Schedule III-Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2021

Schedule III-Real Estate and Accumulated Depreciation

Schedule III-Real Estate and Accumulated Depreciation

Schedule III – Real Estate and Accumulated Depreciation

December 31, 2021

(dollars in thousands)

								Cost Capitalized		Gross Amount
				Initial Cost				Subsequent		at December 31, 2021
						Bldg. &		to Acquisition				Land		Bldg. & Bldg.		Tenant		Construction		Development				Accumulated		Date of	Date of	Depr.
Description	Encumbrances			Land		Improve.		Improvements		Land		Improvements		Improvements		Improvements		in Progress		Costs		Total		Depreciation		Construction	Acquisition	Life
CT Industrial/Logistics Properties
Industrial/Logistics Building - Bloomfield	$	-		$	1	$	-	$	883	$	1	$	93	$	790	$	-	$	-	$	-	$	884	$	(692)	1988		40	yrs.
Industrial/Logistics Building - Bloomfield		-	(b)		251		1,198		1,599		251		327		1,752		718		-		-		3,048		(1,202)	1997	2007	40	yrs.
Industrial/Logistics Building - East Granby		12,291			4		1,722		1,224		4		780		2,139		27		-		-		2,950		(2,101)	1982	1989	40	yrs.
Industrial/Logistics Building - East Granby		-	(a)		4		-		2,177		4		231		1,664		282		-		-		2,181		(1,681)	1978		40	yrs.
Industrial/Logistics Building - East Granby		-	(a)		4		-		3,264		4		360		2,356		548		-		-		3,268		(2,590)	1980		40	yrs.
Industrial/Logistics Building - Windsor		-	(a)		259		-		5,966		259		1,422		3,866		678		-		-		6,225		(3,038)	1998		40	yrs.
Industrial/Logistics Building - Windsor		-	(a)		13		-		7,605		13		596		5,645		1,364		-		-		7,618		(3,493)	2008		40	yrs.
Industrial/Logistics Building - Windsor		-			12		-		9,849		12		396		5,867		3,586		-		-		9,861		(6,877)	1999		40	yrs.
Industrial/Logistics Building - Windsor		-			7		-		3,495		7		48		3,216		231		-		-		3,502		(2,030)	2001		40	yrs.
Industrial/Logistics Building - Windsor		15,867			13		-		6,468		13		95		5,438		935		-		-		6,481		(3,347)	2003		40	yrs.
Industrial/Logistics Building - Windsor		-	(a)		16		-		7,867		16		112		7,036		709		10		-		7,883		(4,123)	2006		40	yrs.
Industrial/Logistics Building - Windsor		-	(a)		15		-		17,292		15		199		13,920		3,173		-		-		17,307		(8,120)	2005		40	yrs.
Industrial/Logistics Building - Windsor		9,476			57		-		16,084		57		1,055		13,932		1,097		-		-		16,141		(6,078)	2009		40	yrs.
Industrial/Logistics Building - Windsor		17,145			20		-		10,274		20		804		8,187		1,283		-		-		10,294		(4,270)	2007		40	yrs.
Industrial/Logistics Building - Windsor		-	(a)		12		-		6,978		12		473		6,288		217		-		-		6,990		(3,118)	2007		40	yrs.
Industrial/Logistics Building - Windsor		-	(a)		16		-		10,017		16		2,364		6,917		736		-		-		10,033		(1,852)	2017		40	yrs.
Industrial/Logistics Building - Windsor		13,356			26		-		15,556		26		3,357		11,087		1,112		-		-		15,582		(1,981)	2018		40	yrs.
PA Industrial/Logistics Properties
Industrial/Logistics Building - Breinigsville		14,287			832		4,599		-		832		349		4,029		221		-		-		5,431		(2,028)	2006	2010	40	yrs.
Industrial/Logistics Building - Allentown		-	(a)		2,344		-		9,764		2,344		3,004		5,902		858		-		-		12,108		(1,224)	2018		40	yrs.
Industrial/Logistics Building - Lower Nazareth Township		17,824			1,351		-		15,727		1,351		1,402		13,075		1,250		-		-		17,078		(4,610)	2014		40	yrs.
Industrial/Logistics Building - Lower Nazareth Township		-	(a)		721		-		11,331		721		1,422		9,064		845		-		-		12,052		(4,015)	2012		40	yrs.
Industrial/Logistics Building - Hanover Township		23,152			3,620		-		17,061		3,620		4,608		10,353		2,100		-		-		20,681		(4,025)	2016		40	yrs.
Industrial/Logistics Building - Hanover Township		-	(a)		4,022		-		16,632		4,022		4,016		11,185		1,431		-		-		20,654		(4,613)	2015		40	yrs.
Industrial/Logistics Building - Allentown		-	(b)		2,163		-		10,728		2,163		392		10,204		132		-		-		12,891		(186)	1982	2021	40	yrs.
NC Industrial/Logistics Property
Industrial/Logistics Building - Concord		11,174			1,600		15,189		325		1,600		1,598		13,042		874		-		-		17,114		(2,895)	2015	2017	40	yrs.
Industrial/Logistics Building - Concord		-	(b)		1,412		-		10,452		1,412		2,675		6,586		1,191		-		-		11,864		(1,087)	2019		40	yrs.
Industrial/Logistics Building - Concord		-	(b)		1,304		-		9,375		1,304		2,461		5,730		234		950		-		10,679		(649)	2019		40	yrs.
Industrial/Logistics Building - Charlotte		-	(b)		4,606		-		37,677		4,606		3,526		33,348		200		603		-		42,283		(595)	2020	2021	40	yrs.
Industrial/Logistics Building - Charlotte		26,273			5,714		-		33,549		5,714		17,146		12,872		3,524		7		-		39,263		(339)	2021		40	yrs.
Industrial/Logistics Building - Charlotte		-	(b)		1,197		-		13,028		1,197		671		12,337		20		-		-		14,225		(103)	2000	2021	40	yrs.
SC Industrial/Logistics Property
Industrial/Logistics Building - North Charleston		-			3,166		-		24,372		3,166		4,182		20,077		113		-		-		27,538		(119)	2019	2021	40	yrs.
FL Industrial/Logistics Property
Industrial/Logistics Building - Orlando		6,182			1,150		8,204		-		1,150		833		6,517		854		-		-		9,354		(849)	1973	2019	40	yrs.
Industrial/Logistics Building - Orlando		4,914			1,555		6,386		-		1,555		390		5,268		728		-		-		7,941		(579)	1985	2020	40	yrs.
Industrial/Logistics Building - Orlando		-	(b)		1,407		4,277		1,349		1,407		588		4,779		259		-		-		7,033		(388)	1997	2020	40	yrs.
Industrial/Logistics Building - Orlando		-	(b)		2,369		4,277		10,891		2,369		2,832		12,288		48		-		-		17,537		(194)	2007	2021	40	yrs.

								Cost Capitalized		Gross Amount
				Initial Cost				Subsequent		at December 31, 2021
						Bldg. &		to Acquisition				Land		Bldg. & Bldg.		Tenant		Construction		Development					Accumulated		Date of	Date of	Depr.
Description	Encumbrances			Land		Improve.		Improvements		Land		Improvements		Improvements		Improvements		in Progress		Costs		Total			Depreciation		Construction	Acquisition	Life
Office/Flex Properties
Office/Flex Building - Bloomfield		-	(b)		5		-		4,632		5		771		3,111		750		-		-		4,637			(3,989)	1977		40	yrs.
Office/Flex Building - Bloomfield		-			2		-		2,341		2		385		1,731		225		-		-		2,343			(1,918)	1988		40	yrs.
Office/Flex Building - Bloomfield		-	(b)		2		-		3,261		2		215		2,301		697		48		-		3,263			(1,779)	1989		40	yrs.
Office/Flex Building - Bloomfield		-	(b)		3		-		2,011		3		149		1,460		402		-		-		2,014			(1,418)	1990		40	yrs.
Office/Flex Building - Bloomfield		-	(b)		3		-		2,264		3		90		1,638		449		87		-		2,267			(1,343)	1991		40	yrs.
Office/Flex Building - Bloomfield		-	(b)		3		-		882		3		93		674		115		-		-		885			(730)	1991		40	yrs.
Office/Flex Building - Bloomfield		-	(b)		10		-		4,781		10		45		3,689		845		202		-		4,791			(2,704)	2001		40	yrs.
Other
Undeveloped land - New England Tradeport		-			713		-		6,389		713		91		-		-		5,383		915		7,102			(77)
Undeveloped land - Griffin Center/Griffin Center South		-			355		-		1,031		355		23		-		-		-		1,008		1,386			(21)
Undeveloped land - Phoenix Crossing		-			48		-		1,409		48		-		-		-		-		1,409		1,457			-
Undeveloped land - Other		-			615		-		1,032		615		691		-		-		-		341		1,647			(490)
Undeveloped land - Lehigh County, PA		-			6,455		-		10,176		6,455		-		-		-		10,176		-		16,631			-
Undeveloped land - Orange County, FL		-			5,658		-		3,671		5,658		-		-		-		3,671		-		9,329			-
	$	171,941		$	55,135	$	45,852	$	392,739	$	55,135	$	67,360	$	311,360	$	35,061	$	21,137	$	3,673	$	493,726	(c)	$	(99,560)

● Building included in mortgage listed in the above line.

● Buildings included as collateral for a $100,000 revolving line of credit.

● As of December 31, 2021, the aggregate cost for Federal income tax purposes is $452,388.

Year ended December 31, 2021

	Cost		Reserve
Balance at beginning of year	$	367,160	$	(124,839)
Changes during the year:
Additions to real estate assets		177,000		—
Additions to reserve charged to costs and expense		—		(13,563)
Reclassification from real estate held for sale		(27,463)		18,871
Impairment loss		(3,000)		—
Writeoff of fully depreciated assets		(19,971)		19,971
Balance at end of year	$	493,726	$	(99,560)

Year ended December 31, 2020

	Cost		Reserve
Balance at beginning of year	$	354,586	$	(115,642)
Changes during the year:
Additions to real estate assets		23,226		—
Additions to reserve charged to costs and expense		—		(11,930)
Reclassification to real estate held for sale		(8,314)		2,480
Impairment loss		(2,085)		—
Writeoff of fully depreciated assets		(253)		253
Balance at end of year	$	367,160	$	(124,839)