American Realty Capital Healthcare Trust Iii SC 13E3 Going private transaction

Exhibit (c)(13)

Confidential Project Pelican Fairness Opinion Presentation to the Special Committee of the Board of Directors Real Estate Investment Banking June 12, 2017

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Table of Contents Section I Situation Overview Section II Company Overview Section III Valuation Summary Section IV Valuation Analyses Appendix A. Individual Asset Transaction Comparables B. Public Comparable Company Descriptions 3

Confidential Situation Overview

Situation Overview The special committee of Blue Jay (“Blue Jay” or the “Company”) has retained KeyBanc Capital Markets Inc. (“KeyBanc” or “KBCM”) to determine the fairness, from a financial point of view, of the consideration to be paid by the Company in connection with the purchase of Pelican’s assets (the “Transaction”). Review of Key Items Framing the Situation: ▪ Pelican is a public non-traded REIT focused on ownership of a portfolio of healthcare facilities across the country ▪ Blue Jay and Pelican are affiliated entities, both sponsored and externally managed by the same advisor (the “Advisor”) ▪ The Pelican assets consist of 19 healthcare real estate assets, including 17 medical office building assets and 2 senior housing assets (the “Pelican Portfolio” or the “Portfolio”, each asset a “Portfolio Asset”) ▪ Pelican acquired the first Portfolio Asset and commenced real estate operations in March 2015, all Portfolio Assets have been acquired in this timeframe for a total acquisition cost of $127.8 million, not including transaction fees paid to the Advisor ▪ Blue Jay will pay total cash consideration of $120.0 million to Pelican including the assumption of a $5.0 million mortgage ▪ The Portfolio assets are each individually held in a single purpose entity (“SPE”), in the Transaction Blue Jay will acquire the equity in the SPE of each Portfolio Asset ▪ KBCM has been engaged as a financial advisor to Blue Jay for the Transaction and a portion of the fee payable to KBCM is contingent upon the completion of a Transaction ▪ KeyBanc National Association, an affiliate of KBCM, is a lender to Blue Jay 5

Background and Timeline of the Transaction ▪ On January 29, 2016 the then Chairman of Blue Jay contacted the Chairman of Pelican communicating interest in discussing a potential merger and suggested signing a mutual non-disclosure agreement ▪ On February 4, 2016 the Blue Jay and Pelican each signed a mutual non-disclosure agreement ▪ On February 8, 2016 KeyBanc was engaged by the Board of Directors (the “Board”) of Blue Jay to evaluate and assist in the completion of a potential Transaction with Pelican – KeyBanc and the Company began initial diligence, including discussions with senior management regarding the current operating performance of the Portfolio Assets ▪ On February 16, 2016 Blue Jay’s Board of Directors received an unsolicited offer from Albatross which communicated Albatross’ interest in a potential transaction involving Albatross, Blue Jay, and Pelican. Albatross is an affiliated company to Blue Jay and Pelican ▪ Discussions regarding a potential Transaction between Blue Jay and Pelican were put on hold as both companies reviewed their strategic alternatives – Blue Jay announced review of strategic alternatives on April 22, 2016 – The acquisition of Pelican remained a strategic alternative which was evaluated alongside a range of other strategic alternatives – Pelican announced a review of strategic alternatives on April 29, 2016, one alternative was to pursue a marketed sale process ▪ On July 8, 2016, KBCM presented to Blue Jay’s Board its thoughts on the Pelican Portfolio and valuation – The Board ultimately declined to participate in a marketed sale process for Pelican 6

Background and Timeline of the Transaction (cont.) ▪ In February of 2017 Blue Jay re-engaged in discussions regarding a potential acquisition of Pelican ▪ On February 20, 2017 Blue Jay’s Board retained KBCM to evaluate and assist in the completion of a potential Transaction with Pelican through an amendment to the original engagement letter – Blue Jay and KBCM received access to an updated datasite with new information on Pelican and the Portfolio Assets ▪ On March 2, 2017 KBCM presented updated and revised thoughts regarding the Pelican Portfolio and valuation – The Board decided to proceed with a bid of $98,500,000 in cash for the assets and a letter was sent to Pelican’s Lead Independent Director outlining the details of Blue Jay’s bid – Pelican responded that this valuation was too low for Pelican to transact, but were interested in pursing a potential Transaction ▪ On March 7, 2017 Blue Jay’s board met to discuss a revised offer, at which time KBCM provided thoughts on an updated valuation – KBCM presented the results of a refined valuation to the Board, which agreed to proceed at a bid of $104,500,000 in cash – Pelican responded this valuation was still too low but offered to make management available for a discussion to further Blue Jay’s diligence efforts and improve the offer ▪ On March 10, KBCM and Leslie Michelson, Chairman of the Board, participated in a diligence call to further refine the valuation analysis in order to present a revised bid – KBCM presented the results of the refined valuation to the Board, which agreed to proceed at a bid of $110,000,000 in cash – On March 14, 2017 a letter was sent to Pelican’s Lead Independent Director outlining the details of Blue Jay’s revised bid. The revised, higher bid was not accepted. Pelican informed Blue Jay that they had received an offer from another party – On March 23, 2017 a letter was sent to Pelican with a bid of $111,000,000 in cash which was not accepted ▪ On March 30, 2017 Blue Jay’s Board met to discuss a revised offer, at which time KBCM provided final thoughts on valuation – The Board determined to proceed at $120,000,000 as a best and final offer, which was accepted by Pelican ▪ Blue Jay continued confirmatory diligence on the Portfolio and provided a draft purchase agreement on April 18, 2017 ▪ Blue Jay and Pelican negotiated the purchase agreement through April, May, and June 2017 and are expected to sign the agreement on June 14, 2017 7

Summary of Transaction Terms Parties ▪ Acquirer: Blue Jay, a public, non-listed real estate investment trust organized in New York ▪ Seller: Pelican, a public, non-listed real estate investment trust organized in New York Transaction ▪ Blue Jay shall purchase the equity interests in the SPEs (asset acquisition) which hold the 19 healthcare facilities making up the Pelican Portfolio Form / Structure ▪ Cash acquisition ▪ Proxy expected to be filed within a reasonable timeframe after the execution of the Agreement Consideration ▪ $120.0 million including the assumption of a $5.0 million mortgage Shareholder Approval ▪ Pelican’s board requires concurrence from a majority of the outstanding shares of stock entitled to vote in order to sell all or substantially all of Pelican’s assets ▪ Pelican shareholder approval Conditions ▪ No material adverse change to the Pelican Portfolio has occurred and no developments that would reasonably be expected to have a material adverse effect have occurred ▪ Outside date of [March 14, 2018] ▪ Indemnification provisions by Pelican include breach of reps and warranties, breach of covenants, taxes payable by Pelican, Pelican’s advisor fees, and shareholder litigation brought about from the Transaction ▪ Indemnification provisions by Blue Jay include breach of reps and warranties, breach of covenants and Blue Jay’s Indemnification Provisions advisor fees ▪ 14 month survival period ▪ Threshold of $500,000 with a cap of 10% of the purchase price ▪ Collateralized by an escrow amount of $6 million ▪ Fiduciary out for Board of Directors of Pelican to respond to superior proposals Other Key Provisions ▪ No solicitation of additional offers after signing ▪ Termination fee of 3.0% from Seller to Buyer 8

Summary of Purchase Price Valuation Implied valuation statistics at purchase price of $120,000,000 Value in ($MMs) Purchase Price Purchase Price $120.0 Less: Debt (5.0) Less: UnityPoint NCI (0.5) Net Cash Purchase Price $114.6 Implied Valuation '16 Implied Cap Rate (1) 7.57% '17 Implied Cap Rate (2) 7.70% Source(s): Company Materials, balance sheet items as of 3/31/2017 Note: UnityPoint NCI is presented at book value as of 3/31/2017 (1) Cap rate based on 2016 NOI of $9.08mm (2) Cap rate based on 2017 NOI of $9.24mm 9

Confidential Company Overview

Pelican Overview Summary ▪ Pelican was founded in April 2014 and is headquartered in New York, NY ▪ In August 2014, Pelican commenced its IPO on a “reasonable best efforts basis” of up to 125.0 million shares of common stock, at $25.00 per share ▪ Pelican is a non-traded Real Estate Investment Trust specializing in seniors housing and medical office building assets ▪ As of 1Q 2017, Pelican had a real estate cost basis of $128 million Portfolio Summary Number of Assets SF / Units% of SF Medical Office On Campus 1 70,023 18.6% Off Campus 16 306,550 81.4% Affiliated 11 266,681 70.8% Non Afiliated 6 109,892 29.2% Total 17 376,573 SF 100.0% Seniors Housing T riple Net 1 34,659 SF / 49 Units 37.9% RIDEA 1 56,700 SF / 71 Units 62.1% Total 2 91,359 SF / 120 Units 100.0% Source: Company Materials Portfolio Map Medical Office Buildings NNN Seniors Housing RIDEA Seniors Housing Lease Expiration Schedule (Thousands) 70 25.0%% 60 20.0% Anualized 50 40 15.0% 30 Expiring 10.0% 20 Expiring 5.0% Rental 10 Income SF 0 0.0% SF Expiring% of Annualized Rental Income 11

Pelican Portfolio Summary Portfolio Summary Total Square Feet / Units 467,932 / 115 Number of States 10 Number of Properties 19 MOB Square Feet 376,573 MOB Occupancy 97.1% Aggregate Acquisition Price $127.8 mm 2016A/2017E Net Operating Income $9.1mm/$9.2mm Weighted Average Property Age (1) 10.0 Years Total Debt (Philip Professional Center Note) (2) $5.0mm State Breakdown State 2016 ABR ($000s) (3)% of ABR Illinois $5,132 42.1% Georgia 1,445 11.8% Michigan 1,189 9.7% Minnesota 1,072 8.8% Florida 1,054 8.6% Arizona 583 4.8% Texas 471 3.9% Iowa 434 3.6% Kentucky 418 3.4% Ohio 402 3.3% Total $12,200 100.0% Top Tenants / Operators (52% of ABR is with Investment Grade Tenants (4)) Top Tenants / Operators% of Annual Base Rent (4) Moody's / S&P Rating Summit Orthopedics, Ltd. 10.5% NA Presence Health 8.9% Baa3 / BBB- Cedarhurst Management(5) 8.8% NA United States of America (GSA) 8.0% Aaa / AA+ Beaumont Health 7.1% A1 / A T rinity Regional Health System 6.9% Aa3 / AA- Northside Hospital Inc. 6.2% Aa3 / NA T he MetroHealth System 4.1% A3 / A- Lee Memorial Health System 3.8% A2 / A Meridian Senior Living 3.7% NA T exas Health Resources 3.6% Aa2 / AA Cardiology Associates of N. IL 3.4% NA Michigan Adult & Child Medicine 2.8% NA Illinois Cancer Care 2.6% NA SMI Imaging 2.5% NA DaVita Dialysis 2.4% Ba3 / BB Fresenius Medical Care 1.8% Ba2 / BBB- T heodore Shreiber, MD 1.6% NA Kaiser Permanente 1.5% A3 / AA- Renal Hypertension Center 1.4% NA Other 8.3% (6) Total 100.0% Source: Company materials (1) Weighted by square feet and age based on year built or most recent renovation (2) Philip Professional Center note has a fixed rate of 4.0% and matures in October 2019, and is open for pre-payment without a premium beginning April 1, 2019; balance as of 3/31/2017 (3) Based on Company’s 10-K 12 (4) Base rent as of 04/19/2017 ; (5) Based on 2016 NOI (6) Walgreens (Madison Medical Plaza) rated “Baa2” by Moody’s and “BBB” by S&P

Portfolio Summary Property / Portfolio Location Yr. Built / Primary Tenant Acquisition Rentable Square M / S Tenant Occupancy Reno. Date Feet NNN / RIDEA Medical Office Buildings DaVita Bay Breeze Dialysis Center Largo, FL 2012 DaVita Inc. Mar-15 7,247 S 100.0% RAI Care Center Palm Harbor, FL 1973 / 2009 Fresenius Medical Care Apr-15 14,936 M 100.0% DaVita Dialysis Hudson, FL 1982 / 2009 DaVita Inc. May -15 8,984 M 100.0% Rockwall Medical Plaza Rockwall, TX 2008 Texas Health Resources Jun-15 18,176 M 100.0% Decatur MOB Decatur, GA 2009 Northside Hospital, Inc. Jul-15 20,800 S 100.0% MetroHealth Buckeye Health Center Cleveland, OH 2004 The MetroHealth System Aug-15 25,070 S 100.0% Philip Professional Center (2 buildings) Lawrenceville, GA 2007 United States of America (GSA) Aug-15 31,483 M 93.9% Illinois CancerCare Clinic Galesburg, IL 2014 Illinois Cancer Care, P.C. Aug-15 9,211 S 100.0% Galesburg VA Outpatient Clinic Galesburg, IL 2013 United States of America (GSA) Aug-15 9,979 S 100.0% Woodlake Office Center Woodbury, MN 2009 Summit Orthopedics, Ltd. Sep-15 36,375 S 100.0% Greenfield Medical Center Gilbert, AZ 2001 SMI Imaging, LLC Oct-15 28,489 M 100.0% Lee Memorial Health System Outpatient Center Fort Myers, FL 1998 Lee Memorial Health System Oct-15 24,174 S 100.0% Beaumont Medical Center Warren, MI 2005 Beaumont Health Dec-15 35,219 M 95.2% Madison Medical Plaza Joliet, IL 2007 Presence Health Dec-15 70,023 M 89.4% UnityPoint Muscatine (1) Muscatine , IA 2015 Trinity Regional Health System Dec-15 21,767 S 100.0% UnityPoint Moline (2) Moline , IL 2013 Trinity Regional Health System Dec-15 14,640 S 100.0% Medical Office Buildings Total 376,573 97.1% NNN Seniors Housing Arcadian Cove Assisted Living Richmond, KY 2009 Meridian Senior Living Aug-15 34,659 SF / 49 Units NNN 100.0% (1) NNN Seniors Housing 34,659 SF / 49 Units 100.0% RIDEA Seniors Housing Cedarhurst of Collinsville Collinsville, IL 2009 Cedarhurst Senior Living, LLC Aug-15 56,700 SF / 66 Units RIDEA 91.7% RIDEA Seniors Housing 56,700 SF / 66 Units 91.7% Total Portfolio 467,932 96.6% Source: Company materials, SEC filings (1) Operating occupancy of 93.9% as of 3/31/2017 13

Portfolio Summary (cont’d.) Property / Portfolio Location Remaining Lease Purchase Price Purchase Cap Rent Increases Affiliated / Non On/Off Campus Term (Years) ($000s) Rate (annually) Affiliated Medical Office Buildings DaVita Bay Breeze Dialysis Center Largo, FL 10.2 $1,650 6.95% 2.0% Non-affiliated Off campus RAI Care Center Palm Harbor, FL 7.7 4,750 7.23% 2.0% Non-affiliated Off campus DaVita Dialysis Hudson, FL 7.5 2,725 7.20% 0.0% Non-affiliated Off campus Rockwall Medical Plaza Rockwall, TX 3.0 6,639 6.81% 2.5% - 3.0% Affiliated Off campus Decatur MOB Decatur, GA 5.6 5,100 6.92% 2.0% Affiliated Off campus MetroHealth Buckeye Health Center Cleveland, OH 3.1 5,550 7.59% 0.0% Affiliated Off campus Philip Professional Center (2 buildings) Lawrenceville, GA 11.4 9,000 6.50% 1.6% - 3.0% Affiliated Off campus Illinois CancerCare Clinic Galesburg, IL 7.4 3,400 7.27% 2.0% Non-affiliated Off campus Galesburg VA Outpatient Clinic Galesburg, IL 6.3 2,630 7.03% 0.0% Affiliated Off campus Woodlake Office Center Woodbury, MN 5.5 14,900 6.77% 2.0% Non-affiliated Off campus Greenfield Medical Center Gilbert, AZ 3.4 7,000 7.04% 2.1% - 3.0% Non-affiliated Off campus Lee Memorial Health System Outpatient Center Fort Myers, FL 1.5 5,275 7.16% 0.0% Affiliated Off campus Beaumont Medical Center Warren, MI 4.8 13,650 6.67% 3.0% Affiliated Off campus Madison Medical Plaza Joliet, IL 4.4 19,500 6.28% 2.5% - 3.0% Affiliated On campus UnityPoint Muscatine (1) Muscatine , IA 8.0 5,886 7.00% 10.0% Affiliated Off campus UnityPoint Moline (2) Moline , IL 6.8 3,767 7.00% 10.0% Affiliated Off campus Medical Office Buildings Total 5.7 $111,423 NNN Seniors Housing Arcadian Cove Assisted Living Richmond, KY 13.4 $4,775 7.37% 2.5% NA NA NNN Seniors Housing 13.4 $4,775 RIDEA Seniors Housing Cedarhurst of Collinsville Collinsville, IL NA $11,600 7.14% NA NA NA RIDEA Seniors Housing $11,600 Total Portfolio 6.3 $127,798 6.86% Source: Company materials, SEC filings (1)One-time 10% rent increase in 2020 (2)One-time 10% rent increase in 2018 14

Pelican’s Standalone Projections ▪ Projections based on ARGUS files (MOBs) and financial models (seniors housing assets) provided by the Company ▪ Assumes 5% UnityPoint NCI stays in place ($000s) 2016A 2017P 2018P 2019P 2020P 2021P Portfolio Revenue $14,351 $14,719 $14,975 $15,410 $15,765 $15,889 Y / Y Growth NM 2.6% 1.7% 2.9% 2.3% 0.8% Operating Expenses - MOBs (3,316) (3,708) (3,783) (3,873) (3,965) (4,054) Operating Expenses - Senior Housing (1,952) (1,773) (1,816) (1,859) (1,904) (1,950) Portfolio Cash NOI $9,083 $9,238 $9,376 $9,678 $9,896 $9,886 Y / Y Growth NM 1.7% 1.5% 3.2% 2.3% (0.1%) NOI Margin 63.3% 62.8% 62.6% 62.8% 62.8% 62.2% Adjustment: NOI Attr. To UnityPoint NCI (1) (34) (34) (34) (35) (37) (37) Cash NOI after NCI $9,049 $9,204 $9,342 $9,642 $9,859 $9,848 G&A Expenses (1,898) (1,955) (2,014) (2,074) (2,136) (2,200) Capex & Capex Reserves (2) (132) (408) (769) (546) (946) (1,947) Cash Flow Before Debt Service $7,019 $6,841 $6,559 $7,022 $6,777 $5,701 (1) 5% UnityPoint non-controlling interest (2) Includes Capex & Capex Reserves, RIDEA Reserves, TIs & LCs 15

Pelican G&A Detail Pelican has historically paid cash G&A costs of nearly $2 million annually, $1.4 million of which will be eliminated upon the integration into Blue Jay’s portfolio. ($000s) 2016A 2017P 2018P 2019P 2020P 2021P Related Party Reimbursements $267.1 $275.1 $283.4 $291.9 $300.6 $309.7 Accounting & Audit 720.8 742.4 764.7 787.6 811.3 835.6 Transfer Agent 181.1 186.5 192.1 197.8 203.8 209.9 Printing and Production 126.4 130.2 134.1 138.1 142.3 146.5 Legal 291.1 299.8 308.8 318.1 327.6 337.4 Distributions on Class B Units (1) 42.7 44.0 45.3 46.7 48.1 49.5 Board of Director Compensation 166.0 171.0 176.1 181.4 186.8 192.4 Tax es 0.0 0.0 0.0 0.0 0.0 0.0 Consulting Fees 0.0 0.0 0.0 0.0 0.0 0.0 Other 103.0 106.1 109.3 112.5 115.9 119.4 Total Cash G&A Costs $1,898.1 $1,955.1 $2,013.7 $2,074.1 $2,136.4 $2,200.5 Non-Cash Mgmt. Fee Paid in Class B Units (2) $918.4 $918.4 $918.4 $918.4 $918.4 $918.4 Pro Forma G&A to Blue Jay Post-Transaction G&A Costs Related Party Reimbursements $300.0 $309.0 $318.3 $327.8 $337.7 $347.8 Accounting & Audit 70.0 72.1 74.3 76.5 78.8 81.1 Legal 90.0 92.7 95.5 98.3 101.3 104.3 Board of Director Compensation 50.0 51.5 53.0 54.6 56.3 58.0 Other 10.0 10.3 10.6 10.9 11.3 11.6 Pro Forma G&A Costs to Pelican $520.0 $535.6 $551.7 $568.2 $585.3 $602.8 Incremental Operating Fees Due to Affiliates $100.0 $100.0 $100.0 $100.0 $100.0 $100.0 Non-Cash Mgmt. Fee Paid in Class B Units (2) $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Note: Assumes 3% out-year growth in G&A expenses (1) G&A Expense reflects only dividends paid on stock payments for asset management fee. In pro forma Blue Jay there would be no additional asset management fee incurred and the Pelican asset management fee would be eliminated (2) Pelican paid quarterly management fees in the form of Class B units to its Advisor, based on .1875% of the NAV of Pelican’s assets. Assumes share price of $23.75, price per share of Pelican at end of Q4 2016. In pro 16 forma Blue Jay the distribution of Class B units would be eliminated 16

Pelican’s Pro Forma Projections ($000s) 2016A 2017P 2018P 2019P 2020P 2021P Portfolio Revenue $14,351 $14,719 $14,975 $15,410 $15,765 $15,889 Y / Y Growth NM 2.6% 1.7% 2.9% 2.3% 0.8% Operating Expenses - MOBs (3,316) (3,708) (3,783) (3,873) (3,965) (4,054) Operating Expenses - Senior Housing (1,952) (1,773) (1,816) (1,859) (1,904) (1,950) Portfolio Cash NOI $9,083 $9,238 $9,376 $9,678 $9,896 $9,886 Y / Y Growth NM 1.7% 1.5% 3.2% 2.3% (0.1%) NOI Margin 63.3% 62.8% 62.6% 62.8% 62.8% 62.2% Adjustment: NOI Attr. To UnityPoint NCI (1) (34) (34) (34) (35) (37) (37) Cash NOI after NCI $9,049 $9,204 $9,342 $9,642 $9,859 $9,848 G&A Expenses (2) (520) (536) (552) (568) (585) (603) Incr. Operating Fees Due to Affiliate (2) (100) (100) (100) (100) (100) (100) Capex & Capex Reserves (3) (132) (408) (769) (546) (946) (1,947) Cash Flow Before Debt Service $8,297 $8,160 $7,921 $8,428 $8,228 $7,199 (1) 5% UnityPoint non-controlling interest (2) Assumes pro forma G&A upon integration into Blue Jay’s Portfolio (3) Includes Capex & Capex Reserves, RIDEA Reserves, TIs & LCs 17

Confidential Valuation Summary

Scope of Work For purposes of determining the fairness, from a financial perspective, of the consideration offered for Pelican, KBCM, without independent verification, has: ▪ Assumed the accuracy and completeness of the information made available to us by Pelican’s management ▪ Reviewed the draft Purchase Agreement (the “Agreement”) dated June 12, 2017 ▪ Reviewed certain publicly available financial statements and other business and financial information of Pelican and Blue Jay that KBCM deemed relevant ▪ Compared the financial performance of the Company with that of certain other comparable publicly traded companies and their securities which KBCM deemed relevant ▪ Reviewed the financial terms, to the extent publicly available, of certain comparable acquisition transactions that KBCM deemed relevant ▪ Performed such other analyses and considered such other materials and factors deemed appropriate 19

KeyBanc Valuation Procedures KeyBanc analyzed the historical and projected financial results of the Portfolio, as well as third-party market statistics, and applied a variety of valuation techniques as outlined below: Comparable Public Companies Analysis of the implied capitalization rate of a comparable group of publicly traded companies with similar attributes to the Portfolio NAV Analysis Analysis based on individual net asset values of each asset in the Portfolio Discounted Cash Flow Analysis Analysis to determine a present value of the Portfolio based on the expected future cash flows 20

Valuation Overview Pricing Method Pelican Cost Basis (1) Implied Portfolio Value Implied 2017 Cap Rate (3) Purchase Price: $120mm (Implied 2017 cap rate of 7.7%) $127.8 7.2% MarketBased Public Comps $139.7 $151.1 ▪ 6.1% - 6.6% NAV (2) $123.0 $131.9 ▪ 7.0% - 7.5% AssumptionBased DCF $120.2 $131.5 ▪ 7.0% - 7.7% $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 $160.0 Note: $in millions (1) Provided by Pelican’s management (2) Gross asset value presented to reflect comparable value 21

Confidential Valuation Analyses

Comparable Public Companies KeyBanc identified 5 comparable public companies focused on medical office assets, and 5 comparable public companies focused on seniors housing assets: ▪ No company or business in the comparable companies analysis is identical to the Company, or the Portfolio – Notably, the publicly traded comparable companies are both meaningfully larger than the Portfolio and have a liquid stock ▪ The medical office-focused companies include: – Healthcare Trust of America (NYSE: HTA) – Healthcare Realty Trust (NYSE: HR) – Physicians Realty Trust (NYSE: DOC) – Universal Health Realty Income Trust (NYSE: UHT) – Community Healthcare Trust Incorporated (NYSE: CHCT) ▪ The seniors housing-focused companies include: – Senior Housing Properties Trust (NYSE: SNH) – National Health Investors (NYSE: NHI) – LTC Properties (NYSE: LTC) – Sabra Healthcare (NYSE:SBRA) – New Senior Healthcare Group (NYSE: SNR) ▪ KeyBanc focused on the implied cap rates for 2017, using 2017 net operating income, financial statements as of the most recent filings, and market data ▪ KBCM also applied an illiquidity and lack of comparability discount of 10% to reflect the lack of a publicly traded stock for the Portfolio relative to the comparable public companies as well as the overall size of the Portfolio relative to the publically traded portfolios ▪ KBCM applied the discounted peer average cap rate to each segment’s cash NOI individually (ex. Medical Office Building and Seniors Housing), and summed the results 23

Comparable Public Companies – Valuation Metrics Price 52-Week Range (1) Implied 2017 Company Ticker 6/6/2017 Low High Market Cap Enterprise Value Cap Rate (2) Seniors Housing Focused Peers Senior Housing Properties T rust SNH $21.10 $17.14 $23.85 $5,012.4 $8,659.1 7.6% National Health Investors, Inc. NHI 76.05 66.31 82.53 3,123.1 4,361.2 5.2% LT C Properties, Inc. LT C 48.56 43.17 54.20 1,922.3 2,553.3 5.8% Sabra Health Care REIT , Inc. SBRA 22.91 19.30 29.10 1,499.8 2,890.9 8.8% New Senior Investment Group Inc. SNR 9.47 9.02 12.68 777.9 2,976.3 7.3% Average $2,467.1 $4,288.1 7.0% 10% Discount (3) 7.6% MOB Focused Peers Healthcare T rust of America, Inc. HT A $31.38 $26.34 $34.64 $4,514.6 $6,566.0 5.5% Healthcare Realty T rust Incorporated HR 34.07 26.66 36.60 3,981.9 5,303.4 5.4% Physicians Realty T rust DOC 20.74 17.12 22.03 3,297.1 4,274.2 5.4% Universal Health Realty Income T rust UHT 73.08 53.65 75.58 993.9 1,273.4 NA Community Healthcare T rust Incorporated CHCT 25.47 19.10 25.94 333.8 420.3 6.3% Average $2,624.3 $3,567.4 5.6% 10% Discount (3) 6.2% Source(s): Company filings, Capital IQ, SNL Financials, Equity Research Note(s): Financials as of latest filing, dollars in millions, except per share figures (1) 52-week range based on 6/6/2017 (2) Forward cap rate based on 2017 Cash NOI provided in Equity Research 24 (3) Applied an illiquidity and lack of comparability discount of 10% to reflect the lack of a publicly traded stock for the Portfolio relative to the comparable public companies as well as the overall size of the Portfolio relative to the publically traded portfolios

Public Comps Valuation Matrix $in millions Medical Office Buildings Seniors Housing Total Portfolio 2017 Implied Valuation 2017 NOI $8.0 $1.3 $9.2 Discounted Peer Average Cap Rate 6.2% 7.6% 6.4% Enterprise Value $128.8 $16.4 $145.2 Less: Debt & NCI (5.4) 0.0 (5.4) Less: Cash 0.0 0.0 0.0 Market Cap $123.3 $16.4 $139.7 Valuation Sensitivity (-) 50 bps $140.1 $17.5 $157.6 (-) 25 bps $134.2 $16.9 $151.1 Discounted Peer Average Cap Rate $128.8 $16.4 $145.2 (+) 25 bps $123.8 $15.9 $139.7 (+) 50 bps $119.2 $15.4 $134.6 25

Net Asset Value Analysis KBCM reviewed certain financial data and the purchase prices paid in 354 real estate transactions involving medical office buildings and seniors housing facilities, for which relevant information was available, to determine a Net Asset Value for the Portfolio ▪ KBCM reviewed 354 asset sale transactions based on the following criteria: – Medical office buildings, seniors housing, and dialysis center transactions – Completed since Q1 2015 – In similar regional geography to the Portfolio Assets (1) – For MOB transactions, only included properties built after 2000 and between 10,000-50,000 SF in size – For dialysis center transactions, only included transactions where Fresenius or DaVita is the tenant ▪ KBCM calculated the average cap rate for each of the following geographic regions: Midwest, Southeast, and Southwest (1) – The cap rate calculated is applied to the individual assets in those markets to determine a gross asset value and net asset value ▪ All comparable transaction data is based on available public information and databases common within the real estate industry ▪ No asset used as a comparable in creating the Net Asset Value analysis is identical to any of the Portfolio Assets (1) Geography not a limiting criteria for dialysis center transactions where Fresenius or DaVita is the tenant 26

NAV Analysis Cap Rate (1) Ent. Value High Low 2017E NOI Low High Medical Office Building Portfolio ($in mm) DaVita BayBreeze Dialysis Center 6.4% 5.9% $0.1 $1.9 $2.0 RAI Cancer Center 6.4% 5.9% 0.4 5.6 6.1 DaVita Dialysis 6.4% 5.9% 0.2 3.1 3.4 Rockwall Medical Plaza 7.3% 6.8% 0.4 5.8 6.3 Decatur MOB 7.4% 6.9% 0.5 6.9 7.4 MetroHealth Buckeye Health Center 7.8% 7.3% 0.4 5.4 5.8 Phillips Professional Center 7.4% 6.9% 0.5 7.4 8.0 Illinois CancerCare Clinic 7.8% 7.3% 0.3 3.3 3.5 Galesburg VA Outpatient Clinic 7.8% 7.3% 0.2 2.0 2.2 Woodlake Office Center 7.8% 7.3% 1.0 13.3 14.2 Greenfield Medical Center 7.3% 6.8% 0.6 7.6 8.2 Lee Memorial Health System Outpatient Center 7.4% 6.9% 0.4 5.1 5.4 Beaumont Medical Center 7.8% 7.3% 1.1 14.3 15.3 Madison Medical Plaza 7.8% 7.3% 1.2 16.0 17.1 UnityPoint Muscatine 7.8% 7.3% 0.4 5.3 5.7 UnityPoint Moline 7.8% 7.3% 0.3 3.4 3.6 Medical Office Building Portfolio - Total $8.0 $106.4 $114.0 Implied Cap Rate - Medical Office Building 7.5% 7.0% Seniors Housing Portfolio ($in mm) Arcadian Cove Assisted Living 7.5% 7.0% $0.4 $4.8 $5.1 Cedarhurst of Collinsville 7.5% 7.0% 0.9 11.9 12.7 Seniors Housing Portfolio - Total $1.3 $16.7 $17.8 Implied Cap Rate - Seniors Housing 7.5% 7.0% Total Portfolio - Gross Asset Value $9.2 $123.0 $131.9 Implied Cap Rate - Total Portfolio 7.5% 7.0% Total Portfolio - Net Asset Value $117.6 $126.4 Source: Real Capital Analytics, NIC Map (1) Cap rate based single asset MOB transaction comparables in geographic regions where Pelican’s assets are located sourced from RCA, range based on + / - 25bps on average cap rate. Detail is provided in appendix 27

Discounted Cash Flow Analysis Discounted cash flow analysis is a traditional valuation methodology used to derive a valuation by discounting to the present its future expected cash flows. ▪ KeyBanc performed a discounted cash flow analysis of the Pelican Portfolio based upon financial projections for the projected fiscal periods 2017 through 2021, which were provided by management ▪ In estimating the Company’s weighted average cost of capital (“WACC”), KBCM performed analysis consistent with the Capital Asset Pricing Model ▪ KBCM used the following assumptions in building to the WACC: ― Risk free rate based on 20-year treasury yield ― Market risk and size premium based on Ibbotson’s data ― Calculated unlevered beta based on the median beta of the public comparable companies unlevered based on the aggregate debt / equity of the comp set ― Applied a relevered beta using a range of leverage ratios (debt / total capitalization) of 5% to 35% based on the Portfolio’s current leverage and the target leverage for a publicly traded healthcare REIT ▪ KeyBanc assumed a WACC range of 7.50% - 8.50% in completing its analysis, and utilized the mid-year convention ▪ KeyBanc’s analysis included a synergized case which eliminates most of Pelican’s G&A expenses ▪ Exit cap rate based on the blended cap rate of the NAV analysis, which reflects comparable transactions for the entire Portfolio 28

Discounted Cash Flow Analysis (cont.) KeyBanc performed a discounted cash flow analysis to estimate Pelican’s intrinsic value Projections 2017 2018 2019 2020 2021 Total Revenue $14.7 $15.0 $15.4 $15.8 $15.9 Total Operating Expenses (5.5) (5.6) (5.7) (5.9) (6.0) Net Operating Income $9.2 $9.4 $9.7 $9.9 $9.9 NOI Growth% 1.5% 3.2% 2.3% (0.1%) Less: G&A (2) (0.5) (0.6) (0.6) (0.6) (0.6) Less: Incr. Operating Fees Due to Affiliate (2) (0.1) (0.1) (0.1) (0.1) (0.1) Less: TIs & LCs (0.2) (0.6) (0.4) (0.8) (1.4) Less: CapEx (0.2) (0.2) (0.2) (0.2) (0.6) Net Other Cash Flow Items ($1.0) ($1.4) ($1.2) ($1.6) ($2.6) Unlevered Free Cash Flow (FCF) $8.2 $8.0 $8.5 $8.3 $7.2 Unlevered FCF Growth% (2.9%) 6.4% (2.4%) (12.4%) Discount Factor (3) 0.962 0.891 0.825 0.764 0.707 Present Value of FCF $7.9 $7.1 $7.0 $6.3 $5.1 Discounted Free Cash Flow Valuation 2022 NOI $9.8 Exit Cap Rate (1) 7.25% Implied Terminal Value $135.6 Total Present Value of FCF $33.4 Present Value of Terminal Value 92.3 Enterprise Value $125.6 Less: Debt (5.0) Less: Muscatine NCI (0.5) Equity Value $120.2 Implied Enterprise Value Exit Cap Rate 6.75% 7.00% 7.25% 7.50% 7.75% 7.00% $137.9 $134.2 $130.8 $127.5 $124.5 WACC 7.50% 135.2 131.5 128.2 125.0 122.1 8.00% 132.5 128.9 125.6 122.5 119.7 8.50% 129.9 126.4 123.2 120.2 117.3 9.00% 127.3 123.9 120.8 117.8 115.1 Note: $in millions (1) Exit cap rate represents the midpoint cap rate from NAV analysis (2) Assumes pro forma G&A case (3) Assumes 8.0% WACC as well as mid-year convention 29

DCF – Discount Rate Derivation Assumptions Unlevered Beta Calculation Risk Free Rate (1) 2.6% Comparable Company Bloomberg Beta (3) Debt / Equity (4) Unlevered Beta (5) SNH 0.632 69.1% 0.374 Market Risk Premium (2) 6.9% NHI 0.730 37.2% 0.532 LTC 0.568 31.2% 0.433 Market Capitalization Premium (2) 1.6% SBRA 0.975 91.2% 0.510 SNR 0.956 274.7% 0.255 Marginal Tax Rate 0.0% CHCT 0.764 24.6% 0.613 HTA 0.574 40.4% 0.409 HR 0.565 32.3% 0.427 DOC 0.663 30.9% 0.507 UHT 0.882 27.5% 0.692 Median 0.697 34.7% 0.517 (1) 20-year US Treasury Yield. As of 6/6/2017 (5) Unlevered beta = Predicted Beta / (1 + (1 – tax)*D/E) (2) Source: 2016 Ibbotson Risk Premia Over Time Report; market cap premium based on Blue Jay’s estimated market cap (3) One year adjusted beta. Source: Bloomberg 30 (4) Calculated as total consolidated debt and pro rata share of JV debt divided by market value of equity

DCF – Discount Rate Derivation (cont.) WACC Calculation – Based on Blue Jay’s Capitalization Debt / WACC Based on Pre-Tax Cost of Debt Range of: Debt / Equity (1) Capitalization Levered Beta (2) Cost of Equity (3) 3.50% 4.00% 4.50% 5.00% 5.50% 5.0% 4.8% 0.54 7.9% 7.73% 7.75% 7.77% 7.80% 7.82% 15.0% 13.0% 0.59 8.3% 7.67% 7.73% 7.80% 7.86% 7.93% 25.0% 20.0% 0.65 8.6% 7.62% 7.72% 7.82% 7.92% 8.02% 35.0% 25.9% 0.70 9.0% 7.58% 7.71% 7.84% 7.97% 8.10% 45.0% 31.0% 0.75 9.4% 7.54% 7.70% 7.85% 8.01% 8.16% WACC Calculation – Based on Industry Median Capitalization Debt / WACC Based on Pre-Tax Cost of Debt Range of: Debt / Equity (1) Capitalization Levered Beta (2) Cost of Equity (3) 3.50% 4.00% 4.50% 5.00% 5.50% 25.0% 20.0% 0.65 8.6% 7.62% 7.72% 7.82% 7.92% 8.02% 35.0% 25.9% 0.70 9.0% 7.58% 7.71% 7.84% 7.97% 8.10% 45.0% 31.0% 0.75 9.4% 7.54% 7.70% 7.85% 8.01% 8.16% 55.0% 35.5% 0.80 9.7% 7.51% 7.69% 7.87% 8.05% 8.22% 65.0% 39.4% 0.85 10.1% 7.49% 7.68% 7.88% 8.08% 8.27% Note: Cost of debt estimated based on Blue Jay’s in-place outstanding debt (1) Calculated as total consolidated debt and pro rata share of JV debt divided by market value of equity (2) Levered Beta = Unlevered Beta * (1 + (1 – tax)* D/E) 31 (3) Cost of Equity = risk-free rate + (levered beta * market risk premium) + market capitalization premium

Confidential Appendix

Confidential A. Individual Asset Transaction Comparables

Single Asset Transaction Comparables Summary Midwest MOB Comparable Transactions (1) Price ($) $/ SF Cap Rate Count 73 T ransactions Low $2.2 $88 10.1% Average $7.1 $279 7.5% Median $5.8 $258 7.4% High $18.0 $586 5.8% Southeast MOB Comparable Transactions (3) Price ($) $/ SF Cap Rate 105 T ransactions Count Low $1.1 $81 9.0% Average $5.8 $255 7.1% Median $5.1 $249 7.1% High $16.1 $691 3.9% Southwest MOB Comparable Transactions (2) Price ($) $/ SF Cap Rate Count 50 T ransactions Low $1.0 $51 10.0% Average $6.0 $283 7.0% Median $5.0 $283 6.6% High $18.8 $607 5.0% Dialysis Center Comparable Transactions (4) Price ($) $/ SF Cap Rate 85 T ransactions Count Low $0.6 $111 9.0% Average $4.7 $418 6.1% Median $3.6 $363 6.1% High $35.8 $1,218 4.1% Senior Housing Comparable Transactions (5) Price ($) $/ Unit Cap Rate Count 41 T ransactions Low $2.5 $46,647 11.3% Average $15.5 $159,801 7.3% Median $13.3 $165,090 7.2% High $52.9 $285,321 4.1% Source: Real Capital Analytics, NIC Map Note(s): Includes single asset MOB transactions, built after 2000, between 10,000-50,000 SF over the past two years; includes single seniors housing transactions since Q1 2015 (1) Midwest includes: ND, SD, NE, KS, MN, IA, MO, WI, IL, MI, OH (4)Includes MOB transactions where Fresenius or DaVita were tenants at time of sale 34 (2) Southwest includes: AZ, CO, NM, OK, TX (5) Includes AL and IL transactions in Midwest and Southeast (3) Southeast includes: AR, LA, KY, TN, MS, AL, GA, FL, NC, SC

Midwest Transaction Comparables Detail (1) Purchase Price Date Name Buyer Seller City State ($million) Total SF $/ SF Cap Rate Occupancy (%) 5/16/2017 BIOMAT Apple Ridge/Cherry Ridge LLC Stough Development Corp Whitehall OH $3.3 14,957 $221 NA 100% 4/18/2017 Center for Outpatient Medicine Stage Equity Partners T he Center for Outpatient Medicine Bloomington IL 14.5 45,000 322 NA 100% 3/31/2017 Rush-Copley Medical Center Aurora Carter Validus Mission Castle Orthopaedics & Sports Medicine SC Aurora IL 11.3 24,722 455 NA 100% 3/24/2017 10500 W Loomis Rd Local Investor GN Realty Franklin LLC Franklin WI 3.9 18,447 211 NA NA 3/17/2017 Schubbe Resch Chiropractic & Physical T herapy NA NA Appleton WI 2.2 10,254 213 6.9% NA 3/1/2017 UnityPoint Health Waterloo Unity Point Prop LLC Lockard Development Waterloo IA 5.9 16,433 359 6.3% 100% 2/28/2017 Coram Specialty Infusion Services LERCK Forest Hills LLC Bradley L Heinrich Machesney Park IL 4.7 30,000 157 9.9% 100% 2/8/2017 Fresenius Medical Care KJT Properties LLC Bailiwyck Properties LLC Hobart IN 4.0 16,500 242 7.3% 60% 1/10/2017 Bellin Memorial Hospital NA Moyle Construction Kingsford MI 5.4 18,600 291 6.5% 100% 1/9/2017 Physicians Immediate Care MB Real Estate Irgens Development Plainfield IL 9.4 25,000 376 NA 100% 12/13/2016 Advocate Medical Group Elliott Bay Capital T rust Susan A Snyder Olympia Fields IL 5.9 16,020 365 7.7% 100% 11/30/2016 Pinehurst Building Scott Weber Upper Midwest Mgmt Corp Minneapolis MN 18.0 41,385 435 NA NA 11/9/2016 13590 North Meridian Street NA NA Carmel IN 4.6 15,632 294 7.8% NA 11/4/2016 Northwest Michigan Surgery Center (2FL) Physicians Realty T rust NA T raverse City MI 2.7 11,041 245 6.8% 100% 11/1/2016 T amarack Hills Ben Smith Norgen Group Woodbury MN 4.4 17,816 245 NA 100% 10/29/2016 Deerfield Station Mascia Development LLC Neyer Properties Mason OH 3.2 20,493 154 NA NA 10/27/2016 Fresenius Cleveland Capital Square 1031 COP Cleveland East LLC Cleveland OH 10.7 31,365 342 6.0% 100% 10/19/2016 DuPage Medical Group DuPage Medical Group Missner Group Naperville IL 3.1 10,000 306 7.3% 100% 10/13/2016 UH Walden Health Center Community Healthcare T rust NA Aurora OH 3.3 11,000 297 9.3% 100% 9/1/2016 1964 Springbrook Square Dr Location Finders Int'l Naperville 1964 LLC Naperville IL 4.9 12,623 389 NA NA 8/25/2016 Centegra Milestones T herapy Center 394 Federal Drive LLC Shabbir Kapadia Crystal Lake IL 3.2 11,909 268 NA 100% 7/27/2016 Laurel T errace in Highland Park Harrison Street RE Cap Sharon Burack Highland Park IL 12.5 29,203 428 NA 100% 7/6/2016 Prairie Care Maplewood Physicians Realty T rust Launch Properties Maplewood MN 4.9 13,950 350 7.1% 100% 6/22/2016 Endoscopy & Colonoscopy Center JPS Hazelwood LLC Uranus Land Co LLC Hazelwood MO 4.1 11,189 368 7.1% 100% 6/17/2016 Nicolet Woods Medical Office Bldg Martin Karol; Borislav Kresovic; Et. Al Chudnow Druck Valuation Inc; Donald B Chudnow Glendale WI 2.7 16,298 166 8.6% NA 6/3/2016 Children's Hospital Of Wisconsin Bluemound Pediatr Physicians Realty T rust Ryan Companies Brookfield WI 5.9 18,054 325 NA 100% 5/26/2016 CorVasc Medical Office Ventas Richard Freeman Indianapolis IN 11.0 42,681 258 6.1% NA 5/18/2016 Hauser-Ross Eye Institute MAE Sycamore Holdings LLC SASS Real Property Investments LLC Sycamore IL 14.8 36,500 405 NA 100% 4/29/2016 500 Wind Ridge Dr Aspirus Wausau Hospital Inc Cari Logemann Wausau WI 8.1 27,539 294 NA NA 4/19/2016 Decatur Memorial Hospital MRI Center EA&S Investments, T he Surnow Company Roy B Mosser Forsyth IL 4.4 10,672 408 7.7% 100% 4/15/2016 20350 Water T ower Blvd HGR LLC Investment 20350 T DR LLC Brookfield WI 4.3 17,746 241 NA NA 4/14/2016 Birch Run Health Center T he Davis Group Launch Properties Maplewood MN 6.7 28,350 237 NA NA 4/5/2016 Circleville Family Health Caddis Partners American Investment Exchange Circleville OH 4.6 19,960 230 NA 100% 4/1/2016 Forsyth Professional Center Roberty J Ernst Roy B. Mosser Forsyth IL 11.1 45,689 244 8.0% NA 3/31/2016 St Elizabeth Chapel Place Block RE Services Paul Hemmer Cos Crestview Hills KY 2.6 12,200 212 NA NA 2/26/2016 SCA Surgery Center MedProperties Holdings Southwest Surgery Center LLC Mokena IL 17.0 29,000 586 NA NA 2/12/2016 10330 Old Olive Street Rd Old Olive Investments LLC; T PS Holdings LLC Anne R Kerns Creve Coeur MO 3.1 34,632 88 NA NA 2/5/2016 100 NE Missouri Rd Santa Fe Investments Group Inc Medical Plaza II LLC Lee's Summit MO 3.0 14,356 210 NA NA 2/1/2016 BioLife Plasma Services AEI Capital Build to Suit Inc Maple Grove MN 9.7 16,692 581 NA 100% 2/1/2016 Physicians Medical Plaza Physicians Realty T rust St Vincent Hospital Indianapolis IN 8.5 40,936 208 7.0% 100% 1/28/2016 380 Center View Boulevard Block RE Services Chapel Place D & E LLC Crestview Hills KY 2.6 12,200 212 NA NA 12/31/2015 768 Columbia Road Cleveland Clinic Foundation Lakewood Hospital Association Westlake OH 8.2 45,304 181 NA NA 12/31/2015 UnityPoint Clinic ARC Healthcare T rust III Build to Suit Inc Muscatine IA 5.9 21,767 270 NA 100% 12/31/2015 816 Featherstone Rd Rainier Capital W.D. Schorsch LLC Rockford IL 11.0 31,000 356 NA 100% 12/14/2015 Red Bank Medical CNL Healthcare Properties CinT ech Construction Cincinnati OH 10.6 38,412 276 NA NA 12/10/2015 Rockford Cardiovascular Associates MB Real Estate Rockford Cardiovascular Associates Rockford IL 14.5 48,225 301 NA 100% Source: Real Capital Analytics; single asset MOB transactions since Q1 2015 (1) Midwest includes: ND, SD, NE, KS, MN, IA, MO, WI, IL, MI, OH 35

Midwest Transaction Comparables Detail (1) (Cont.) Purchase Price Date Name Buyer Seller City State ($million) Total SF $/ SF Cap Rate Occupancy (%) 12/8/2015 650 Dakota Street Centegra Health System George W Urban, T homas Salvi; T y Stein; Et. Al Crystal Lake IL 6.3 27,786 227 NA NA 12/2/2015 Beaumont Medical Building ARC Healthcare T rust III Sobel Co Warren MI 13.7 35,219 388 NA 95% 11/9/2015 Orthopedic One Vanguard Health Systems Westminster Cap LLC (IL) Hilliard OH 5.8 24,836 235 NA NA 10/5/2015 Stonybrook Medical Center Landis Properties Pizzuti Cos Gahanna OH 3.8 20,706 184 6.7% 77% 10/1/2015 HMHP Physician Association Mercy Health Youngstown LLC Malfco LLC Youngstown OH 3.0 17,477 169 NA NA 9/22/2015 Pediatric Associates Roy Ghazimorad Stage Equity Partners Pickerington OH 4.4 12,650 351 6.5% 100% 9/17/2015 4595 T rueman Blvd Keller & Co Inc Equity Inc Hilliard OH 5.0 18,384 271 NA NA 9/16/2015 3355 Douglas Rd Global Net Lease Holladay Corporation South Bend IN 10.9 48,574 224 NA NA 9/16/2015 Allina Health Lakeville Clinic Richard J Schreier United Properties Lakeville MN 5.1 12,462 410 5.8% 100% 9/11/2015 Woodlake Office Center ARC Healthcare T rust III Kraus-Anderson Woodbury MN 14.9 36,375 410 NA 100% 8/25/2015 310 Home Boulevard ARC Healthcare T rust III Russell Co Galesburg IL 6.0 19,190 313 NA 100% 8/20/2015 Lakeside Medical Plaza Investors RE T rust Seventy-Eight LLC Omaha NE 6.5 30,032 216 NA 100% 8/19/2015 Main Street Medical Centre Medical Office LLC Kim Harmon St. Charles IL 6.2 45,000 138 NA NA 8/3/2015 Buckeye Health Center ARC Healthcare T rust III Seth Fortgang Cleveland OH 5.6 25,070 223 NA 100% 7/31/2015 Southwest Health Center Physicians Realty T rust Carey Realty Investments Grove City OH 11.5 50,000 230 7.2% 100% 7/22/2015 Starbright Professional Center Perrysburg Medical LLC/Red Dragons LLC Starbright Office Partners LLC Perrysburg OH 4.7 22,014 214 8.4% NA 7/15/2015 Diley Ridge Medical Center HT A (REIT) Mt Carmel Foundation Canal Winchester OH 11.5 45,610 252 NA 100% 6/29/2015 Alexian Brothers Health System NA EJ Plesko & Assoc Addison IL 3.1 11,200 273 8.3% 100% 6/5/2015 2605 E Creeks Edge Dr Physicians Realty T rust Rogers Property Management LLP Bloomington IN 11.3 39,888 283 7.5% 100% 6/5/2015 6920 S East St Prime Office Equities H & W Properties LLC Indianapolis IN 2.7 19,258 140 8.9% NA 6/4/2015 Cypress Medical Offices Community Healthcare T rust Downing Development Wichita KS 7.4 43,944 167 NA NA 6/4/2015 Prairie Star MOB I Community Healthcare T rust Kessinger Hunter Shawnee KS 5.0 24,557 203 NA 100% 6/4/2015 Prairie Star MOB II Community Healthcare T rust City of Shawnee Shawnee KS 4.2 24,840 171 NA NA 6/3/2015 UW Portage Health Center Community Healthcare T rust Robin Portage LLC Portage WI 3.0 14,000 214 10.1% 100% 5/29/2015 University of Michigan Northville MOB Physicians Realty T rust Schostak Bros Northville MI 14.8 46,267 320 7.9% 100% 5/29/2015 Coon Rapids Medical Center Physicians Realty T rust Gonzalo Medina Coon Rapids MN 7.3 31,617 231 8.0% 100% 5/19/2015 Premium Health Care Center Physicians Realty T rust Northern Ohio Medical Specialists LLC Sheffield OH 11.2 40,782 275 7.5% 100% Low $2.2 10,000 $88 10.1% 60.0% Average $7.1 25,609 $279 7.5% 98.5% Median $5.8 22,014 $258 7.4% 100.0% High $18.0 50,000 $586 5.8% 100.0% Source: Real Capital Analytics; single asset MOB transactions since Q1 2015 (1) Midwest includes: ND, SD, NE, KS, MN, IA, MO, WI, IL, MI, OH 36

Southwest Transaction Comparables Detail (1) Purchase Price Date Name Buyer Seller City State ($million) Total SF $/ SF Cap Rate Occupancy (%) 3/31/2017 1455 W Chandler Blvd Paul Olson T homas Hopkins Chandler AZ $3.3 14,099 $234 NA NA 3/31/2017 1420 West Canal Court Shane W Roth Farrell-Roeh Littleton CO 4.1 29,630 138 7.2% 95% 3/9/2017 Banner Health Center Banyan Rail Services Ensemble RE LLC Surprise AZ 8.7 34,472 252 NA NA 2/28/2017 Caring for Women John R Doherty Broadstone Net Lease Inc Denton T X 6.0 13,000 464 6.5% 100% 2/22/2017 Palo Verde Cancer Center Anthony Masiello, Samir Sawhney, Denzel Pereira Select Healthcare Solutions Glendale AZ 3.2 10,500 306 NA 100% 2/21/2017 DaVita Dialysis NA Norman Property Development LLC Norman OK 2.7 11,902 223 9.1% 100% 2/9/2017 T humb Butte Medical Center Global Medical REIT Dr Hosn Hojatollah Askari Prescott AZ 4.5 12,000 375 8.1% 100% 2/6/2017 5731 Silverstone T errace Besherit LLC Cadence Cap Investments Colorado Springs CO 4.0 23,948 166 NA NA 1/30/2017 16830 Northgate Drive Recentric Realty Capital Parker Holdings LLC Stonegate CO 3.0 14,016 210 NA NA 1/5/2017 Orthopedic Associates Physicians Realty T rust Flower Mound Associates Ltd Flower Mound T X 18.8 46,603 403 6.1% NA 11/10/2016 Legacy Lakes Plaza Sam Caudle; Ruth Ann Polk Caudle Sabre Realty Inc Frisco T X 6.4 18,280 350 6.3% 100% 10/6/2016 Parkway Commons Groendyke Oil & Gas Properties LP Memorial/Hefner Parkway LLC Oklahoma City OK 7.5 43,273 173 NA NA 9/13/2016 4438 Centerview Dr Satwell LLC Omninet Capital San Antonio T X 4.9 15,000 326 6.3% 100% 9/9/2016 5731 Silverstone T errace Cadence Cap Investments Vig Medical Group LLC Colorado Springs CO 2.7 23,948 111 NA NA 8/31/2016 6160 T utt Blvd HF Holdings Colorado LLC Bethesda Real Estate Colorado Springs CO 6.8 35,544 190 NA 98% 8/9/2016 T hunderbird Palms Plaza T ryperion Partners Penny Hardaway Glendale AZ 10.9 47,298 229 NA 90% 8/8/2016 Diabetes & T hyroid Center FSW Corp DT C Medical Developers LLC Fort Worth T X 3.2 11,100 288 NA NA 8/3/2016 Center for Health White Construction Group Sovereign Capital Mgmt Colorado Springs CO 2.6 29,639 86 NA 60% 6/30/2016 T exas Oncology-Presbyterian Cancer Center Dallas Welltower T exas Health Resources Dallas T X 15.0 46,839 320 6.5% 100% 6/2/2016 Legacy ER & Urgent Care Prudential CA, Cecil Russell & Nancy Russell Sandlin Capital LLC McKinney T X 3.5 10,985 322 6.6% 100% 5/24/2016 Lohman Endoscopy Center T he Sanders T rust Nattakom AND Podila LLC Las Cruces NM 5.1 13,444 381 NA NA 5/15/2016 4140 Se Adams Rd NA NA Bartlesville OK 3.0 13,206 227 7.8% 100% 5/9/2016 11476 Space Center Blvd IRA Realty Capital Patrick Dando Houston T X 5.2 18,576 280 NA 100% 5/9/2016 Ironwood Office Suites Sk Ironwood LLC Keith Management LLC Scottsdale AZ 5.8 20,112 286 NA NA 3/15/2016 HonorHealth Medical Group Physicians Realty T rust HonorHealth Glendale AZ 9.8 34,040 288 6.0% 100% 3/7/2016 OSSO Spine Center Carter Validus Mission HealthCare Partners Investments Oklahoma City OK 5.1 14,676 344 NA 100% 2/29/2016 1044 S 88th St Saunders Bros LLC Clear Sky LLC Louisville CO 3.1 19,947 154 NA 100% 2/12/2016 T exas Oncology Physicians Realty T rust T exas Health Resources Bedford T X 14.0 38,182 366 5.9% 100% 2/11/2016 Fountain Park Medical Plaza Carter Validus Mission Darryl D Robinson Oklahoma City OK 15.0 44,686 336 NA NA 1/13/2016 698 E Wetmore Rd Eddy O & Judy K Chernecki T own West Realty T ucson AZ 4.6 30,840 149 7.5% NA 12/4/2015 Carondelet Foothills Surgery Center Westlake Farms Klipp Family T rust, Michael R Wattis Inc, Et. AL Casas Adobes AZ 7.6 13,802 551 NA 100% 11/16/2015 Kaiser Permanente Parkside Medical Offices Kaiser Foundation Health Plan Inc Colorado Springs Cardiologists Colorado Springs CO 2.5 19,078 131 NA 100% 10/26/2015 Family ER & Urgent Care T SM Ventures Field Street Development I Ltd Irving T X 6.2 10,200 603 NA 100% 10/19/2015 Arete Surgery Center Physicians Realty T rust T he Spine Institute Johnstown CO 9.1 15,000 607 6.6% 100% 9/24/2015 Arkansas Valley Surgery Center Community Healthcare T rust Arkansas Valley Surgery Center Cañon City CO 2.7 10,800 250 9.3% 100% 9/16/2015 Scott & White Healthcare Copperas Cove Richard Sachs Stonelake Cap Prtnrs Copperas Cove T X 7.9 14,973 527 5.0% 100% 8/14/2015 Mountain View Office Suites Larry K Yount Pain Doctor Management Co Scottsdale AZ 3.2 13,188 245 NA 100% 8/10/2015 My Dentist EI T X West Main Street Owner L Broadstone Real Estate Lewisville T X 3.5 10,060 346 6.3% 100% 7/22/2015 8619 Broadway RVE Interests Ltd HT A (REIT) Pearland T X 1.0 19,760 51 NA NA 7/17/2015 5725 Erindale Dr Gilmore Family T rust, Carlisle Properties Donald Fleisher Colorado Springs CO 4.2 15,782 263 NA NA 6/30/2015 RGB Eye Associates Spirit Realty Capital P&B Eye Investments LLC Sherman T X 5.9 11,893 498 NA 100% 6/29/2015 Arrowhead Physicians Plaza Pacific Medical Buildings Abart Properties Glendale AZ 14.5 48,698 298 NA 83% 6/16/2015 1460 E Valley Rd David & William Kirk Jon Jiles Basalt CO 4.3 33,000 129 NA NA 6/11/2015 Rockwall Medical Plaza ARC Healthcare T rust III Woodside Health Rockwall T X 6.6 18,176 363 NA NA 5/29/2015 Los Alamos Professional Plaza Community Healthcare T rust CR Medina Management Co Alamo T X 5.3 41,797 127 10.0% NA Source: Real Capital Analytics; single asset MOB transactions since Q1 2015 (1) Southwest includes: AZ, CO, NM, OK, TX 37

Southwest Transaction Comparables Detail (1) (Cont.) Purchase Price Date Name Buyer Seller City State ($million) Total SF $/ SF Cap Rate Occupancy (%) 5/18/2015 4601 Medical Center Dr Capital Comm'l Invts American National McKinney T X 2.7 33,981 81 NA NA 5/11/2015 Lone T ree Medical Center Niebur Development T he Surgery Center Lone T ree CO 3.1 26,558 116 NA NA 5/7/2015 Neighbors Emergency Center Arc Capital Partners NA Houston T X 6.7 15,000 446 6.2% 100% 5/5/2015 University of Colorado Harmony Campus T win Owls LLP Poudre Valley Health System Fort Collins CO 3.6 11,000 327 NA NA 4/28/2015 Rockmead Professional Center T ed L Barr/Joseph G Greulich/Benjamin D Sheridan Fouad Ghabriel Montgomery T X 6.6 28,038 235 7.1% 94% Low $1.0 10,060 $51 10.0% 60.0% Average $6.0 23,011 $283 7.0% 97.3% Median $5.0 18,428 $283 6.6% 100.0% High $18.8 48,698 $607 5.0% 100.0% Source: Real Capital Analytics; single asset MOB transactions since Q1 2015 (1) Southwest includes: AZ, CO, NM, OK, TX 38

Southeast Transaction Comparables Detail (1) Purchase Price Date Name Buyer Seller City State ($million) Total SF $/ SF Cap Rate Occupancy (%) 5/4/2017 40 N Merrimon Ave YMCA Wells Fargo Asheville NC 5.2 45,282 114 NA NA 5/4/2017 11840 Southmore Dr CMI Waverly LLC Childress Klein Props Charlotte NC 6.5 36,016 180 NA NA 5/1/2017 213-221 Sterling Farm Elliott Bay Capital T rust Partners Four LLC Jackson T N 5.4 19,478 275 NA NA 4/5/2017 OrthoWilmington Montecito Medical Michael Marushack Shallotte NC 4.5 14,950 299 NA 100% 3/31/2017 T he Woman's Group T wg Real Estate Holdings-2716 West Virginia Avenue LLC Butler-Lackman T rust of South T ampa LLC T ampa FL 2.9 11,492 252 NA NA 3/30/2017 1620 Gateway Boulevard Motorists Commerical Mutual Insurance Company Consumers Realty Group LLC Murfreesboro T N 7.9 30,180 262 NA NA 3/24/2017 11975 Shaw Ferry Road MedSouth Healthcare Properties T ennessee Urology Associates; Lee Congleton III Lenoir City T N 3.2 16,042 196 NA NA 3/13/2017 Carolina Universal Health Services Inc ACA Properties of Aiken LLC Aiken SC 2.7 13,839 191 NA NA 3/10/2017 11755 Southwest 90th Street Janet Gersten A&M Holdings & Investments LLC Kendall FL 3.0 12,600 234 3.9% NA 3/9/2017 Duke Health Center Duke University Health System T icon Properties Durham NC 5.3 27,441 192 NA 100% 3/7/2017 Griffin Gate Medical Center Genesis Investment Props Hal McCoy; Robert Bressler Hopkinsville KY 4.6 26,829 170 8.3% NA 2/15/2017 Riverbend Medical Center Flagship Cap Prtnrs Keith W (MD) Rome GA 13.9 42,440 326 NA 100% 2/2/2017 South Lake Hearth & Vascular Global Medical REIT St Clare Development; Mark Graff Clermont FL 5.2 18,162 288 NA NA 1/23/2017 121 Park Central Drive Columbia Development Joseph A Brannigan Jr Columbia SC 9.8 32,477 302 NA NA 1/19/2017 5838 Six Forks Road Glenwood Commercial Properties LLC Four Horsemen Real Estate LLC Raleigh NC 5.0 14,053 352 NA NA 1/18/2017 UNC REX Cancer Center Inland RE Group Carolina Specialty Oncology PA Raleigh NC 6.1 13,131 464 NA NA 1/17/2017 632 Del Prado Boulevard North Global Medical REIT Robert O'Grady Cape Coral FL 7.3 25,814 281 7.3% NA 1/13/2017 4315 Physicians Blvd Main Street Medical Props LLC Allen Dobson Harrisburg NC 5.2 23,555 219 NA NA 1/3/2017 Carter Center Mallico Inc WePartner Carter Center LLC Lilburn GA 3.4 28,500 119 NA NA 12/16/2016 822 Industrial Boulevard Global Medical REIT Shelia Brockman Ellijay GA 4.9 44,162 111 NA NA 12/9/2016 Gastrointestinal Assoc MOB Physicians Realty T rust DDC North Powell T N 6.3 23,921 263 7.3% 100% 11/28/2016 Mudock Surgery Center Rainier Capital Stephen Helgemo Port Charlotte FL 6.5 11,964 543 NA 100% 11/2/2016 Fresenius ExchangeRight Global Net Lease Sumter SC 4.8 10,155 468 NA 100% 11/1/2016 Purdue Medical Center Cumberland County Hospital System Seema Devasthali; Shirish Devasthali Fayetteville NC 3.7 23,552 157 NA NA 10/20/2016 Advanced Imaging of Port Charlotte Chambers St Properties, Gramercy, LLCNL Ventures AIC Ventures Port Charlotte FL 4.5 17,589 257 7.5% 100% 10/19/2016 540 Physicians Ln McLeod Regional Medical Center Lexington County Health Services District Inc Sumter SC 3.0 20,936 143 NA NA 10/17/2016 14740 SW 26th St R3d Star Builders LLC South Dade Builders Inc Miami FL 5.0 22,880 219 NA NA 10/14/2016 Cooper Lake Medical Center R James Properties Meadows & Ohly Smyrna GA 3.0 14,218 211 NA 100% 9/30/2016 2011 Falls Valley Dr Sue Whitehouse Falls Valley I LLC Raleigh NC 2.6 16,326 157 NA NA 9/29/2016 Fresenius Morganton Capital Square 1031 Shuford Development Morganton NC 6.3 13,132 477 6.2% 100% 9/16/2016 NT C Medical Plaza SunT rust Equity Red T op Building LLC Clermont FL 6.9 20,000 345 NA NA 8/25/2016 Saint T homas Health NA NA Murfreesboro T N 12.4 32,400 383 NA 100% 8/24/2016 Godley Station (Bldg 400 And 600) RealOp Investments C-III Asset Management, MS 2006-IQ12 Pooler GA 3.4 19,980 171 NA NA 8/16/2016 3903 N Elm Street Broyhill Asset Mgmt, Brackett Flagship Props Lindbrook Development Greensboro NC 7.7 35,854 215 NA NA 8/11/2016 1301 Ring Rd NA NA Elizabethtown KY 4.5 12,000 375 6.3% 100% 8/10/2016 11835 Southmore Dr Horizon Eye Care Childress Klein Props Charlotte NC 5.1 22,000 232 NA NA 8/1/2016 1221 S State Road 7 Flagler Inv Prop Grp Schmier & Feurring Props Palm Beach FL 5.8 22,498 256 NA NA 7/28/2016 190 Pembroke Dr Caddis Partners Indigo Surgical Properties LLC Hilton Head Island SC 8.0 19,729 405 7.7% 100% 7/13/2016 239 Village Center Parkway Harrison Street RE Cap Urology of Greater Atlanta Stockbridge GA 4.3 35,624 121 NA NA 7/6/2016 Gibraltar Office Center Gibraltar Crossings LLC Sun 1031 LLC Palm Harbor FL 3.0 23,684 127 NA NA 7/5/2016 Prestley Mill Medical Center Wealth Migrate Medical 5 Holdings LLC Parkside Partners Douglasville GA 4.3 28,400 151 NA NA 6/29/2016 3280 Greenwald Way North Marleen Escalante Kevin S Cole Kissimmee FL 5.3 21,632 244 NA NA 5/27/2016 8767 Perimeter Park Blvd Jax IVC Real Estate Holdings LLC Riac Properties LLC Jacksonville FL 1.8 10,500 167 NA NA 5/25/2016 3672 Marathon Circle G-A Healthcare REIT III Wellstar Health Systems Austell GA 12.6 38,418 328 NA 100% 5/20/2016 Compass Imaging NA Compass Imaging Gulfport MS 3.5 10,965 319 8.3% 100% 5/19/2016 T LC Medical Arts Building Stage Equity Partners Stanmore Dev Lady Lake FL 10.6 29,018 365 NA NA 5/17/2016 Byblos One Phillip A Buhler ESO Galleria LLC; Byblos Corners LLC Doctor Phillips FL 5.7 19,425 293 NA NA Source: Real Capital Analytics; single asset MOB transactions since Q1 2015 (1) Southeast includes: AR, LA, KY, TN, MS, AL, GA, FL, NC, SC 39

Southeast Transaction Comparables Detail (1) (Cont.) Purchase Price Date Name Buyer Seller City State ($million) Total SF $/ SF Cap Rate Occupancy (%) 5/2/2016 1250 South T amiami T rail AW Property Co Ben E Price Sarasota FL 16.1 48,200 334 NA 95% 4/19/2016 1 Hammock Beach Pkwy Coastal Cloud Properties LLC Robert M Brandy Flagler Beach FL 2.2 26,734 81 NA NA 4/11/2016 Gardendale Surgery Center Physicians Realty T rust Gardendale Medical Clinic LLC Gardendale AL 7.5 15,000 498 6.9% 100% 4/8/2016 Monument 9A Imaging Center Ikonkar LLC Monument - 9A Medical Imaging Center LC Jacksonville FL 4.2 26,018 162 NA 100% 4/7/2016 1413 John B White Sr Blvd Greenville Hospital System East Main Properties LLC Spartanburg SC 2.9 13,651 212 NA NA 3/29/2016 Stockbridge Family Medical Center G-A Healthcare REIT III SG Contracting Inc Stockbridge GA 10.3 46,964 219 NA 96% 3/15/2016 South Lake Medical Plaza Orlando Health, Inc. Principal RE Investors Clermont FL 4.6 46,762 98 NA NA 3/14/2016 Novant Medical Center MB Real Estate MD Group LLC Waxhaw NC 6.6 25,957 254 NA NA 3/1/2016 8337 Highway 72 West Universal Health T rust R Bland Warren Madison AL 10.1 30,000 336 NA 100% 2/25/2016 2575 Elms Center Road HT A (REIT) Summit Medical Properties North Charleston SC 6.2 22,248 277 NA 100% 2/19/2016 Vanderbilt University Phoenix Realty Mgmt FHS Nashville LP Nashville T N 3.0 10,500 288 6.9% NA 2/8/2016 2220 Wisteria Drive Southwest G-A Healthcare REIT III SG Contracting Inc Snellville GA 8.3 43,671 190 NA 91% 2/5/2016 Sunset Medical Luis Malo Breakers Cap Prtnrs Sunset FL 11.8 35,002 337 7.0% 90% 2/2/2016 Paletsky Medical Office Building Michael Shabsels Esplanade Capital Bonita Springs FL 5.1 15,488 326 NA NA 1/21/2016 Parkway Professional Center Community Healthcare T rust Matthew Johnson Lakeland FL 6.8 43,376 156 9.0% NA 1/20/2016 Fresenius Vanderson Construction Renix Madison GP Nashville T N 3.7 12,000 312 NA 100% 12/22/2015 GHS Cancer Institute-Spartanburg HealthCap Avtex Commercial Props Spartanburg SC 3.6 17,744 201 NA 100% 12/18/2015 11834 County Rd 101 Flagship Cap Prtnrs, Broyhill Asset Mgmt Michael P Lange T he Villages FL 7.6 22,488 336 NA NA 12/18/2015 Raleigh Pediatrics Capital Square 1031 Raleigh Pediatrics Raleigh NC 5.3 15,153 349 NA 100% 12/17/2015 Stonecrest Medical Promenade Stage Equity Partners Oaks Development Group Lithonia GA 6.1 30,361 199 NA NA 12/10/2015 Marsh Oak Medical Park Marsh Oaks Partners LLC Marsh Oak Holdings LLC Charleston SC 2.5 21,000 119 NA NA 12/9/2015 175 White Street Northwest G-A Healthcare REIT III Mark Chastain Marietta GA 5.8 23,184 250 NA 97% 12/3/2015 Onyx Building G-A Healthcare REIT III Engineering Design T echnologies Inc Stockbridge GA 8.0 47,875 167 NA 100% 12/1/2015 Farragut Medical Office Building Farragut Medical LLC LNR Partners, JPMCC 2005-CIBC13 Farragut T N 1.9 20,342 93 NA NA 11/30/2015 West Bay Professional Park BC C-1 LLC Jose Sosa T own 'n' Country FL 1.1 12,000 94 NA NA 11/12/2015 Clearview Regional Medical Center HealthCap Global Securitization Services Loganville GA 6.4 15,226 419 NA NA 10/29/2015 Catawba Springs Commons John Box Kenneth E T ucker Denver NC 4.2 25,376 167 NA 100% 10/21/2015 Duke University Medical Office Capital Square 1031 Durham Realty Inc Butner NC 4.8 16,024 300 6.3% 100% 10/19/2015 3800 Johnson Street Lotus Capital Partners LLC Herbert Shick MD Hollywood FL 4.9 30,945 158 NA 100% 10/6/2015 Southwest Florida Pain Center Lionheart Healthcare Partners LLC Darol Carr Port Charlotte FL 3.2 25,283 127 NA 100% 9/30/2015 6918 McGinnis Ferry Road SG Property Services Children's Medical Group Forsyth GA 3.6 10,922 327 NA 100% 9/21/2015 Space Coast Cancer Center Dr Jeffrey S Stalnaker Richard M Levine T itusville FL 8.4 23,449 358 NA NA 9/15/2015 Palm Coast Medical Arts Building Palm Coast Medical Arts LLC BJ Parrish Palm Coast FL 3.0 21,055 142 NA NA 9/3/2015 St Joseph's Outpatient Center Equity Inc West Chase Medical Building LP Westchase FL 3.3 26,935 123 NA NA 8/28/2015 Wesvill Medical & Professional Bldg Brackett Flagship Props, Broyhill Asset Mgmt Retirement Living Associates Inc Raleigh NC 6.9 37,851 182 NA 100% 8/21/2015 Fresenius Medical Care AEI Capital AEI Accredited Investment Fund V Et al Pine Bluff AR 3.1 11,682 265 NA 100% 8/14/2015 Philip Professional Center ARC Healthcare T rust III ICM Realty Group Ltd Lawrenceville GA 9.0 32,120 280 NA 94% 7/24/2015 Medical Specialists of Palm Beach Physicians Realty T rust Seth Steinberg Atlantis FL 11.1 34,537 320 6.3% 100% 7/21/2015 Henry County Orthopaedic Surgery and Sports Medici Henry County Medical Center Eugene Gulish MD & Heather A Gladwell MD Paris T N 3.0 20,500 145 NA 100% 7/20/2015 540 New Waverly Place CNL Healthcare Properties T he Keith Corporation Cary NC 15.0 44,680 336 NA NA 7/7/2015 4237 S Pipkin Rd Rainier Capital Jeffrey W Gillespie Lakeland FL 5.4 21,616 249 NA 100% 7/2/2015 Fort Myers Urologists Subhash & Seema Kshetrapal Brian N Schwartz Bonita Springs FL 4.4 13,912 316 NA 100% 7/2/2015 197 14th Street NW HT Group Fourteenth T ower LLC Atlanta GA 2.5 16,111 155 NA NA 6/30/2015 Brookstone Physician Center Physicians Realty T rust Northeast Alabama Regional Medical Center Jacksonville AL 2.8 19,800 141 8.2% 100% 6/29/2015 Riverwalk Medical Arts Anthony F Fransway MD Robert D Sena Whiskey Creek FL 2.8 15,608 177 NA NA 6/26/2015 Rite Aid (Archbold Medical Group Sublease) NA NA T homasville GA 2.5 13,813 181 NA 100% 6/26/2015 Laser & Surgery Center Physicians Realty T rust William J Byron/Laser & Surgery Center Palm Beach Gardens FL 14.1 20,403 691 6.7% 100% Source: Real Capital Analytics; single asset MOB transactions since Q1 2015 (1) Southeast includes: AR, LA, KY, TN, MS, AL, GA, FL, NC, SC 40

Southeast Transaction Comparables Detail (1) (Cont.) Purchase Price Date Name Buyer Seller City State ($million) Total SF $/ SF Cap Rate Occupancy (%) 6/25/2015 1672 Columbia Highway Spectracare Health Systems Inc Skyview LLC Dothan AL 2.5 12,028 208 NA NA 6/25/2015 Preston Plaza Dr Dornic RXR Realty Cary NC 5.8 34,427 168 NA NA 6/17/2015 1221 S State Road 7 Schmier & Feurring Props Nirmala T ripuraneni Palm Beach FL 3.7 22,498 163 NA NA 6/16/2015 6141 Sunset Drive Firman Infinity Retail, 6141 Sunset Offices LLC Howard Schwartz South Miami FL 6.9 14,933 462 NA NA 6/8/2015 Urology Centers of Alabama Hammes Partners Urology Center of Alabama Homewood AL 12.7 38,908 325 NA 100% 6/1/2015 Dahlonega Medical Mall Community Healthcare T rust Richardson Management Dahlonega GA 3.5 20,621 167 8.6% NA 5/27/2015 2400 N Ocoee St Phoenix Realty Mgmt Chestnut Development Cleveland T N 6.2 12,000 513 7.1% 100% 5/21/2015 Mid Florida Eye Center Broadstone Real Estate Stonecrest Properties T rust Belleview FL 6.2 14,547 429 NA 100% 5/18/2015 Smyrna Medical Plaza Agilitas Prop Dev T he Stanton Group Inc Smyrna T N 4.5 38,416 117 NA NA 5/8/2015 Pinnacle Medical Office Building G-A Healthcare REIT III T ower Partners LLC Marietta GA 13.1 41,800 312 NA 100% 4/30/2015 1835 Roane State Hwy ARC Healthcare T rust II Physicians Plaza of Roane Cnty LLC Harriman T N 11.1 43,098 258 NA NA Low $1.1 10,155 $81 9.0% 90.0% Average $5.8 24,153 $255 7.1% 99.2% Median $5.1 22,000 $249 7.1% 100.0% High $16.1 48,200 $691 3.9% 100.0% Source: Real Capital Analytics; single asset MOB transactions since Q1 2015 (1) Southeast includes: AR, LA, KY, TN, MS, AL, GA, FL, NC, SC 41

Dialysis Transaction Comparables Detail (1) Purchase Price Date Name Buyer Seller City State ($million) Total SF $/ SF Cap Rate Occupancy (%) 5/24/2017 Fresenius Elliott Bay Capital T rust Village Bank Henrico VA 2.7 10,300 262 6.5% 100% 5/15/2017 Davita Dialysis Angela Fu Saca Development Sacramento CA 5.9 11,000 536 4.7% 100% 5/11/2017 810 East Manning Avenue Libo United LLC DDYS Investments 3 LLC Reedley CA 3.6 11,000 325 NA 100% 4/21/2017 Fresenius Jean Wong Keith Holcomb Fort Pierce FL 2.1 7,820 267 NA 100% 4/17/2017 Fresenius Kidney Care Elliott Bay Capital T rust Brink Avenue Invest LLC Sarasota FL 2.9 8,777 329 NA 100% 3/29/2017 Davita Dialysis Schlesinger Companies Cascadia Development Partners Portland OR 5.3 8,160 650 4.9% 100% 3/28/2017 Fresenius Medical Care Phoenix Realty Mgmt T homas E Burkart Farmville NC 3.6 7,186 494 NA 100% 3/17/2017 Davita Dialysis NA Oman-Gibson Assocs Elizabeth City NC 3.9 9,993 385 5.8% 100% 3/17/2017 Davita Dialysis Danville NA NA Danville IL 2.8 5,800 475 6.4% 100% 2/28/2017 Sunport Healthcare Center Montecito Medical DaVita HealthCare Prtnrs Albuquerque NM 35.8 85,726 418 NA 100% 2/14/2017 Fresenius Quincy Holdings LLC Alliance Equities LLC San Antonio T X 3.2 11,000 286 7.7% 100% 2/2/2017 DaVita Dialysis Evans AEI Capital DaVita HealthCare Prtnrs Evans GA 3.2 7,682 411 6.2% 100% 1/25/2017 DaVita Dialysis James Naekel T rust Roger Michaud Dinuba CA 3.6 9,000 399 5.9% 100% 1/24/2017 Fresenius Kidney Care T ar River Capital Square 1031 Shuford Development Louisburg NC 4.1 8,200 498 NA 100% 12/30/2016 Davita Dialysis Center Kwan Lee C Patrick Cox Paramount CA 9.0 13,085 687 NA 100% 12/30/2016 DaVita Dialysis Ronco Development Centres Inc Antioch CA 7.0 11,530 606 NA 100% 11/16/2016 DaVita Grissom Family Land & Cattle LP Meridian Property Palmdale CA 7.0 13,750 508 5.0% 100% 10/7/2016 Davita Dialysis ZJ & R Properties LLC A & D Protocol T ransportation San Antonio T X 3.6 11,022 329 NA 100% 9/21/2016 DaVita Dialysis Sunny Wang LLC Noble Properties Long Beach CA 6.9 9,966 690 5.1% 100% 7/21/2016 Davita NA NA Fredericksburg VA 5.0 8,468 592 5.4% 100% 6/1/2016 Davita Dialysis NA NA Clinton OK 1.5 5,500 267 5.6% 100% 5/20/2016 DaVita Dialysis T ognoli 1999 Family T rust Centres Inc Victorville CA 5.4 11,780 460 NA 100% 4/14/2016 DaVita Dialysis Architech Investment LLC Centres Anaheim LLC Anaheim CA 11.5 14,800 774 NA 100% 3/17/2016 Davita Dialysis NA NA Miamisburg OH 1.4 5,200 275 6.3% 100% 2/25/2016 2813 Ring Road Castagnolo Properties Inc Ring Road Elizabethtown Elizabethtown KY 3.2 9,896 322 NA 100% 1/8/2016 Davita Dialysis Elle M Stern Cleveland Oman-Gibson Assocs Lynn Haven FL 2.8 7,959 346 NA 100% 11/22/2015 DaVita Dialysis Crest Properties LLC Centres Inc T ustin CA 7.5 10,389 726 5.3% 100% 10/23/2015 DaVita Dialysis Michael & SJ Butler T rust Centres Inc North Las Vegas NV 4.1 8,504 485 NA 100% 7/17/2015 DaVita Dialysis Stanley C Hess Meridian Property Pomona CA 6.5 11,549 563 5.5% 100% 4/20/2015 DaVita Dialysis Apcar Family T rust Ginder Development Fresno CA 2.4 6,150 390 NA 100% 1/24/2017 Fresenius Kidney Care T ar River Capital Square 1031 Shuford Development Louisburg NC 4.1 8,200 498 NA 100% 11/2/2016 Fresenius ExchangeRight Global Net Lease Sumter SC 4.8 10,155 468 NA 100% 10/3/2016 Fresenius Medical Care (FMC) 18020 LLC McMahon Development Kingsland GA 2.7 7,104 382 NA 100% 9/29/2016 Fresenius Morganton Capital Square 1031 Shuford Development Morganton NC 6.3 13,132 477 6.2% 100% 8/19/2016 Fresenius NA NA Stafford VA 4.5 8,308 539 5.9% 100% 7/22/2016 Fresenius NA NA La Junta CO 3.9 5,112 753 5.9% 100% 5/20/2016 Dialysis Cameron Management LLC Albany Renal Construction, LLC Albany OR 7.4 12,986 570 NA 100% 3/15/2016 Fresenius Capital Square 1031, MDG Development Group Winchester VA 3.8 9,503 402 NA 100% 1/20/2016 Fresenius Vanderson Construction Renix Madison GP Nashville T N 3.7 12,000 312 NA 100% 8/27/2015 Vincennes Surgery Center Mosaic Properties 10 Gardenside LLC/Gilbert LLC Vincennes IN 2.8 8,421 327 NA 100% 8/21/2015 Fresenius Medical Care AEI Capital AEI Accredited Investment Fund V Et Al. Pine Bluff AR 3.1 11,682 265 NA 100% 8/20/2015 Fresenius Dialysis Areteaus Realty T rust Axis Property Holdings LLC Rochester NH 3.4 10,332 324 NA 100% 3/23/2015 Fresenius Medical Care Rockwell Debt-Free Props PCI | HealthDev Chehalis WA 4.7 8,200 576 NA 100% 12/12/2016 DaVita Las Vegas Dialysis Center Elliott Bay Capital T rust Meadows Zim LLC Las Vegas NV 5.7 12,277 463 NA 100% 10/4/2016 240 Churchill Avenue 240 Churchill Ave Somerset LLC Hill-Gray Seven LLC Franklin NJ 2.7 8,415 317 NA 100% 8/9/2016 DaVita Willingboro Dialysis 12 Stonewall LLC Vansciver Willingboro LLC Willingboro NJ 2.6 8,000 320 NA 100% Source: Real Capital Analytics; single asset MOB transactions since Q1 2015 (1) Includes MOB transactions where Fresenius or DaVita were tenants at time of sale 42

Dialysis Transaction Comparables Detail (1) (Cont.) Purchase Price Date Name Buyer Seller City State ($million) Total SF $/ SF Cap Rate Occupancy (%) 10/2/2015 DaVita Dialysis (Lakewood, CO) AFC Investment Corp Adv Property Svcs LLC Lakewood CO 5.0 13,852 363 5.6% 100% 8/17/2015 DaVita Dialysis David R Bergman ARC Daily NAV Sturgeon Bay WI 0.8 6,000 133 NA 100% 11/29/2016 DaVita SunT rust DaVita HealthCare Prtnrs Brookline MA 10.3 15,536 660 NA 100% 6/4/2015 DaVita Etowah Dialysis Center Community Healthcare T rust NA Etowah T N 0.6 4,720 127 NA 100% 1/23/2017 121 Park Central Drive Columbia Development Joseph A Brannigan Jr Columbia SC 9.8 32,477 302 NA NA 2/16/2017 Fresenius Quincy Holdings LLC Alliance Equities LLC San Antonio T X 3.1 11,000 280 7.3% 100% 12/21/2016 Fresenius Medical Care NA NA Birmingham AL 1.8 7,896 225 6.8% 100% 10/27/2016 Fresenius Cleveland Capital Square 1031 COP Cleveland East LLC Cleveland OH 10.8 31,365 344 6.0% 100% 10/11/2016 Fresenius Medical Care Gada Family T rust Giuseppe Sirna & Mary Sirna San Diego CA 2.2 6,600 333 6.5% 100% 10/3/2016 Fresenius Medical Care Elliott Bay Capital T rust Biomedical Medical Partners LLC Chicago IL 2.9 10,947 268 7.9% 100% 9/1/2016 2345 East Pershing Street Areteaus Realty T rust Carnegie Cos Salem OH 2.5 8,700 292 NA 100% 5/25/2016 Fresenius Medical Care Areteaus Realty T rust Mosaic Properties River Forest IL 4.8 15,941 300 NA 100% 5/12/2016 Fresenius Medical Care Jie Wang HC Norpac LLC Harbor City, Los Angeles CA 7.9 18,592 422 NA 100% 5/9/2016 Fresenius Medical Care ExchangeRight Oman-Gibson Assocs Nashville T N 4.4 8,799 501 NA 100% 3/25/2016 Fresenius Medical Care NA CSCP Bastrop LP Marble Falls T X 2.5 7,810 315 7.6% 100% 3/15/2016 10 East Moreland Avenue Areteaus Realty T rust Renal Enterprise LLC Philadelphia PA 7.8 24,745 315 NA 100% 2/22/2016 Fresenius Medical Care Center T ri Star Associates; Frank Grossman Cohen Financial Abington PA 2.7 11,300 239 NA 100% 12/17/2015 Fresenius Medical Care Mosaic Properties T rust 12558607 River Forest IL 3.1 15,941 193 NA 100% 6/3/2015 Fresenius Medical Care NA 1213 Main-Milton-Freeman Ltd Umatilla OR 2.0 6,240 324 NA 100% 6/3/2015 135 Avera Dr Community Healthcare T rust Avera Properties & Associates LLC Fort Valley GA 1.1 4,920 224 NA 100% 4/16/2015 Fresenius Medical Care Phoenix Realty Mgmt Stephen Moore Johnson City T N 3.3 12,006 274 6.9% 100% 4/6/2015 Fresenius Medical Care - Centerville, T N NA NA Centerville T N 1.5 13,460 111 9.0% 100% 12/21/2016 DaVita Dialysis Allan R Francescutti NLV - ZIM LLC North Las Vegas NV 3.2 10,249 317 6.1% 100% 1/30/2017 DaVita Dialysis James W Naekel T rust RPM Realty LLC Dinuba CA 3.6 9,000 399 NA 100% 10/18/2016 Davita NA NA Berlin WI 2.4 6,858 354 6.3% 100% 10/18/2016 Davita NA NA Chilton WI 2.5 7,847 314 6.3% 100% 5/11/2016 DaVita NorthWall Builders Christopher O'Brien; Brock T ransportation Redwood City CA 7.8 8,190 949 4.1% 100% 4/7/2016 DaVita Dialysis Moons Family T rust Meridian Property San Rafael CA 13.0 10,652 1,218 NA 100% 12/3/2015 DaVita Dialysis NA Saca Development Sacramento CA 4.4 15,007 293 5.3% 100% 11/23/2015 Patriot Commerce Center (Unit C D E in Bldg G) Gina Zhang DaVita HealthCare Prtnrs Moorpark CA 6.2 15,921 388 5.0% 100% 11/6/2015 DaVita Dialysis John H & Mary C Santos Chiridge Harlem LLC Worth IL 4.0 7,423 539 NA 100% 10/6/2015 6825 Burden Blvd (Unit A & E) Areteaus Realty T rust BLT LLC Pasco WA 2.7 9,066 299 6.9% 100% 5/4/2015 DaVita Dialysis Hathaway Dinwiddie Meridian Property Modesto CA 6.1 11,814 518 5.7% 100% 7/28/2016 Fresenius Medical Care - Lubbock, T X Four Springs Capital Four Springs Cap T rust Lubbock T X 5.4 16,872 321 5.6% 95% 7/6/2016 Fresenius Medical Center Rood Investments FRE Montana LLC Polson MT 5.0 6,400 786 NA 100% 4/28/2016 Fresenius Medical Care AEI Capital RFG Braselton LLC Braselton GA 3.3 8,288 393 NA 100% 3/3/2016 Fresenius Medical Care Marquette NA NA Marquette MI 3.3 9,580 340 6.1% 100% 1/14/2016 Fresenius Medical Care Whitehall 1320 Mickley Road Developers Corp Lehigh Valley Diagnostic Imaging Whitehall PA 3.1 10,115 309 6.7% 100% 7/15/2015 Fresenius Global Net Lease Richmond County Dialysis LLC Hephzibah GA 2.8 6,000 463 7.2% 100% Low $0.6 4,720 $111 9.0% 95.0% Average $4.7 11,449 $418 6.1% 99.9% Median $3.6 9,896 $363 6.1% 100.0% High $35.8 85,726 $1,218 4.1% 100.0% Source: Real Capital Analytics; single asset MOB transactions since Q1 2015 (1) Includes MOB transactions where Fresenius or DaVita were tenants at time of sale 43

Seniors Housing Transaction Comparables Detail (1) Purchase Price Date Name Buyer Seller City State ($million) Units $/ (Unit) Cap Rate 2/10/2017 Foxbridge Inspirit Senior Living Wesleyan Homes of Tennessee Inc Memphis TN $10.0 120 Units $83,333 4.1% 12/15/2016 Azalea Manor Inc Azalea Holdings Group LLC One Putt Properties LLC Marietta GA 2.7 25 Units 108,000 10.3% 10/31/2016 Pine Ridge of Plumbrook Retirement Community Green Courte Partners Walton Street Capital Sterling Hts MI 22.2 118 Units 188,390 6.6% 5/12/2016 Country Gardens Lanier Synovus Sabal Financial Group Cumming GA 3.3 41 Units 80,488 8.0% 1/6/2016 Gates Mills Club Gates Mills Assisted Living LLC Everest Properties Cleveland OH 12.0 120 Units 100,000 6.7% 8/12/2015 Echo Ridge New Senior Investment Group Fortress Knoxville TN 31.1 109 Units 285,321 5.3% 8/12/2015 Alexis Gardens New Senior Investment Group Fortress Toledo OH 26.2 115 Units 227,826 5.3% 8/12/2015 Jefferson, The New Senior Investment Group Fortress Middleton WI 21.3 115 Units 185,217 5.0% 6/1/2015 The Fountains at Crystal Lake Northstar Healthcare Arcapita Bank Crystal Lake IL 34.8 211 Units 165,090 6.4% 6/1/2015 The Fountains at Franklin Northstar Healthcare Arcapita Bank Southfield MI 16.0 343 Units 46,647 5.8% 12/15/2016 The Gardens of Smyrna GS Holdings Group LLC One Putt Properties LLC Smyrna GA 3.4 38 Units 89,474 10.2% 11/18/2016 Sunrise Ridge Assisted Living Bayer Properties S & W Holdings LLC Trussville AL 4.5 45 Units 100,000 7.4% 8/26/2016 Cordelia Manor Omega Healthcare ASL of Cordele RE LLC Cordele GA 2.5 46 Units 54,348 8.0% 7/20/2016 Wellington Manor Mainstay Financial Services ValStone Partners Newport TN 3.9 42 Units 92,857 8.5% 7/18/2016 The Village at Athens LTC Properties NA Bogart GA 14.3 70 Units 204,286 8.0% 6/9/2016 The Trace At Claiborne Hill MTGE Investment Corp Arcadia Communities Covington LA 22.0 94 Units 234,043 7.0% 5/11/2016 Care Partners Assisted Living SKC Working Dream Inc Hometown Living LLC Eau Claire WI 5.3 34 Units 154,412 7.6% 5/1/2016 Overlook at Cedarcrest Senior Housing Properties Trust Paulding Construction Acworth GA 8.4 38 Units 221,053 7.8% 4/21/2016 Clarity Pointe LTC Properties Batson-Cook Development Louisville KY 14.3 60 Units 237,917 8.0% 3/1/2016 Fellowship Homes at Brookside Omega Healthcare Brookside Prime Properties LLC Quitman GA 17.5 109 Units 160,550 8.7% 3/1/2016 Omega Healthcare GA Sr Housing Portfolio '16 Omega Healthcare Brookside Prime Properties LLC Nashville GA 2.7 26 Units 103,846 11.3% 2/1/2016 Vintage Hills Welltower NA Ankeny IA 12.0 66 Units 181,818 6.5% 1/4/2016 Angelica's Place NA NA Romeo MI 6.5 40 Units 162,500 10.6% 12/30/2015 Crystal Apartments Pergola Management Nath Companies Minneapolis MN 3.7 41 Units 89,024 5.4% 11/10/2015 The Shores of Lake Phalen CNL Financial Group Maplewood Senior Living LLC Saint Paul MN 29.6 105 Units 282,143 6.3% 10/30/2015 Maison Jardin NA Health Christ Care LLC Morgan City LA 4.0 59 Units 67,797 8.4% 9/3/2015 The Oaks at Hampton Senior Housing Properties Trust Oaks Senior Living Cumming GA 18.3 84 Units 217,262 8.6% 8/31/2015 The Brook of Roscommon National Health Invstrs Brook Retirement Roscommon MI 6.0 42 Units 142,857 8.6% 8/27/2015 Franciscan Woods NA Columbus Highland Ridge II LLC Columbus GA 4.9 60 Units 81,250 5.7% 8/12/2015 Greenwood Terrace New Senior Investment Group Fortress Lenexa KS 26.2 120 Units 218,333 6.0% 8/12/2015 Holiday Hills Estates New Senior Investment Group Fortress Rapid City SD 20.3 110 Units 184,545 4.8% 8/12/2015 Genesee Gardens New Senior Investment Group Fortress Flint MI 21.2 121 Units 175,207 6.1% 8/12/2015 Pinegate New Senior Investment Group Fortress Macon GA 20.7 115 Units 180,000 5.1% 8/3/2015 Misty Meadows Senior Living Center Damen Healthcare Legereit Enterprises LLC Metropolis IL 4.3 39 Units 109,269 8.5% 7/31/2015 Fairfield Village National Health Invstrs Jerry McClain Companies Lancaster OH 21.0 92 Units 228,261 8.0% 7/29/2015 Whispering Pines Village Capital Senior Living RRT LLC Columbiana OH 13.3 68 Units 195,221 7.2% 7/1/2015 Glenwood Retirement Community United Church Homes Marietta Continuing Care Retire Ment Community Inc/Mariet Marietta OH 11.0 122 Units 90,028 9.3% 6/1/2015 The Fountains At Bronson Place Northstar Healthcare Arcapita Bank Kalamazoo MI 52.9 213 Units 248,357 5.6% 7/1/2015 Glenwood Retirement Community United Church Homes Marietta Continuing Care Retire Ment Community Inc/Mariet Marietta OH 11.0 122 Units 90,028 9.3% 6/1/2015 The Fountains At Bronson Place Northstar Healthcare Arcapita Bank Kalamazoo MI 52.9 213 Units 248,357 5.6% 4/23/2015 Ivy Springs Fortress Pinpoint Commercial LP Buford GA 18.2 77 Units 236,494 6.4% Low $2.5 25 $46,647 11.3% Average $15.5 93 $159,801 7.3% Median $13.3 84 $165,090 7.2% High $52.9 343 $285,321 4.1% Source: Real Capital Analytics; single asset seniors housing transactions since Q1 2015 (1) Includes AL and IL transactions in Midwest (ND, SD, NE, KS, MN, IA, MO, WI, IL, MI, OH) and Southeast (AR, LA, KY, TN, MS, AL, GA, FL, NC, SC) 44

Confidential B. Public Comparable Company Descriptions

Comparable Public Companies – Descriptions Comparable Company Business Description • Engages in acquiring, owning and operating high-quality medical office buildings (MOBs) located primarily on- Healthcare Trust of America campus or affiliated with leading healthcare systems (NYSE: HTA) • The company has invested $4.3 billion primarily in MOBs and other healthcare assets comprising 18.7 million square feet • Owns, manages, finances and develops income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the U.S. Healthcare Realty Trust • Provides leasing and property management services to ~10.8 million square feet nationwide (NYSE: HR) • As of March 31, 2017, the company had gross investments of ~$3.5 billion in 195 real estate properties (consisting of 180 MOBs, 5 hospitals and 10 other health care properties) in 27 states totaling ~14.3 million square feet • Acquires, develops, owns, and manages healthcare properties that are leased to physicians, hospitals and Physicians Realty Trust healthcare delivery systems • The company’s properties typically are on-campus, or are affiliated with a hospital or other healthcare provider (NYSE: DOC) • As of March 31, 2017, the company had gross investment of $3.2 billion in 253 healthcare properties (consisting of 243 MOBs, 6 hospitals and 4 other health care properties) Universal Health Realty • Invests in acute care hospitals, rehabilitation hospitals, sub-acute facilities, surgery centers, free-standing Income Trust emergency departments, childcare centers, and MOBs • As of March 31, 2017, the company had 66 real estate investments located in 20 states across the U.S. (NYSE: UHT) consisting of 53 MOBs, 6 Hospitals and 7 other healthcare properties Community Healthcare Trust • Self-managed, fully-integrated REIT that acquires, or finances assets leased to hospitals, doctors, healthcare systems, or other healthcare services providers in primarily suburban markets (NYSE:CHCT) • As of March 31, 2017, the company had investments of ~$293.3 million in 68 real estate properties, located in 24 states, totaling ~1.5 million square feet 46

Comparable Public Companies – Descriptions (cont.) Comparable Company Business Description Senior Housing Properties • Owns independent and assisted living communities, continuing care retirement communities, skilled nursing facilities, medical office buildings, and wellness centers located throughout the U.S. Trust • As of March 31, 2017, the company had an $8.6 billion investment portfolio consisting of 434 properties in 42 (NYSE: SNH) states and Washington, D.C. National Health Investors • Specializes in sale-leaseback acquisitions, joint venture, mortgage and mezzanine financing of need-driven and discretionary senior housing, medical office, and specialty hospital assets (NYSE: NHI) • As of March 31, 2017, the company had 215 healthcare properties, consisting of 138 senior housing, 72 skilled nursing, 2 MOBs and 3 hospitals, across 32 states in the U.S. • Invests primarily in seniors housing and healthcare properties through triple-net lease transactions, mortgage LTC Properties loans and other investments • As of March 31, 2017, the company had gross real estate investments of ~$1.5 billion in 203 operating (NYSE: LTC) healthcare facilities, consisting of 97 skilled nursing, 105 assisted living and one behavioral healthcare hospital, across 30 states in the U.S. • LTC Properties was founded in 1992 and is headquartered in Westlake Village, California • Self-managed, self-administered REIT focusing on medical office and seniors housing facilities Sabra Health Care REIT • As of March 31, 2017, the company had investments in 182 health care properties (consisting of 96 skilled nursing/transitional care facilities, 85 senior housing facilities, and one acute care hospital) with 18,756 (NYSE: SBRA) beds/units, spread across the U.S. and Canada • Owns diversified portfolio of private pay senior housing properties located across the U.S. New Senior Investment • As of March 31, 2017, the company had 150 senior housing properties (consisting of 105 independent living Group properties, 40 assisted living / memory care properties and 5 continuing care retirement communities properties) across 37 states (NYSE: SNR) 47