						2020
Per share:
Ordinary dividend (1)						$	2.4400					$	1.4828					$	1.6389
Long-term capital gain/(loss) (2)						—						0.8371						1.0611
Return of capital						—						0.1201						—
Totals						$	2.4400					$	2.4400					$	2.7000

(1) For the years ended December 31, 2022, 2021 and 2020, includes Section 199A dividends of $ 2.4400 , $ 1.4828 and $ 1.6389 respectively.

(2) For the years ended December 31, 2022, 2021 and 2020, includes Unrecaptured Section 1250 Gains of $ 0.0000 , $ 0.4523 and $ 0.3458 , respectively.

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

						Year Ended December 31,
						2022						2021						2020
Current tax expense						$	18,289					$	10,199					$	11,358
Deferred tax benefit						( 11,042 )						( 1,486 )						( 1,390 )
Income tax expense (benefit)						$	7,247					$	8,713					$	9,968

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, 2022, 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, 2022 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, 2022, 2021 and 2020, the foreign tax provision/(benefit) amount included in the consolidated provision for income taxes was $ 5,222,000 , $ 6,787,000 and $ 5,777,000 , respectively.

A reconciliation of income taxes, which is computed by applying the federal corporate tax rate for the years ended December 31, 2022, 2021 and 2020, to the income tax expense/(benefit) is as follows for the periods presented (in thousands):

						Year Ended December 31,
						2022						2021						2020
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interests and income taxes						$	35,241					$	80,470					$	220,252
Increase (decrease) in valuation allowance (1)						30,237						19,383						85,881
Tax at statutory rate on earnings not subject to federal income taxes						( 75,729 )						( 117,931 )						( 300,196 )
Foreign permanent depreciation						2,033						1,449						1,504
Other differences						15,465						25,342						2,527
Totals						$	7,247					$	8,713					$	9,968

(1) Excluding purchase price accounting.

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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,
						2022						2021						2020
Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets and the treatment of interests and certain costs						$	( 39,212 )					$	( 32,616 )					$	( 24,085 )
Operating loss and interest deduction carryforwards						254,852						247,015						196,634
Expense accruals and other						94,999						53,367						72,459
Valuation allowances						( 294,558 )						( 264,321 )						( 244,938 )
Net deferred tax assets (liabilities)						$	16,081					$	3,445					$	70

On the basis of the evaluations performed as required by the codification, valuation allowances totaling $ 294,558,000 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,
						2022						2021						2020
Beginning balance						$	264,321					$	244,938					$	159,057
Expense (benefit)						30,237						19,383						85,881
Ending balance						$	294,558					$	264,321					$	244,938

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, 2018, 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, 2019 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, 2018. We are also subject to audit by the Canada Revenue Agency and provincial authorities generally for periods subsequent to May 2018 related to entities acquired or formed in connection with acquisitions, and by the U.K.’s HM Revenue & Customs for periods subsequent to August 2016 related to entities acquired or formed in connection with acquisitions.

At December 31, 2022, we had a net operating loss (“NOL”) carryforward related to the REIT of $ 335,293,000 . 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.

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We have entered into joint ventures and have certain subsidiaries that are wholly owned by consolidated joint ventures which 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 entities and the rights to receive residual returns or the obligation to absorb losses arising from the entities. Except for capital contributions associated with the initial entity formations, the entities have been and are expected to be funded from the ongoing operations of the underlying properties. Accordingly, such entities have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs in the aggregate (in thousands):

						December 31, 2022						December 31, 2021
Assets:
Net real estate investments						$	1,499,078					$	445,776
Cash and cash equivalents						15,582						9,964
Receivables and other assets						9,949						7,617
Total assets (1)						$	1,524,609					$	463,357
Liabilities and equity:
Secured debt						$	155,992					$	163,519
Lease liabilities						1,329						1,324
Accrued expenses and other liabilities						28,417						12,394
Total equity						1,338,871						286,120
Total liabilities and equity						$	1,524,609					$	463,357

(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.

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Welltower Inc.
Schedule III
Real Estate and Accumulated Depreciation
December 31, 2022
(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						$	—					$	2,030					$	12,084					$	—					$	2,030					$	12,084					$	1,996					2015						2017						Banbury Road
Adrian, MI						—						1,171						4,785						294						1,171						5,079						316						2022						2015						2625 N Adrian Hwy
Albertville, AL						—						170						6,203						2,609						176						8,806						2,852						2010						1999						151 Woodham Dr.
Alexandria, VA						—						8,294						50,537						—						8,294						50,537						6,549						2016						2018						5550 Cardinal Place
Alexandria, VA						—						12,168						21,210						569						12,225						21,722						4,836						2021						1972						5100 Fillmore Avenue
Allegan, MI						—						858						6,252						31						858						6,283						127						2022						2008						620 Ely St
Altrincham, UK						—						4,244						25,187						252						4,145						25,538						8,343						2012						2009						295 Hale Road
Amarillo, TX						—						719						11,591						396						756						11,950						1,416						2021						1985						4707 Bell Street
Amherst, NY						—						1,218						11,417						—						1,218						11,417						2,051						2019						2013						1880 Sweet Home Road
Amherstview, ON						—						473						4,446						542						497						4,964						1,429						2015						1974						4567 Bath Road
Anderson, SC						—						710						6,290						2,329						767						8,562						5,010						2003						1986						311 Simpson Rd.
Anjou, QC						14,681						14,451						60,572						11,078						14,451						71,650						3,064						2022						2005						6923 Bd des Galeries d'Anjou
Ankeny, IA						—						1,129						10,270						382						1,164						10,617						2,136						2016						2012						1275 SW State Street
Ankeny, IA						—						2,518						13,350						1,267						2,518						14,617						562						2022						2018						1225 SW 28th St
Apple Valley, CA						—						480						16,639						5,877						486						22,510						7,029						2010						1999						11825 Apple Valley Rd.
Arlington, TX						—						1,660						37,395						6,839						1,660						44,234						15,158						2012						2000						1250 West Pioneer Parkway
Arlington, TX						—						894						13,003						177						908						13,166						1,308						2021						1996						2315 Little Road
Arlington, VA						—						8,385						31,198						17,011						8,393						48,201						20,787						2017						1992						900 N Taylor Street
Arlington, VA						—						—						—						6,468						77						6,391						1,475						2018						1992						900 N Taylor Street
Arnprior, ON						—						788						6,283						736						813						6,994						2,252						2013						1991						15 Arthur Street
Atlanta, GA						—						2,058						14,914						6,104						2,080						20,996						13,910						1997						1999						1460 S Johnson Ferry Rd.
Atlanta, GA						—						2,100						20,603						3,055						2,206						23,552						6,927						2014						2000						1000 Lenox Park Blvd NE
Auburn, NY						9,790						1,176						14,371						722						1,176						15,093						533						2022						2014						138 Standart Ave
Austin, TX						—						880						9,520						4,875						885						14,390						7,583						1999						1998						12429 Scofield Farms Dr.
Austin, TX						—						1,560						21,413						1,373						1,574						22,772						5,610						2014						2013						11330 Farrah Lane
Austin, TX						—						4,200						74,850						2,614						4,200						77,464						16,916						2015						2014						4310 Bee Caves Road
Austin, TX						—						4,832						20,631						930						4,832						21,561						2,626						2021						1989						11279 Taylor Draper Ln
Bagshot, UK						—						4,960						29,881						4,020						4,855						34,006						12,111						2012						2009						14 - 16 London Road
Bakersfield, CA						—						—						—						21,864						2,822						19,042						776						2021						2015						4301 Buena Vista Rd
Bakersfield, CA						—						1,127						15,126						389						1,133						15,509						1,537						2021						1988						3201 Columbus
Ballston Spa, NY						—						5,540						17,901						235						5,540						18,136						1,374						2020						2019						2000 Carlton Hollow Way
Banstead, UK						—						6,695						55,113						6,471						6,528						61,751						21,397						2012						2005						Croydon Lane
Bartlesville, OK						—						2,339						12,001						67						2,339						12,068						1,585						2021						2000						2633 Mission Drive SE
Basingstoke, UK						—						3,420						18,853						47						3,348						18,972						4,735						2014						2012						Grove Road
Basking Ridge, NJ						—						2,356						37,710						2,751						2,395						40,422						12,235						2013						2002						404 King George Road
Bassett, UK						—						4,874						32,304						6,135						4,771						38,542						15,185						2013						2006						111 Burgess Road
Bath, UK						—						2,549						11,615						—						2,549						11,615						1,921						2015						2017						Clarks Way, Rush Hill

(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:
Baton Rouge, LA						12,930						790						29,436						1,890						939						31,177						9,532						2013						2009						9351 Siegen Lane
Baton Rouge, LA						—						1,605						6,717						440						1,607						7,155						737						2021						1989						8680 Jefferson Highway
Bay City, MI						—						1,225						6,424						481						1,225						6,905						369						2022						2013						3932 Monitor Rd
Beaconsfield, UK						—						5,448						50,926						—						5,448						50,926						15,296						2013						2009						30-34 Station Road
Beaconsfield, QC						—						1,149						17,484						330						1,235						17,728						5,948						2013						2008						505 Elm Avenue
Beaver, PA						8,480						1,189						13,240						—						1,189						13,240						51						2020						2022						1195 Western Ave
Beavercreek, OH						—						1,007						11,239						—						1,007						11,239						1,178						2019						2020						2475 Lillian Lane
Beckenham, UK						—						1,156						27,194						24,530						19,585						33,295						1,243						2019						2021						2 Roman Way
Bedford, NH						18,678						3,565						29,929						1,660						3,565						31,589						947						2022						2017						43 Technology Dr
Bee Cave, TX						—						1,820						21,084						1,004						1,838						22,070						4,532						2016						2014						14058 A Bee Cave Parkway
Bellevue, WA						—						2,800						19,004						3,537						2,816						22,525						8,083						2013						1998						15928 NE 8th Street
Bellevue, WA						—						6,307						9,632						199						6,310						9,828						971						2021						1990						13350 SE 26th Street
Bellevue, WA						—						20,170						43,498						—						20,170						43,498						5,397						2021						1986						919 109th Avenue North East
Bellevue, WA						—						—						—						26,161						26,161						—						—						2021						1900						919 109th Avenue North East
Bellingham, WA						—						1,500						19,861						3,869						1,507						23,723						8,112						2010						1996						4415 Columbine Dr.
Bellingham, WA						—						1,290						16,292						1,728						1,290						18,020						2,438						2020						1999						848 W Orchard Dr
Belmont, CA						—						—						35,300						2,691						188						37,803						12,206						2013						2002						1010 Alameda de Las Pulgas
Berea, OH						8,797						1,658						12,791						—						1,658						12,791						213						2020						2022						45 Sheldon Road
Bethel Park, PA						—						1,658						12,973						—						1,658						12,973						1,814						2019						2019						631 McMurray Road
Bethel Park, PA						—						3,476						12,787						97						3,477						12,883						1,434						2021						1998						2960 Bethel Church Road
Bethesda, MD						—						—						45,309						2,280						3						47,586						14,386						2013						2009						8300 Burdett Road
Bethesda, MD						—						—						—						69,820						3,520						66,300						6,673						2016						2018						4925 Battery Lane
Bethesda, MD						—						—						—						1,148						—						1,148						900						2013						2009						8300 Burdett Road
Bethesda, MD						—						—						—						1,507						—						1,507						575						2013						2009						8300 Burdett Road
Birmingham, UK						—						—						—						14,580						1,449						13,131						2,250						2015						2016						47 Bristol Road South
Birmingham, UK						—						—						—						17,793						65						17,728						4,491						2013						2006						5 Church Road, Edgbaston
Blainville, QC						—						2,077						8,902						1,086						2,205						9,860						3,335						2013						2008						50 des Chateaux Boulevard
Bloomfield Hills, MI						—						2,000						35,662						1,821						2,204						37,279						11,325						2013						2009						6790 Telegraph Road
Boca Raton, FL						32,270						6,565						111,247						33,797						6,991						144,618						36,987						2018						1994						6343 Via De Sonrise Del Sur
Boise, ID						—						1,391						16,067						6,117						2,224						21,351						4,337						2019						1999						10250 W Smoke Ranch Drive
Boise, ID						—						1,625						10,468						104						1,626						10,571						1,108						2021						1984						7250 Poplar Street
Borehamwood, UK						—						—						—						47,600						5,254						42,346						13,539						2012						2003						Edgwarebury Lane
Bothell, WA						—						1,350						13,439						7,370						1,350						20,809						6,567						2015						1988						10605 NE 185th Street
Boulder, CO						—						2,994						27,458						3,205						3,171						30,486						10,897						2013						2003						3955 28th Street
Bournemouth, UK						—						—						—						49,814						5,411						44,403						13,776						2013						2008						42 Belle Vue Road
Bradenton, FL						—						480						9,953						286						480						10,239						2,797						2012						2000						2800 60th Avenue West
Bradenton, FL						—						4,664						11,202						219						4,685						11,400						1,425						2021						1987						1055 301 Blvd E
Braintree, MA						—						—						41,290						2,108						205						43,193						13,334						2013						2007						618 Granite Street
Brampton, ON						41,696						10,196						59,989						1,704						10,281						61,608						16,258						2015						2009						100 Ken Whillans Drive
Brandon, MS						—						1,220						10,241						3,746						1,220						13,987						4,034						2010						1999						140 Castlewoods Blvd
Brea, CA						—						6,302						80,468						1,871						6,302						82,339						1,801						2022						2013						460 South La Floresta Drive
Bremerton, WA						—						2,417						22,627						2,623						2,417						25,250						3,385						2020						1999						966 Oyster Bay Ct

(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:
Bremerton, WA						—						2,145						7,288						997						2,145						8,285						1,587						2021						1985						2707 Clare Ave
Brentwood, CA						—						4,602						32,594						2,589						4,602						35,183						1,461						2022						2007						150 Cortona Way
Brentwood, UK						—						8,537						45,869						100						8,357						46,149						7,866						2016						2013						London Road
Brick, NJ						—						1,170						17,372						2,275						1,308						19,509						6,628						2010						1998						515 Jack Martin Blvd
Brick, NJ						—						690						17,125						6,438						812						23,441						6,716						2010						1999						1594 Route 88
Bridgewater, NJ						—						1,730						48,201						3,827						1,774						51,984						16,149						2010						1999						2005 Route 22 West
Broadview Heights, OH						15,149						1,567						20,541						2,023						1,567						22,564						428						2022						2016						9500 Broadview Rd
Brockport, NY						—						1,500						23,496						3,757						1,642						27,111						7,103						2015						1999						90 West Avenue
Brockville, ON						3,762						484						7,445						785						502						8,212						2,086						2015						1996						1026 Bridlewood Drive
Brookfield, WI						—						1,300						12,830						926						1,300						13,756						3,318						2012						2013						1105 Davidson Road
Broomfield, CO						—						4,140						44,547						15,828						10,140						54,375						25,392						2013						2009						400 Summit Blvd
Broomfield, CO						—						—						—						29,081						2,566						26,515						2,103						2016						2018						12600 Lowell Boulevard
Brossard, QC						8,564						5,499						31,854						1,943						5,479						33,817						10,250						2015						1989						2455 Boulevard Rome
Brunswick, OH						—						1,460						17,974						863						1,460						18,837						562						2022						2018						3430 Brunswick Lake Pkwy
Buckingham, UK						—						—						—						17,347						2,917						14,430						3,524						2014						1883						Church Street
Buffalo, NY						7,015						1,117						11,022						579						1,117						11,601						429						2022						2011						100 Weiss Ave.
Buffalo Grove, IL						—						2,850						49,129						4,964						2,850						54,093						17,106						2012						2003						500 McHenry Road
Burbank, CA						—						4,940						43,466						6,244						4,940						49,710						16,131						2012						2002						455 E. Angeleno Avenue
Burbank, CA						17,646						3,610						50,817						4,823						3,610						55,640						11,465						2016						1985						2721 Willow Street
Burke, VA						—						—						—						52,813						2,616						50,197						5,136						2016						2018						9617 Burke Lake Road
Burleson, TX						—						3,150						10,437						779						3,150						11,216						2,636						2012						2014						621 Old Highway 1187
Burlingame, CA						—						—						62,786						246						—						63,032						11,976						2016						2015						1818 Trousdale Avenue
Burlington, ON						15,473						1,309						19,311						1,629						1,351						20,898						6,422						2013						1990						500 Appleby Line
Burlington, MA						—						2,443						34,354						1,872						2,578						36,091						11,615						2013						2005						24 Mall Road
Burlington, WA						—						877						16,014						—						877						16,014						2,892						2019						1999						410 S Norris St
Burlington, WA						—						768						8,737						—						768						8,737						1,696						2019						1996						112 / 210 North Skagit Street
Bushey, UK						—						12,017						34,915						—						12,017						34,915						4,699						2015						2018						Elton House, Elton Way
Calgary, AB						14,423						2,252						37,415						2,207						2,329						39,545						12,517						2013						2003						20 Promenade Way SE
Calgary, AB						10,285						2,793						41,179						2,121						2,878						43,215						13,489						2013						1998						80 Edenwold Drive NW
Calgary, AB						8,244						3,122						38,971						2,529						3,253						41,369						12,750						2013						1998						150 Scotia Landing NW
Calgary, AB						18,339						3,431						28,983						2,548						3,525						31,437						9,199						2013						1989						9229 16th Street SW
Calgary, AB						21,193						2,385						36,776						3,598						2,447						40,312						8,837						2015						2006						2220-162nd Avenue SW
Camberley, UK						—						9,444						37,558						—						9,444						37,558						5,768						2016						2017						Pembroke Broadway
Camberley, UK						—						2,654						5,736						13,504						4,605						17,289						3,086						2014						2016						Fernhill Road
Camberley, UK						—						—						—						3,284						652						2,632						436						2014						2017						Fernhill Road
Camillus, NY						—						1,249						7,360						5,435						2,116						11,928						2,221						2019						2016						3877 Milton Avenue
Canton, MI						—						968						8,523						336						968						8,859						352						2022						2017						445 N Lotz Rd
Cape Coral, FL						—						760						18,868						562						760						19,430						5,366						2012						2009						831 Santa Barbara Boulevard
Cardiff, UK						—						3,191						12,566						2,225						3,116						14,866						5,248						2013						2007						127 Cyncoed Road
Cardiff by the Sea, CA						—						5,880						64,711						6,683						5,880						71,394						25,006						2011						2009						3535 Manchester Avenue
Carmel, IN						—						2,766						53,419						580						2,787						53,978						3,264						2021						2017						689 Pro-Med Ln
Carmichael, CA						23,240						739						7,698						37,314						2,440						43,311						5,599						2019						2014						4717 Engle 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:
Caro, MI						—						614						4,366						271						614						4,637						281						2022						2009						1430 Cleaver Rd
Carol Stream, IL						—						1,730						55,048						7,637						1,730						62,685						19,491						2012						2001						545 Belmont Lane
Carrollton, TX						—						4,280						31,444						1,791						4,280						33,235						7,975						2013						2010						2105 North Josey Lane
Carrollton, GA						—						2,537						9,159						671						2,537						9,830						1,639						2021						1996						150 Cottage Lane
Carson City, NV						—						1,601						23,542						411						1,602						23,952						1,960						2021						1986						2120 E Long
Cary, NC						—						740						45,240						1,334						742						46,572						13,174						2013						2009						1206 West Chatham Street
Cary, NC						—						6,112						70,008						11,374						6,227						81,267						18,472						2018						1999						300 Kildaire Woods Drive
Cedar Falls, IA						—						1,259						9,930						196						1,285						10,100						1,108						2021						1997						2603 Orchard Drive
Cedar Hill, TX						—						1,971						24,590						40						1,971						24,630						1,589						2020						2020						1240 East Pleasant Run
Cedar Park, TX						—						1,750						15,664						1,223						1,750						16,887						3,161						2016						2015						800 C-Bar Ranch Trail
Cerritos, CA						—						—						27,494						7,682						—						35,176						10,995						2016						2002						11000 New Falcon Way
Charleston, IL						—						552						810						42						552						852						240						2021						2001						300 Lincoln Highway Road
Charleston, SC						—						2,912						19,817						70						2,913						19,886						1,582						2021						2005						1451 Tobias Gadson Blvd.
Charlotte, NC						—						5,279						19,325						115						5,288						19,431						2,199						2021						1987						5512 Carmel Road
Charlottesville, VA						—						4,651						91,468						24,249						5,022						115,346						25,213						2018						1991						2610 Barracks Road
Chatham, ON						—						1,098						12,462						3,344						1,199						15,705						4,117						2015						1965						25 Keil Drive North
Chattanooga, TN						—						3,373						15,791						119						3,373						15,910						1,958						2021						1998						7511 Shallowford Road
Chelmsford, MA						—						1,040						10,951						6,449						1,131						17,309						6,611						2003						1997						4 Technology Dr.
Chelmsford, MA						—						2,364						33,143						1,779						2,364						34,922						2,666						2021						1995						20 Summer Street
Chertsey, UK						—						9,566						25,886						41						9,058						26,435						4,128						2015						2018						Bittams Lane
Chesapeake, VA						—						2,214						22,566						806						2,237						23,349						2,461						2021						2004						933 Cedar Road
Chesterfield, MO						—						1,857						48,366						2,304						1,917						50,610						14,852						2013						2001						1880 Clarkson Road
Chesterton, IN						—						2,980						37,614						1,337						2,980						38,951						3,877						2020						2019						700 Dickinson Rd
Chico, CA						—						1,780						14,754						269						1,942						14,861						2,242						2021						1984						2801 Cohasset
Chorleywood, UK						—						5,636						43,191						2,056						5,500						45,383						16,117						2013						2007						High View, Rickmansworth Road
Chula Vista, CA						—						4,217						31,866						6						4,217						31,872						3,860						2021						2018						1290 Santa Rosa Dr
Chula Vista, CA						—						—						—						25,694						2,186						23,508						7,411						2013						2003						3302 Bonita Road
Church Crookham, UK						—						2,591						14,215						328						2,536						14,598						4,175						2014						2014						2 Bourley Road
Cincinnati, OH						—						1,779						11,386						—						1,779						11,386						1,465						2019						2019						732 Clough Pike Road
Cincinnati, OH						—						1,606						3,994						340						1,606						4,334						1,414						2021						1998						4650 East Galbraith Road
Cincinnati, OH						—						3,345						52,867						195						3,346						53,061						5,282						2021						1986						8135 Beechmont Ave
Citrus Heights, CA						—						2,300						31,876						3,466						2,300						35,342						12,971						2010						1997						7418 Stock Ranch Rd.
Clackamas, OR						—						1,240						3,920						535						1,240						4,455						714						2021						1999						14370 SE Oregon Trail Dr
Claremont, CA						—						2,430						9,928						2,521						2,553						12,326						4,444						2013						2001						2053 North Towne Avenue
Clay, NY						—						1,414						11,477						—						1,414						11,477						2,096						2019						2014						8547 Morgan Road
Clearwater, FL						—						1,727						4,903						122						1,730						5,022						601						2021						1985						1100 Ponce de Leon Blvd.
Cleburne, TX						—						520						5,369						860						520						6,229						2,323						2006						2007						402 S Colonial Drive
Cohasset, MA						—						2,485						26,147						2,460						2,566						28,526						9,424						2013						1998						125 King Street (Rt 3A)
Colleyville, TX						—						1,050						17,082						89						1,050						17,171						2,782						2016						2013						8100 Precinct Line Road
Collierville, TN						—						—						—						42,204						2,306						39,898						1,129						2019						2020						691 S. Byhalia Rd.
Colorado Springs, CO						—						800						14,756						2,160						1,034						16,682						5,648						2013						2001						2105 University Park Boulevard
Colorado Springs, CO						—						1,142						15,510						267						1,164						15,755						1,678						2021						1985						5820 Flintridge Drive
Colts Neck, NJ						—						780						14,733						3,759						1,463						17,809						6,164						2010						2002						3 Meridian Circle

(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:
Columbus, IN						—						1,593						12,186						246						1,594						12,431						1,467						2021						2000						3660 Central Avenue
Columbus, OH						—						916						7,112						265						916						7,377						221						2022						2017						2920 Snouffer Rd
Columbus, OH						12,636						1,547						17,126						1,180						1,547						18,306						341						2022						2015						2870 Snouffer Road
Columbus, IN						—						610						3,190						364						610						3,554						1,175						2010						1998						2564 Foxpointe Dr.
Concord, NH						13,829						2,825						21,636						1,326						2,825						22,962						767						2022						2017						23 Triangle Park Dr
Conroe, TX						—						980						7,771						1,499						980						9,270						2,948						2009						2010						903 Longmire Road
Coos Bay, OR						—						864						7,971						969						864						8,940						1,449						2020						1996						192 Norman Ave.
Coos Bay, OR						—						1,792						9,852						1,149						1,792						11,001						2,025						2020						2006						1855 Ocean Blvd SE
Coppell, TX						—						1,550						8,386						721						1,550						9,107						2,437						2012						2013						1530 East Sandy Lake Road
Coquitlam, BC						7,184						3,047						24,567						2,375						3,157						26,832						9,226						2013						1990						1142 Dufferin Street
Crystal Lake, IL						—						875						12,461						2,321						971						14,686						5,324						2013						2001						751 E Terra Cotta Avenue
Crystal Lake, IL						—						7,643						39,687						1,601						7,679						41,252						4,060						2021						1988						965 N. Brighton Circle W
Cuyahoga Falls, OH						—						592						2,804						523						592						3,327						283						2022						2012						1691 Queens Gate Cir
Dallas, TX						—						6,330						114,794						3,959						6,330						118,753						27,021						2015						2013						3535 N Hall Street
Dana Point, CA						—						5,508						54,890						—						5,508						54,890						5,102						2021						1994						25411 Sea Bluffs Drive
Danville, IN						—						2,236						28,757						6,996						2,246						35,743						1,265						2021						2021						200 S Arbor Ln
Dardenne Prairie, MO						—						1,309						11,507						328						1,309						11,835						879						2021						2010						1030 Barathaven Blvd.
Decatur, GA						—						1,098						15,302						173						1,098						15,475						1,784						2021						1987						341 Winn Way
Decatur, GA						—						—						—						31,425						1,951						29,474						9,780						2013						1998						920 Clairemont Avenue
Delaware, OH						—						1,919						26,250						352						1,919						26,602						798						2022						2020						90 Burr Oak Drive
Denton, TX						—						1,760						8,305						749						1,760						9,054						2,888						2010						2011						2125 Brinker Rd
Denton, TX						—						—						—						6,254						2,034						4,220						41						2021						1900						2907 W University Dr
Denver, CO						—						1,450						19,389						6,471						1,450						25,860						7,502						2012						1997						4901 South Monaco Street
Denver, CO						—						2,910						35,838						9,257						2,910						45,095						14,831						2012						2007						8101 E Mississippi Avenue
Denver, CO						—						1,533						9,221						109,858						5,402						115,210						18,542						2019						2014						1500 Little Raven St
Denver, CO						—						1,989						21,556						1,245						1,989						22,801						2,491						2020						2017						2979 Uinta Street
Des Moines, IA						—						1,196						9,629						393						1,196						10,022						1,063						2021						1990						4610 Douglas Avenue
Dix Hills, NY						—						3,808						39,014						2,942						4,092						41,672						13,259						2013						2003						337 Deer Park Road
Dollard-Des-Ormeaux, QC						—						1,957						14,431						334						2,059						14,663						5,545						2013						2008						4377 St. Jean Blvd
Dresher, PA						8,380						1,900						10,664						1,307						1,914						11,957						4,887						2013						2006						1650 Susquehanna Road
Dublin, OH						—						1,169						25,345						373						1,169						25,718						5,226						2016						2015						4175 Stoneridge Lane
Dublin, OH						—						3,688						23,035						1,093						3,688						24,128						1,225						2022						2017						4050 Hawthorne Ln
Durham, NC						—						3,212						23,350						302						3,221						23,643						2,037						2021						1998						205 Emerald Pond Lane
East Amherst, NY						—						1,665						11,696						—						1,665						11,696						2,254						2019						2015						8040 Roll Road
East Lansing, MI						—						3,919						19,373						173						3,919						19,546						2,304						2021						2000						5968 Park Lake Road
East Meadow, NY						—						69						45,991						2,427						127						48,360						15,186						2013						2002						1555 Glen Curtiss Boulevard
East Setauket, NY						—						4,920						37,354						2,537						4,986						39,825						12,561						2013						2002						1 Sunrise Drive
Eastbourne, UK						—						4,145						33,744						512						4,046						34,355						11,008						2013						2008						6 Upper Kings Drive
Edgbaston, UK						—						2,720						13,969						204						2,663						14,230						2,429						2014						2015						Speedwell Road
Edgewater, NJ						—						4,561						25,047						3,446						4,609						28,445						8,845						2013						2000						351 River Road
Edison, NJ						—						1,892						32,314						4,041						2,008						36,239						13,296						2013						1996						1801 Oak Tree Road
Edmond, OK						—						410						8,388						319						410						8,707						2,473						2012						2001						15401 North Pennsylvania 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:
Edmonds, WA						—						1,650						24,449						10,193						1,650						34,642						8,882						2015						1976						21500 72nd Avenue West
Edmonds, WA						—						2,891						26,413						2,428						2,891						28,841						3,466						2020						2000						180 2nd Ave S
Edmonton, AB						6,506						1,589						29,819						2,556						1,681						32,283						10,351						2013						1999						103 Rabbit Hill Court NW
Edmonton, AB						8,594						2,063						37,293						3,486						2,128						40,714						14,349						2013						1968						10015 103rd Avenue NW
Effingham, IL						—						606						3,699						268						616						3,957						556						2021						1997						1101 North Maple Street
Effingham, IL						—						105						460						—						105						460						166						2021						1996						505 West Temple Avenue
El Dorado Hills, CA						—						—						—						56,633						5,190						51,443						4,921						2017						2019						2020 Town Center West Way
Elkhorn, NE						11,872						1,846						21,426						1,075						1,846						22,501						696						2022						2014						3535 Piney Creek Dr
Encino, CA						—						5,040						46,255						7,397						5,040						53,652						17,079						2012						2003						15451 Ventura Boulevard
Englishtown, NJ						—						690						12,520						2,882						882						15,210						5,523						2010						1997						49 Lasatta Ave
Epsom, UK						—						20,159						34,803						123						19,734						35,351						6,169						2016						2014						450-458 Reigate Road
Erie, PA						—						1,502						9,216						—						1,502						9,216						1,909						2019						2013						4400 East Lake Road
Esher, UK						—						5,783						48,361						3,329						5,640						51,833						16,712						2013						2006						42 Copsem Lane
Evans, GA						—						3,211						20,503						89						3,218						20,585						2,519						2021						1999						100 Washington Commons Dr
Evansville, IN						—						1,038						11,983						493						1,038						12,476						1,567						2021						1991						5050 Lincoln Avenue
Everett, WA						—						638						8,708						1,066						638						9,774						1,363						2020						1998						524 75th St SE
Everett, WA						—						1,912						16,647						415						1,913						17,061						1,774						2021						1989						3915 Colby Avenue N
Fairfield, NJ						—						3,120						43,868						3,005						3,286						46,707						14,438						2013						1998						47 Greenbrook Road
Fairfield, IL						—						561						3,995						317						561						4,312						506						2021						1997						315 Market Street
Fairfield, CA						—						1,460						14,040						10,678						1,460						24,718						9,926						2002						1998						3350 Cherry Hills St.
Fairfield, OH						—						1,465						12,957						—						1,465						12,957						1,801						2019						2018						520 Patterson Boulevard
Fareham, UK						—						3,408						17,970						36						3,333						18,081						4,701						2014						2012						Redlands Lane
Florence, AL						—						353						13,049						3,740						385						16,757						5,404						2010						1999						3275 County Road 47
Flossmoor, IL						—						1,292						9,496						2,998						1,362						12,424						4,780						2013						2000						19715 Governors Highway
Flower Mound, TX						—						1,800						8,414						1,047						1,800						9,461						2,627						2011						2012						4141 Long Prairie Road
Folsom, CA						—						1,490						32,754						285						1,490						33,039						7,817						2015						2014						1574 Creekside Drive
Folsom, CA						—						2,306						10,948						232						2,306						11,180						1,391						2021						2010						1801 E. Natoma St.
Fort Wayne, IN						—						3,637						42,242						769						3,637						43,011						3,549						2020						2018						3715 Union Chapel Rd
Fort Worth, TX						—						2,080						27,888						10,112						2,080						38,000						12,780						2012						2001						2151 Green Oaks Road
Fort Worth, TX						—						4,179						40,328						18,261						7,150						55,618						8,766						2019						2017						3401 Amador Drive
Fort Worth, TX						—						2,538						18,909						49						2,538						18,958						1,794						2020						2020						3401 Amador Drive
Fort Worth, TX						—						—						—						25,972						2,781						23,191						1,964						2021						2015						8600 N Riverside Dr
Franklin, TN						—						5,733						15,437						2,351						5,734						17,787						1,789						2021						1999						314 Cool Springs Blvd.
Fremont, CA						—						3,400						25,300						7,027						3,456						32,271						14,022						2005						1987						2860 Country Dr.
Fresno, CA						22,570						896						10,591						25,463						2,459						34,491						4,868						2019						2014						5605 North Gates Avenue
Frome, UK						—						2,720						14,813						380						2,663						15,250						3,794						2014						2012						Welshmill Lane
Fullerton, CA						—						1,964						19,989						2,030						1,998						21,985						6,893						2013						2008						2226 North Euclid Street
Fullerton, CA						—						1,801						6,195						857						1,801						7,052						722						2021						1987						1510 East Commonwealth Avenue
Fullerton, CA						—						6,739						54,075						2,190						6,739						56,265						1,781						2022						2021						433 W Bastanchury Rd
Gahanna, OH						—						772						11,214						2,282						847						13,421						4,575						2013						1998						775 East Johnstown Road
Gainesville, GA						—						1,908						27,036						434						1,909						27,469						2,570						2021						2000						940 South Enota Drive
Gainesville, FL						—						—						—						31,636						2,374						29,262						2,767						2016						2018						3605 NW 83rd Street
Garden Grove, CA						—						2,107						4,549						1,171						2,107						5,720						879						2021						1999						11848 Valley View 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:
Gardnerville, NV						—						1,143						10,831						4,493						1,164						15,303						10,096						1998						1999						1565-A Virginia Ranch Rd.
Gig Harbor, WA						—						1,560						15,947						5,100						1,583						21,024						6,851						2010						1994						3213 45th St. Court NW
Gilbert, AZ						14,200						2,160						28,246						2,704						2,208						30,902						11,854						2013						2008						580 S. Gilbert Road
Glen Cove, NY						—						4,594						35,236						2,767						4,718						37,879						13,612						2013						1998						39 Forest Avenue
Glendale, AZ						—						3,114						24,668						52						3,115						24,719						1,276						2021						2018						8847 W. Glendale Ave
Glenview, IL						—						2,090						69,288						6,267						2,090						75,555						24,429						2012						2001						2200 Golf Road
Golden Valley, MN						3,600						1,520						33,513						1,703						1,634						35,102						10,803						2013						2005						4950 Olson Memorial Highway
Granbury, TX						—						2,040						30,670						873						2,040						31,543						9,825						2011						2009						100 Watermark Boulevard
Grand Forks, ND						—						1,050						13,147						28						1,050						13,175						1,212						2021						2014						3783 S 16th St #112
Grand Prairie, TX						—						1,880						23,827						45						1,884						23,868						1,023						2021						2021						3013 Doryn Drive
Grand Rapids, MI						—						2,179						15,745						256						2,365						15,815						1,554						2021						2003						3121 Lake Michigan Dr NW
Grandville, MI						—						1,533						7,219						371						1,533						7,590						362						2022						2018						3939 44th St SW
Grants Pass, OR						—						561						8,874						177						561						9,051						749						2021						1985						1001 NE A Street
Grapevine, TX						—						2,220						17,648						637						2,220						18,285						3,396						2013						2014						4545 Merlot Drive
Greeley, CO						—						1,077						18,051						499						1,077						18,550						3,006						2017						2009						5300 West 29th Street
Greenville, SC						—						893						22,795						702						894						23,496						2,116						2021						1989						1180 Haywood Road
Gresham, OR						—						1,966						6,566						139						1,966						6,705						558						2021						1985						2895 SE Powell Valley Rd.
Grimsby, ON						—						636						5,617						785						661						6,377						1,724						2015						1991						84 Main Street East
Grosse Pointe Woods, MI						—						950						13,662						1,006						950						14,668						4,495						2013						2006						1850 Vernier Road
Grosse Pointe Woods, MI						—						1,430						31,777						1,355						1,452						33,110						10,020						2013						2005						21260 Mack Avenue
Grove City, OH						—						3,509						82,988						—						3,509						82,988						11,470						2018						2017						3717 Orders Road
Grove City, OH						—						1,099						5,246						495						1,105						5,735						816						2021						1990						2320 Sonora Drive
Guildford, UK						—						—						—						61,801						5,243						56,558						17,015						2013						2006						Astolat Way, Peasmarsh
Gurnee, IL						—						890						27,931						2,805						945						30,681						9,490						2013						2002						500 North Hunt Club Road
Haddonfield, NJ						—						520						16,363						852						527						17,208						3,932						2011						2015						132 Warwick Road
Hamburg, NY						—						984						10,928						—						984						10,928						2,013						2019						2009						4600 Southwestern Blvd
Hamilton, OH						—						1,128						10,940						1,116						1,184						12,000						1,879						2019						2019						1740 Eden Park Drive
Hampshire, UK						—						—						—						30,676						4,084						26,592						8,359						2013						2006						22-26 Church Road
Happy Valley, OR						—						721						10,410						—						721						10,410						1,746						2019						1998						8915 S.E. Monterey
Harahan, LA						—						2,628						38,864						78						2,628						38,942						1,215						2021						2020						7904 Jefferson Hwy
Harrisburg, IL						—						858						4,940						210						858						5,150						735						2021						2005						165 Ron Morse Drive
Hattiesburg, MS						—						450						13,469						185						450						13,654						4,228						2010						2009						217 Methodist Hospital Blvd
Haverford, PA						—						1,880						33,993						3,519						1,907						37,485						11,602						2010						2000						731 Old Buck Lane
Helena, MT						—						1,850						19,045						93						1,851						19,137						2,692						2021						1998						2801 Colonial Drive
Hemet, CA						—						1,877						9,488						320						1,878						9,807						1,027						2021						1988						800 W Oakland Ave
Henderson, NV						—						1,190						11,600						1,393						1,298						12,885						5,277						2013						2008						1555 West Horizon Ridge Parkway
Hermitage, PA						—						1,084						15,449						50						1,084						15,499						1,600						2021						2001						260 S. Buhl Farm Dr.
Hickory, NC						—						1,600						28,419						122						1,600						28,541						2,690						2021						2002						915 29th Avenue NE
High Point, NC						—						1,355						21,735						596						1,356						22,330						2,394						2021						2002						1573 Skeet Club Rd.
High Wycombe, UK						—						3,378						13,343						—						3,378						13,343						2,156						2015						2017						The Row Lane End
Highland Park, IL						—						2,820						15,832						1,435						2,820						17,267						4,703						2011						2012						1651 Richfield Avenue
Highland Park, IL						—						2,250						25,313						1,991						2,271						27,283						9,345						2013						2005						1601 Green Bay Road
Hindhead, UK						—						17,852						48,645						46						17,475						49,068						8,341						2016						2012						Portsmouth 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:
Hingham, MA						—						1,440						32,292						615						1,444						32,903						7,922						2015						2012						1 Sgt. William B Terry Drive
Holbrook, NY						—						3,957						35,337						2,994						4,317						37,971						11,991						2013						2001						320 Patchogue Holbrook Road
Honolulu, HI						—						22,918						56,046						802						22,930						56,836						7,569						2021						1998						428 Kawaihae St
Hoover, AL						—						2,165						18,043						121						2,166						18,163						1,957						2021						2004						3517 Lorna Road
Horley, UK						—						2,332						12,144						550						2,283						12,743						3,744						2014						2014						Court Lodge Road
Houston, TX						—						960						16,071						—						960						16,071						10,261						2011						1995						10225 Cypresswood Dr
Houston, TX						—						3,830						55,674						10,350						3,830						66,024						22,748						2012						1998						2929 West Holcombe Boulevard
Houston, TX						—						—						—						41,899						1,040						40,859						12,062						2012						1999						505 Bering Drive
Houston, TX						—						—						—						19,671						1,750						17,921						3,578						2016						2014						10120 Louetta Road
Howell, NJ						—						1,066						21,577						2,085						1,154						23,574						7,614						2010						2007						100 Meridian Place
Hudson, OH						—						1,586						11,314						167						1,586						11,481						257						2022						2019						125 Omni Lake Pkwy
Hudson, OH						—						1,754						34,395						448						1,754						34,843						700						2022						2019						150 Omni Lake Pkwy
Huntington Beach, CA						—						3,808						31,172						3,163						3,931						34,212						11,961						2013						2004						7401 Yorktown Avenue
Hutchinson, KS						—						600						10,590						5,501						600						16,091						5,555						2004						1997						2416 Brentwood
Independence, MO						—						1,572						14,454						—						1,572						14,454						2,032						2019						2019						19301 East Eastland Ctr Ct
Independence, MO						—						3,215						24,471						478						3,250						24,914						2,373						2021						1990						2100 Swope Drive
Independence, MO						10,558						2,017						15,796						884						2,017						16,680						547						2022						2014						19301 E 50th Terrace Ct S
Indianola, IA						—						2,211						11,501						533						2,211						12,034						387						2022						2018						610 E Scenic Valley Ave
Iowa City, IA						—						891						6,011						136						891						6,147						632						2021						1991						2423 Walden Road
Jackson, TN						—						1,370						12,490						310						1,387						12,783						1,291						2021						1996						25 Max Lane Drive
Jacksonville, FL						—						750						25,231						268						750						25,499						4,303						2013						2014						5939 Roosevelt Boulevard
Jacksonville, FL						—						—						26,381						2,086						1,691						26,776						4,505						2013						2014						4000 San Pablo Parkway
Jacksonville, FL						—						1,205						11,991						23,039						6,550						29,685						4,028						2019						2019						10520 Validus Drive
Jeannette, PA						—						1,642						22,377						919						1,642						23,296						717						2022						2018						4000 Village Dr
Johns Creek, GA						—						1,580						23,285						1,651						1,588						24,928						7,884						2013						2009						11405 Medlock Bridge Road
Johnson City, NY						—						1,440						11,675						1,184						1,481						12,818						2,379						2019						2013						1035 Anna Maria Drive
Kalamazoo, MI						—						7,511						45,942						48						6,291						47,210						5,344						2021						1989						1700 Bronson Way
Kalamazoo, MI						—						—						—						1,274						1,274						—						—						2021						1900						1700 Bronson Way
Kanata, ON						—						1,689						28,670						816						1,676						29,499						9,527						2012						2005						70 Stonehaven Drive
Kansas City, MO						11,239						1,938						11,694						854						1,938						12,548						456						2022						2016						111 NW 94 St
Kelowna, BC						4,118						2,688						13,647						1,753						2,786						15,302						5,420						2013						1999						863 Leon Avenue
Kelowna, BC						—						6,302						46,346						4,616						6,302						50,962						2,622						2022						2021						1360 K.L.O Road
Kelowna, BC						—						5,443						42,606						3,801						5,443						46,407						2,803						2022						2000						580 Yates Road
Kelowna, BC						—						6,171						51,949						4,494						6,171						56,443						2,662						2022						2005						1075 Barnes Ave
Kelowna, BC						—						3,718						44,690						3,508						3,718						48,198						2,719						2022						2012						1277 Gordon Drive
Kelowna, BC						—						3,069						11,524						622						3,069						12,146						864						2022						1988						3200 Lakeshore Road
Kennebunk, ME						—						2,700						30,204						6,670						3,525						36,049						16,753						2013						2006						One Huntington Common Drive
Kenner, LA						—						1,100						10,036						5,354						1,100						15,390						11,447						1998						2000						1600 Joe Yenni Blvd
Kenner, LA						—						809						12,344						575						810						12,918						962						2021						1988						1101 Sunset Boulevard
Kennett Square, PA						—						1,050						22,946						1,308						1,152						24,152						7,496						2010						2008						301 Victoria Gardens Dr.
Kingsport, TN						—						2,123						33,130						61						2,123						33,191						1,121						2021						2019						915 Holston Hills Dr.
Kingston, ON						10,554						1,030						11,416						1,707						1,368						12,785						3,066						2015						1983						181 Ontario Street
Kingston upon Thames, UK						—						32,366						46,899						—						32,366						46,899						7,935						2016						2014						Coombe Lane West

(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:
Kingwood, TX						—						480						9,777						1,681						480						11,458						3,901						2011						1999						22955 Eastex Freeway
Kingwood, TX						—						1,683						24,207						2,513						1,683						26,720						5,931						2017						2012						24025 Kingwood Place
Kirkland, WA						—						1,880						4,315						2,287						1,880						6,602						2,562						2003						1996						6505 Lakeview Dr.
Kitchener, ON						8,502						1,341						13,939						4,800						1,411						18,669						4,858						2016						2003						1250 Weber Street E
Klamath Falls, OR						—						1,335						10,174						2,102						1,335						12,276						2,553						2020						2000						615 Washburn Way
La Palma, CA						—						2,950						16,591						1,337						2,996						17,882						5,866						2013						2003						5321 La Palma Avenue
La Vista, NE						9,220						1,199						14,840						830						1,199						15,670						540						2022						2012						7544 Gertrude St
Lackawanna, NY						—						1,029						5,959						—						1,029						5,959						1,250						2019						2002						133 Orchard Place
Lafayette Hill, PA						—						1,750						11,848						2,566						1,867						14,297						5,793						2013						1998						429 Ridge Pike
Laguna Hills, CA						—						12,820						75,926						20,937						12,820						96,863						27,962						2016						1988						24903 Moulton Parkway
Laguna Woods, CA						—						11,280						76,485						14,186						11,280						90,671						24,362						2016						1987						24441 Calle Sonora
Laguna Woods, CA						—						9,150						57,842						13,345						9,150						71,187						19,566						2016						1986						24962 Calle Aragon
Lake Havasu City, AZ						—						364						1,599						527						364						2,126						489						2020						2009						320 Lake Havasu Ave. N,
Lake Zurich, IL						—						1,470						9,830						3,857						1,470						13,687						5,679						2011						2007						550 America Court
Lakeland, FL						—						2,416						19,791						165						2,416						19,956						2,165						2021						1999						1325 Grasslands Boulevard
Lakeview, MI						—						733						2,212						126						733						2,338						191						2022						2013						9494 Paden Rd
Lakewood, NY						10,040						1,031						17,410						776						1,031						18,186						565						2022						2016						2123 Southwestern Dr
Lakewood Ranch, FL						—						650						6,714						2,051						650						8,765						2,373						2011						2012						8230 Nature's Way
Lakewood Ranch, FL						—						1,000						22,388						493						1,000						22,881						6,231						2012						2005						8220 Natures Way
Lancaster, CA						—						700						15,295						5,028						712						20,311						6,995						2010						1999						43051 15th St. West
Lancaster, OH						—						289						2,077						620						289						2,697						267						2021						1996						800 Becks Knob Road
Lancaster, OH						—						1,029						7,699						236						1,029						7,935						1,101						2021						1981						2750 West Fair Avenue
Lancaster, PA						—						1,680						14,039						131						1,680						14,170						2,374						2015						2017						31 Millersville Road
Lancaster, NY						—						1,283						12,202						—						1,283						12,202						2,393						2019						2011						18 Pavement Road
Las Vegas, NV						—						5,908						36,955						4,577						5,908						41,532						7,940						2020						1999						1600 S Valley View Road
Las Vegas, NV						—						1,274						13,748						803						1,298						14,527						1,789						2020						2001						3300 Winterhaven Street
Las Vegas, NV						—						2,412						22,045						2,615						2,412						24,660						3,491						2020						1997						3210 S Sandhill Road
Laval, QC						19,011						2,105						32,161						4,586						2,129						36,723						7,379						2018						2005						269, boulevard Ste. Rose
Laval, QC						3,513						2,383						5,968						1,431						2,402						7,380						1,425						2018						1989						263, boulevard Ste. Rose
Lawrence, KS						—						250						8,716						195						250						8,911						2,399						2012						1996						3220 Peterson Road
Lawrenceville, GA						—						1,500						29,003						979						1,562						29,920						9,369						2013						2008						1375 Webb Gin House Road
Lawrenceville, GA						—						3,513						24,173						2,504						3,514						26,676						1,896						2021						2007						2899 Five Forks Trickum Road
Leatherhead, UK						—						4,430						17,865						—						4,430						17,865						2,793						2015						2017						Rectory Lane
Leawood, KS						—						2,490						32,493						10,824						5,610						40,197						12,945						2012						1999						4400 West 115th Street
Lenexa, KS						9,700						826						26,251						1,837						927						27,987						9,460						2013						2006						15055 West 87th Street Parkway
Lexington, SC						—						1,843						15,301						300						1,870						15,574						1,365						2021						2001						203 Old Chapin Rd.
Lincoln, NE						—						884						10,637						99						895						10,725						1,088						2021						1990						1111 S 70th
Lincoln, NE						—						390						13,807						602						390						14,409						4,660						2010						2000						7208 Van Dorn St.
Lincroft, NJ						—						9						19,958						2,131						148						21,950						7,195						2013						2002						734 Newman Springs Road
Linwood, NJ						—						800						21,984						2,521						873						24,432						7,921						2010						1997						432 Central Ave
Litchfield, CT						—						1,240						17,908						12,418						1,362						30,204						8,222						2010						1998						19 Constitution Way
Lititz, PA						—						1,200						13,836						116						1,200						13,952						2,339						2015						2016						80 West Millport Road
Little Neck, NY						—						3,350						38,461						5,987						3,358						44,440						13,338						2010						2000						5515 Little Neck Pkwy.

(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:
Livingston, NJ						—						8,000						44,424						2,210						8,103						46,531						8,297						2015						2017						369 E Mt Pleasant Avenue
Lombard, IL						17,010						2,130						59,943						2,205						2,218						62,060						19,109						2013						2009						2210 Fountain Square Dr
London, UK						—						19,777						39,598						—						19,777						39,598						820						2019						2022						Wood Street
London, UK						—						—						—						13,885						3,055						10,830						2,865						2014						2012						71 Hatch Lane
London, UK						—						23,387						41,794						—						23,387						41,794						1,178						2019						2022						Ashley Ln, London
London, ON						9,601						1,969						16,985						2,243						2,018						19,179						4,954						2015						1953						1486 Richmond Street North
London, ON						—						1,445						13,631						1,537						1,599						15,014						3,839						2015						1950						81 Grand Avenue
London, UK						—						—						—						24,022						7,282						16,740						3,186						2015						2016						6 Victoria Drive
London, UK						—						—						—						68,565						21,955						46,610						3,774						2017						2020						39-41 East Hill, Wandsworth
Londonderry, NH						15,304						2,872						24,521						1,279						2,872						25,800						834						2022						2016						2 Golen Dr
Long Grove, IL						—						—						—						25,923						2,729						23,194						1,413						2021						2017						2300 Illinois Route 53
Longmont, CO						—						1,756						11,825						412						1,903						12,090						1,509						2021						1986						2210 Main Street
Longueuil, QC						7,441						3,992						23,711						3,539						4,157						27,085						7,607						2015						1989						70 Rue Levis
Longview, TX						—						610						5,520						1,233						610						6,753						2,390						2006						2007						311 E Hawkins Pkwy
Lorain, OH						—						1,409						13,052						—						1,409						13,052						1,626						2019						2018						5401 North Pointe Pkwy
Los Angeles, CA						—						—						114,438						10,062						—						124,500						42,068						2011						2009						10475 Wilshire Boulevard
Los Angeles, CA						—						3,540						19,007						4,552						3,540						23,559						8,603						2012						2001						2051 N. Highland Avenue
Los Angeles, CA						—						—						28,050						6,540						91						34,499						8,134						2016						2006						4061 Grand View Boulevard
Louisville, KY						—						2,420						20,816						3,810						2,420						24,626						8,588						2012						1999						4600 Bowling Boulevard
Louisville, KY						13,650						1,600						20,326						1,925						1,607						22,244						7,375						2013						2010						6700 Overlook Drive
Louisville, CO						—						2,266						13,002						21,965						1,939						35,294						5,305						2019						2008						1336 E Hecla Drive
Louisville, CO						—						1,042						8,396						18,982						1,156						27,264						2,801						2019						2019						1800 Plaza Drive
Louisville, CO						—						1,432						6,684						54,218						2,584						59,750						11,898						2019						1999						1855 Plaza Drive
Louisville, CO						—						1,323						7,547						11,733						1,391						19,212						2,534						2019						1999						282 McCaslin Blvd
Louisville, CO						—						1,630						12,001						37,342						2,332						48,641						7,395						2019						2004						1331 E Hecla Drive
Louisville, KY						—						1,588						9,254						460						1,614						9,688						912						2021						2000						620 Valley Coillege Drive
Louisville, KY						—						2,274						10,768						2,440						2,274						13,208						1,032						2021						1998						8021 Christian Court
Ludington, MI						—						747						6,406						104						747						6,510						146						2022						2002						502 N Sherman St
Lynnfield, MA						—						3,165						45,200						2,936						3,786						47,515						15,282						2013						2006						55 Salem Street
Macungie, PA						—						—						—						26,961						2,558						24,403						1,886						2017						2018						6043 Lower Macungie Road
Madison, TN						—						2,093						8,306						208						2,093						8,514						861						2021						1986						200 East Webster
Mahwah, NJ						—						1,605						27,249						1,428						1,632						28,650						5,639						2012						2015						15 Edison Road
Malvern, PA						—						1,651						17,194						3,232						1,804						20,273						7,964						2013						1998						324 Lancaster Avenue
Manassas, VA						—						2,946						16,609						168						2,976						16,747						1,759						2021						1994						9852 Fairmont Avenue
Mansfield, TX						—						660						5,251						850						660						6,101						2,283						2006						2007						2281 Country Club Dr
Mansfield, TX						—						—						—						21,353						2,807						18,546						1,504						2017						2019						2500 N. Walnut Creek
Manteca, CA						—						1,300						12,125						5,706						1,312						17,819						7,831						2005						1986						430 N. Union Rd.
Maple Ridge, BC						8,632						2,875						11,922						2,485						3,139						14,143						2,686						2015						2009						12241 224th Street
Marieville, QC						5,206						1,278						12,113						895						1,333						12,953						3,259						2015						2002						425 rue Claude de Ramezay
Markham, ON						45,522						3,727						48,939						2,869						3,780						51,755						19,006						2013						1981						7700 Bayview Avenue
Marlboro, NJ						—						2,222						14,888						2,532						2,268						17,374						5,694						2013						2002						3A South Main Street
Marlow, UK						—						8,587						38,359						—						8,587						38,359						7,060						2013						2014						210 Little Marlow 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:
Marysville, WA						—						620						4,780						5,069						620						9,849						3,543						2003						1998						9802 48th Dr. N.E.
Massillon, OH						—						1,117						16,687						889						1,117						17,576						553						2022						2016						2550 University Dr SE
Mattoon, IL						—						791						1,905						168						803						2,061						409						2021						1999						2008 South 9th Street
Mattoon, IL						—						505						2,258						275						505						2,533						385						2021						2001						1920 Brookstone Lane
McKinney, TX						—						1,570						7,389						1,211						1,570						8,600						2,785						2009						2010						2701 Alma Rd.
McKinney, TX						—						4,314						23,777						118						4,314						23,895						1,681						2021						2018						220 S Crutcher Crossing
Meadville, PA						—						546						4,826						—						546						4,826						113						2022						1900						637 Pine St
Medicine Hat, AB						8,917						1,432						14,141						340						1,472						14,441						4,462						2015						1999						223 Park Meadows Drive SE
Medina, OH						—						1,309						10,540						2,429						1,735						12,543						2,003						2019						2017						699 North Huntington St
Medina, OH						—						—						—						42,524						2,111						40,413						792						2019						2020						122 Medina Rd
Melbourne, FL						—						7,070						48,257						45,667						7,070						93,924						33,317						2007						2009						7300 Watersong Lane
Melville, NY						—						4,280						73,283						9,420						4,332						82,651						25,492						2010						2001						70 Pinelawn Rd
Memphis, TN						—						1,800						17,744						3,809						1,800						21,553						8,471						2012						1999						6605 Quail Hollow Road
Memphis, TN						—						2,794						3,974						1,844						2,794						5,818						1,370						2021						1981						1645 Massey Road
Memphis, TN						—						1,578						9,933						233						1,578						10,166						1,211						2021						2018						8722 Winchester Rd
Menomonee Falls, WI						—						1,020						6,984						2,694						1,020						9,678						3,613						2006						2007						W128 N6900 Northfield Drive
Mentor, OH						11,225						957						13,206						936						957						14,142						340						2022						2019						9150 Lakeshore Blvd
Merced, CA						—						2,806						13,292						242						2,814						13,526						1,255						2021						1997						3460 R Street
Mesa, AZ						—						950						9,087						5,940						950						15,027						7,394						1999						2000						7231 E. Broadway
Metairie, LA						14,200						725						27,708						2,080						1,448						29,065						8,708						2013						2009						3732 West Esplanade Ave. S
Midland, MI						—						1,084						5,623						332						1,084						5,955						328						2022						2015						4124 Waldo Ave
Mill Creek, WA						—						10,150						60,274						4,994						10,179						65,239						25,494						2010						1998						14905 Bothell-Everett Hwy
Millbrook, NY						—						12,448						12,390						788						12,708						12,918						3,250						2021						1985						79 Flint Road
Millersburg, OH						—						1,293						17,788						716						1,293						18,504						590						2022						2021						4245 Glen Dr
Milton, ON						17,326						4,542						25,321						5,995						4,680						31,178						5,978						2015						2012						611 Farmstead Drive
Milwaukie, OR						—						2,391						20,262						289						2,391						20,551						2,117						2021						1996						4017 SE Vineyard Road
Minnetonka, MN						—						920						29,344						1,594						964						30,894						9,364						2013						2006						18605 Old Excelsior Blvd.
Mission Viejo, CA						12,661						6,600						52,118						9,060						6,600						61,178						14,143						2016						1998						27783 Center Drive
Mississauga, ON						7,208						1,602						17,996						1,132						1,641						19,089						6,066						2013						1984						1130 Bough Beeches Boulevard
Mississauga, ON						23,386						3,649						35,137						2,773						3,818						37,741						11,877						2015						1988						1490 Rathburn Road East
Mississauga, ON						5,266						2,548						15,158						3,369						2,608						18,467						5,112						2015						1989						85 King Street East
Missoula, MT						—						550						7,490						2,098						553						9,585						3,862						2005						1998						3620 American Way
Mobberley, UK						—						5,146						26,665						126						5,037						26,900						9,760						2013						2007						Barclay Park, Hall Lane
Mobile, AL						—						737						10,205						77						737						10,282						1,302						2021						1995						650 University Boulevard South
Molalla, OR						—						1,210						3,903						719						1,210						4,622						928						2020						1998						835 E Main St
Monterey, CA						—						6,440						29,101						3,717						6,443						32,815						10,523						2013						2009						1110 Cass St.
Montgomery, AL						—						524						10,923						47						524						10,970						1,364						2021						1991						5801 EastdaleDrive
Montgomery, MD						—						6,482						83,642						15,287						6,709						98,702						22,714						2018						1992						3701 International Dr
Montgomery Village, MD						—						3,530						18,246						7,952						4,291						25,437						13,035						2013						1993						19310 Club House Road
Montreal-Nord, QC						9,462						4,407						23,719						8,325						4,463						31,988						7,068						2018						1988						6700, boulevard Gouin Est
Moorestown, NJ						—						2,060						51,628						8,586						2,095						60,179						17,302						2010						2000						1205 N. Church St
Moose Jaw, SK						1,249						582						12,973						1,379						595						14,339						4,346						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						15,729						—						1,900						15,729						5,866						2010						2011						5520 N. Lincoln Ave.
Murphy, TX						—						1,950						19,182						831						1,950						20,013						4,066						2015						2012						304 West FM 544
Nacogdoches, TX						—						390						5,754						970						390						6,724						2,499						2006						2007						5902 North St
Naperville, IL						—						1,550						12,237						2,722						1,550						14,959						5,064						2012						2013						1936 Brookdale Road
Naperville, IL						—						1,540						28,204						1,894						1,593						30,045						9,739						2013						2002						535 West Ogden Avenue
Nashville, TN						—						3,900						35,788						5,251						3,900						41,039						15,368						2012						1999						4206 Stammer Place
New Braunfels, TX						—						1,200						19,800						10,568						2,729						28,839						8,054						2011						2009						2294 East Common Street
New Palestine, IN						—						2,259						22,010						211						2,290						22,190						1,944						2021						2017						4400 Terrace Drive
Newberg, OR						—						2,806						15,260						133						2,809						15,390						1,239						2021						2002						3801 Hayes St.
Newbury, UK						—						2,850						12,796						161						2,790						13,017						2,257						2015						2016						370 London Road
Newmarket, UK						—						4,071						11,902						890						3,985						12,878						3,674						2014						2011						Jeddah Way
Newtown Square, PA						—						1,930						14,420						1,961						1,975						16,336						6,289						2013						2004						333 S. Newtown Street Rd.
Norman, OK						—						1,480						33,330						957						1,480						34,287						9,102						2012						1985						800 Canadian Trails Drive
North Canton, OH						—						1,726						24,588						1,926						1,726						26,514						829						2022						2017						850 Applegrove St
North Ridgeville, OH						—						1,780						29,390						88						1,780						29,478						484						2022						2020						33770 Bagley Rd
North Tonawanda, NY						—						1,249						7,360						639						1,263						7,985						1,548						2019						2005						705 Sandra Lane
North Tonawanda, NY						—						1,426						17,572						653						1,426						18,225						605						2022						2009						3959 Forest Park Way
North Tustin, CA						—						2,880						18,059						1,400						3,044						19,295						5,693						2013						2000						12291 Newport Avenue
North Wales, PA						—						1,968						18,356						767						1,971						19,120						2,161						2021						2013						1419 Horsham Rd
Oak Harbor, WA						—						739						7,698						787						739						8,485						1,533						2019						1998						171 SW 6th Ave
Oak Park, IL						—						1,250						40,383						3,944						1,250						44,327						14,849						2012						2004						1035 Madison Street
Oakdale, PA						—						1,917						11,954						931						1,930						12,872						2,438						2019						2017						7420 Steubenville Pike
Oakland, CA						—						3,877						47,508						4,284						4,117						51,552						16,621						2013						1999						11889 Skyline Boulevard
Oakton, VA						—						2,250						37,576						4,241						2,393						41,674						13,186						2013						1997						2863 Hunter Mill Road
Oakville, ON						4,860						1,252						7,382						769						1,331						8,072						2,716						2013						1982						289 and 299 Randall Street
Oakville, ON						7,427						2,134						29,963						2,977						2,203						32,871						10,487						2013						1994						25 Lakeshore Road West
Oakville, ON						3,901						1,271						13,754						1,560						1,311						15,274						4,460						2013						1988						345 Church Street
Ocala, FL						—						1,340						10,564						377						1,340						10,941						3,947						2008						2009						2650 SE 18TH Avenue
Odessa, TX						—						346						3,506						249						384						3,717						326						2021						1954						311 W 4th St
Ogden, UT						—						360						6,700						1,864						360						8,564						3,706						2004						1998						1340 N. Washington Blv.
Oklahoma City, OK						—						590						7,513						195						590						7,708						3,026						2007						2008						13200 S. May Ave
Oklahoma City, OK						—						760						7,017						331						760						7,348						2,776						2007						2009						11320 N. Council Road
Oklahoma City, OK						—						—						—						18,228						1,590						16,638						1,649						2014						2016						2800 SW 131st Street
Oklahoma City, OK						—						5,946						29,540						343						5,962						29,867						34,358						2021						1984						1404 North West 122nd Street
Okotoks, AB						15,670						714						20,943						1,428						752						22,333						5,811						2015						2010						51 Riverside Gate
Olney, IL						—						897						4,805						284						897						5,089						661						2021						1999						1110 North East Street
Olney, IL						—						534						2,234						312						546						2,534						424						2021						1998						1301 North East Street
Omaha, NE						7,977						1,623						12,027						649						1,623						12,676						416						2022						2010						7205 N 73rd Plz Cir
Omaha, NE						—						370						10,230						284						370						10,514						3,477						2010						1998						11909 Miracle Hills Dr.
Omaha, NE						—						380						8,769						436						380						9,205						3,159						2010						1999						5728 South 108th St.
Orange, CA						34,560						8,021						64,689						2,803						8,021						67,492						8,850						2019						2018						630 The City Drive South
Orem, UT						—						1,395						8,775						224						1,395						8,999						1,055						2021						1987						325 W Center
Ormond Beach, FL						—						3,428						16,941						326						3,430						17,265						1,935						2021						1984						101 Clyde Morris Blvd

---

Welltower Inc.
Schedule III
Real Estate and Accumulated Depreciation
December 31, 2022
(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					$	6,015					2014						1998						6565 Central Park Boulevard
Abilene, TX						—						990						8,187						1,089						990						9,276						2,046						2014						1985						1250 East N 10th Street
Agawam, MA						—						880						13,130						—						880						13,130						9,343						2002						1993						1200 Suffield St.
Akron, OH						—						633						3,002						—						633						3,002						376						2018						1999						171 North Cleveland Massillon Road
Alexandria, VA						—						2,452						6,826						—						2,452						6,826						825						2018						1964						1510 Collingwood Road
Alhambra, CA						—						600						6,305						8,867						600						15,172						3,612						2011						1923						1118 N. Stoneman Ave.
Allen Park, MI						—						1,767						5,025						—						1,767						5,025						614						2018						1960						9150 Allen Road
Allentown, PA						—						494						11,845						—						494						11,845						1,413						2018						1995						5151 Hamilton Boulevard
Allentown, PA						—						1,491						4,822						—						1,491						4,822						604						2018						1988						1265 Cedar Crest Boulevard
Alma, MI						—						1,267						6,543						—						1,267						6,543						606						2020						2009						1320 Pine Ave
Amarillo, TX						—						1,273						11,791						—						1,273						11,791						213						2022						2015						1610 Research St
Ames, IA						—						330						8,870						1,799						330						10,669						3,031						2010						1999						1325 Coconino Rd.
Ann Arbor, MI						—						2,172						11,123						—						2,172						11,123						1,432						2018						1997						4701 East Huron River Drive
Annandale, VA						—						1,687						18,974						—						1,687						18,974						2,214						2018						2002						7104 Braddock Road
Arlington, VA						—						4,016						8,801						—						4,016						8,801						1,048						2018						1976						550 South Carlin Springs Road
Asheboro, NC						—						290						5,032						428						290						5,460						2,634						2003						1998						514 Vision Dr.
Asheville, NC						—						204						3,489						—						204						3,489						2,179						1999						1999						4 Walden Ridge Dr.
Asheville, NC						—						280						1,955						796						280						2,751						1,240						2003						1992						308 Overlook Rd.
Atchison, KS						—						140						5,610						24						140						5,634						1,111						2015						2001						1301 N 4th St.
Austin, TX						—						1,691						5,005						—						1,691						5,005						795						2018						2000						11630 Four Iron Drive
Avon, IN						—						1,830						14,470						2,718						1,830						17,188						5,181						2010						2004						182 S Country RD. 550E
Avon, IN						—						900						19,444						—						900						19,444						4,601						2014						2013						10307 E. CR 100 N
Avon, CT						—						2,132						7,624						—						2,132						7,624						1,111						2018						2000						100 Fisher Drive
Azusa, CA						—						570						3,141						7,520						570						10,661						4,478						1998						1953						125 W. Sierra Madre Ave.
Bad Axe, MI						—						1,317						5,972						—						1,317						5,972						620						2020						2010						150 Meadow Lane
Baldwin City, KS						—						190						4,810						58						190						4,868						985						2015						2000						321 Crimson Ave
Baltimore, MD						—						4,306						4,303						—						4,306						4,303						561						2018						1978						6600 Ridge Road
Baltimore, MD						—						3,069						3,148						—						3,069						3,148						436						2018						1996						4669 Falls Road
Barberton, OH						—						1,307						9,310						—						1,307						9,310						1,102						2018						1979						85 Third Street
Bartlesville, OK						—						100						1,380						—						100						1,380						957						1996						1995						5420 S.E. Adams Blvd.
Bay City, MI						—						633						2,619						—						633						2,619						354						2018						1968						800 Mulholland Street
Bedford, PA						—						637						4,432						—						637						4,432						621						2018						1965						136 Donahoe Manor Road
Belmont, CA						—						3,000						23,526						1,765						3,000						25,291						9,273						2011						1971						1301 Ralston Avenue
Belvidere, NJ						—						2,001						26,191						97						2,001						26,288						3,303						2019						2009						1 Brookfield Ct
Benbrook, TX						—						1,550						13,553						2,747						1,550						16,300						4,519						2011						1984						4242 Bryant Irvin Road
Berkeley, CA						11,142						3,050						32,677						5,047						3,050						37,724						9,221						2016						1966						2235 Sacramento Street
Bethel Park, PA						—						1,700						16,007						—						1,700						16,007						5,931						2007						2009						5785 Baptist Road
Bethel Park, PA						—						1,008						6,740						—						1,008						6,740						854						2018						1986						60 Highland Road
Bethesda, MD						—						2,218						6,869						—						2,218						6,869						802						2018						1974						6530 Democracy Boulevard
Bethlehem, PA						—						1,191						16,887						—						1,191						16,887						1,918						2018						1979						2021 Westgate 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:
Bethlehem, PA						—						1,143						13,588						—						1,143						13,588						1,552						2018						1982						2029 Westgate Drive
Beverly, MA						—						5,879						10,378						65						5,879						10,443						391						2021						1874						3 Essex Street
Beverly Hills, CA						—						6,000						13,385						203						6,000						13,588						2,783						2014						2000						220 N Clark Drive
Bexleyheath, UK						—						3,671						10,579						—						3,671						10,579						2,269						2014						1996						35 West Street
Bingham Farms, MI						—						781						15,671						—						781						15,671						1,845						2018						1999						24005 West 13 Mile Road
Birmingham, UK						—						—						—						20,248						1,558						18,690						3,694						2015						2010						Braymoor Road, Tile Cross
Birmingham, UK						—						—						—						11,031						1,159						9,872						1,966						2015						1997						122 Tile Cross Road, Garretts Green
Birmingham, UK						—						—						—						16,152						1,612						14,540						2,916						2015						2010						Clinton Street, Winson Green
Birmingham, UK						—						—						—						10,296						1,431						8,865						1,805						2015						2010						Clinton Street, Winson Green
Bloomington, IN						—						670						17,423						—						670						17,423						3,632						2015						2015						363 S. Fieldstone Boulevard
Boca Raton, FL						—						2,200						4,974						—						2,200						4,974						763						2018						1994						7225 Boca Del Mar Drive
Boca Raton, FL						—						2,826						4,061						—						2,826						4,061						557						2018						1984						375 Northwest 51st Street
Bossier City, LA						—						2,009						31,198						40						2,009						31,238						1,061						2021						2018						2000 Blake Blvd
Boulder, CO						—						3,601						21,364						—						3,601						21,364						2,691						2018						1990						2800 Palo Parkway
Bournemouth, UK						—						2,358						16,347						—						2,358						16,347						1,587						2019						2017						Poole Lane
Boynton Beach, FL						—						2,138						10,201						—						2,138						10,201						1,314						2018						1991						3600 Old Boynton Road
Boynton Beach, FL						—						2,804						14,222						—						2,804						14,222						1,674						2018						1984						3001 South Congress Avenue
Bracknell, UK						—						3,865						10,487						—						3,865						10,487						1,483						2014						2017						Crowthorne Road North
Bradenton, FL						—						252						3,298						—						252						3,298						2,298						1996						1995						6101 Pointe W. Blvd.
Braintree, MA						—						170						7,157						1,290						170						8,447						8,447						1997						1968						1102 Washington St.
Braintree, UK						—						—						13,016						—						—						13,016						2,859						2014						2009						Meadow Park Tortoiseshell Way
Brecksville, OH						—						990						19,353						598						990						19,951						4,479						2014						2011						8757 Brecksville Road
Brick, NJ						—						1,290						25,247						1,428						1,290						26,675						8,182						2011						2000						458 Jack Martin Blvd.
Bridgewater, NJ						—						1,800						31,810						1,758						1,800						33,568						10,292						2011						2001						680 US-202/206 North
Bristol, UK						—						—						—						20,221						3,873						16,348						3,055						2015						2017						339 Badminton Road
Bristol, UK						—						—						—						13,926						2,066						11,860						1,363						2017						2019						Avon Valley Care Home, Tenniscourt Road
Brooks, AB						—						376						4,951						130						384						5,073						1,143						2014						2000						951 Cassils Road West
Bucyrus, OH						—						1,119						2,611						—						1,119						2,611						378						2018						1976						1170 West Mansfield Street
Burleson, TX						—						670						13,985						2,457						670						16,442						4,835						2011						1988						300 Huguley Boulevard
Burlington, NC						—						280						4,297						849						280						5,146						2,516						2003						2000						3619 S. Mebane St.
Burlington, NC						—						460						5,467						110						460						5,577						2,788						2003						1997						3615 S. Mebane St.
Burnaby, BC						—						7,623						13,844						497						7,796						14,168						3,227						2014						2006						7195 Canada Way
Calgary, AB						—						2,341						42,768						1,090						2,394						43,805						9,550						2014						1971						1729-90th Avenue SW
Calgary, AB						—						4,569						70,199						1,706						4,672						71,802						15,537						2014						2001						500 Midpark Way SE
Camp Hill, PA						—						517						3,596						—						517						3,596						438						2018						1970						1700 Market Street
Canonsburg, PA						—						911						4,828						—						911						4,828						642						2018						1986						113 West McMurray Road
Canton, OH						—						300						2,098						—						300						2,098						1,313						1998						1998						1119 Perry Dr., N.W.
Canton, MI						—						1,399						16,966						—						1,399						16,966						1,991						2018						2005						7025 Lilley Road
Cape Coral, FL						—						530						3,281						—						530						3,281						1,785						2002						2000						911 Santa Barbara Blvd.
Carlisle, PA						—						978						8,204						—						978						8,204						1,025						2018						1987						940 Walnut Bottom Road
Carmel, IN						—						1,700						19,491						1						1,700						19,492						4,171						2015						2015						12315 Pennsylvania Street
Carmel, IN						—						2,222						31,004						666						2,222						31,670						1,614						2021						2018						13390 N. Illinois St
Carrollton, TX						—						2,010						19,549						—						2,010						19,549						3,315						2014						2016						2645 East Trinity Mills Road
Cary, NC						—						1,500						4,350						1,928						1,500						6,278						3,213						1998						1996						111 MacArthur
Castleton, IN						—						920						15,137						—						920						15,137						3,719						2014						2013						8405 Clearvista Lake

(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:
Cedar Rapids, IA						—						596						9,354						16						614						9,352						1,078						2018						1965						1940 1st Avenue Northeast
Centerville, OH						—						920						3,958						—						920						3,958						706						2018						1997						1001 E. Alex Bell Road
Chagrin Falls, OH						—						832						10,837						—						832						10,837						1,332						2018						1999						8100 East Washington Street
Chambersburg, PA						—						1,373						8,862						—						1,373						8,862						1,145						2018						1976						1070 Stouffer Avenue
Chapel Hill, NC						—						354						2,646						1,617						354						4,263						1,827						2002						1997						100 Lanark Rd.
Charlottesville, VA						—						2,542						40,746						52						2,542						40,798						1,283						2021						2019						250 Nichols Ct.
Chatham, VA						—						320						14,039						219						320						14,258						3,341						2014						2009						100 Rorer Street
Chattanooga, TN						—						2,085						11,837						917						2,085						12,754						2,222						2021						1999						1148 Mountain Creek Road
Cherry Hill, NJ						—						1,416						9,871						—						1,416						9,871						1,263						2018						1997						2700 Chapel Avenue West
Chester, VA						—						1,320						18,127						499						1,320						18,626						4,266						2014						2009						12001 Iron Bridge Road
Chevy Chase, MD						—						4,515						8,685						—						4,515						8,685						1,046						2018						1964						8700 Jones Mill Road
Chickasha, OK						—						85						1,395						—						85						1,395						961						1996						1996						801 Country Club Rd.
Chillicothe, OH						—						1,145						8,994						—						1,145						8,994						1,076						2018						1977						1058 Columbus Street
Cincinnati, OH						—						912						14,010						—						912						14,010						1,702						2018						2000						6870 Clough Pike
Citrus Heights, CA						—						5,207						31,715						—						5,207						31,715						3,625						2018						1988						7807 Upland Way
Claremore, OK						—						155						1,427						6,130						155						7,557						2,343						1996						1996						1605 N. Hwy. 88
Clarksville, TN						—						330						2,292						—						330						2,292						1,430						1998						1998						2183 Memorial Dr.
Clayton, NC						—						520						15,733						94						520						15,827						3,506						2014						2013						84 Johnson Estate Road
Cleburne, TX						—						1,113						10,560						—						1,113						10,560						192						2022						2015						902 Walter P. Holliday Drive
Clevedon, UK						—						2,778						16,570						—						2,778						16,570						3,638						2014						1994						18/19 Elton Road
Clifton, NJ						—						3,881						34,941						18						3,881						34,959						2,052						2021						2021						782 Valley Road
Cloquet, MN						—						340						4,660						120						340						4,780						1,509						2011						2006						705 Horizon Circle
Cobham, UK						—						9,601						24,464						—						9,601						24,464						6,021						2013						2013						Redhill Road
Colorado Springs, CO						—						4,280						62,168						—						4,280						62,168						11,722						2015						2008						1605 Elm Creek View
Colorado Springs, CO						—						1,730						25,493						693						1,730						26,186						5,126						2016						2016						2818 Grand Vista Circle
Columbia, TN						—						341						2,295						—						341						2,295						1,430						1999						1999						5011 Trotwood Ave.
Columbia, SC						—						1,699						2,319						—						1,699						2,319						310						2018						1968						2601 Forest Drive
Columbia Heights, MN						—						825						14,175						163						825						14,338						4,255						2011						2009						3807 Hart Boulevard
Concord, NC						—						550						3,921						683						550						4,604						2,137						2003						1997						2452 Rock Hill Church Rd.
Congleton, UK						—						1,993						5,012						—						1,993						5,012						1,077						2014						1994						Rood Hill
Conroe, TX						—						1,440						6,136						—						1,440						6,136						113						2022						2013						608 Conroe Medical Dr
Corby, UK						—						1,228						5,144						39						1,096						5,315						818						2017						1997						25 Rockingham Road
Costa Mesa, CA						—						2,050						19,969						1,003						2,050						20,972						7,730						2011						1965						350 West Bay St
Coventry, UK						—						—						—						15,458						1,920						13,538						2,799						2015						2014						1 Glendale Way
Crawfordsville, IN						—						720						17,239						1,426						720						18,665						4,446						2014						2013						517 Concord Road
Cypress, TX						—						2,145						14,552						—						2,145						14,552						259						2022						2015						17935 Longenbaugh Rd
Dallastown, PA						—						1,377						16,797						—						1,377						16,797						2,043						2018						1979						100 West Queen Street
Danville, VA						—						410						3,954						1,073						410						5,027						2,401						2003						1998						149 Executive Ct.
Danville, VA						—						240						8,436						1,325						240						9,761						2,025						2014						1996						508 Rison Street
Daphne, AL						—						2,880						8,670						384						2,880						9,054						2,662						2012						2001						27440 County Road 13
Davenport, IA						—						566						2,017						—						566						2,017						252						2018						1966						815 East Locust Street
Davenport, IA						—						910						20,038						—						910						20,038						2,370						2018						2008						3800 Commerce Blvd.
Dayton, OH						—						1,188						5,412						—						1,188						5,412						702						2018						1977						1974 North Fairfield Road
Dearborn Heights, MI						—						1,197						3,394						—						1,197						3,394						484						2018						1964						26001 Ford Road
Decatur, GA						—						1,413						13,796						—						1,413						13,796						1,561						2018						1977						2722 North Decatur 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:
Delray Beach, FL						—						1,158						13,572						—						1,158						13,572						1,661						2018						1998						16150 Jog Road
Delray Beach, FL						—						2,125						11,840						—						2,125						11,840						1,490						2018						1998						16200 Jog Road
Denver, CO						—						3,222						24,804						—						3,222						24,804						2,819						2018						1988						290 South Monaco Parkway
Derby, UK						—						—						—						10,319						2,234						8,085						1,483						2014						2015						Rykneld Road
Dowagiac, MI						—						825						1,778						—						825						1,778						277						2020						2006						29601 Amerihost Dr
Droitwich, UK						—						—						—						14,479						3,443						11,036						667						2018						2020						Former Spring Meadows PH, Mulberry Tree Hill
Dublin, OH						—						1,393						2,911						—						1,393						2,911						431						2018						2014						4075 W. Dublin-Granville Road
Dubuque, IA						—						568						8,902						—						568						8,902						1,028						2018						1971						901 West Third Street
Dunedin, FL						—						1,883						13,325						—						1,883						13,325						1,548						2018						1983						870 Patricia Avenue
Durham, NC						—						1,476						10,659						3,220						1,476						13,879						12,764						1997						1999						4434 Ben Franklin Blvd.
Eagan, MN						15,252						2,260						31,643						300						2,260						31,943						5,887						2015						2004						3810 Alder Avenue
East Brunswick, NJ						—						1,380						34,229						1,235						1,380						35,464						10,583						2011						1998						606 Cranbury Rd.
Eastbourne, UK						—						3,985						23,923						—						3,985						23,923						5,185						2014						1999						Carew Road
Easton, PA						—						1,109						7,500						—						1,109						7,500						1,187						2018						2015						4100 Freemansburg Avenue
Easton, PA						—						1,430						13,396						—						1,430						13,396						1,637						2018						1981						2600 Northampton Street
Easton, PA						—						1,620						10,049						—						1,620						10,049						1,450						2018						2000						4100 Freemansburg Avenue
Eden, NC						—						390						4,877						186						390						5,063						2,508						2003						1998						314 W. Kings Hwy.
Edmond, OK						—						1,810						14,849						3,431						1,810						18,280						3,948						2014						1985						1225 Lakeshore Drive
Edmond, OK						—						1,650						25,167						1,700						1,650						26,867						4,268						2014						2017						2709 East Danforth Road
Elizabeth City, NC						—						200						2,760						2,841						200						5,601						2,712						1998						1999						400 Hastings Lane
Elk Grove Village, IL						—						1,344						7,073						—						1,344						7,073						904						2018						1995						1940 Nerge Road Elk
Elk Grove Village, IL						—						3,733						18,745						—						3,733						18,745						2,120						2018						1988						1920 Nerge Road
Encinitas, CA						—						1,460						7,721						2,054						1,460						9,775						5,580						2000						1988						335 Saxony Rd.
Escondido, CA						—						1,520						24,024						1,140						1,520						25,164						8,999						2011						1987						1500 Borden Rd
Everett, WA						—						1,400						5,476						—						1,400						5,476						3,341						1999						1999						2015 Lake Heights Dr.
Exton, PA						—						3,600						27,267						342						3,600						27,609						3,915						2017						2018						501 Thomas Jones Way
Fairfax, VA						—						1,827						17,304						—						1,827						17,304						2,133						2018						1997						12469 Lee Jackson Mem Highway
Fairfax, VA						—						4,099						17,614						—						4,099						17,614						2,125						2018						1990						12475 Lee Jackson Memorial Highway
Fairhope, AL						—						570						9,119						112						570						9,231						2,672						2012						1987						50 Spring Run Road
Fall River, MA						—						620						5,829						4,856						620						10,685						6,471						1996						1973						1748 Highland Ave.
Fanwood, NJ						—						2,850						55,175						2,021						2,850						57,196						16,687						2011						1982						295 South Ave.
Faribault, MN						—						780						11,539						300						780						11,839						2,186						2015						2003						828 1st Street NE
Farmington, CT						—						1,693						10,455						—						1,693						10,455						1,315						2018						1997						45 South Road
Farnborough, UK						—						1,993						5,616						—						1,993						5,616						1,173						2014						1980						Bruntile Close, Reading Road
Fayetteville, PA						—						2,150						20,244						—						2,150						20,244						5,611						2015						1991						6375 Chambersburg Road
Fayetteville, NY						—						410						3,962						500						410						4,462						2,400						2001						1997						5125 Highbridge St.
Findlay, OH						—						200						1,800						—						200						1,800						1,190						1997						1997						725 Fox Run Rd.
Fishers, IN						—						1,500						14,500						2,399						1,500						16,899						5,177						2010						2000						9745 Olympia Dr.
Fishers, IN						—						2,314						33,731						409						2,314						34,140						1,759						2021						2018						12950 Tablick St
Fishersville, VA						—						788						2,101						3						788						2,104						1,382						2018						1998						83 Crossroad Lane
Flint, MI						—						1,271						18,050						—						1,271						18,050						2,068						2018						1969						3011 North Center Road
Florence, NJ						—						300						2,978						—						300						2,978						1,616						2002						1999						901 Broad St.
Floyd, VA						—						680						3,618						4						680						3,622						1,112						2018						1979						237 Franklin Pike Rd SE
Forest City, NC						—						320						4,497						226						320						4,723						2,324						2003						1999						493 Piney Ridge Rd.
Fort Collins, CO						—						3,680						58,608						—						3,680						58,608						11,015						2015						2007						4750 Pleasant Oak 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:
Fort Wayne, IN						—						1,770						19,930						1,771						1,770						21,701						6,865						2010						2008						611 W County Line Rd South
Fort Worth, TX						—						450						13,615						5,086						450						18,701						6,618						2010						2011						425 Alabama Ave.
Fort Worth, TX						—						1,565						15,982						—						1,565						15,982						283						2022						2015						3141 Dalhart Dr
Fountain Valley, CA						—						5,259						9,375						—						5,259						9,375						1,128						2018						1988						11680 Warner Avenue
Fredericksburg, VA						—						1,000						20,000						2,161						1,000						22,161						9,536						2005						1999						3500 Meekins Dr.
Fredericksburg, VA						—						1,130						23,202						591						1,130						23,793						5,341						2014						2010						140 Brimley Drive
Ft. Myers, FL						—						1,110						10,559						—						1,110						10,559						1,306						2018						1999						15950 McGregor Boulevard
Ft. Myers, FL						—						2,139						18,235						—						2,139						18,235						2,205						2018						1990						1600 Matthew Drive
Ft. Myers, FL						—						2,502						9,741						—						2,502						9,741						1,425						2018						2000						13881 Eagle Ridge Drive
Gahanna, OH						—						2,432						34,645						661						2,432						35,306						1,501						2021						2017						5435 Morse Road
Gainesville, FL						—						972						8,809						125						972						8,934						658						2021						2000						1415 Fort Clarke Blvd
Galesburg, IL						—						1,708						3,839						—						1,708						3,839						470						2018						1964						280 East Losey Street
Gardner, KS						—						200						2,800						98						200						2,898						611						2015						2000						869 Juniper Terrace
Gastonia, NC						—						470						6,129						77						470						6,206						3,116						2003						1998						1680 S. New Hope Rd.
Gastonia, NC						—						310						3,096						113						310						3,209						1,640						2003						1994						1717 Union Rd.
Gastonia, NC						—						400						5,029						807						400						5,836						2,627						2003						1996						1750 Robinwood Rd.
Geneva, IL						—						1,502						16,193						—						1,502						16,193						1,951						2018						2000						2388 Bricher Road
Georgetown, TX						—						200						2,100						—						200						2,100						1,378						1997						1997						2600 University Dr., E.
Gig Harbor, WA						—						3,000						4,461						—						3,000						4,461						660						2018						1990						3309 45th Street Court Northwest
Glen Ellyn, IL						—						1,496						6,634						—						1,496						6,634						889						2018						2001						2S706 Park Boulevard
Granbury, TX						—						2,550						2,940						777						2,550						3,717						1,295						2012						1996						916 East Highway 377
Granger, IN						—						1,670						21,280						2,645						1,670						23,925						7,478						2010						2009						6330 North Fir Rd
Greensboro, NC						—						330						2,970						662						330						3,632						1,832						2003						1996						5809 Old Oak Ridge Rd.
Greensboro, NC						—						560						5,507						2,377						560						7,884						3,375						2003						1997						4400 Lawndale Dr.
Greenville, MI						—						1,490						4,341						—						1,490						4,341						531						2020						2016						1515 Meijer Dr
Greenville, SC						—						310						4,750						521						310						5,271						2,363						2004						1997						23 Southpointe Dr.
Greenville, SC						—						1,751						8,771						—						1,751						8,771						1,085						2018						1966						600 Sulphur Springs Road
Greenville, SC						—						947						1,445						—						947						1,445						300						2018						1976						601 Sulphur Springs Road
Greenville, NC						—						290						4,393						353						290						4,746						2,313						2003						1998						2715 Dickinson Ave.
Greenwood, IN						—						1,550						22,770						406						1,550						23,176						7,316						2010						2007						2339 South SR 135
Grosse Pointe, MI						—						867						2,385						—						867						2,385						309						2018						1964						21401 Mack Avenue
Hamilton, NJ						—						440						4,469						—						440						4,469						2,421						2001						1998						1645 Whitehorse-Mercerville Rd.
Hanford, UK						—						1,353						9,622						—						1,353						9,622						2,392						2013						2012						Bankhouse Road
Harrisburg, PA						—						569						12,822						—						569						12,822						1,537						2018						2000						2625 Ailanthus Lane
Harrow, UK						—						7,246						8,092						—						7,246						8,092						1,807						2014						2001						177 Preston Hill
Hastings, MI						—						1,603						6,519						—						1,603						6,519						665						2020						2002						1821 N. East St
Hatboro, PA						—						—						28,112						1,771						—						29,883						9,293						2011						1996						3485 Davisville Road
Hatboro, PA						—						1,192						7,608						—						1,192						7,608						1,244						2018						2000						779 West County Line Road
Hatfield, UK						—						2,862						7,368						—						2,862						7,368						1,846						2013						2012						St Albans Road East
Haverhill, MA						—						5,519						19,554						64						5,519						19,618						734						2021						2018						10 Residences Way
Hemet, CA						—						6,224						8,410						—						6,224						8,410						1,048						2018						1989						1717 West Stetson Avenue
Hermitage, TN						—						1,500						9,943						540						1,500						10,483						3,020						2011						2006						4131 Andrew Jackson Parkway
Herne Bay, UK						—						1,900						24,353						123						1,860						24,516						6,455						2013						2011						165 Reculver Road
Hiawatha, KS						—						40						4,210						31						40						4,241						869						2015						1996						400 Kansas Ave
Hickory, NC						—						290						987						392						290						1,379						742						2003						1994						2530 16th St. N.E.

(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:
High Point, NC						—						560						4,443						1,406						560						5,849						2,694						2003						2000						1568 Skeet Club Rd.
High Point, NC						—						370						2,185						999						370						3,184						1,382						2003						1999						1564 Skeet Club Rd.
High Point, NC						—						330						3,395						142						330						3,537						1,769						2003						1994						201 Hartley Dr.
High Point, NC						—						430						4,143						1,007						430						5,150						2,131						2003						1998						1560 Skeet Club Rd.
Highlands Ranch, CO						—						940						3,721						4,983						940						8,704						3,153						2002						1999						9160 S. University Blvd.
Hillsboro, OH						—						1,792						6,339						—						1,792						6,339						1,072						2018						1983						1141 Northview Drive
Hinckley, UK						—						2,113						4,106						—						2,113						4,106						1,126						2013						2013						Tudor Road
Hinsdale, IL						—						4,033						24,280						—						4,033						24,280						2,764						2018						1971						600 W Ogden Avenue
Holton, KS						—						40						7,460						13						40						7,473						1,427						2015						1996						410 Juniper Dr
Homewood, IL						—						2,395						7,649						—						2,395						7,649						891						2018						1989						940 Maple Avenue
Howard, WI						—						579						32,122						5,943						684						37,960						5,774						2017						2016						2790 Elm Tree Hill
Huntingdon Valley, PA						—						1,150						3,728						—						1,150						3,728						647						2018						1993						3430 Huntingdon Pike
Huntsville, AL						—						1,382						14,286						90						1,382						14,376						960						2021						2001						4801 Whitesport Cir SW
Independence, VA						—						1,082						6,767						7						1,082						6,774						2,007						2018						1998						400 S Independence Ave
Indianapolis, IN						—						870						14,688						—						870						14,688						3,624						2014						2014						1635 N Arlington Avenue
Jackson, NJ						—						6,500						26,405						7,910						6,500						34,315						7,606						2012						2001						2 Kathleen Drive
Jacksonville, FL						—						2,932						14,269						129						2,932						14,398						1,021						2021						1999						3455 San Pablo Rd S
Jefferson Hills, PA						—						2,265						13,614						—						2,265						13,614						2,385						2018						1997						380 Wray Large Road
Jersey Shore, PA						—						600						8,104						—						600						8,104						909						2018						1973						1008 Thompson Street
Kansas City, KS						—						700						20,115						—						700						20,115						4,028						2015						2015						8900 Parallel Parkway
Katy, TX						—						1,778						22,622						—						1,778						22,622						3,689						2017						2015						24802 Kingsland Boulevard
Kensington, MD						—						1,753						18,621						—						1,753						18,621						2,162						2018						2002						4301 Knowles Avenue
Kenwood, OH						—						821						11,040						—						821						11,040						1,324						2018						2000						4580 East Galbraith Road
Kettering, OH						—						1,229						4,701						—						1,229						4,701						642						2018						1977						3313 Wilmington Pike
King of Prussia, PA						—						720						14,776						—						720						14,776						1,838						2018						1995						620 West Valley Forge Road
King of Prussia, PA						—						1,205						4,725						—						1,205						4,725						695						2018						1990						600 West Valley Forge Road
Kingsford, MI						—						1,362						10,594						—						1,362						10,594						1,324						2018						1968						1225 Woodward Avenue
Kirkstall, UK						—						2,385						9,216						—						2,385						9,216						2,298						2013						2009						29 Broad Lane
Knoxville, TN						—						2,207						12,849						1,020						2,207						13,869						2,432						2021						2001						8501 S. Northshore Drive
Kokomo, IN						—						710						16,044						—						710						16,044						3,950						2014						2014						2200 S. Dixon Rd
Lacey, WA						—						2,582						18,175						—						2,582						18,175						2,140						2018						2012						4524 Intelco Loop SE
Lafayette, CO						—						1,420						20,192						—						1,420						20,192						4,286						2015						2015						329 Exempla Circle
Lafayette, IN						—						670						16,833						1						670						16,834						3,864						2015						2014						2402 South Street
Lakeway, TX						—						5,142						23,203						—						5,142						23,203						6,164						2007						2011						2000 Medical Dr
Lakewood, CO						—						2,160						28,091						62						2,160						28,153						6,514						2014						2010						7395 West Eastman Place
Lancaster, PA						—						1,011						7,502						—						1,011						7,502						915						2018						1966						100 Abbeyville Road
Lapeer, MI						—						1,827						8,794						—						1,827						8,794						843						2020						2004						101 Devonshire Dr
Largo, FL						—						1,166						3,426						—						1,166						3,426						540						2018						1997						300 Highland Avenue Northeast
Laureldale, PA						—						1,171						14,420						—						1,171						14,420						1,697						2018						1980						2125 Elizabeth Avenue
Lebanon, PA						—						728						10,367						—						728						10,367						1,336						2018						1998						100 Tuck Court
Lebanon, PA						—						1,214						5,960						—						1,214						5,960						861						2018						1980						900 Tuck Street
Lee, MA						—						290						18,135						926						290						19,061						10,230						2002						1998						600 & 620 Laurel St.
Leeds, UK						—						—						—						14,892						1,932						12,960						2,583						2015						2013						100 Grove Lane
Leicester, UK						—						—						—						26,891						2,995						23,896						6,240						2012						2010						307 London Road
Lenoir, NC						—						190						3,748						920						190						4,668						2,253						2003						1998						1145 Powell Rd., N.E.

(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:
Lethbridge, AB						—						1,214						2,750						101						1,242						2,823						793						2014						2003						785 Columbia Boulevard West
Lexana, KS						—						480						1,770						162						480						1,932						445						2015						1994						8710 Caenen Lake Rd
Lexington, NC						—						200						3,900						1,153						200						5,053						2,591						2002						1997						161 Young Dr.
Libertyville, IL						—						6,500						40,024						4,686						6,500						44,710						12,935						2011						2001						901 Florsheim Dr
Libertyville, IL						—						2,993						11,546						—						2,993						11,546						1,333						2018						1988						1500 South Milwaukee
Lichfield, UK						—						1,353						29,685						—						1,353						29,685						5,908						2015						2012						Wissage Road
Lillington, NC						—						470						17,579						757						470						18,336						4,170						2014						2013						54 Red Mulberry Way
Lillington, NC						—						500						16,451						271						500						16,722						3,664						2014						1999						2041 NC-210 N
Livermore, CA						—						4,100						24,996						79						4,100						25,075						5,179						2014						1974						35 Fenton Street
Livonia, MI						—						985						13,555						—						985						13,555						1,684						2018						1999						32500 Seven Mile Road
Longwood, FL						—						1,260						6,445						—						1,260						6,445						2,123						2011						2011						425 South Ronald Reagan Boulevard
Los Angeles, CA						—						—						11,430						1,119						—						12,549						4,632						2008						1971						330 North Hayworth Avenue
Louisburg, KS						—						280						4,320						47						280						4,367						844						2015						1996						202 Rogers St
Louisville, KY						—						490						10,010						2,768						490						12,778						5,993						2005						1978						4604 Lowe Rd
Loxley, UK						—						1,369						15,668						354						1,341						16,050						3,956						2013						2008						Loxley Road
Lutherville, MD						—						1,100						19,786						1,744						1,100						21,530						6,859						2011						1988						515 Brightfield Road
Lynchburg, VA						—						340						16,114						260						340						16,374						3,892						2014						2013						189 Monica Blvd
Lynchburg, VA						—						2,904						3,696						—						2,904						3,696						445						2018						1978						2200 Landover Place
Lynnwood, WA						—						2,302						5,632						—						2,302						5,632						688						2018						1987						3701 188th Street
Manalapan, NJ						—						900						22,624						1,096						900						23,720						7,048						2011						2001						445 Route 9 South
Manassas, VA						—						750						7,446						1,352						750						8,798						3,921						2003						1996						8341 Barrett Dr.
Mankato, MN						—						1,460						32,104						300						1,460						32,404						5,952						2015						2006						100 Dublin Road
Marietta, OH						—						1,149						9,373						—						1,149						9,373						1,119						2018						1977						5001 State Route 60
Marietta, PA						—						1,050						13,633						592						1,050						14,225						2,661						2015						1999						2760 Maytown Road
Marietta, GA						—						2,406						12,229						—						2,406						12,229						1,429						2018						1980						4360 Johnson Ferry Place
Marion, IN						—						720						9,604						—						720						9,604						3,035						2014						2012						614 W. 14th Street
Marion, IN						—						990						7,600						—						990						7,600						3,710						2014						1976						505 N. Bradner Avenue
Marion, OH						—						2,768						17,415						—						2,768						17,415						2,648						2018						2004						400 Barks Road West
Marlborough, UK						—						2,621						6,679						—						2,621						6,679						1,456						2014						1999						The Common
Martinsville, VA						—						349						—						—						349						—						—						2003						1900						Rolling Hills Rd. & US Hwy. 58
Marysville, OH						—						408						858						457						408						1,315						177						2021						1990						715 South Walnut Street
Matthews, NC						—						560						4,738						771						560						5,509						2,473						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						5,838						2010						2011						240 Cedar Hill Dr
Medicine Hat, AB						—						932						5,566						157						953						5,702						1,315						2014						1999						65 Valleyview Drive SW
Mentor, OH						—						1,827						9,938						—						1,827						9,938						1,203						2018						1985						8200 Mentor Hills Drive
Mequon, WI						—						2,238						17,761						600						2,238						18,361						791						2021						2015						6751 West Mequon Road
Miamisburg, OH						—						786						3,232						—						786						3,232						551						2018						1983						450 Oak Ridge Boulevard
Middleburg Heights, OH						—						960						7,780						472						960						8,252						3,726						2004						1998						15435 Bagley Rd.
Middleton, WI						—						420						4,006						600						420						4,606						2,367						2001						1991						6701 Stonefield Rd.
Midlothian, VA						—						2,015						8,602						—						2,015						8,602						625						2021						2015						13800 Bon Secours Drive
Milton Keynes, UK						—						—						—						20,047						1,787						18,260						3,742						2015						2007						Tunbridge Grove, Kents Hill
Minnetonka, MN						—						2,080						24,360						4,154						2,080						28,514						8,497						2012						1999						500 Carlson Parkway
Mishawaka, IN						—						740						12,188						—						740						12,188						3,605						2014						2013						60257 Bodnar Blvd
Moline, IL						—						2,946						18,672						—						2,946						18,672						2,111						2018						1964						833 Sixteenth 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
Triple-net:
Monroe, NC						—						470						3,681						839						470						4,520						2,250						2003						2001						918 Fitzgerald St.
Monroe, NC						—						310						4,799						922						310						5,721						2,855						2003						2000						919 Fitzgerald St.
Monroe, NC						—						450						4,021						417						450						4,438						2,146						2003						1997						1316 Patterson Ave.
Monroe Township, NJ						—						3,250						27,771						1,118						3,250						28,889						5,371						2015						1996						319 Forsgate Drive
Monroeville, PA						—						1,216						12,749						—						1,216						12,749						1,833						2018						1997						120 Wyngate Drive
Monroeville, PA						—						1,237						3,641						—						1,237						3,641						697						2018						1996						885 MacBeth Drive
Montgomeryville, PA						—						1,176						9,824						—						1,176						9,824						1,249						2018						1989						640 Bethlehem Pike
Montville, NJ						—						3,500						31,002						2,559						3,500						33,561						10,036						2011						1988						165 Changebridge Rd.
Moorestown, NJ						—						4,143						23,902						—						4,143						23,902						6,073						2012						2014						250 Marter Avenue
Morehead City, NC						—						200						3,104						2,039						200						5,143						2,705						1999						1999						107 Bryan St.
Moulton, UK						—						1,695						12,510						190						1,513						12,882						1,881						2017						1995						Northampton Lane North
Mountainside, NJ						—						3,097						7,807						—						3,097						7,807						957						2018						1988						1180 Route 22
Mt. Pleasant, MI						—						1,863						6,467						—						1,863						6,467						743						2020						2013						2378 S. Lincoln Rd
Naperville, IL						—						3,470						29,547						5,862						3,470						35,409						9,730						2011						2001						504 North River Road
Naples, FL						—						1,222						10,639						—						1,222						10,639						1,364						2018						1998						6125 Rattlesnake Hammock Road
Naples, FL						—						1,672						23,119						—						1,672						23,119						3,303						2018						1993						1000 Lely Palms Drive
Naples, FL						—						1,854						12,398						—						1,854						12,398						1,432						2018						1987						3601 Lakewood Boulevard
Nashville, TN						—						4,910						29,590						—						4,910						29,590						11,495						2008						2007						15 Burton Hills Boulevard
Needham, MA						—						1,610						12,667						—						1,610						12,667						6,594						2002						1994						100 West St.
Needham, MA						—						3,957						71,163						191						3,957						71,354						2,068						2021						2013						235 Gould St.
New Lenox, IL						—						1,225						21,575						—						1,225						21,575						2,346						2019						2007						1023 South Cedar Rd
New Moston, UK						—						1,449						4,286						—						1,449						4,286						1,113						2013						2010						90a Broadway
Newark, DE						—						560						21,220						2,442						560						23,662						10,355						2004						1998						200 E. Village Rd.
Newcastle Under Lyme, UK						—						1,087						5,536						—						1,087						5,536						1,373						2013						2010						Hempstalls Lane
Newcastle-under-Lyme, UK						—						1,101						5,420						—						1,101						5,420						1,182						2014						1999						Silverdale Road
Newport News, VA						—						839						6,077						6						839						6,083						1,737						2018						1998						12997 Nettles Dr
Norman, OK						—						55						1,484						—						55						1,484						1,062						1995						1995						1701 Alameda Dr.
North Augusta, SC						—						332						2,558						—						332						2,558						1,586						1999						1998						105 North Hills Dr.
Northampton, UK						—						5,072						16,983						—						5,072						16,983						4,378						2013						2011						Cliftonville Road
Northampton, UK						—						1,971						6,125						—						1,971						6,125						1,251						2014						2014						Cliftonville Road
Northbrook, IL						—						1,298						13,337						—						1,298						13,337						1,578						2018						1999						3240 Milwaukee Avenue
Nottingham, UK						—						—						—						7,725						1,594						6,131						1,239						2014						2014						172A Nottingham Road
Nuneaton, UK						—						3,255						8,793						—						3,255						8,793						2,182						2013						2011						132 Coventry Road
Nuthall, UK						—						2,446						10,216						—						2,446						10,216						2,561						2013						2011						172 Nottingham Road
Oak Lawn, IL						—						2,418						5,426						—						2,418						5,426						638						2018						1977						9401 South Kostner Avenue
Oak Lawn, IL						—						3,876						7,985						—						3,876						7,985						974						2018						1960						6300 W 95th Street
Oakland, CA						—						4,760						16,143						282						4,760						16,425						3,681						2014						2002						468 Perkins Street
Olathe, KS						—						1,930						19,765						553						1,930						20,318						4,241						2016						2015						21250 W 151 Street
Ona, WV						—						950						7,639						—						950						7,639						2,381						2015						2007						100 Weatherholt Drive
Oneonta, NY						—						80						3,839						—						80						3,839						1,939						2007						1996						1846 County Highway 48
Orem, UT						—						2,150						24,107						—						2,150						24,107						4,508						2015						2014						250 East Center Street
Osage City, KS						—						50						1,700						151						50						1,851						445						2015						1996						1403 Laing St
Osawatomie, KS						—						130						2,970						145						130						3,115						676						2015						2003						1520 Parker Ave
Ottawa, KS						—						160						6,590						47						160						6,637						1,302						2015						2007						2250 S Elm St
Overland Park, KS						—						—						—						31,146						3,730						27,416						9,937						2008						2009						12000 Lamar 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
Triple-net:
Overland Park, KS						—						4,500						29,105						7,295						4,500						36,400						12,683						2010						1988						6101 W 119th St
Overland Park, KS						—						410						2,840						98						410						2,938						663						2015						2004						14430 Metcalf Ave
Overland Park, KS						—						1,300						25,311						677						1,300						25,988						5,293						2016						2015						7600 Antioch Road
Owasso, OK						—						215						1,380						—						215						1,380						930						1996						1996						12807 E. 86th Place N.
Palm Beach Gardens, FL						—						2,082						6,622						—						2,082						6,622						893						2018						1991						11375 Prosperity Farms Road
Palm Desert, CA						—						6,195						8,918						—						6,195						8,918						1,091						2018						1989						74350 Country Club Drive
Palm Harbor, FL						—						1,306						13,807						—						1,306						13,807						1,753						2018						1997						2895 Tampa Road
Palm Harbor, FL						—						2,490						23,901						125						2,490						24,026						1,520						2021						1996						2960 Tampa Rd
Palm Harbor, FL						—						3,281						22,450						—						3,281						22,450						2,797						2018						1990						2851 Tampa Road
Palos Heights, IL						—						1,225						12,453						—						1,225						12,453						1,448						2018						1999						7880 West College Drive
Palos Heights, IL						—						3,431						28,803						—						3,431						28,803						3,236						2018						1987						7850 West College Drive
Palos Heights, IL						—						2,590						7,644						—						2,590						7,644						892						2018						1996						11860 Southwest Hwy
Panama City Beach, FL						—						900						6,402						734						900						7,136						1,917						2011						2005						6012 Magnolia Beach Road
Paola, KS						—						190						5,610						63						190						5,673						1,137						2015						2000						601 N. East Street
Parma, OH						—						960						12,718						—						960						12,718						1,585						2018						1998						9205 Sprague Road
Parma, OH						—						1,833						10,314						—						1,833						10,314						1,447						2018						2006						9055 West Sprague Road
Paulsboro, NJ						—						3,264						8,023						—						3,264						8,023						1,012						2018						1987						550 Jessup Road
Paw Paw, MI						—						1,687						5,602						—						1,687						5,602						669						2020						2012						677 Hazen
Perrysburg, OH						—						1,456						5,431						—						1,456						5,431						691						2018						1973						10540 Fremont Pike
Perrysburg, OH						—						1,213						7,108						—						1,213						7,108						838						2018						1978						10542 Fremont Pike
Philadelphia, PA						—						2,930						10,433						3,536						2,930						13,969						4,977						2011						1952						1526 Lombard Street
Pickerington, OH						—						2,072						27,651						584						2,072						28,235						1,184						2021						2017						611 Windmiller Drive
Pikesville, MD						—						—						2,487						—						—						2,487						276						2018						1998						8911 Reisterstown Road
Pikesville, MD						—						4,247						8,379						—						4,247						8,379						1,103						2018						1996						8909 Reisterstown Road
Pinehurst, NC						—						290						2,690						818						290						3,508						1,679						2003						1998						17 Regional Dr.
Piqua, OH						—						204						1,885						—						204						1,885						1,203						1997						1997						1744 W. High St.
Piscataway, NJ						—						3,100						33,351						—						3,100						33,351						5,201						2013						2017						10 Sterling Drive
Pittsburgh, PA						—						603						11,354						—						603						11,354						1,407						2018						1998						1125 Perry Highway
Pittsburgh, PA						—						1,005						15,160						—						1,005						15,160						1,808						2018						1997						505 Weyman Road
Pittsburgh, PA						—						1,140						3,164						—						1,140						3,164						381						2018						1962						550 South Negley Avenue
Pittsburgh, PA						—						761						4,213						—						761						4,213						486						2018						1965						5609 Fifth Avenue
Pittsburgh, PA						—						1,480						9,712						—						1,480						9,712						1,308						2018						1986						1105 Perry Highway
Pittsburgh, PA						—						1,139						5,844						—						1,139						5,844						771						2018						1986						1848 Greentree Road
Pittsburgh, PA						—						1,750						8,572						6,320						1,750						14,892						4,782						2005						1998						100 Knoedler Rd.
Plainview, NY						—						3,990						11,969						2,095						3,990						14,064						4,692						2011						1963						150 Sunnyside Blvd
Plano, TX						—						1,840						20,152						560						1,840						20,712						4,025						2016						2016						3325 W Plano Parkway
Poole, UK						—						3,111						15,639						—						3,111						15,639						1,641						2019						2019						Kingsmill Road
Potomac, MD						—						1,448						14,622						—						1,448						14,622						1,710						2018						1994						10718 Potomac Tennis Lane
Potomac, MD						—						4,119						14,916						—						4,119						14,916						1,803						2018						1988						10714 Potomac Tennis Lane
Pottstown, PA						—						984						4,563						—						984						4,563						592						2018						1907						724 North Charlotte Street
Powell, OH						—						1,910						18,008						420						1,910						18,428						895						2021						2018						3872 Attucks Drive
Powell, OH						—						2,300						26,198						430						2,300						26,628						1,123						2021						2017						10351 Sawmill Parkway
Prior Lake, MN						12,785						1,870						29,849						300						1,870						30,149						5,533						2015						2003						4685 Park Nicollet Avenue
Prospect, KY						—						2,533						9,963						176						2,533						10,139						790						2021						2017						6901 Carslaw Ct.
Raleigh, NC						—						7,598						88,870						900						7,598						89,770						13,307						2008						2017						4030 Cardinal at North Hills 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:
Raleigh, NC						—						3,530						59,589						—						3,530						59,589						16,116						2012						2002						5301 Creedmoor Road
Raleigh, NC						—						2,580						16,837						—						2,580						16,837						4,840						2012						1988						7900 Creedmoor Road
Red Bank, NJ						—						1,050						21,275						1,403						1,050						22,678						6,726						2011						1997						One Hartford Dr.
Redondo Beach, CA						—						—						9,557						755						—						10,312						9,562						2011						1957						514 North Prospect Ave
Reidsville, NC						—						170						3,830						1,473						170						5,303						2,485						2002						1998						2931 Vance St.
Richardson, TX						—						1,468						12,975						—						1,468						12,975						1,579						2018						1999						410 Buckingham Road
Richmond, IN						—						700						14,222						393						700						14,615						3,029						2016						2015						400 Industries Road
Richmond, VA						—						3,261						17,974						—						3,261						17,974						2,079						2018						1990						1719 Bellevue Avenue
Richmond, VA						—						1,046						8,233						—						1,046						8,233						1,019						2018						1966						2125 Hilliard Road
Roanoke, VA						—						748						4,483						5						748						4,488						1,560						2018						1997						4355 Pheasant Ridge Rd
Rock Hill, SC						—						1,825						7,676						190						1,825						7,866						718						2021						1995						1611 Constitution Blvd
Rockford, MI						—						2,386						13,546						—						2,386						13,546						1,104						2020						2014						6070 Northland Dr
Rockville Centre, NY						—						4,290						20,310						1,429						4,290						21,739						6,882						2011						2002						260 Maple Ave
Romeoville, IL						—						1,895						—						—						1,895						—						—						2006						1900						Grand Haven Circle
Roseville, MN						—						2,140						24,679						100						2,140						24,779						4,589						2015						1989						2750 North Victoria Street
Rugeley, UK						—						1,860						10,046						—						1,860						10,046						2,640						2013						2010						Horse Fair
Ruston, LA						—						710						9,790						—						710						9,790						3,299						2011						1988						1401 Ezelle St
S Holland, IL						—						1,423						8,907						—						1,423						8,907						1,109						2018						1997						2045 East 170th Street
Salem, OR						—						449						5,171						1						449						5,172						3,192						1999						1998						1355 Boone Rd. S.E.
Salisbury, NC						—						370						5,697						390						370						6,087						2,977						2003						1997						2201 Statesville Blvd.
San Angelo, TX						—						260						8,800						425						260						9,225						4,247						2004						1997						2695 Valleyview Blvd.
San Angelo, TX						—						1,050						24,689						1,361						1,050						26,050						5,759						2014						1999						6101 Grand Court Road
San Antonio, TX						—						1,499						12,658						—						1,499						12,658						1,524						2018						2000						15290 Huebner Road
San Diego, CA						—						—						22,003						1,845						—						23,848						8,453						2008						1992						555 Washington St.
San Juan Capistrano, CA						—						1,390						6,942						1,524						1,390						8,466						4,634						2000						2001						30311 Camino Capistrano
Sandusky, MI						—						967						6,738						—						967						6,738						583						2020						2008						70 W. Argyle Ave
Sarasota, FL						—						475						3,175						—						475						3,175						2,212						1996						1995						8450 McIntosh Rd.
Sarasota, FL						—						443						8,892						—						443						8,892						1,182						2018						1998						5509 Swift Road
Sarasota, FL						—						4,101						11,204						—						4,101						11,204						2,168						2018						1993						5401 Sawyer Road
Sarasota, FL						—						1,370						4,082						—						1,370						4,082						506						2018						1968						3250 12th Street
Sarasota, FL						—						2,792						11,173						—						2,792						11,173						1,343						2018						1993						5511 Swift Road
Scranton, PA						—						440						17,609						570						440						18,179						4,021						2014						2005						2741 Blvd. Ave
Scranton, PA						—						320						12,144						72						320						12,216						2,765						2014						2013						2751 Boulevard Ave
Seminole, FL						—						1,165						8,975						—						1,165						8,975						1,154						2018						1998						9300 Antilles Drive
Seven Fields, PA						—						484						4,663						59						484						4,722						2,916						1999						1999						500 Seven Fields Blvd.
Sewell, NJ						—						3,127						14,090						—						3,127						14,090						1,929						2018						2010						378 Fries Mill Road
Shawnee, OK						—						80						1,400						—						80						1,400						969						1996						1995						3947 Kickapoo
Silver Spring, MD						—						1,469						10,392						—						1,469						10,392						1,251						2018						1995						2505 Musgrove Road
Silver Spring, MD						—						4,678						11,679						—						4,678						11,679						1,499						2018						1990						2501 Musgrove Road
Silvis, IL						—						880						16,420						139						880						16,559						5,454						2010						2005						1900 10th St.
Sinking Spring, PA						—						1,393						19,842						—						1,393						19,842						2,362						2018						1982						3000 Windmill Road
Sittingbourne, UK						—						1,328						6,401						—						1,328						6,401						1,341						2014						1997						200 London Road
Smithfield, NC						—						290						5,680						844						290						6,524						2,901						2003						1998						830 Berkshire Rd.
Smithfield, NC						—						360						8,216						209						360						8,425						1,861						2014						1999						250 Highway 210 West
South Bend, IN						—						670						17,770						—						670						17,770						4,225						2014						2014						52565 State Road 933

(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:
South Point, OH						—						1,135						9,387						—						1,135						9,387						1,119						2018						1984						7743 County Road 1
Southampton, UK						—						1,439						15,189						—						1,439						15,189						2,151						2017						2013						Botley Road, Park Gate
Southbury, CT						—						1,860						23,613						3,421						1,860						27,034						7,504						2011						2001						655 Main St
Spokane, WA						—						2,649						11,699						—						2,649						11,699						1,410						2018						1985						6025 North Assembly Street
Springfield, IL						—						990						13,378						1,085						990						14,463						3,361						2014						2013						3089 Old Jacksonville Road
St. Paul, MN						—						2,100						33,019						100						2,100						33,119						6,080						2015						1996						750 Mississippi River
Stafford, UK						—						1,902						7,801						—						1,902						7,801						1,312						2014						2016						Stone Road
Stamford, UK						—						1,781						3,170						—						1,781						3,170						708						2014						1998						Priory Road
Statesville, NC						—						150						1,447						377						150						1,824						905						2003						1990						2441 E. Broad St.
Statesville, NC						—						310						6,183						693						310						6,876						3,109						2003						1996						2806 Peachtree Place
Statesville, NC						—						140						3,627						56						140						3,683						1,849						2003						1999						2814 Peachtree Rd.
Staunton, VA						—						899						6,391						6						899						6,397						1,877						2018						1999						1410 N Augusta St
Sterling Heights, MI						—						790						10,784						—						790						10,784						1,308						2018						1996						11095 East Fourteen Mile Road
Sterling Heights, MI						—						1,583						15,634						—						1,583						15,634						1,925						2018						2013						38200 Schoenherr Road
Stillwater, OK						—						80						1,400						—						80						1,400						970						1995						1995						1616 McElroy Rd.
Stratford-upon-Avon, UK						—						773						14,203						—						773						14,203						2,823						2015						2012						Scholars Lane
Stroudsburg, PA						—						340						16,313						130						340						16,443						4,176						2014						2011						370 Whitestone Corner Road
Sunbury, PA						—						695						7,244						—						695						7,244						844						2018						1981						800 Court Street Circle
Sunnyvale, CA						—						4,946						22,123						—						4,946						22,123						2,565						2018						1990						1150 Tilton Drive
Superior, WI						—						1,020						13,735						6,159						1,020						19,894						5,104						2009						2010						1915 North 34th Street
Tacoma, WA						—						2,522						8,573						—						2,522						8,573						1,016						2018						1984						5601 South Orchard Street
Tallahassee, FL						—						1,264						9,652						55						1,264						9,707						740						2021						1999						100 John Knox Rd
Tampa, FL						—						1,315						6,911						—						1,315						6,911						967						2018						1999						14950 Casey Road
Telford, UK						—						937						10,114						—						937						10,114						380						2021						2021						Shifnal Road
Terre Haute, IN						—						1,370						18,016						—						1,370						18,016						4,046						2015						2015						395 8th Avenue
Texarkana, TX						—						192						1,403						—						192						1,403						945						1996						1996						4204 Moores Lane
The Villages, FL						—						1,035						7,446						—						1,035						7,446						2,001						2013						2014						2450 Parr Drive
Thomasville, GA						—						530						12,520						1,347						530						13,867						3,502						2011						2006						423 Covington Avenue
Thousand Oaks, CA						—						3,425						19,573						6						3,425						19,579						1,347						2019						2021						980 Warwick Avenue
Three Rivers, MI						—						1,255						2,760						—						1,255						2,760						439						2018						1976						517 South Erie Street
Tomball, TX						—						1,050						13,300						840						1,050						14,140						4,272						2011						2001						1221 Graham Dr
Toms River, NJ						—						3,466						23,311						69						3,466						23,380						3,279						2019						2006						1657 Silverton Rd
Tonganoxie, KS						—						310						3,690						81						310						3,771						835						2015						2009						120 W 8th St
Towson, MD						—						1,715						13,111						—						1,715						13,111						1,577						2018						2000						8101 Bellona Avenue
Towson, MD						—						3,100						6,465						—						3,100						6,465						743						2018						1960						509 East Joppa Road
Towson, MD						—						4,527						3,126						—						4,527						3,126						454						2018						1970						7001 North Charles Street
Troy, MI						—						1,381						24,445						—						1,381						24,445						2,812						2018						2006						925 West South Boulevard
Troy, OH						—						200						2,000						4,254						200						6,254						2,834						1997						1997						81 S. Stanfield Rd.
Trumbull, CT						—						4,440						43,384						6,799						4,440						50,183						13,509						2011						2001						6949 Main Street
Tulsa, OK						—						1,390						7,110						1,102						1,390						8,212						3,065						2010						1998						7220 S. Yale Ave.
Tulsa, OK						—						1,100						27,007						2,233						1,100						29,240						4,881						2015						2017						18001 East 51st Street
Tulsa, OK						—						890						9,410						—						890						9,410						1,365						2017						2009						7210 South Yale Avenue
Tustin, CA						—						840						15,299						573						840						15,872						5,373						2011						1965						240 East 3rd St
Twinsburg, OH						—						1,446						5,919						—						1,446						5,919						788						2018						2014						8551 Darrow Road
Union, KY						—						—						—						33,927						2,242						31,685						2,489						2018						2020						9255 US-42

(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:
Union, SC						—						1,932						2,372						—						1,932						2,372						440						2018						1981						709 Rice Avenue
Valparaiso, IN						—						112						2,558						—						112						2,558						1,446						2001						1998						2601 Valparaiso St.
Valparaiso, IN						—						108						2,962						—						108						2,962						1,660						2001						1999						2501 Valparaiso St.
Vancouver, WA						—						2,503						28,393						—						2,503						28,393						3,238						2018						2011						2811 N.E. 139th Street
Venice, FL						—						2,246						10,094						—						2,246						10,094						1,293						2018						1997						1450 East Venice Avenue
Vero Beach, FL						—						263						3,187						—						263						3,187						1,778						2001						1999						420 4th Ct.
Vero Beach, FL						—						297						3,263						—						297						3,263						1,828						2001						1996						410 4th Ct.
Vero Beach, FL						—						1,256						11,204						187						1,256						11,391						843						2021						2007						4150 Indian River Blvd
Vero Beach, FL						—						3,580						31,735						1,331						3,580						33,066						2,100						2021						2005						910 Regency Square
Virginia Beach, VA						—						1,540						22,593						399						1,540						22,992						5,159						2014						1993						5520 Indian River Rd
Virginia Beach, VA						—						2,004						19,634						—						2,004						19,634						891						2021						2008						1853 Old Donation Parkway
Voorhees, NJ						—						3,100						25,950						26						3,100						25,976						7,527						2011						2013						113 South Route 73
Voorhees, NJ						—						2,193						6,990						—						2,193						6,990						932						2018						2006						1086 Dumont Circle
W Palm Beach, FL						—						1,175						8,294						—						1,175						8,294						1,084						2018						1996						2330 Village Boulevard
W Palm Beach, FL						—						1,921						5,731						—						1,921						5,731						723						2018						1996						2300 Village Boulevard
Wabash, IN						—						670						14,588						1						670						14,589						3,599						2014						2013						20 John Kissinger Drive
Waconia, MN						—						890						14,726						4,495						890						19,221						5,606						2011						2005						500 Cherry Street
Wake Forest, NC						—						200						3,003						2,625						200						5,628						2,754						1998						1999						611 S. Brooks St.
Wallingford, PA						—						1,356						6,487						—						1,356						6,487						881						2018						1930						115 South Providence Road
Walnut Creek, CA						—						4,358						18,407						—						4,358						18,407						2,190						2018						1997						1975 Tice Valley Boulevard
Walnut Creek, CA						—						5,394						39,084						—						5,394						39,084						4,420						2018						1990						1226 Rossmoor Parkway
Walsall, UK						—						—						—						9,540						1,159						8,381						1,765						2015						2015						Little Aston Road
Wamego, KS						—						40						2,510						61						40						2,571						524						2015						1996						1607 4th St
Warren, NJ						—						2,000						30,810						1,521						2,000						32,331						9,589						2011						1999						274 King George Rd
Waterloo, IA						—						605						3,030						—						605						3,030						398						2018						1964						201 West Ridgeway Avenue
Wayne, NJ						—						1,427						15,674						—						1,427						15,674						2,370						2018						1998						800 Hamburg Turnpike
Wellingborough, UK						—						1,449						5,603						—						1,449						5,603						1,304						2015						2015						159 Northampton
West Bend, WI						—						620						17,790						38						620						17,828						5,204						2010						2011						2130 Continental Dr
West Des Moines, IA						—						828						5,103						—						828						5,103						678						2018						2006						5010 Grand Ridge Drive
West Milford, NJ						—						1,960						24,614						273						1,960						24,887						3,164						2019						2000						197 Cahill Cross Road
West Orange, NJ						—						1,347						19,389						—						1,347						19,389						2,746						2018						1998						510 Prospect Avenue
West Reading, PA						—						890						12,118						—						890						12,118						1,364						2018						1975						425 Buttonwood Street
Westerville, OH						—						740						8,287						4,871						740						13,158						11,246						1998						2001						690 Cooper Rd.
Westerville, OH						—						—						—						26,086						2,566						23,520						1,766						2017						2020						702 Polaris Parkway
Westerville, OH						—						1,420						5,371						—						1,420						5,371						673						2018						1982						1060 Eastwind Drive
Westerville, OH						—						1,582						10,279						—						1,582						10,279						1,310						2018						1980						215 Huber Village Boulevard
Westfield, IN						—						890						15,964						1						890						15,965						3,909						2014						2013						937 E. 186th Street
Westlake, OH						—						855						11,963						—						855						11,963						1,467						2018						1997						28400 Center Ridge Road
Weston Super Mare, UK						—						2,464						6,906						—						2,464						6,906						1,723						2013						2011						141b Milton Road
Wheaton, MD						—						3,864						3,788						—						3,864						3,788						493						2018						1961						11901 Georgia Avenue
Whippany, NJ						—						1,571						14,977						—						1,571						14,977						1,847						2018						2000						18 Eden Lane
Whitehall, MI						—						1,645						6,789						—						1,645						6,789						697						2020						2012						6827 Whitehall Rd
Wichita, KS						—						860						8,873						—						860						8,873						2,856						2011						2012						10604 E 13th Street North
Wichita, KS						—						260						2,240						137						260						2,377						491						2015						1992						900 N Bayshore Dr
Williamsburg, VA						—						1,187						5,728						6						1,187						5,734						1,765						2018						2000						1811 Jamestown 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
Triple-net:
Willoughby, OH						—						1,774						8,653						—						1,774						8,653						1,079						2018						1974						37603 Euclid Avenue
Wilmington, DE						—						1,376						13,450						—						1,376						13,450						1,625						2018						1998						700 1/2 Foulk Road
Wilmington, NC						—						210						2,991						—						210						2,991						1,842						1999						1999						3501 Converse Dr.
Wilmington, NC						—						400						15,355						579						400						15,934						3,668						2014						2012						3828 Independence Blvd
Wilmington, DE						—						2,843						36,948						—						2,843						36,948						4,292						2018						1988						5651 Limestone Road
Wilmington, DE						—						2,266						9,500						—						2,266						9,500						1,179						2018						1984						700 Foulk Road
Windsor, VA						—						1,148						6,514						7						1,148						6,521						1,988						2018						1999						23352 Courthouse Hwy
Winston-Salem, NC						—						360						2,514						595						360						3,109						1,543						2003						1996						2980 Reynolda Rd.
Winter Garden, FL						—						1,110						7,937						—						1,110						7,937						2,329						2012						2013						720 Roper Road
Winter Springs, FL						—						1,152						14,822						—						1,152						14,822						1,771						2018						1999						1057 Willa Springs Drive
Witherwack, UK						—						924						6,769						—						924						6,769						1,690						2013						2009						Whitchurch Road
Wolverhampton, UK						—						1,540						6,537						—						1,540						6,537						1,646						2013						2011						378 Prestonwood Road
Woodbury, MN						—						1,317						20,935						298						1,317						21,233						3,499						2017						2015						2195 Century Avenue South
Woodstock, VA						—						594						5,108						5						594						5,113						1,363						2018						2001						803 S Main St
Worcester, MA						—						3,500						54,099						—						3,500						54,099						18,693						2007						2009						101 Barry Road
Yardley, PA						—						773						14,914						—						773						14,914						1,885						2018						1995						493 Stony Hill Road
Yardley, PA						—						1,561						9,439						—						1,561						9,439						1,420						2018						1990						1480 Oxford Valley Road
York, PA						—						976						9,354						—						976						9,354						1,149						2018						1972						200 Pauline Drive
York, PA						—						1,050						4,210						—						1,050						4,210						612						2018						1983						2400 Kingston Court
York, PA						—						1,121						7,584						—						1,121						7,584						996						2018						1979						1770 Barley Road
York, UK						—						2,898						8,092						—						2,898						8,092						1,773						2014						2006						Rosetta Way, Boroughbridge Road
Youngsville, NC						—						380						10,689						135						380						10,824						2,486						2014						2013						100 Sunset Drive
Zephyrhills, FL						—						2,131						6,669						—						2,131						6,669						920						2018						1987						38220 Henry Drive
Zionsville, IN						—						1,610						22,400						2,055						1,610						24,455						7,661						2010						2009						11755 N Michigan Rd
Zionsville, IN						—						2,162						33,238						310						2,165						33,545						1,797						2021						2018						6800 Central Blvd
Triple-net Total						$	39,179					$	873,139					$	6,845,480					$	586,644					$	910,570					$	7,394,693					$	1,549,022

---

Welltower Inc.
Schedule III
Real Estate and Accumulated Depreciation
December 31, 2022
(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						$	—					$	102					$	19,089					$	26					$	102					$	19,115					$	2,346					2018						2012						303 West Lake Street
Agawam, MA						—						1,072						4,544						624						1,072						5,168						889						2019						2005						230-232 Main Street
Allen, TX						—						726						14,196						1,954						726						16,150						6,994						2012						2006						1105 N Central Expressway
Alpharetta, GA						—						476						13,681						—						476						13,681						5,014						2011						2003						11975 Morris Road
Alpharetta, GA						—						548						17,103						1,214						548						18,317						8,234						2011						2007						3300 Old Milton Parkway
Alpharetta, GA						—						—						—						20,342						773						19,569						9,373						2011						1993						3400-A Old Milton Parkway
Alpharetta, GA						—						—						—						38,234						1,769						36,465						18,308						2011						1999						3400-C Old Milton Parkway
Alpharetta, GA						—						1,862						—						—						1,862						—						—						2011						1900						940 North Point Parkway
Ann Arbor, MI						—						4,234						30,085						104						4,234						30,189						1,702						2021						2016						4350 Jackson Road
Ann Arbor, MI						—						4,044						15,915						50						4,044						15,965						1,310						2021						2014						4200 Whitehall Dr.
Anna, TX						—						3,050						—						—						3,050						—						—						2022						1900						1029 W White
Appleton, WI						6,551						1,881						7,540						1,333						1,881						8,873						1,197						2019						2004						5320 W Michael Drive
Appleton, WI						—						3,782						18,003						2,452						3,782						20,455						2,668						2019						2005						2323 N Casaloma Drive
Arcadia, CA						—						—						—						34,889						5,637						29,252						14,903						2006						1984						301 W. Huntington Drive
Arlington, TX						—						—						—						19,294						82						19,212						6,625						2012						2012						902 W. Randol Mill Road
Arlington Heights, IL						—						1,233						2,826						623						1,233						3,449						777						2020						1997						1632 W. Central Road
Atlanta, GA						—						4,931						18,720						8,659						5,387						26,923						15,351						2006						1991						755 Mt. Vernon Hwy.
Atlanta, GA						—						—						—						45,781						—						45,781						17,829						2012						2006						5670 Peachtree-Dunwoody Road
Atlanta, GA						—						—						—						28,627						2,172						26,455						11,781						2012						1984						975 Johnson Ferry Road
Austin, TX						—						1,066						10,112						—						1,066						10,112						2,210						2017						2017						5301-B Davis Lane
Austin, TX						—						1,688						5,865						919						1,688						6,784						1,281						2019						2015						5301-A Davis Lane
Baltimore, MD						—						4,490						28,667						2,608						4,490						31,275						3,515						2019						2014						1420 Key Highway
Bellevue, NE						—						—						—						16,781						—						16,781						7,285						2010						2010						2510 Bellevue Medical Center Drive
Bend, OR						—						16,516						28,429						2,118						16,516						30,547						5,117						2019						2001						1501 Northeast Medical Center Drive
Berkeley Heights, NJ						—						49,555						79,091						13,715						49,555						92,806						11,145						2019						1978						1 Diamond Hill Road
Beverly Hills, CA						—						20,766						40,730						4,245						20,766						44,975						11,989						2015						1946						9675 Brighton Way
Beverly Hills, CA						—						18,863						1,192						492						18,885						1,662						992						2015						1955						415 North Bedford
Beverly Hills, CA						—						19,863						31,690						2,525						19,863						34,215						8,726						2015						1946						416 North Bedford
Beverly Hills, CA						33,729						32,603						28,639						3,267						32,603						31,906						8,999						2015						1950						435 North Bedford
Beverly Hills, CA						78,271						52,772						87,366						4,503						52,772						91,869						21,356						2015						1989						436 North Bedford
Birmingham, AL						—						90						34,349						4,430						90						38,779						976						2022						1994						513 Brookwood Boulevard
Birmingham, AL						—						40						34,096						4,392						40						38,488						964						2022						1985						2006 Brookwood Medical Center Drive
Birmingham, AL						—						60						42,792						5,507						60						48,299						1,218						2022						1979						2022 Brookwood Medical Center Drive
Birmingham, AL						—						50						20,514						2,649						50						23,163						584						2022						1975						2018 Brookwood Medical Center Drive
Boca Raton, FL						—						109						34,002						5,449						214						39,346						18,618						2006						1995						9970 S. Central Park Blvd.
Boca Raton, FL						—						31						12,312						1,025						251						13,117						5,357						2012						1993						9960 S. Central Park Boulevard
Bridgeton, MO						—						—						—						22,858						450						22,408						10,046						2010						2006						12266 DePaul Dr

(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:
Bridgeton, MO						—						—						—						8,373						1,501						6,872						2,081						2017						2008						3440 De Paul Ln.
Brooklyn, NY						—						—						—						104,190						—						104,190						5,147						2015						2021						NE Corner of 9th & 49th Street
Burleson, TX						—						—						—						14,007						10						13,997						6,006						2011						2007						12001 South Freeway
Burnsville, MN						—						—						—						34,047						—						34,047						12,239						2013						2014						14101 Fairview Dr
Canton, MI						—						1,168						14,561						40						1,168						14,601						826						2021						2004						49650 Cherry Hill Road
Cape Coral, FL						—						2,273						12,169						670						2,273						12,839						1,238						2021						1995						2721 Del Prado Blvd
Carmichael, CA						—						1,957						9,521						1,113						1,957						10,634						578						2022						1970						6620 Coyle Avenue
Cary, NC						—						2,816						10,645						1,468						2,816						12,113						2,957						2019						2007						540 Waverly Place
Cedar Park, TX						—						—						—						30,069						132						29,937						8,559						2017						2014						1401 Medical Parkway, Building 2
Chapel Hill, NC						—						488						2,242						149						488						2,391						372						2019						2010						100 Perkins Drive
Chapel Hill, NC						4,817						1,970						8,874						139						1,970						9,013						1,650						2018						2007						6011 Farrington Road
Chapel Hill, NC						4,817						1,970						8,925						48						1,970						8,973						1,854						2018						2007						6013 Farrington Road
Chapel Hill, NC						13,692						5,681						25,035						17						5,681						25,052						4,792						2018						2006						2226 North Carolina Highway 54
Charlotte, NC						—						10						23,265						2,245						10						25,510						5,252						2019						1971						1900 Randolph Road
Charlotte, NC						—						30						59,039						7,469						30						66,508						12,783						2019						1994						1918 Randolph Road
Charlotte, NC						—						40						40,533						5,062						40						45,595						8,248						2019						1989						1718 East Fourth Street
Charlotte, NC						—						1,746						8,378						1,392						1,746						9,770						2,234						2019						1998						309 South Sharon Amity Road
Charlotte, NC						—						—						—						93,565						15,678						77,887						5,383						2018						2021						1237 Harding Place
Charlotte, NC						—						—						22,949						13						—						22,962						960						2021						2021						830 Kenilworth Avenue
Charlotte, NC						—						—						—						58,056						11,783						46,273						2,829						2018						2021						1225 Harding Place
Cherry Hill, NJ						—						1,844						4,635						961						1,844						5,596						123						2022						1965						8 Ranoldo Terrace
Chicopee, MA						—						6,078						13,793						2,151						6,078						15,944						2,932						2019						2005						444 Montgomery Street
Chula Vista, CA						—						1,045						21,387						2,207						1,045						23,594						4,009						2019						1973						480 4th Avenue
Chula Vista, CA						—						826						6,106						1,470						826						7,576						1,322						2019						1985						450 4th Avenue
Chula Vista, CA						—						1,114						14,902						558						1,114						15,460						2,188						2019						2008						971 Lane Ave
Chula Vista, CA						—						1,075						6,828						338						1,075						7,166						1,024						2019						2006						959 Lane Ave
Cincinnati, OH						—						—						—						18,167						2						18,165						6,352						2012						2013						3301 Mercy Health Boulevard
Cincinnati, OH						—						537						9,719						592						537						10,311						1,759						2019						2001						4850 Red Bank Expressway
Clarkson Valley, MO						—						—						—						36,736						—						36,736						19,187						2009						2010						15945 Clayton Rd
Clear Lake, TX						—						—						—						13,902						2,319						11,583						2,418						2013						2014						1010 South Ponds Drive
Clinton, MI						—						1,138						824						5						1,138						829						145						2021						1987						11775 Tecumseh-Clinton Hwy.
Clyde, NC						—						1,433						21,099						967						1,433						22,066						2,459						2019						2012						581 Leroy George Drive
College Station, TX						—						1,111						7,456						—						1,111						7,456						218						2021						2021						1204 Copperfield Pkwy
Columbia, MD						—						23						33,885						4,716						9,353						29,271						13,520						2015						1982						5450 & 5500 Knoll N Dr.
Columbia, MD						—						12,159						72,636						1,508						12,159						74,144						12,226						2018						2009						10710 Charter Drive
Columbia, MD						—						2,333						19,232						1,951						2,333						21,183						8,409						2012						2002						10700 Charter Drive
Columbia, MO						—						438						12,426						921						438						13,347						2,398						2019						1994						1601 E. Broadway
Columbia, MO						—						488						15,702						1,322						488						17,024						3,207						2019						1999						1605 E. Broadway
Columbia, MO						—						199						22,289						1,827						199						24,116						3,918						2019						2007						1705 E. Broadway
Coon Rapids, MN						—						—						—						29,660						—						29,660						10,186						2013						2014						11850 Blackfoot Street NW
Costa Mesa, CA						18,573						22,033						24,332						5,957						22,033						30,289						7,955						2017						2007						1640 Newport Boulevard
Dade City, FL						—						1,211						5,511						—						1,211						5,511						2,185						2011						1998						13413 US Hwy 301
Dallas, TX						—						—						—						15,550						122						15,428						4,150						2013						2014						8196 Walnut Hill Lane

(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:
Dallas, TX						—						6,086						18,007						5,320						6,542						22,871						5,026						2018						2010						10740 North Central Expressway
Danbury, CT						—						2,382						25,403						370						2,414						25,741						1,221						2021						2019						40 Old Ridgebury Rd
Danbury, CT						—						914						10,844						156						926						10,988						533						2021						2010						226 White St
Danbury, CT						—						4,209						22,740						449						4,303						23,095						1,433						2021						2017						2 Riverview Dr
Deerfield Beach, FL						—						—						—						11,198						2,540						8,658						4,324						2011						2001						1192 East Newport Center Drive
Delray Beach, FL						—						1,882						34,767						3,165						2,449						37,365						21,745						2006						1985						5130-5150 Linton Blvd.
Dunkirk, MD						—						259						2,263						314						259						2,577						660						2019						1997						10845 Town Center Blvd
Durham, NC						—						1,403						23,788						1,377						1,403						25,165						3,379						2019						2000						120 William Penn Plaza
Durham, NC						—						1,751						42,391						2,037						1,751						44,428						4,900						2019						2004						3916 Ben Franklin Boulevard
El Paso, TX						—						—						—						18,992						1,254						17,738						8,703						2006						1997						2400 Trawood Dr.
Elgin, IL						—						1,634						9,443						1,594						1,753						10,918						1,827						2020						2004						745 Fletcher Drive
Elmhurst, IL						—						41						39,562						374						41						39,936						6,152						2018						2011						133 E Brush Hill Road
Elyria, OH						—						3,263						27,163						1,024						3,263						28,187						4,032						2019						2008						303 Chestnut Commons Drive
Escondido, CA						—						2,278						19,724						1,245						2,278						20,969						3,288						2019						1994						225 East 2nd Avenue
Everett, WA						—						—						—						31,195						4,842						26,353						11,755						2010						2011						13020 Meridian Ave. S.
Fenton, MO						—						958						27,485						1,035						958						28,520						10,843						2013						2009						1011 Bowles Avenue
Fenton, MO						—						—						—						14,478						369						14,109						4,972						2013						2009						1055 Bowles Avenue
Florham Park, NJ						—						8,578						61,779						—						8,578						61,779						9,768						2017						2017						150 Park Avenue
Flower Mound, TX						—						737						9,276						901						737						10,177						3,009						2015						2014						2560 Central Park Avenue
Flower Mound, TX						—						4,164						27,027						2,053						4,164						29,080						9,717						2014						2012						4370 Medical Arts Drive
Flower Mound, TX						—						4,620						—						—						4,620						—						—						2014						1900						Medical Arts Drive
Fort Washington, PA						—						2,015						16,104						2,557						2,015						18,661						2,404						2020						1980						467 Pennsylvania Avenue
Fort Worth, TX						—						—						—						27,343						462						26,881						9,166						2012						2012						10840 Texas Health Trail
Fort Worth, TX						—						401						6,099						5,035						2,805						8,730						2,413						2014						2007						7200 Oakmont Boulevard
Fort Worth, TX						—						1,790						5,082						51						1,790						5,133						238						2021						1983						2001 West Rosedale Street
Frederick, MD						—						1,065						6,817						613						1,065						7,430						1,642						2019						1979						194 Thomas Johnson Drive
Frederick, MD						—						1,930						18,311						1,625						1,930						19,936						3,200						2019						2006						45 Thomas Johnson Drive
Fresno, CA						—						1,497						11,896						916						1,497						12,812						1,774						2019						2004						1105 E Spruce Ave
Gardendale, AL						—						1,150						8,162						347						1,150						8,509						1,660						2018						2005						2217 Decatur Highway
Garland, TX						—						4,952						30,151						2,592						4,952						32,743						5,417						2019						2018						7217 Telecom Parkway
Gastonia, NC						—						569						1,638						55						569						1,693						345						2019						2000						934 Cox Road
Gig Harbor, WA						—						—						—						32,798						80						32,718						8,486						2010						2009						11511 Canterwood Blvd. NW
Glendale, CA						—						70						41,837						3,081						70						44,918						6,159						2019						2008						1500 E Chevy Chase Drive
Gloucester, VA						—						2,128						9,169						458						2,128						9,627						1,915						2018						2008						5659 Parkway Drive
Grand Prairie, TX						—						981						6,086						319						981						6,405						3,136						2012						2009						2740 N State Hwy 360
Grapevine, TX						—						—						—						10,758						2,081						8,677						3,084						2014						2002						2040 W State Hwy 114
Grapevine, TX						—						—						—						24,375						3,365						21,010						7,138						2014						2002						2020 W State Hwy 114
Greenville, SC						—						1,790						4,421						1,550						1,790						5,971						2,318						2019						1987						10 Enterprise Boulevard
Harrisburg, NC						—						1,347						2,652						527						1,347						3,179						866						2019						2012						9550 Rocky River Road
Hattiesburg, MS						—						3,155						31,155						4,063						3,155						35,218						4,422						2019						2012						3688 Veterans Memorial Drive
Haymarket, VA						—						1,250						26,621						2,841						1,250						29,462						4,414						2019						2008						15195 Heathcote Blvd
Henderson, NV						—						2,587						5,376						279						2,587						5,655						864						2019						2002						2825 Siena Heights Drive
Henderson, NV						—						7,372						22,172						3,155						7,372						25,327						4,285						2019						2005						2845 Siena Heights 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
Outpatient Medical:
Henderson, NV						—						5,492						18,448						1,741						5,492						20,189						2,840						2019						2005						2865 Siena Heights Drive
Highland, IL						—						—						—						8,884						—						8,884						2,809						2012						2013						12860 Troxler Avenue
Hopewell Junction, NY						—						2,164						4,659						692						2,164						5,351						692						2019						1999						10 Cranberry Drive
Hopewell Junction, NY						—						2,316						4,525						812						2,316						5,337						627						2019						2015						1955 NY-52
Houston, TX						—						5,837						33,128						1,518						5,837						34,646						16,029						2012						2005						15655 Cypress Woods Medical Dr.
Houston, TX						—						—						—						21,373						2,988						18,385						1,418						2016						2019						13105 Wortham Center Drive
Houston, TX						—						—						—						17,133						3,688						13,445						5,613						2012						2007						10701 Vintage Preserve Parkway
Houston, TX						—						—						—						84,613						12,815						71,798						25,306						2012						1998						2727 W Holcombe Boulevard
Houston, TX						—						377						13,726						783						377						14,509						2,572						2018						2011						20207 Chasewood Park Drive
Houston, TX						—						2,351						7,980						900						2,351						8,880						1,024						2020						2013						11476 Space Center Blvd
Houston, TX						—						9,550						—						—						9,550						—						12						2011						1900						F.M. 1960 & Northgate Forest Dr.
Howell, MI						—						2,000						13,928						590						2,001						14,517						3,240						2016						2017						1225 South Latson Road
Howell, MI						—						579						4,428						13						579						4,441						316						2021						2019						202 W. Highland Rd.
Humble, TX						—						—						—						9,953						1,702						8,251						1,682						2013						2014						8233 N. Sam Houston Parkway E.
Huntersville, NC						—						—						41,055						6,880						—						47,935						6,224						2019						2004						10030 Gilead Road
Independence, MO						—						762						3,480						680						762						4,160						509						2020						2007						19401 East 37th Terrace Court South
Jackson, MI						—						—						—						17,999						668						17,331						6,411						2013						2009						1201 E Michigan Avenue
Jacksonville, FL						—						3,562						24,379						3,474						3,562						27,853						4,896						2019						2006						10475 Centurion Parkway North
Jacksonville, FL						—						1,113						10,970						1,377						1,113						12,347						1,762						2020						2000						5742 Booth Road
Jefferson City, TN						—						109						16,035						1,005						109						17,040						2,613						2019						2001						120 Hospital Drive
Jonesboro, GA						—						567						15,146						1,267						567						16,413						2,992						2019						2009						7813 Spivey Station Boulevard
Jonesboro, GA						—						627						15,844						805						627						16,649						2,788						2019						2007						7823 Spivey Station Boulevard
Jupiter, FL						—						—						—						20,095						2,639						17,456						8,636						2006						2001						550 Heritage Dr.
Jupiter, FL						—						—						—						10,208						3,036						7,172						4,103						2007						2004						600 Heritage Dr.
Kalamazoo, MI						—						—						12,788						—						—						12,788						748						2020						2021						2520 Robert Jones Way
Katy, TX						—						—						11,219						—						—						11,219						702						2019						2020						0 Grand Parkway & Morton Ranch Road
Katy, TX						—						2,025						7,557						1,255						2,025						8,812						1,036						2020						2016						21502 Merchants Way
Katy, TX						—						3,699						12,701						1,910						3,699						14,611						2,630						2020						2006						1331 West Grand Parkway North
Knoxville, TN						—						199						43,771						3,265						199						47,036						6,191						2019						2012						1926 Alcoa Highway
La Jolla, CA						—						12,855						32,658						2,542						12,871						35,184						11,050						2015						1989						4150 Regents Park Row
La Jolla, CA						—						9,425						26,525						3,245						9,444						29,751						8,223						2015						1988						4120 & 4130 La Jolla Village Drive
La Jolla, CA						—						20,324						33,675						4,164						20,324						37,839						1,221						2022						1985						4180 La Jolla Village Dr
Lacey, WA						—						1,751						10,383						143						1,751						10,526						2,011						2018						1971						2555 Marvin Road Northeast
Lake St Louis, MO						—						—						—						14,962						240						14,722						6,603						2010						2008						400 Medical Dr
Lakeway, TX						—						—						—						2,801						2,801						—						—						2007						1900						Lohmans Crossing Road
Las Vegas, NV						—						—						—						9,997						2,319						7,678						3,702						2006						1991						2870 S. Maryland Pkwy.
Las Vegas, NV						—						—						—						5,887						433						5,454						2,529						2007						1997						1776 E. Warm Springs Rd.
Las Vegas, NV						—						4,180						20,064						2,913						4,180						22,977						2,624						2020						2017						9880 West Flamingo Road
Las Vegas, NV						—						5,864						22,502						3,070						5,864						25,572						2,736						2020						2017						4980 West Sahara Ave
Lawrenceville, NJ						—						2,691						3,739						1,339						2,691						5,078						271						2022						1975						2 Princess Road
Little Rock, AR						—						3,021						20,095						1,907						3,021						22,002						3,922						2019						2014						6119 Midtown Avenue
Los Alamitos, CA						—						—						—						21,670						39						21,631						8,578						2007						2003						3771 Katella 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
Outpatient Medical:
Lowell, MA						—						—						—						13,790						3,016						10,774						1,713						2011						2020						839 Merrimack Street
Loxahatchee, FL						—						—						—						9,484						1,440						8,044						4,413						2006						1993						12989 Southern Blvd.
Loxahatchee, FL						—						—						—						8,389						1,650						6,739						3,641						2006						1994						12983 Southern Blvd.
Loxahatchee, FL						—						—						—						8,082						1,719						6,363						3,453						2006						1997						12977 Southern Blvd.
Lubbock, TX						40,632						2,286						66,022						6,917						2,286						72,939						7,377						2019						2006						4515 Marsha Sharp Freeway
Lynbrook, NY						25,268						10,028						37,319						2,459						10,028						39,778						6,558						2018						1962						444 Merrick Road
Madison, WI						—						3,670						24,615						3,851						3,671						28,465						3,816						2019						2012						1102 South Park Street
Margate, FL						—						219						8,743						599						219						9,342						1,637						2019						2004						2960 N. State Rd 7
Marietta, GA						—						2,682						20,053						1,805						2,703						21,837						7,297						2016						2016						4800 Olde Towne Parkway
Mars, PA						—						1,925						8,307						1,412						1,925						9,719						1,535						2020						2006						6998 Crider Road
Matthews, NC						—						10						32,108						2,258						10						34,366						5,296						2019						1994						1450 Matthews Township Parkway
Menasha, WI						—						—						—						18,555						1,399						17,156						5,141						2016						1994						1550 Midway Place
Merced, CA						—						—						—						14,887						—						14,887						6,650						2009						2010						315 Mercy Ave.
Meridian, ID						—						3,206						23,619						4,296						3,206						27,915						4,710						2019						2009						3277 E Louise Drive
Mesa, AZ						—						3,158						5,588						1,122						3,158						6,710						696						2020						2016						1910 S. Gilbert Road
Mesa, AZ						—						3,889						5,816						1,257						3,889						7,073						789						2020						2016						1833 N. Power Road
Milan, MI						—						1,216						6,487						59						1,216						6,546						677						2021						2008						870 E. Arkona Rd
Mission Hills, CA						21,671						—						42,276						7,261						4,791						44,746						15,407						2014						1986						11550 Indian Hills Road
Missouri City, TX						—						1,360						7,143						—						1,360						7,143						1,133						2015						2016						7010 Highway 6
Mobile, AL						—						2,759						25,180						14						2,759						25,194						3,964						2018						2003						6144 Airport Boulevard
Monroeville, PA						—						1,544						10,012						1,315						1,544						11,327						2,145						2020						1979						2550 Mosside Blvd
Moorestown, NJ						—						—						—						52,017						362						51,655						21,295						2011						2012						401 Young Avenue
Mount Juliet, TN						—						—						—						15,465						1,601						13,864						7,219						2007						2005						5002 Crossings Circle
Mount Kisco, NY						—						12,632						46,294						5,195						12,632						51,489						5,658						2019						1996						90 - 110 South Bedford Road
Mount Vernon, IL						—						—						—						25,036						—						25,036						10,417						2011						2012						2 Good Samaritan Way
Murrieta, CA						—						—						—						48,771						—						48,771						25,118						2010						2011						28078 Baxter Rd.
Murrieta, CA						—						3,800						—						—						3,800						—						—						2014						1900						28078 Baxter Rd.
Myrtle Beach, SC						—						1,357						3,131						853						1,357						3,984						1,228						2019						1996						8170 Rourk Street
Nampa, ID						15,226						3,439						18,648						2,933						3,439						21,581						2,500						2019						2017						1510 12th Avenue
New Milford, CT						—						1,006						3,541						23						1,019						3,551						284						2021						1995						131 Kent Rd
New Milford, CT						—						2,033						6,819						151						2,060						6,943						575						2021						1995						131 Kent Rd
Newburgh, NY						—						9,213						28,300						4,079						9,213						32,379						3,124						2019						2015						1200 NY-300
Newburyport, MA						—						3,104						18,492						1,464						3,104						19,956						3,137						2019						2008						One Wallace Bashaw Jr. Way
Newtown, CT						—						2,176						9,140						1,029						2,205						10,140						671						2021						2015						164 Mount Pleasant
Newtown, CT						—						3,039						9,364						160						3,079						9,484						794						2021						2016						170 Mt Pleasant Rd
Niagara Falls, NY						—						—						—						13,062						1,721						11,341						7,281						2007						1995						6932 - 6934 Williams Rd
Niagara Falls, NY						—						—						—						8,631						454						8,177						4,368						2007						2004						6930 Williams Rd
Norfolk, VA						—						1,138						23,416						3,617						1,138						27,033						4,783						2019						2014						155 Kingsley Lane
North Canton, OH						—						2,518						21,523						2,946						2,518						24,469						2,610						2019						2014						7442 Frank Avenue
North Easton, MA						—						2,336						17,936						2,126						2,336						20,062						2,806						2019						2007						15 Roche Brothers Way
North Easton, MA						—						2,882						14,463						1,816						2,882						16,279						2,264						2019						2008						31 Roche Brothers Way
Norwood, OH						—						1,017						5,642						1,025						1,017						6,667						1,284						2019						2006						4685 Forest Avenue
Novi, MI						—						895						34,573						2,787						896						37,359						5,880						2019						2008						26750 Providence Parkway

(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:
Oklahoma City, OK						—						—						—						19,166						216						18,950						7,053						2013						2008						535 NW 9th Street
Oxford, NC						—						478						4,724						247						478						4,971						766						2019						2011						107 East McClanahan Street
Pasadena, TX						—						—						—						15,571						1,700						13,871						2,101						2012						2013						5001 E Sam Houston Parkway S
Pearland, TX						—						—						—						12,759						1,500						11,259						2,585						2012						2013						2515 Business Center Drive
Pearland, TX						—						—						—						42,538						9,807						32,731						9,967						2014						2013						11511 Shadow Creek Parkway
Phoenix, AZ						—						—						—						64,022						1,149						62,873						33,553						2006						1998						2222 E. Highland Ave.
Phoenix, AZ						—						199						3,967						818						199						4,785						718						2019						1980						9225 N 3rd Street
Phoenix, AZ						—						109						2,134						150						109						2,284						406						2019						1986						9327 North 3rd Street
Phoenix, AZ						—						229						5,442						467						229						5,909						1,231						2019						1994						9100 N 2nd Street
Pinckney, MI						—						1,708						3,816						14						1,708						3,830						353						2021						2020						10200 Dexter-Pinckney Rd.
Plano, TX						—						793						83,209						8,401						793						91,610						32,439						2012						2005						6020 West Parker Road
Plantation, FL						—						—						—						26,297						8,575						17,722						10,574						2006						1997						851-865 SW 78th Ave.
Pleasanton, CA						—						6,748						25,065						3,563						6,748						28,628						1,149						2022						2001						5860 Owens Drive
Plymouth Meeting, PA						—						4,047						9,442						1,559						4,047						11,001						254						2022						2002						4060 Butler Pike
Port Orchard, WA						—						2,810						22,716						539						2,810						23,255						3,817						2018						1995						450 South Kitsap Boulevard
Porter, TX						—						3,746						15,119						—						3,746						15,119						1,102						2018						2019						25553 US Highway 59
Poughkeepsie, NY						—						2,144						32,820						4,312						2,144						37,132						3,548						2019						2008						2507 South Road
Poughkeepsie, NY						—						4,035						26,001						4,479						4,035						30,480						2,618						2019						2010						30 Columbia Street
Poughkeepsie, NY						—						6,513						23,787						4,110						6,513						27,897						2,705						2019						2006						600 Westage Drive
Poughkeepsie, NY						18,080						5,128						18,080						2,704						5,128						20,784						2,060						2019						2012						1910 South Road
Prince Frederick, MD						—						229						25,905						1,319						229						27,224						3,854						2019						2009						130 Hospital Road
Prince Frederick, MD						—						179						12,243						904						179						13,147						2,406						2019						1991						110 Hospital Road
Raleigh, NC						—						8,255						25,589						2,652						8,255						28,241						979						2022						2005						8300 Health Park
Rancho Mirage, CA						—						7,292						13,214						2,228						7,292						15,442						2,496						2019						2005						72780 Country Club Drive
Redmond, WA						—						—						—						32,913						5,015						27,898						12,887						2010						2011						18100 NE Union Hill Rd.
Richmond, VA						—						2,969						26,697						2,649						3,090						29,225						12,658						2012						2008						7001 Forest Avenue
Richmond, TX						—						2,000						9,118						4						2,000						9,122						1,541						2015						2016						22121 FM 1093 Road
Rockwall, TX						—						132						17,197						443						132						17,640						6,418						2012						2008						3142 Horizon Road
Rolla, MO						—						1,931						47,639						1						1,931						47,640						20,109						2011						2009						1605 Martin Spring Drive
Rome, GA						—						99						29,846						2,131						99						31,977						5,070						2019						2005						330 Turner McCall Boulevard
Roseville, MN						—						2,963						18,785						2,570						2,963						21,355						3,136						2019						1994						1835 W County Road C
Roxboro, NC						—						368						2,327						150						368						2,477						387						2019						2000						799 Doctors Court
San Antonio, TX						—						—						—						15,523						3,050						12,473						2,261						2016						2017						5206 Research Drive
San Antonio, TX						—						2,915						11,473						2,575						2,915						14,048						2,255						2019						2006						150 E Sonterra Blvd
Santa Clarita, CA						—						—						2,338						20,797						5,304						17,831						5,780						2014						1976						23861 McBean Parkway
Santa Clarita, CA						—						—						28,384						3,558						5,294						26,648						7,761						2014						1998						23929 McBean Parkway
Santa Clarita, CA						—						278						185						11,594						11,872						185						268						2014						1996						23871 McBean Parkway
Santa Clarita, CA						25,000						295						40,257						( 755 )						295						39,502						9,966						2014						2013						23803 McBean Parkway
Santa Clarita, CA						—						—						20,618						1,354						4,407						17,565						5,119						2014						1989						24355 Lyons 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
Outpatient Medical:
Seattle, WA						—						4,410						38,428						916						4,410						39,344						21,217						2010						2010						5350 Tallman Ave
Sewell, NJ						—						1,242						11,616						7						1,242						11,623						2,550						2018						2007						556 Egg Harbor Road
Shakopee, MN						—						508						11,412						337						509						11,748						5,769						2010						1996						1515 St Francis Ave
Shakopee, MN						—						707						18,089						128						773						18,151						7,121						2010						2007						1601 St Francis Ave
Shenandoah, TX						—						—						—						21,197						4,574						16,623						3,346						2013						2014						106 Vision Park Boulevard
Sherman Oaks, CA						—						—						32,186						4,486						3,121						33,551						10,454						2014						1969						4955 Van Nuys Boulevard
Silverdale, WA						—						3,451						21,176						12						3,451						21,188						3,683						2018						2004						2200 NW Myhre Road
Southlake, TX						—						—						—						18,703						592						18,111						7,805						2012						2004						1545 East Southlake Boulevard
Southlake, TX						—						—						—						31,859						698						31,161						11,785						2012						2004						1545 East Southlake Boulevard
Southlake, TX						—						2,875						14,126						1,395						2,875						15,521						2,873						2019						2017						925 E. Southlake Boulevard
Southlake, TX						—						3,000						—						—						3,000						—						—						2014						1900						Central Avenue
Springfield, MA						—						2,721						5,698						923						2,721						6,621						1,288						2019						2012						305 Bicentennial Highway
St Paul, MN						—						—						—						38,248						49						38,199						10,147						2014						2006						225 Smith Avenue N.
St. Louis, MO						—						336						17,247						3,453						336						20,700						10,100						2007						2001						2325 Dougherty Ferry Rd.
St. Paul, MN						—						2,706						39,507						1,573						2,701						41,085						17,606						2011						2007						435 Phalen Boulevard
Stafford, TX						—						3,389						14,292						—						3,389						14,292						30						2021						2022						11211 Nexus Ave
Stockton, CA						10,964						4,966						14,412						2,445						4,966						16,857						2,394						2019						2009						2388 - 2488 N California Street
Strongsville, OH						—						15,997						—						—						15,997						—						—						2022						1900						16761 Southpark Center
Suffern, NY						—						653						37,255						1,635						696						38,847						17,123						2011						2007						257 Lafayette Avenue
Suffolk, VA						—						1,566						11,511						184						1,620						11,641						6,040						2010						2007						5838 Harbour View Blvd.
Sugar Land, TX						—						—						—						19,075						3,543						15,532						7,729						2012						2005						11555 University Boulevard
Sycamore, IL						—						1,113						12,910						2,473						1,113						15,383						1,704						2020						2002						1630 Gateway Drive
Tacoma, WA						—						—						—						64,307						—						64,307						29,522						2011						2013						1608 South J Street
Tampa, FL						—						4,319						12,234						—						4,319						12,234						4,212						2011						2003						14547 Bruce B Downs Blvd
Tarzana, CA						—						6,115						15,510						2,382						6,115						17,892						3,005						2020						1986						5620 Wilbur Ave
Timonium, MD						—						—						—						21,739						8,851						12,888						2,977						2015						2017						2118 Greenspring Drive
Towson, MD						—						2,654						10,627						3,165						2,654						13,792						349						2022						1992						8322 Bellona Avenue
Tustin, CA						—						3,345						541						430						3,345						971						515						2015						1976						14591 Newport Ave
Tustin, CA						—						3,361						12,039						3,998						3,361						16,037						5,174						2015						1985						14642 Newport Ave
Tyler, TX						57,185						2,903						104,300						9,810						2,897						114,116						11,402						2019						2013						1814 Roseland Boulevard
Tyler, TX						—						330						35,534						—						330						35,534						217						2021						2022						501 S Saunders Ave
Van Nuys, CA						—						—						—						36,187						—						36,187						14,219						2009						1991						6815 Noble Ave.
Voorhees, NJ						—						—						—						32,884						6,481						26,403						12,826						2006						1997						900 Centennial Blvd.
Voorhees, NJ						—						—						—						100,258						99						100,159						39,751						2010						2012						200 Bowman Drive
Waco, TX						—						601						2,594						1,335						628						3,902						1,140						2018						2000						6600 Fish Pond Rd
Waco, TX						—						—						—						111						—						111						15						2018						1962						6612 Fish Pond Road
Waco, TX						—						—						—						106						—						106						10						2018						1961						6620 Fish Pond Rd
Waco, TX						—						2,250						28,632						410						2,250						29,042						4,906						2018						1981						601 Highway 6 West
Washington, PA						—						3,981						31,706						17						3,981						31,723						5,563						2018						2010						100 Trich 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
Outpatient Medical:
Wausau, WI						—						—						—						14,225						2,050						12,175						2,452						2015						2017						1901 Westwood Center Boulevard
Waxahachie, TX						—						—						18,101						303						303						18,101						5,021						2016						2014						2460 N I-35 East
Wellington, FL						—						—						—						19,839						326						19,513						9,546						2006						2000						10115 Forest Hill Blvd.
Wellington, FL						—						—						—						11,669						580						11,089						6,079						2007						2003						1395 State Rd. 7
Westlake Village, CA						6,360						2,487						9,776						174						2,487						9,950						1,897						2018						1989						1220 La Venta Drive
Westlake Village, CA						8,000						2,553						15,851						397						2,553						16,248						3,532						2018						1975						1250 La Venta Drive
Winston-Salem, NC						—						2,006						6,542						1,490						2,006						8,032						2,063						2019						1998						2025 Frontis Plaza
Woodbridge, VA						—						346						16,617						—						346						16,617						2,478						2018						2012						12825 Minnieville Road
Wyandotte, MI						—						581						8,023						773						581						8,796						994						2020						2002						1700 Biddle Ave
Ypsilanti, MI						—						3,615						12,696						40						3,615						12,736						1,100						2021						1989						4918, 4936, 4940, 4972, and 4990 W. Clark Road
Yuma, AZ						—						1,592						9,589						827						1,592						10,416						2,152						2019						2004						2270 South Ridgeview Drive
Zephyrhills, FL						—						3,875						27,270						—						3,875						27,270						10,401						2011						1974						38135 Market Square Dr
Outpatient Medical Total						$	388,836					$	762,068					$	4,252,019					$	2,413,016					$	974,176					$	6,452,927					$	1,566,457

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												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						$	1,679,562					$	2,110,584					$	18,228,152					$	3,775,526					$	2,365,088					$	21,749,174					$	4,960,254
Triple-net						39,179						873,139						6,845,480						586,644						910,570						7,394,693						1,549,022
Outpatient Medical						388,836						762,068						4,252,019						2,413,016						974,176						6,452,927						1,566,457
Construction in progress						22,377						—						1,021,080						—						—						1,021,080						—
Total continuing operating properties						2,129,954						3,745,791						30,346,731						6,775,186						4,249,834						36,617,874						8,075,733
Assets held for sale						—						14,357						177,403						6,811						—						133,058						—
Total investments in real property owned						$	2,129,954					$	3,760,148					$	30,524,134					$	6,781,997					$	4,249,834					$	36,750,932					$	8,075,733

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

						Year Ended December 31,
						2022						2021						2020
												(in thousands)
Investment in real estate:
Beginning balance						$	37,605,747					$	33,670,006					$	36,027,915
Acquisitions and development						3,599,107						4,805,086						1,174,148
Improvements						476,017						282,834						242,147
Impairment of assets						( 17,502 )						( 51,107 )						( 135,608 )
Dispositions (1)						( 97,102 )						( 1,063,990 )						( 3,782,120 )
Foreign currency translation						( 565,501 )						( 37,082 )						143,524
Ending balance (2)						$	41,000,766					$	37,605,747					$	33,670,006
Accumulated depreciation:
Beginning balance						$	6,910,114					$	6,104,297					$	5,715,459
Depreciation and amortization expenses						1,310,368						1,037,566						1,038,437
Amortization of above market leases						3,991						4,036						5,217
Disposition and other (1)						( 38,327 )						( 234,397 )						( 684,395 )
Foreign currency translation						( 110,413 )						( 1,388 )						29,579
Ending balance						$	8,075,733					$	6,910,114					$	6,104,297

(1) Includes property dispositions and dispositions of leasehold improvements which are generally fully depreciated. Additionally, during the year ended December 31, 2022, seven financing leases were classified as held for sale.

(2) The unaudited aggregate cost for tax purposes for real property equals $ 31,264,813,000 at December 31, 2022.

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Welltower Inc.
Schedule IV - Mortgage Loans on Real Estate
December 31, 2022
																								(in thousands)
Location						Segment						Interest Rate						Final Maturity Date						Periodic 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:
North Carolina						Triple-net						8.44 %						2023						Interest only until maturity						$	—					$	32,783					$	32,278					$	—
First mortgages relating to multiple properties located in:
United Kingdom						Triple-net						12.00 %						2026						Interest until maturity; Interest paid-in-kind until maturity						—						624,500						597,198						—
First mortgages less than three percent of total:
United States - 9						Various						7 % - 17 %						2022 - 2026						N/A						N/A						N/A						68,430						5,815
Totals																														$	—					$	657,283					$	697,906					$	5,815

						Year Ended December 31,
						2022						2021						2020
Reconciliation of mortgage loans:						(in thousands)
Balance at beginning of year						$	877,102					$	293,752					$	145,686
Additions:
Advances on loans receivable						33,555						843,249						214,349
Interest added						49,932						11,815						—
Total additions						83,487						855,064						214,349
Deductions:
Receipts on loans receivable						( 181,040 )						( 214,132 )						( 17,019 )
Loan balance transferred to non-real estate loans receivable						—						( 9,142 )						( 53,071 )
Change in allowance for credit losses and charge-offs						2,894						( 6,984 )						( 5,645 )
Other						—						( 29,619 )						( 329 )
Total deductions						( 178,146 )						( 259,877 )						( 76,064 )
Change in balance due to foreign currency translation						( 84,537 )						( 11,837 )						9,781
Balance at end of year						$	697,906					$	877,102					$	293,752